Document:

Exhibit 10.2

 

EXECUTION
VERSION

 

 

Published Deal CUSIP
Number: 72651GAE5

Published Revolver CUSIP Number: 72651GAF2

 

FOURTH AMENDED AND RESTATED CREDIT AGREEMENT

 

DATED AS OF AUGUST 20, 2021

 

among

 

PLAINS
MARKETING, L.P. and PLAINS MIDSTREAM CANADA ULC,

as Borrowers,

 

PLAINS ALL AMERICAN PIPELINE, L.P.,

as Guarantor,

 

BANK OF AMERICA, N.A.,

as Administrative Agent and Swing Line Lender,

 

BANK
OF AMERICA, N.A., CITIBANK, N.A., JPMORGAN CHASE BANK, N.A. and WELLS FARGO 

BANK, NATIONAL ASSOCIATION,

as L/C Issuers,

 

The Other Lenders Party Hereto,

 

CITIBANK,
N.A., JPMORGAN CHASE BANK, N.A. and

WELLS
FARGO BANK, NATIONAL ASSOCIATION,

as Co-Syndication Agents, and

 

BANCO BILBAO VIZCAYA ARGENTARIA, S.A., NEW
YORK BRANCH, BANK OF MONTREAL,

BANK OF NOVA SCOTIA, HOUSTON
BRANCH, BARCLAYS BANK PLC,

CANADIAN IMPERIAL BANK OF COMMERCE, NEW YORK
BRANCH, COBANK, ACB,

ING CAPITAL LLC, MIZUHO
BANK, LTD., MUFG BANK, LTD.,

PNC BANK, NATIONAL ASSOCIATION, REGIONS BANK,

ROYAL BANK OF CANADA, SUMITOMO
MITSUI BANKING CORPORATION,

THE TORONTO-DOMINION BANK, NEW YORK BRANCH,
TRUIST BANK and

U.S. BANK NATIONAL ASSOCIATION

as Co-Documentation Agents

 

BOFA SECURITIES, INC., CITIBANK, N.A.,

JPMORGAN CHASE BANK, N.A., WELLS FARGO SECURITIES,
LLC,

BANCO BILBAO VIZCAYA ARGENTARIA, S.A., NEW
YORK BRANCH, BMO CAPITAL MARKETS,

BANK OF NOVA SCOTIA, HOUSTON BRANCH, BARCLAYS
BANK PLC,

CANADIAN IMPERIAL BANK OF COMMERCE, NEW YORK
BRANCH, COBANK, ACB,

ING CAPITAL LLC, MIZUHO
BANK, LTD., MUFG BANK, LTD.,

PNC BANK, NATIONAL ASSOCIATION, REGIONS BANK,
ROYAL BANK OF CANADA,

SUMITOMO MITSUI BANKING CORPORATION,

TD SECURITIES (USA) LLC, TRUIST BANK and

U.S. BANK NATIONAL ASSOCIATION

as Joint Lead Arrangers and
Joint Book Managers

 

Senior Secured

Hedged Inventory Facility

 

 

 

     

     

    

 

TABLE
OF CONTENTS

 

	Section	 	 	Page
	 	 	 	 
	ARTICLE I.	DEFINITIONS AND ACCOUNTING TERMS	1
	 	 	 	 
	1.01	Defined Terms	1
	1.02	Other Interpretive Provisions	38
	1.03	Accounting Terms	39
	1.04	Rounding	40
	1.05	Times of Day	40
	1.06	Exchange Rates; Currency Equivalents	40
	1.07	Letter of Credit Amounts	40
	1.08	Interest Rates	41
	 	 	 	 
	ARTICLE II.	the COMMITMENTS and Credit Extensions	41
	 	 	 	 
	2.01	Committed Loans	41
	2.02	Borrowings, Conversions and Continuations of Committed Loans	41
	2.03	Letters of Credit	44
	2.04	Swing Line Loans	54
	2.05	Prepayments	58
	2.06	Termination or Reduction of Commitments	59
	2.07	Repayment of Loans	59
	2.08	Interest	60
	2.09	Fees	61
	2.10	Computation of Interest and Fees	61
	2.11	Evidence of Debt	62
	2.12	Payments Generally; Administrative Agent’s Clawback	62
	2.13	Sharing of Payments by Lenders	65
	2.14	Extension of Maturity Date	65
	2.15	Increase in Commitments	67
	2.16	Cash Collateral	69
	2.17	Defaulting Lenders	70
	 	 	 	 
	ARTICLE III.	TAXES, YIELD PROTECTION AND ILLEGALITY	73
	 	 	 	 
	3.01	Taxes	73
	3.02	Illegality	77
	3.03	Inability to Determine Rates	77
	3.04	Increased Costs; Reserves on Eurocurrency Rate Loans	80
	3.05	Compensation for Losses	82
	3.06	Mitigation Obligations; Replacement of Lenders	83
	3.07	Survival	83
	 	 	 	 
	ARTICLE IV.	CONDITIONS PRECEDENT TO Credit Extensions	84
	 	 	 	 
	4.01	Conditions Precedent to Initial Credit Extension	84
	4.02	Conditions to all Credit Extensions	86

 

    i

     

    

 

	ARTICLE V.	REPRESENTATIONS AND WARRANTIES	86
	 	 	 	 
	5.01	Existence, Qualification and Power	86
	5.02	Authorization; No Contravention	87
	5.03	Governmental Authorization; Other Consents	87
	5.04	Binding Effect	87
	5.05	Financial Statements; No Material Adverse Effect	87
	5.06	Litigation	88
	5.07	Ownership of Property; Liens; Receivables	88
	5.08	Environmental Compliance	88
	5.09	ERISA Compliance	88
	5.10	Margin Regulations; Investment Company Act	89
	5.11	Disclosure	90
	5.12	Compliance with Laws	90
	5.13	Collateral Documents	90
	5.14	OFAC	91
	5.15	Anti-Corruption Laws	91
	5.16	Affected Financial Institution	91
	 	 	 	 
	ARTICLE VI.	AFFIRMATIVE COVENANTS	91
	 	 	 	 
	6.01	Financial Statements	91
	6.02	Certificates; Other Information	92
	6.03	Notices	94
	6.04	Payment of Taxes, Etc.	94
	6.05	Preservation of Existence, Etc.	94
	6.06	Maintenance of Properties	94
	6.07	Maintenance of Insurance	94
	6.08	Compliance with Laws; Compliance with Contracts for Sale of Hedged Eligible Inventory	95
	6.09	Books and Records	95
	6.10	Inspection Rights	95
	6.11	Use of Proceeds	96
	6.12	Covenant to Give Security	96
	6.13	Further Assurances	96
	 	 	 	 
	ARTICLE VII.	NEGATIVE COVENANTS	96
	 	 	 	 
	7.01	Liens	96
	7.02	Fundamental Changes; Dispositions	97
	7.03	Dispositions of Collateral	97
	7.04	Transactions with Affiliates	97
	7.05	Burdensome Agreements	98
	7.06	Use of Proceeds	98
	7.07	PAA Consolidated Leverage Ratio	98
	7.08	Commodity Intermediary Transactions	98
	 	 	 	 
	ARTICLE VIII.	EVENTS OF DEFAULT AND REMEDIES	100

 

    ii

     

    

 

	8.01	Events of Default	100
	8.02	Remedies Upon Event of Default	102
	8.03	Application of Funds	103
	 	 	 	 
	ARTICLE IX.	ADMINISTRATIVE AGENT	104
	 	 	 	 
	9.01	Appointment and Authority	104
	9.02	Rights as a Lender	104
	9.03	Exculpatory Provisions	105
	9.04	Reliance by Administrative Agent	106
	9.05	Delegation of Duties	106
	9.06	Resignation or Removal of Administrative Agent	107
	9.07	Non-Reliance on Administrative Agent, the Arrangers and Other Lenders	108
	9.08	No Other Duties, Etc.	109
	9.09	Administrative Agent May File Proofs of Claim	109
	9.10	Collateral Matters	110
	9.11	Certain ERISA Matters	110
	9.12	Recovery of Erroneous Payments	111
	 	 	 	 
	ARTICLE X.	CONTINUING GUARANTY	112
	 	 	 	 
	10.01	PAA Guaranty	112
	10.02	Rights of Lenders	112
	10.03	Collateral Matters	112
	10.04	Obligations Independent	113
	10.05	Subrogation	113
	10.06	Termination; Reinstatement	113
	10.07	Subordination	113
	10.08	Stay of Acceleration	113
	10.09	Condition of Borrowers	114
	 	 	 	 
	ARTICLE XI.	MISCELLANEOUS	114
	 	 	 	 
	11.01	Amendments, Etc.	114
	11.02	Notices; Effectiveness; Electronic Communication	116
	11.03	No Waiver; Cumulative Remedies; Enforcement; Nature of Obligations	118
	11.04	Expenses; Indemnity; Damage Waiver	119
	11.05	Payments Set Aside	120
	11.06	Successors and Assigns	120
	11.07	Treatment of Certain Information; Confidentiality	128
	11.08	Right of Setoff	129
	11.09	Interest Rate Limitation	129
	11.10	Counterparts; Integration; Effectiveness	130
	11.11	Survival of Representations and Warranties	130
	11.12	Severability	130
	11.13	Replacement of Lenders	130
	11.14	Governing Law; Jurisdiction; Etc.	131
	11.15	Waiver of Jury Trial	132
	11.16	No Advisory or Fiduciary Responsibility	133

 

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	11.17	No Recourse to Other Persons	133
	11.18	Electronic Execution; Electronic Records	134
	11.19	USA PATRIOT Act	135
	11.20	Time of the Essence	134
	11.21	Judgment Currency	135
	11.22	ENTIRE AGREEMENT	136
	11.23	Restated Agreement	136
	11.24	Acknowledgement and Consent to Bail-In of Affected Financial Institutions	136
	11.25	Acknowledgement Regarding Any Supported QFCs	137

 

SCHEDULES

 

	 	2.01	Commitments and Applicable Percentages; L/C Commitments
	 	2.01A	Canadian Bankers’ Acceptances
	 	5.03	Governmental Authorization; Other Consents
	 	5.06	Litigation
	 	5.08	Environmental Matters
	 	5.09	ERISA Matters
	 	5.12	Compliance with Laws
	 	11.02	Administrative Agent’s Office; Certain Addresses for Notices

 

EXHIBITS

 

	 	 	Form of
	 	 	 
	 	A	Committed Loan Notice
	 	B	Swing Line Loan Notice
	 	C-1	Committed Loan Note
	 	C-2	Swing Line Note
	 	D-1	Assignment and Assumption
	 	D-2	Administrative Questionnaire
	 	E	Letter of Credit Report
	 	F	Notice of Additional L/C Issuer
	 	G-1	Form of U.S. Tax Compliance Certificate – Foreign Lenders (Not Partnerships)
	 	G-2	Form of U.S. Tax Compliance Certificate – Non-U.S. Participants (Not Partnerships)
	 	G-3	Form of U.S. Tax Compliance Certificate – Non-U.S. Participants (Partnerships)
	 	G-4	Form of U.S. Tax Compliance Certificate – Foreign Lenders (Partnerships)

 

    iv

     

    

 

FOURTH
AMENDED AND RESTATED CREDIT AGREEMENT

 

This FOURTH AMENDED AND RESTATED
CREDIT AGREEMENT (“Agreement”) is entered into as of August 20, 2021, among PLAINS MARKETING, L.P., a Texas limited
partnership (the “Company”), PLAINS MIDSTREAM CANADA ULC, a British Columbia unlimited liability company (“PMCULC”
and, together with the Company, the “Borrowers”, and each, a “Borrower”), PLAINS ALL AMERICAN PIPELINE,
L.P., a Delaware limited partnership (“PAA”), as guarantor, each lender from time to time party hereto (collectively,
the “Lenders” and individually, a “Lender”), BANK OF AMERICA, N.A., as Administrative Agent and
Swing Line Lender, BANK OF AMERICA, N.A., CITIBANK, N.A., JPMORGAN CHASE BANK, N.A. and WELLS FARGO BANK, NATIONAL ASSOCIATION, as L/C
Issuers, and CITIBANK, N.A., JPMORGAN CHASE BANK, N.A. and WELLS FARGO BANK, NATIONAL ASSOCIATION, as Co-Syndication Agents, and BANCO
BILBAO VIZCAYA ARGENTARIA, S.A., NEW YORK BRANCH, BANK OF MONTREAL, BANK OF NOVA SCOTIA, HOUSTON BRANCH, BARCLAYS BANK PLC, CANADIAN IMPERIAL
BANK OF COMMERCE, NEW YORK BRANCH, COBANK, ACB, ING CAPITAL LLC, MIZUHO BANK, LTD., MUFG BANK, LTD., PNC BANK, NATIONAL ASSOCIATION,
REGIONS BANK, ROYAL BANK OF CANADA, SUMITOMO MITSUI BANKING CORPORATION, THE TORONTO-DOMINION BANK, NEW YORK BRANCH, TRUIST BANK and U.S.
BANK NATIONAL ASSOCIATION, as Co-Documentation Agents.

 

The Company, the Administrative
Agent and certain Lenders entered into that certain Third Amended and Restated Credit Agreement dated as of August 19, 2011 (as heretofore
amended, the “Existing Credit Agreement”).

 

The Company has requested
that the Lenders provide a revolving credit facility to refinance the outstanding Indebtedness of the Company and PMCULC under, and amend
and restate, the Existing Credit Agreement, and the Lenders are willing to do so on the terms and conditions set forth herein.

 

In consideration of the mutual
covenants and agreements herein contained, the parties hereto covenant and agree as follows:

 

ARTICLE I.   DEFINITIONS
AND ACCOUNTING TERMS

 

1.01          Defined
Terms. As used in this Agreement, the following terms shall have the meanings set forth below:

 

“Account Debtor”
means any Person who is or who may become obligated under, with respect to, or on account of, a Receivable.

 

“Additional Commitment
Lender” has the meaning specified in Section 2.14(d).

 

“Administrative Agent”
means Bank of America in its capacity as administrative agent under any of the Loan Documents, or any successor administrative agent appointed
in accordance with Section 9.06.

 

    1

     

    

 

“Administrative Agent’s
Office” means, with respect to any currency, the Administrative Agent’s address and, as appropriate, account as set forth
on Schedule 11.02 with respect to such currency, or such other address or account with respect to such currency as the Administrative
Agent may from time to time notify to the Company and the Lenders pursuant to Section 11.02.

 

“Administrative Questionnaire”
means an Administrative Questionnaire in substantially the form of Exhibit D-2 or any other form approved by the Administrative
Agent.

 

“Affected Financial
Institution” means (a) any EEA Financial Institution, or (b) any UK Financial Institution.

 

“Affiliate”
means, with respect to any 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 Commitments”
means the Commitments of all the Lenders. The initial Aggregate Commitments as of the Closing Date are $1,350,000,000.

 

“Agreement”
means this Fourth Amended and Restated Credit Agreement.

 

“Anti-Corruption
Laws” has the meaning specified in Section 5.15.

 

“Applicable Law”
means, as to any Person, all applicable Laws binding upon such Person or to which such a Person is subject.

 

“Applicable Percentage”
means with respect to any Lender at any time, the percentage (carried out to the ninth decimal place) of the Aggregate Commitments represented
by such Lender’s Commitment at such time, subject to adjustment as provided in Section 2.17. If the commitment of each
Lender to make Loans and accept Canadian BA’s and the obligation of each L/C Issuer to make L/C Credit Extensions have been terminated
pursuant to Section 8.02 or if the Aggregate Commitments have expired, then the Applicable Percentage of each Lender shall
be determined based on the Applicable Percentage of such Lender most recently in effect, giving effect to any subsequent assignments.
The initial Applicable Percentage of each Lender is set forth opposite the name of such Lender on Schedule 2.01 or in the Assignment
and Assumption pursuant to which such Lender becomes a party hereto, as applicable.

 

    2

     

    

 

“Applicable Rate”
means, from time to time, the following percentages per annum, based upon the PAA Debt Rating as set forth below:

 

	Applicable Rate
	Pricing

 Level	PAA Debt Ratings
 S&P/Moody’s	Commitment
 Fee	Eurocurrency Rate Loans,
 Letters of Credit and 
 Canadian BA’s	Base Rate Loans
 and Canadian 
 Prime Rate Loans
	1	A- / A3 or higher	0.080%	0.750%	0.000%
	2	BBB+ / Baa1	0.100%	0.875%	0.000%
	3	BBB / Baa2	0.125%	1.000%	0.000%
	4	BBB- / Baa3	0.150%	1.125%	0.125%
	5	BB+ / Ba1 or lower	0.200%	1.250%	0.250%

 

“PAA Debt Rating”
means, as of any date of determination, the rating as determined by either S&P or Moody’s (collectively, the “PAA Debt
Ratings”) of PAA’s non-credit-enhanced, senior unsecured long-term debt; provided that (a) if the respective
PAA Debt Ratings issued by the foregoing rating agencies differ by one Pricing Level, then the Pricing Level for the higher of such PAA
Debt Ratings shall apply (with the PAA Debt Rating for Pricing Level 1 being the highest and the PAA Debt Rating for Pricing Level 5 being
the lowest); (b) if the respective PAA Debt Ratings issued by the foregoing rating agencies differ by more than one Pricing Level,
then the Pricing Level that is one Pricing Level lower than the Pricing Level of the higher PAA Debt Rating shall apply; (c) if PAA
has only one PAA Debt Rating, the Pricing Level equal to that of such PAA Debt Rating shall apply; and (d) if PAA does not have any
PAA Debt Rating, then the Administrative Agent and the Company shall negotiate in good faith to amend the definition of Applicable Rate
to reflect such change in circumstances, and until such time as the Administrative Agent and the Company shall reach agreement with respect
thereto, Pricing Level 5 shall apply.

 

Initially, the Applicable Rate shall be determined
based upon the PAA Debt Rating specified in the certificate delivered pursuant to Section 4.01(a)(viii). Thereafter, each
change in the Applicable Rate resulting from a publicly announced change in the PAA Debt Rating shall be effective, in the case of an
upgrade, during the period commencing on the date of delivery by the Company to the Administrative Agent of notice thereof and ending
on the date immediately preceding the effective date of the next such change and, in the case of a downgrade, during the period commencing
on the date of the public announcement thereof and ending on the date immediately preceding the effective date of the next such change.
If the rating system of Moody’s or S&P shall change, or if either such rating agency shall cease to be in the business of rating
corporate debt obligations, PAA and the Lenders shall negotiate in good faith to amend this definition to reflect such changed rating
system or the unavailability of ratings from such rating agency and, pending the effectiveness of any such amendment, the Applicable Rate
shall be determined by reference to the rating most recently in effect prior to such change or cessation.

 

    3

     

    

 

“Applicable Time”
means, with respect to any borrowings and payments in Canadian Dollars, the local time in the place of settlement for Canadian Dollars
as may be determined by the Administrative Agent or the applicable L/C Issuer, as the case may be, to be necessary for timely settlement
on the relevant date in accordance with normal banking procedures in the place of payment; provided, that such local time shall
be no earlier than 12:00 noon, Eastern time.

 

“Approved Fund”
means any Fund that is solely 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.

 

“Approved Location”
means (i) a Plains Terminal or (ii) any storage terminal, tankage, facility or other locations or pipelines over which, through
ownership, contract or otherwise, PAA or any of its Affiliates has control with respect to all Collateral stored or located there.

 

“Arrangers”
means each of BofA Securities, Citibank, N.A., JPMorgan Chase Bank, N.A., Wells Fargo Securities, LLC, Banco Bilbao Vizcaya Argentaria,
S.A., New York Branch, BMO Capital Markets, Bank of Nova Scotia, Houston Branch, Barclays Bank PLC, Canadian Imperial Bank of Commerce,
New York Branch, CoBank, ACB, ING Capital LLC, Mizuho Bank, Ltd., MUFG Bank, Ltd., PNC Bank, National Association, Regions Bank,
Royal Bank of Canada, Sumitomo Mitsui Banking Corporation, TD Securities (USA) LLC, Truist Bank and U.S. Bank National Association, in
its capacity as joint lead arranger and joint book manager.

 

“Assignee Group”
means two or more Eligible Assignees that are Affiliates of one another or two or more Approved Funds solely managed by the same investment
advisor.

 

“Assignment and Assumption”
means an assignment and assumption entered into by a Lender and an Eligible Assignee (with the consent of any party whose consent is required
by Section 11.06(b)), and accepted by the Administrative Agent, in substantially the form of Exhibit D-1 or any
other form approved by the Administrative Agent.

 

“Attributable Indebtedness”
means, on any date, (a) in respect of any Capital Lease of any Person, the capitalized amount thereof that would appear on a balance
sheet of such Person prepared as of such date in accordance with GAAP, and (b) in respect of any Synthetic Lease Obligation, the
capitalized amount of the remaining lease payments under the relevant lease that would appear on a balance sheet of such Person prepared
as of such date in accordance with GAAP if such lease were accounted for as a Capital Lease.

 

“Audited Financial
Statements” means the audited consolidated balance sheet of PAA and its Subsidiaries for the fiscal year ended December 31,
2020, and the related consolidated statements of income or operations and cash flows for such fiscal year and partners’ capital
of PAA and its Subsidiaries, including the notes thereto.

 

“Availability Period”
means the period from and including the Closing Date to the earliest of (a) the Maturity Date, (b) the date of termination of
the Aggregate Commitments pursuant to Section 2.06, and (c) the date of termination of the commitment of each Lender
to make Loans and of the obligation of the L/C Issuers to make L/C Credit Extensions pursuant to Section 8.02.

 

    4

     

    

 

“Available Tenor”
means, as of any date of determination and with respect to the then-current Benchmark, as applicable, (x) if the then-current Benchmark
is a term rate, any tenor for such Benchmark that is or may be used for determining the length of an Interest Period or (y) otherwise,
any payment period for interest calculated with reference to such Benchmark, as applicable, pursuant to this Agreement as of such date.

 

“Bail-In Action”
means the exercise of any Write-Down and Conversion Powers by the applicable Resolution Authority in respect of any liability of an Affected
Financial Institution.

 

“Bail-In Legislation”
means, (a) with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament
and of the Council of the European Union, the implementing law, rule, regulation or requirement for such EEA Member Country from time
to time which is described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom, Part I of the
United Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation or rule applicable in the United Kingdom
relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (other than
through liquidation, administration or other insolvency proceedings).

 

“Bankruptcy and Insolvency
Act (Canada)” means the Bankruptcy and Insolvency Act, R.S.C. 1985, c. B-3, as amended, including the regulations made
and, from time to time, in force under that Act.

 

“Bank of America”
means Bank of America, N.A.

 

“Base Rate”
means for any day a fluctuating rate per annum equal to the highest of (a) the Federal Funds Rate in effect on such day plus 1/2
of 1%, (b) the rate of interest in effect for such day as publicly announced from time to time by Bank of America as its “prime
rate,” (or, as to Base Rate Loans to PMCULC, the rate of interest publicly announced from time to time by Bank of America, Canada
Branch as its reference rate of interest for loans in U.S. Dollars to Canadian customers and designated as its “prime rate”)
(provided that, if such rate as so determined would be less than zero, such rate shall be deemed to be zero for purposes of this Agreement)
and (c) the Eurocurrency Rate in effect on such day as determined pursuant to clause (b) of the definition thereof plus 1.00%.
The “prime rate” is a rate set by Bank of America (or Bank of America, Canada Branch, as applicable) based upon various factors
including Bank of America’s (or Bank of America, Canada Branch’s, as applicable) costs and desired return, general economic
conditions and other factors, and is used as a reference point for pricing some loans, which may be priced at, above, or below such announced
rate. Any change in such prime rate announced by Bank of America (or Bank of America, Canada Branch, as applicable) shall take effect
at the opening of business on the day specified in the public announcement of such change.

 

“Base Rate Committed
Loan” means a Committed Loan that is a Base Rate Loan.

 

“Base Rate Loan”
means (i) a Committed Loan that bears interest based on the Base Rate or (ii) a Swing Line Loan that bears interest based on
the Base Rate. All Base Rate Loans shall be denominated in Dollars.

 

“Benchmark”
means, initially, LIBOR; provided that if a replacement of the Benchmark has occurred pursuant to Section 3.03(c) then “Benchmark”
means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate. Any reference
to “Benchmark” shall include, as applicable, the published component used in the calculation thereof.

 

    5

     

    

 

“Benchmark Replacement”
means:

 

		(1)	For purposes of Section 3.03(c)(i), the first alternative set forth below that can be determined
by the Administrative Agent:

 

		(a)	the sum of: (i) Term SOFR and (ii) 0.11448% (11.448 basis points) for an Available Tenor of
one-month’s duration, 0.26161% (26.161 basis points) for an Available Tenor of three-months’ duration, 0.42826% (42.826 basis
points) for an Available Tenor of six-months’ duration, and 0.71513% (71.513 basis points) for an Available Tenor of twelve-months’
duration , or

 

		(b)	the sum of: (i) Daily Simple SOFR and (ii) 0.11448% (11.448 basis points);

 

provided
that, if initially LIBOR is replaced with the rate contained in clause (b) above (Daily Simple SOFR plus the applicable spread adjustment)
and subsequent to such replacement, the Administrative Agent determines that Term SOFR has become available and is administratively feasible
for the Administrative Agent in its sole discretion, and the Administrative Agent notifies the Company and each Lender of such availability,
then from and after the beginning of the Interest Period, relevant interest payment date or payment period for interest calculated, in
each case, commencing no less than thirty (30) days after the date of such notice, the Benchmark Replacement shall be as set forth in
clause (a) above; and

 

		(2)	For purposes of Section 3.03(c)(ii), the sum of (a) the alternate benchmark rate and (b) an
adjustment (which may be a positive or negative value or zero), in each case, that has been selected by the Administrative Agent and the
Company as the replacement Benchmark giving due consideration to any evolving or then-prevailing market convention, including any applicable
recommendations made by a Relevant Governmental Body, for U.S. dollar-denominated syndicated credit facilities at such time;

 

provided
that, if the Benchmark Replacement as determined pursuant to clause (1) or (2) above would be less than zero percent (0.0%),
the Benchmark Replacement will be deemed to be zero percent (0.0%)% for the purposes of this Agreement and the other Loan Documents.

 

Any Benchmark Replacement
shall be applied in a manner consistent with market practice; provided that to the extent such market practice is not administratively
feasible for the Administrative Agent, such Benchmark Replacement shall be applied in a manner as otherwise reasonably determined by the
Administrative Agent.

 

    6

     

    

 

“Benchmark Replacement
Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including
changes to the definition of “Base Rate,” the definition of “Business Day,” the definition of “Interest
Period,” timing and frequency of determining rates and making payments of interest, timing of borrowing requests or prepayment,
conversion or continuation notices, the applicability and length of lookback periods, the applicability of breakage provisions, and other
technical, administrative or operational matters) that the Administrative Agent decides may be appropriate to reflect the adoption and
implementation of such Benchmark Replacement and to permit the administration thereof by the Administrative Agent in a manner substantially
consistent with market practice (or, if the Administrative Agent decides that adoption of any portion of such market practice is not administratively
feasible or if the Administrative Agent determines that no market practice for the administration of such Benchmark Replacement exists,
in such other manner of administration as the Administrative Agent decides is reasonably necessary in connection with the administration
of this Agreement and the other Loan Documents).

 

“Benchmark Transition
Event” means, with respect to any then-current Benchmark other than LIBOR, the occurrence of a public statement or publication
of information by or on behalf of the administrator of the then-current Benchmark or a Governmental Authority with jurisdiction over such
administrator announcing or stating that all Available Tenors are or will no longer be representative, or made available, or used for
determining the interest rate of loans, or shall or will otherwise cease, provided that, at the time of such statement or publication,
there is no successor administrator that is satisfactory to the Administrative Agent, that will continue to provide any representative
tenors of such Benchmark after such specific date.

 

“Beneficial Ownership
Certification” means a certification regarding beneficial ownership required by the Beneficial Ownership Regulation.

 

“Beneficial Ownership
Regulation” means 31 C.F.R. § 1010.230.

 

“Benefit Plan”
means any of (a) an “employee benefit plan” (as defined in ERISA) that is subject to Title I of ERISA, (b) a “plan”
as defined in and subject to Section 4975 of the Code or (c) any Person whose assets include (for purposes of ERISA Section 3(42)
or otherwise for purposes of Title I of ERISA or Section 4975 of the Code) the assets of any such “employee benefit plan”
or “plan”.

 

“BofA Securities”
means BofA Securities, Inc.

 

“Borrower”
and “Borrowers” each has the meaning specified in the introductory paragraph hereto.

 

“Borrower Materials”
has the meaning specified in Section 6.02.

 

“Borrowing”
means a Committed Borrowing or a Swing Line Borrowing, as the context may require.

 

“Broker Liens”
means any Liens under or with respect to accounts with brokers or counterparties with respect to Swap Contracts in favor of such brokers
or counterparties, securing only obligations under such Swap Contracts.

 

    7

     

    

 

“Business Day”
means any day other than a Saturday, Sunday or other day on which commercial banks are authorized to close under the Laws of, or are in
fact closed in, the state where the Administrative Agent’s Office with respect to Obligations denominated in Dollars is located,
and

 

(a)             if
such day relates to any interest rate settings as to a Eurocurrency Rate Loan denominated in Dollars, any fundings, disbursements, settlements
and payments in Dollars in respect of any such Eurocurrency Rate Loan, or any other dealings in Dollars to be carried out pursuant to
this Agreement in respect of any such Eurocurrency Rate Loan, means any such day on which dealings in deposits in Dollars are conducted
by and between banks in the London interbank Eurocurrency market;

 

(b)             if
such day relates to any interest rate settings as to a Eurocurrency Rate Loan denominated in Canadian Dollars, means any such day on which
dealings in deposits in Canadian Dollars are conducted by and between banks in the London or other applicable offshore interbank market
for Canadian Dollars; and

 

(c)             if
such day relates to any fundings, disbursements, settlements and payments (x) in Canadian Dollars in respect of a Eurocurrency Rate
Loan denominated in Canadian Dollars, or any other dealings in Canadian Dollars to be carried out pursuant to this Agreement in respect
of any such Eurocurrency Rate Loan (other than any interest rate settings), or any other dealings in Canadian Dollars to be carried out
pursuant to this Agreement, including Canadian BA’s, or (y) with respect to PMCULC, in Dollars in respect of a Eurocurrency
Rate Loan denominated in Dollars or any other dealings in Dollars to be carried out pursuant to this Agreement in respect of any such
Eurocurrency Rate Loan (other than interest rate settings), or any other dealings in Dollars to be carried out pursuant to this Agreement,
in each case, means any such day on which banks are open for foreign exchange business in Toronto, Canada.

 

“Canadian BA Discount
Proceeds” means, in respect of any Canadian Banker’s Acceptance, an amount (rounded to the nearest full cent, with one
half of one cent being rounded up) calculated on the applicable funding date equal to the face amount of such Canadian Banker’s
Acceptance multiplied by the price, where the price is calculated by dividing one by the sum of one plus the product of (a) the Canadian
BA Discount Rate applicable thereto expressed as a decimal fraction multiplied by (b) a fraction, the numerator of which is the term
of such Canadian Banker’s Acceptance and the denominator of which is 365, rounded to the nearest multiple of 0.001%.

 

“Canadian BA Discount
Rate” means, on the funding date for any Canadian BA, (a) for any Lender named on Schedule I to the Bank Act (Canada),
the CDOR on the applicable funding date; or, if such rate is not available, the average of the rates advised by the Canadian Schedule
I Reference Lenders to the Administrative Agent, determined in accordance with normal market practices, as being the discount rate of
such Canadian Schedule I Reference Lenders on such funding date for Canadian bankers’ acceptances having a comparable face amount
and maturity date; and (b) for any other Lender, the lesser of (i) the average of the rates advised by the Canadian Non-Schedule
I Reference Lenders to the Administrative Agent, determined in accordance with normal market practices, as being the discount rate of
such Canadian Non-Schedule I Reference Lenders on such funding date for banker’s acceptances of such Canadian Non-Schedule I Reference
Lenders having a comparable face amount and maturity date, and (ii) the CDOR on the applicable funding date plus 0.10% per annum.

 

    8

     

    

 

“Canadian BA Equivalent
Loan” has the meaning specified in Section 4(d) of Schedule 2.01A.

 

“Canadian BA Fee”
means, with respect to any Canadian BA, the amount calculated by multiplying the face amount of such Canadian BA by the then Applicable
Rate applicable to Canadian BA’s, and then multiplying the result by a fraction, the numerator of which is the duration of its term
on the basis of the actual number of days to elapse from the date of acceptance of such Canadian BA by the accepting Lender to the maturity
date of such Canadian BA and the denominator of which is the number of days in the calendar year in question.

 

“Canadian Bankers’
Acceptance” or “Canadian BA” means a non-interest bearing bill of exchange on the Administrative Agent’s
usual form (or a bill of exchange within the meaning of the Bills of Exchange Act Canada), R.S.C. 1985, c. B-5, as amended, or a depository
bill within the meaning of the Depository Bills and Notes Act (Canada), denominated in Canadian Dollars, drawn by or on behalf of PMCULC,
for a term selected by PMCULC of either one, two or three months (as reduced or extended by the Administrative Agent, acting reasonably,
to allow the maturity thereof to fall on a Business Day) payable in Canada, and accepted by a Lender in accordance with this Agreement.

 

“Canadian Dollars” and “C$”
means the lawful currency of Canada.

 

“Canadian Dollar
Equivalent” means, at any time, with respect to any amount denominated in Dollars, the equivalent amount thereof in Canadian
Dollars as reasonably determined by the Administrative Agent or the applicable L/C Issuer, as the case may be, in each case, in accordance
with normal banking industry practice using the Spot Rate (determined in respect of the most recent Revaluation Date) for the purchase
of Canadian Dollars with Dollars.

 

“Canadian Non-Schedule
I Reference Lender” means each of Bank of America, N.A., Canada Branch, Citibank Canada, JPMorgan Chase Bank, N.A. (Toronto
Branch) and Wells Fargo Bank, National Association, Canadian Branch (or such other or additional Lenders as may be designated by the Administrative
Agent and reasonably acceptable to the Company).

 

“Canadian Prime Rate”
means, on any day, the greater of (a) the floating annual rate of interest established from time to time by the Administrative Agent
in its sole discretion as the reference rate for determining interest rates that it will charge to customers of varying degrees of credit
worthiness on commercial loans made in Canada in the lawful currency of Canada and designated as its prime rate and (b) the CDOR
for one month Canadian BA’s that appears on the Reuters Screen CDOR Page at 10:00 a.m. Toronto time on that day, plus
0.50% per annum; provided that, if the Canadian Prime Rate as so determined would be less than zero, such rate shall deemed to be zero
for purposes of this Agreement.

 

“Canadian Prime Rate
Committed Loan” means any Committed Loan which bears interest at a rate determined by reference to the Canadian Prime Rate.

 

“Canadian Prime Rate
Loan” means (i) a Canadian Prime Rate Committed Loan or (ii) a Swing Line Loan that bears interest at a rate based
on the Canadian Prime Rate.

 

    9

     

    

 

“Canadian Schedule
I Reference Lenders” means The Bank of Nova Scotia, Bank of Montreal and Royal Bank of Canada] (or such other or additional
Lenders listed in Schedule I to the Bank Act (Canada) as may be designated by the Administrative Agent and reasonably acceptable
to the Company).

 

“Capital Lease”
means a lease with respect to which the lessee is required concurrently to recognize the acquisition of an asset and the incurrence of
a liability in accordance with GAAP, other than any Operating Lease.

 

“Cash and Carry Purchases” means
purchases of Petroleum Products for physical storage at an Approved Location which qualify as Hedged Eligible Inventory or in transit
in pipelines which has been hedged by either a NYMEX contract, an OTC contract, an Intercontinental Exchange contract, or a contract for
physical delivery.

 

“Cash Collateralize”
(i) with respect to Canadian BA’s, has the meaning specified in Section 5(b) of Schedule 2.01A and (ii) otherwise
means to pledge and deposit with or deliver to the Administrative Agent, for the benefit of the L/C Issuers or Swing Line Lender (as applicable)
and the Lenders, as collateral for L/C Obligations, payment Obligations in respect of Swing Line Loans, or obligations of Lenders to fund
participations in respect of either thereof (as the context may require), cash or deposit account balances or, if the L/C Issuers or Swing
Line Lender benefitting from such collateral shall agree in its sole discretion, other credit support, in each case pursuant to documentation
in form and substance reasonably satisfactory to (a) the Administrative Agent and (b) the L/C Issuers or the Swing Line Lender
(as applicable). “Cash Collateral” shall have a meaning correlative to the foregoing and shall include the proceeds of such
cash collateral and other credit support.

 

“CDOR”
means for any day, and relative to Canadian BA’s having any specified term and face amount, the discount rate per annum, calculated
on the basis of a year of 365 days equal to (i) the average rate per annum (as determined by the Administrative Agent) for Canadian
Dollar bankers’ acceptances having the specified term and face amount (or a term and face amount as closely as possible comparable
to such specified term and face amount of the Canadian BA) that appear on the Reuters Screen CDOR page "Canadian Interbank Bid
BA Fee Rates" (or such other page as the Administrative Agent shall nominate which replaces that page for the purpose of
displaying rates quoted for such Canadian BA’s) at 10:00 a.m. (Toronto time) on the first day of such term, as reported by
the Administrative Agent or (ii) if such rate does not appear on such CDOR page at 10:00 a.m. (Toronto time) on any such
day, then CDOR will be determined by the Administrative Agent as being the arithmetic average of the annual discount rates of interest
(rounded upward to the nearest whole multiple of 1/100 of 1%) as of 10:00 a.m. (Toronto time) on the date at which the Lenders named
on Schedule I to the Bank Act (Canada) are then offering to purchase bankers’ acceptances accepted by them having the specified
term and face amount (or a term and face amount as closely as possible comparable to such specified term and face amount) of the Canadian
BA; and if CDOR shall be less than zero, such rate shall be deemed zero for purposes of this Agreement.

 

    10

     

    

 

“Change in Law”
means the occurrence, after the date of this Agreement, of any of the following: (a) the adoption or taking effect of any law, rule,
regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation, implementation
or application thereof by any Governmental Authority or (c) the making or issuance of any request, rule, guideline or directive (whether
or not having the force of law) by any Governmental Authority; provided that notwithstanding anything herein to the contrary, (x) the
Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection
therewith or in the implementation thereof and (y) all requests, rules, guidelines or directives promulgated by the Bank for International
Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory
authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Change in Law”, regardless of the date
enacted, adopted, issued or implemented.

 

“Change of Control”
means (a) an event or series of events by which PAA ceases to be, directly or indirectly, the beneficial owner (within the meaning
of Rule 13d-3 under the Securities Exchange Act of 1934, as amended) of a majority of the outstanding general partnership interests
and the outstanding limited partnership interests of the Company or (b) the Company shall cease to be, directly or indirectly, the
beneficial owner of a majority of the outstanding Equity Interests of PMCULC.

 

“Closing Date”
means the first date on which all the conditions precedent in Section 4.01 are satisfied or waived in accordance with Section 11.01.

 

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

 

“Collateral”
means all of the “Collateral” referred to in the Collateral Documents and all of the other property that is or is purported
under the terms of the Collateral Documents to be subject to Liens in favor of the Administrative Agent for the benefit of the Secured
Parties, in each case, to secure all or part of the Obligations of a Borrower. In no event shall Collateral include (x) any
Permian Excluded Inventory or corresponding Swap Contracts or Receivables with respect thereto or (y) any Commodity Intermediary
Subject Inventory, corresponding Swap Contracts with respect thereto or Commodity Intermediary Subject Receivables.

 

“Collateral Documents”
means, collectively, the Security Agreement, each Tri-Party Agreement, each of the security agreements, pledge agreements or other similar
agreements delivered by a Borrower to the Administrative Agent pursuant to Section 6.12, and each of the other agreements,
instruments or documents that creates or purports to create a Lien in favor of the Administrative Agent for the benefit of the Secured
Parties, in each case, to secure all or part of the Obligations of a Borrower.

 

“Collateral
Value” means, as to each Borrower, the sum of (i) one hundred percent (100%) of the aggregate Sale Value of Financed Hedged
Eligible Inventory of such Borrower subject to sales contracts, excluding any such inventory commingled with Permian Excluded Inventory,
unless such commingled inventory is located at an Approved Location and subject to customary industry shipping documentation evidencing
the Company’s ownership thereof, plus (ii) one hundred percent (100%) of the aggregate Hedged Value of stored Financed Hedged
Eligible Inventory of such Borrower not subject to sale contracts, excluding any such inventory (x) commingled with Permian Excluded
Inventory, unless such commingled inventory is located at an Approved Location and subject to customary industry shipping documentation
evidencing the Company’s ownership thereof or (y) hedged pursuant to a Swap Contract that may be subject to netting with respect
to Swap Contracts hedging Permian Excluded Inventory, plus (iii) all accounts receivable and other Receivables of such Borrower
related to the inventory referred to in clauses (i) and (ii), without duplication, in amount, of such inventory.
In no event shall any Permian Excluded Inventory, any corresponding Swap Contracts or any receivables owing by Permian JV or any of its
Subsidiaries with respect thereto be included in the calculation of Collateral Value.

 

    11

     

    

 

“Commitment”
means, (a) as to each Lender other than the Swing Line Lender, such Lender’s obligation to (i) make Committed Loans to
the Borrowers and accept Canadian BA’s from PMCULC pursuant to Section 2.01, (ii) purchase participations in L/C
Obligations, and (iii) purchase participations in Swing Line Loans and (b) as to the Swing Line Lender, its obligation to make
Swing Line Loans to the Borrowers pursuant to Section 2.04; in each case, in an aggregate principal amount the Dollar Equivalent
of which at any one time outstanding, does not exceed the Dollar amount set forth opposite such Lender’s name on Schedule 2.01,
as such amount may from time to time be increased pursuant to Section 2.15 or decreased pursuant to Section 2.06,
or in the Assignment and Assumption pursuant to which such Lender becomes a party hereto, as applicable, as such amount may be adjusted
from time to time in accordance with this Agreement.

 

“Committed Borrowing”
means (i) a borrowing consisting of simultaneous Committed Loans of the same Type, in the same currency and, in the case of Eurocurrency
Rate Committed Loans, having the same Interest Period made by each of the Lenders pursuant to Section 2.01, or (ii) the
acceptance by Lenders of Canadian Bankers’ Acceptances issued by PMCULC under Section 2.01.

 

“Committed Loan”
has the meaning specified in Section 2.01.

 

“Committed Loan Note”
means a promissory note made by the Borrowers in favor of a Lender evidencing Committed Loans made by such Lender, substantially in the
form of Exhibit C-1.

 

“Committed Loan Notice”
means a notice of (a) a Committed Borrowing, (b) a conversion of Committed Loans from one Type to the other, or (c) a continuation
of Eurocurrency Rate Committed Loans, pursuant to Section 2.02(a), which shall be substantially in the form of Exhibit A
or such other form as may be approved by the Administrative Agent and the requesting Borrower (including any form on an electronic platform
or electronic transmission system as shall be approved by the Administrative Agent) appropriately completed and signed by a Responsible
Officer of the requesting Borrower.

 

“Commodity Intermediary”
means (i) any Lender, any Affiliate of any Lender that engages in Commodity Intermediary Transactions, or other nationally recognized
institution engaged in transactions of such type, or (ii) any other institution that engages in Commodity Intermediary Transactions
that is reasonably acceptable to the Administrative Agent.

 

“Commodity Intermediary
Subject Inventory” means any portion of Borrower’s Petroleum Product inventory identified by Borrower as subject to a
Commodity Intermediary Transaction.

 

“Commodity Intermediary
Subject Receivables” means Receivables arising from the sale of Commodity Intermediary Subject Inventory.

 

    12

     

    

 

“Commodity Intermediary
Transaction” means a transaction or series of transactions (whether reflected in a single agreement or a set of related agreements)
under which a Commodity Intermediary buys from the Company and/or sells to the Company or third parties Commodity Intermediary Subject
Inventory, and in addition, may enter into Swap Contracts with respect to such Commodity Intermediary Subject Inventory (including for
hedging and/or risk mitigation purposes) and/or provide additional financial accommodations based on Commodity Intermediary Subject Receivables,
and in connection therewith (i) the Administrative Agent releases any Liens securing the Obligations on Commodity Intermediary Subject
Inventory, such Swap Contracts and Commodity Intermediary Subject Receivables, and (ii) the Company grants a Lien on Commodity Intermediary
Subject Inventory, corresponding Swap Contracts with respect thereto, and Commodity Intermediary Subject Receivables (if any) in favor
of such Commodity Intermediary to secure the obligations of the Company to such Commodity Intermediary arising under such Commodity Intermediary
Transaction.

 

“Communication”
means this Agreement, any Loan Document and any document, amendment, approval, consent, information, notice, certificate, request, statement,
disclosure or authorization related to any Loan Document.

 

“Companies’
Creditors Arrangement Act (Canada)” means the Companies’ Creditors Arrangement Act, R.S.C. 1985, c. C-36, as amended,
including the regulations made and from time to time in force under that Act.

 

“Company”
has the meaning specified in the introductory paragraph hereto.

 

“Connection Income
Taxes” means Other Connection Taxes that are imposed on or measured by net income (however denominated) or that are franchise
Taxes or branch profits Taxes.

 

“Contractual Obligation”
means, as to any Person, any provision of any security issued by such Person or of any agreement, instrument or other undertaking to which
such Person is a party or by which it or any of its property is bound.

 

“Control”
means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person,
whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled”
have meanings correlative thereto.

 

“Credit Extension”
means each of the following: (a) a Borrowing and (b) an L/C Credit Extension.

 

    13

     

    

 

“Daily Simple SOFR”
with respect to any applicable determination date means the secured overnight financing rate (“SOFR”) published on such date
by the Federal Reserve Bank of New York, as the administrator of the benchmark (or a successor administrator) on the Federal Reserve Bank
of New York’s website (or any successor source).

 

“Debtor Relief Laws”
means the Bankruptcy Code of the United States, the Bankruptcy and Insolvency Act (Canada), the Companies’ Creditors Arrangement
Act (Canada), and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement,
receivership, insolvency, reorganization, or similar debtor relief Laws of the United States, Canada or other applicable jurisdictions
from time to time in effect and affecting the rights of creditors generally.

 

“Default”
means any event or condition that constitutes an Event of Default or that, with the giving of any notice, the passage of time, or both,
would be an Event of Default.

 

“Default Rate”
means, at any time during a Default Rate Period, (a) when used with respect to Obligations other than Letter of Credit Fees and Canadian
Prime Rate Loans, an interest rate equal to (i) the Base Rate plus (ii) the Applicable Rate applicable to Base Rate Loans
plus (iii) 2% per annum; provided, however, that with respect to a Eurocurrency Rate Loan, the Default Rate
shall be an interest rate equal to the interest rate (including any Applicable Rate) otherwise applicable to such Eurocurrency Rate Loan
plus 2% per annum, (b) when used with respect to Canadian Prime Rate Loans, an interest rate equal to (i) the Canadian Prime
Rate plus (ii) the Applicable Rate applicable to Canadian Prime Rate Loans plus (iii) 2% per annum, and (c) when
used with respect to Letter of Credit Fees, a rate equal to the Applicable Rate plus 2% per annum.

 

“Default Rate Period”
means (a) any period during which an Event of Default, other than pursuant to Section 8.01(a), is continuing, provided
that such period shall not begin until notice of the commencement of the Default Rate has been given to the Company by the Administrative
Agent upon the instruction by the Required Lenders and (b) any period during which any Event of Default pursuant to Sections 8.01(a) is
continuing unless the Company has been notified otherwise by the Administrative Agent upon the instruction by the Required Lenders.

 

“Defaulting
Lender” means, subject to Section 2.17(b), any Lender that, as determined
by the Administrative Agent, (a) has failed to fund any of its funding obligations hereunder in respect of its Loans or participations
in respect of Letters of Credit or Swing Line Loans, within two Business Days of the date required to be funded by it hereunder, or has
failed to make any payment to the Administrative Agent required under Section 3.01(e) within the time specified therein,
(b) has notified the Company or the Administrative Agent that it does not intend to comply with its funding obligations hereunder
or has made a public statement to that effect with respect to its funding obligations hereunder or under other agreements in which it
commits to extend credit, (c) has failed, within two Business Days after request by the Administrative Agent or the Company, to confirm
in a manner satisfactory to the Administrative Agent that it will comply with its funding obligations hereunder, or (d) has, or has
a direct or indirect parent company that has, (i) become the subject of a proceeding under any Debtor Relief Law, (ii) had a
receiver, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or
liquidation of its business or a custodian appointed for it, (iii) become the subject of a Bail-In Action or (iv) taken any
action in furtherance of, or indicated its consent to, approval of or acquiescence in any such proceeding or appointment; provided
that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any equity interest in that Lender
or any direct or indirect parent company thereof by a Governmental Authority so long as such ownership interest does not result
in or provide such Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments
or writs of attachment on its assets or permit such Lender (or Governmental Authority) to reject, repudiate, disavow or disaffirm any
contracts or agreements made by such Lender.

 

    14

     

    

 

“Depository Bills
and Notes Act (Canada)” means the Depository Bills and Notes Act (Canada), S.C. 1998, c. 13, as amended, including the
regulations made and, from time to time, in force under that Act.

 

“Designated Jurisdiction”
means any country, region or territory to the extent that such country or territory itself is the subject of any Sanction.

 

“Designated Person”
has the meaning specified in Section 5.14.

 

“Disposition”
or “Dispose” means the sale, transfer, license, lease or other disposition (in one transaction or in a series of transactions
and whether effected pursuant to a Division or otherwise) of any property by any Person (including any sale and leaseback transaction
and any issuance of Equity Interests by a Subsidiary of such Person), including any sale, assignment, transfer or other disposal, with
or without recourse, of any notes or accounts receivable or any rights and claims associated therewith.

 

“Dividing Person”
has the meaning assigned to it in the definition of “Division.”

 

“Division”
means the division of the assets, liabilities and/or obligations of a Person (the “Dividing Person”) among two or more
Persons (whether pursuant to a “plan of division” or similar arrangement), which may or may not include the Dividing Person
and pursuant to which the Dividing Person may or may not survive.

 

“Documentation
Agent” means each Person from time to time and at each relevant time acting in the capacity as a documentation agent, co-documentation
agent, joint-documentation agent or similar documentation agent capacity in connection with this Agreement, Banco Bilbao Vizcaya
Argentaria, S.A., New York Branch, Bank of Montreal, Bank of Nova Scotia, Houston Branch, Barclays Bank PLC, Canadian Imperial Bank of
Commerce, New York Branch, CoBank, ACB, ING Capital LLC, Mizuho Bank, Ltd., MUFG Bank, Ltd., PNC Bank, National Association,
Regions Bank, Royal Bank of Canada, Sumitomo Mitsui Banking Corporation, The Toronto-Dominion Bank, New York Branch, Truist Bank and U.S.
Bank National Association, are acting in the capacity as co-documentation agents.

 

“Dollar”
and “$” mean lawful money of the United States.

 

“Dollar Equivalent”
means, at any time, (a) with respect to any amount denominated in Dollars, such amount, and (b) with respect to any amount denominated
in Canadian Dollars, the equivalent amount thereof in Dollars as reasonably determined by the Administrative Agent or the applicable L/C
Issuer, as the case may be, in accordance with normal banking industry practice using the Spot Rate (determined in respect of the most
recent Revaluation Date) for the purchase of Dollars with Canadian Dollars.

 

    15

     

    

 

 

“Domestic Subsidiary”
means any Subsidiary that is organized under the Laws of the United States, a State thereof or the District of Columbia.

 

“Early Opt-in Effective
Date” means, with respect to any Early Opt-in Election, the sixth (6th) Business Day after the date notice of such Early Opt-in
Election is provided to the Lenders, so long as the Administrative Agent has not received, by 5:00 p.m. (New York City time) on the
fifth (5th) Business Day after the date notice of such Early Opt-in Election is provided to the Lenders, written notice of objection to
such Early Opt-in Election from Lenders comprising the Required Lenders.

 

“Early Opt-in Election”
means the occurrence of:

 

		(1)	a determination by the Administrative Agent, or a notification by the Company to the Administrative Agent
that the Company has made a determination, that U.S. dollar-denominated syndicated credit facilities currently being executed, or that
include language similar to that contained in Section 3.03(c), are being executed or amended (as applicable) to incorporate or adopt
a new benchmark interest rate to replace LIBOR, and

 

		(2)	the joint election by the Administrative Agent and the Company to replace LIBOR with a Benchmark Replacement
and the provision by the Administrative Agent of written notice of such election to the Lenders.

 

“EEA Financial Institution”
means (a) any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of
an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in
clause (a) of this definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary
of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision
with its parent.

 

“EEA Member Country”
means any of the member states of the European Union, Iceland, Liechtenstein, and Norway.

 

“EEA Resolution Authority”
means any public administrative authority or any Person entrusted with public administrative authority of any EEA Member Country (including
any delegee) having responsibility for the resolution of any EEA Financial Institution.

 

“Electronic Record”
and “Electronic Signature” shall have the meanings assigned to them, respectively, by 15 USC §7006, as it may
be amended from time to time.

 

“Eligible Assignee”
means any Person that meets the requirements to be an assignee under Section 11.06(b)(iii), (v) and (vi) (subject
to such consents, if any, as may be required under Section 11.06(b)(iii)).

 

    16

     

    

 

“Eligible Inventory”
means inventories of Petroleum Products (specifically excluding, however, tank bottoms and pipeline linefill of any Borrower) (i) in
which any Borrower has good and defensible title, (ii) which are not subject to any Lien in favor of any Person (other than Permitted
Inventory Liens), and (iii) which are subject to a fully perfected first priority security interest (subject only to Permitted Inventory
Liens) in favor of Administrative Agent pursuant to the Loan Documents prior to the rights of, and enforceable as such against, any other
Person.

 

“Environmental Laws”
means any and all Federal, state, local, and foreign statutes, laws, regulations, ordinances, rules, judgments, interpretations, orders,
decrees, permits, concessions, grants, franchises, licenses, agreements or governmental restrictions relating to pollution and the protection
of the environment and natural resources and, as such relates to exposure to Hazardous Materials, human and health and safety, or the
release of any materials into the environment, including those related to hazardous substances or wastes, air emissions and discharges
to waste or public systems.

 

“Environmental Liability”
means any liability, contingent or otherwise (including any liability for damages, costs of environmental remediation, fines, penalties
or indemnities), whether based in contract, tort, implied or express warranty, strict liability, criminal or civil statute or common law,
directly or indirectly relating to (a) 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, with respect to any Person, all of the shares of capital stock of (or other ownership or profit interests in) such Person, all
of the warrants, options or other rights for the purchase or acquisition from such Person of shares of capital stock of (or other ownership
or profit interests in) such Person, and all of the other ownership or profit interests in such Person (including partnership, member
or trust interests therein), whether voting or nonvoting, and whether or not such shares, warrants, options, rights or other interests
are outstanding on any date of determination, excluding, however, all debt securities convertible into or exchangeable for shares of capital
stock of (or other ownership or profit interests in) such Person or warrants, rights or options for the purchase or acquisition from such
Person of such shares (or such other interests).

 

“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended, and the rules and regulations promulgated thereunder.

 

“ERISA Affiliate”
means any trade or business (whether or not incorporated) under common control with the Company within the meaning of Section 414(b) or
(c) of the Code (and Sections 414(m) and (o) of the Code for purposes of provisions relating to Section 412 of the
Code).

 

    17

     

    

 

“ERISA Event”
means (a) a Reportable Event with respect to a Pension Plan; (b) the withdrawal of the Company or any ERISA Affiliate from a
Pension Plan subject to Section 4063 of ERISA during a plan year in which such entity was a “substantial employer” as
defined in Section 4001(a)(2) of ERISA or a cessation of operations that is treated as such a withdrawal under Section 4062(e) of
ERISA; (c) a complete or partial withdrawal by the Company or any ERISA Affiliate from a Multiemployer Plan or notification that
a Multiemployer Plan is in reorganization; (d) the filing of a notice of intent to terminate or the treatment of a Pension Plan amendment
as a termination under Section 4041 or 4041A of ERISA; (e) the institution by the PBGC of proceedings to terminate a Pension
Plan; (f) any event or condition which constitutes grounds under Section 4042 of ERISA for the termination of, or the appointment
of a trustee to administer, any Pension Plan; (g) the determination that any Pension Plan is considered an at-risk plan or a plan
in endangered or critical status within the meaning of Sections 430, 431 and 432 of the Code or Sections 303, 304 and 305 of ERISA; or
(h) the imposition of any liability under Title IV of ERISA, other than for PBGC premiums due but not delinquent under Section 4007
of ERISA, upon the Company or any ERISA Affiliate.

 

“EU Bail-In Legislation
Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in
effect from time to time.

 

“Eurocurrency Rate”
means:

 

(a)            for
any Interest Period with respect to a Eurocurrency Rate Loan:

 

(i)            in
the case of Eurocurrency Rate Loan denominated in Dollars, the rate per annum equal to the London Interbank Offered Rate (“LIBOR”),
as published on the applicable Reuters Screen page (or such other commercially available source providing quotations of LIBOR as
may be designated by the Administrative Agent from time to time) at approximately 11:00 a.m., London time, two Business Days prior to
the commencement of such Interest Period, for deposits in the relevant currency (for delivery on the first day of such Interest Period)
with a term equivalent to such Interest Period; and if the Eurocurrency Rate shall be less than zero, such rate shall be deemed zero for
purposes of this Agreement; and

 

(ii)           in
the case of a Eurocurrency Rate Loan denominated in Canadian Dollars, at a rate per annum equal to CDOR for a Canadian BA in such amount
with a term equivalent to such Interest Period for such Loan; and

 

(b)            for
any interest calculation with respect to (i) a Base Rate Loan or a Swing Line Loan based on the Eurocurrency Rate denominated in
Dollars, on any date, the rate per annum equal to LIBOR, at approximately 11:00 a.m., London time determined two London Banking Days prior
to such date for Dollar deposits being delivered in the London interbank market for a term of one month commencing that day and (ii) a
Swing Line Loan based on the Eurocurrency Rate denominated in Canadian Dollars, on any date, the rate per annum equal to CDOR for a Canadian
BA in such amount with a term of one month commencing on that day.

 

“Eurocurrency Rate
Committed Loan” means a Committed Loan that bears interest at a rate based on clause (a) of the definition of “Eurocurrency
Rate.” Eurocurrency Rate Loans may be denominated in Dollars or in Canadian Dollars.

 

“Eurocurrency Rate
Loan” means (i) a Eurocurrency Rate Committed Loan or (ii) a Swing Line Loan that bears interest at a rate based on
the Eurocurrency Rate.

 

    18

     

    

 

“Event of Default”
has the meaning specified in Section 8.01.

 

“Excluded
Taxes” means any of the following Taxes imposed on or with respect to any Recipient or required to be withheld or deducted
from a payment to a Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch
profits Taxes, in each case, (i) imposed as a result of such Recipient being organized under the laws of, or having its principal
office or, in the case of any Lender, its Lending Office located in, the jurisdiction imposing such Tax (or any political subdivision
thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S. federal and Canadian withholding Taxes imposed
on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan or Commitment pursuant to a law
in effect on the date on which (i) such Lender acquires such interest in the Loan or Commitment (other than pursuant to an assignment
request by the Borrower under Section 11.13) or (ii) such Lender changes its Lending Office, except in each case to the
extent that, pursuant to Section 3.01, amounts with respect to such Taxes were payable either to such Lender’s assignor
immediately before such Lender became a party hereto or to such Lender immediately before it changed its Lending Office, (c) Taxes
attributable to such Recipient’s failure to comply with Section 3.01(e) and (d) any withholding Taxes imposed
pursuant to FATCA.

 

“Existing Credit
Agreement” has the meaning specified in the introductory paragraph hereto.

 

“Existing Letters
of Credit” means the letters of credit issued and outstanding under the Existing Credit Agreement as of the Closing Date.

 

“Existing Maturity
Date” has the meaning specified in Section 2.14(a).

 

“FASB ASC”
means the Accounting Standards Codification of the Financial Accounting Standards Board.

 

“FATCA”
means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively
comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any
agreements entered into pursuant to Section 1471(b)(1) of the Code and any fiscal or regulatory legislation, rules or practices
adopted pursuant to any intergovernmental agreement, treaty or convention among Governmental Authorities entered into in connection with
the implementation of the foregoing.

 

“Federal Funds Rate”
means, for any day, the rate per annum calculated by the Federal Reserve Bank of New York based on such day’s federal funds transactions
by depository institutions (as determined in such manner as the Federal Reserve Bank of New York shall set forth on its public website
from time to time) and published on the next succeeding Business Day by the Federal Reserve Bank of New York as the federal funds effective
rate; provided that if the Federal Funds Rate as so determined would be less than zero, such rate shall be deemed to be zero for purposes
of this Agreement.

 

    19

     

    

 

“Fee Letters”
means each of the letter agreements among the Company and the Administrative Agent and/or the Arrangers and executed in relation to this
Agreement and the transactions contemplated thereby.

 

“Financed Hedged
Eligible Inventory” means all Hedged Eligible Inventory (i) the Cash and Carry Purchase of which is to be or has been secured
by Letters of Credit issued hereunder, and/or (ii) the purchase of which pursuant to Cash and Carry Purchases, or the storage thereof
at Approved Locations, has been financed pursuant to Loans or Canadian BA’s hereunder.

 

“First Purchase Crude
Payables” means the unpaid amount of any payable obligation related to the purchase of Petroleum Products by any Borrower secured
by a valid statutory Lien, including but not limited to valid statutory Liens, if any, created under the laws of Texas, New Mexico, Wyoming,
Kansas, Oklahoma or any other state to the extent such payable obligation is not at the time in question covered by a Letter of Credit.

 

“Foreign Lender”
means, with respect to any Borrower, any Lender that is organized under the Laws of a jurisdiction other than that in which such Borrower
is resident for tax purposes (including such a Lender when acting in the capacity of an L/C Issuer). For purposes of this definition,
(a) the United States, each State thereof and the District of Columbia shall constitute a single jurisdiction and (b) Canada
and each Province thereof shall constitute a single jurisdiction.

 

“Foreign Obligor”
means a Loan Party that is a Foreign Subsidiary.

 

“Foreign Subsidiary”
means any Subsidiary that is organized under the laws of a jurisdiction other than the United States, a State thereof or the District
of Columbia.

 

“FRB” means
the Board of Governors of the Federal Reserve System of the United States.

 

“Fronting Exposure”
means, at any time there is a Defaulting Lender, (a) with respect to any L/C Issuer, such Defaulting Lender’s Applicable Percentage
of the outstanding L/C Obligations other than L/C Obligations as to which such Defaulting Lender’s participation obligation has
been reallocated to other Lenders or Cash Collateralized in accordance with the terms hereof, and (b) with respect to the Swing Line
Lender, such Defaulting Lender’s Applicable Percentage of Swing Line Loans other than Swing Line Loans as to which such Defaulting
Lender’s participation obligation has been reallocated to other Lenders or Cash Collateralized in accordance with the terms hereof.

 

“Fund”
means any Person (other than a natural person) that is engaged in making, purchasing, holding or otherwise investing in commercial loans
and similar extensions of credit in the ordinary course of its activities.

 

“GAAP”
means those generally accepted accounting principles and practices which are recognized as such by the Financial Accounting Standards
Board (or any generally recognized successor) and which, in the case of the Company and its Subsidiaries on a consolidated basis, are
applied for all periods after the date hereof in a manner consistent with the manner in which such principles and practices were applied
to the Audited Financial Statements.

 

    20

     

    

 

“General Partner”
means Plains GP LLC, a Texas limited liability company, in its capacity as the general partner of the Company.

 

“Governmental Authority”
means the government of the United States or any other nation, or of 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 (including any supra-national bodies such as the
European Union or the European Central Bank).

 

“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.

 

“Hedged Eligible
Inventory” means Petroleum Products (excluding all Permian Excluded Inventory and Commodity Intermediary Subject Inventory)
purchased or stored, or scheduled to be purchased or stored in the following month, by any Borrower, which have been hedged by either
(i) a NYMEX contract or an Intercontinental Exchange contract which constitutes a Swap Contract, which Swap Contract is pursuant
to a segregated account subject to a Tri-Party Agreement and not subject to any setoff, counterclaim or netting, or (ii) an over-the-counter
contract or contract for physical delivery, and which Petroleum Products, in either such case, upon such purchase or storage by such Borrower,
shall qualify as Eligible Inventory.

 

“Hedged Value”
means, as to Hedged Eligible Inventory and such corresponding Swap Contracts with respect thereto, an amount equal to the volume of such
Hedged Eligible Inventory times the prices fixed in such corresponding Swap Contract, minus (i) all related storage,
transportation and other applicable costs of such Hedged Eligible Inventory, as set forth therein and (ii) the amount secured by
any Broker Liens, other than Broker Liens on margin deposits with respect to such corresponding Swap Contracts.

 

“Hybrid Securities”
means any trust preferred securities, or deferrable interest subordinated debt with a maturity of at least 20 years (and not less than
one year after the Maturity Date), which provides for the optional or mandatory deferral of interest or distributions, issued by any Borrower,
or any business trusts, limited liability companies, limited partnerships or similar entities (a) substantially all of the common
equity, general partner or similar interests of which are owned (either directly or indirectly through one or more wholly owned Restricted
Subsidiaries) at all times by such Borrower or any of its Subsidiaries, (b) that have been formed for the purpose of issuing trust
preferred securities or deferrable interest subordinated debt, and (c) substantially all the assets of which consist of (i) subordinated
debt of such Borrower or another Subsidiary and (ii) payments made from time to time on the subordinated debt.

 

“Impacted Loans”
has the meaning specified in Section 3.03(a).

 

    21

     

    

 

“Income Tax Act (Canada)”
means the Income Tax Act, R.S.C. 1985 c. 1 (fifth supplement), as amended, including the regulations made and, from time to time,
in force under that Act.

 

“Indebtedness”
means, as to any Person at a particular time, without duplication, all of the following, whether or not included as indebtedness or liabilities
in accordance with GAAP:

 

(a)            its
obligations for the repayment of borrowed money,

 

(b)            its
obligations to pay the deferred purchase price of property or services (excluding trade account payables arising in the ordinary course
of business), other than contingent purchase price or similar obligations incurred in connection with an acquisition and not yet earned
or determinable,

 

(c)            its
obligations evidenced by a bond, debenture, note or similar instrument, other than surety, bid, performance, statutory and other similar
bonds and instruments obtained in the ordinary course of business,

 

(d)            its
obligations, as lessee, constituting principal under Capital Leases,

 

(e)            its
direct or contingent reimbursement obligations with respect to the face amount of letters of credit pursuant to the applications or reimbursement
agreements therefor,

 

(f)             its
obligations for the repayment of outstanding banker’s acceptances, whether matured or unmatured,

 

(g)            Synthetic
Lease Obligations, or

 

(h)            its
obligations under guaranties of any obligations of any other Person described in the foregoing clauses (a) through (g).

 

For all purposes hereof, the
Indebtedness of any Person shall include the Indebtedness of any partnership or joint venture (other than a joint venture that is itself
a corporation or limited liability company) in which such Person is a general partner or a joint venturer, except to the extent that such
Indebtedness is expressly made non-recourse to such Person. The amount of any Capital Lease or Synthetic Lease Obligation as of any date
shall be deemed to be the amount of Attributable Indebtedness in respect thereof as of such date.

 

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

 

“Indemnitees”
has the meaning specified in Section 11.04(b).

 

“Information”
has the meaning specified in Section 11.07.

 

“Interest Act (Canada)”
means the Interest Act, R.S.C. 1985, c. I-15, including the regulations made and, from time to time, in force under that Act.

 

    22

     

    

 

“Interest Payment
Date” means, (a) as to any Loan other than a Base Rate Loan or a Canadian Prime Rate Loan, the last day of each Interest
Period applicable to such Loan and the Maturity Date; provided, however, that if any Interest Period for a Eurocurrency
Rate Loan exceeds three months, the respective dates that fall every three months after the beginning of such Interest Period shall also
be Interest Payment Dates; and (b) as to any Base Rate Loan or Canadian Prime Rate Loan (including a Swing Line Loan), the last Business
Day of each March, June, September and December and the Maturity Date.

 

“Interest
Period” means as to each Eurocurrency Rate Loan, the period commencing on the date of such Borrowing or the date such Eurocurrency
Rate Loan is converted to or continued as a Eurocurrency Rate Loan and (x) with respect to a Eurocurrency Rate Loan denominated in
Dollars, ending on the date one month, three months or six months thereafter, or (y) with respect to a Eurocurrency Rate Loan denominated
in Canadian Dollars, ending on the date one month, two months or three months thereafter, in each case, as selected by the Company in
its Committed Loan Notice; provided that:

 

(i)            any
Interest Period that would otherwise end on a day that is not a Business Day shall be extended to the next succeeding Business Day unless,
in the case of a Eurocurrency Rate Loan, such Business Day falls in another calendar month, in which case such Interest Period shall end
on the next preceding Business Day;

 

(ii)           any
Interest Period pertaining to a Eurocurrency Rate Loan that begins on the last Business Day of a calendar month (or on a day for which
there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day
of the calendar month at the end of such Interest Period; and

 

(iii)          no
Interest Period shall extend beyond the Maturity Date.

 

“IRS” means
the United States Internal Revenue Service.

 

“ISP” means
the International Standby Practices, International Chamber of Commerce Publication No. 590 (or such later version thereof as
may be in effect at the applicable time of issuance).

 

“Issuer Documents”
means with respect to any Letter of Credit, the Letter of Credit Application, and any other document, agreement and instrument entered
into by any L/C Issuer and the applicable Borrower (or any Subsidiary) or in favor of such L/C Issuer and relating to such Letter of Credit.

 

“Laws”
means, collectively, all international, foreign, Federal, state and local statutes, treaties, rules, guidelines, regulations, ordinances,
codes and administrative or judicial precedents or authorities, including the interpretation or administration thereof by any Governmental
Authority charged with the enforcement, interpretation or administration thereof, and all applicable administrative orders, directed duties,
requests, licenses, authorizations and permits of, and agreements with, any Governmental Authority, in each case whether or not having
the force of law.

 

    23

     

    

 

“L/C Advance”
means, with respect to each Lender, such Lender’s funding of its participation in any L/C Borrowing in accordance with its Applicable
Percentage.

 

“L/C Borrowing”
means an extension of credit resulting from a drawing under any Letter of Credit which has not been reimbursed on the date as required
pursuant to Section 2.03(c) or refinanced as a Committed Borrowing. Unless otherwise agreed by the applicable Borrower
and the applicable L/C Issuer, all L/C Borrowings shall be denominated in the currency of the Letter of Credit that was drawn upon that
resulted in such L/C Borrowing.

 

“L/C Commitment”
means, with respect to each L/C Issuer, the commitment of such L/C Issuer to issue Letters of Credit hereunder. The initial amount of
each L/C Issuer’s L/C Commitment is set forth on Schedule 2.01, or if an L/C Issuer has entered into an Assignment and Assumption
or has otherwise assumed an L/C Commitment after the Closing Date, the amount set forth for such L/C Issuer as its L/C Commitment in the
Register maintained by the Administrative Agent. The Letter of Credit Commitment of an L/C Issuer may be modified from time to time by
agreement between such L/C Issuer and the Borrowers, and notified to the Administrative Agent.

 

“L/C Disbursement”
means a payment made by an L/C Issuer pursuant to a Letter of Credit.

 

“L/C Credit Extension”
means, with respect to any Letter of Credit, the issuance thereof or extension of the expiry date thereof, or the increase of the amount
thereof.

 

“L/C Issuer”
means each of (i) Bank of America, Citibank, N.A., JPMorgan Chase Bank, N.A. and Wells Fargo Bank, National Association, in its capacity
as issuer of Letters of Credit hereunder, or any successor issuer of Letters of Credit hereunder and (ii) any other Lender appointed
as a replacement or additional “L/C Issuer” pursuant to the immediately succeeding sentence. From time to time, the Administrative
Agent may, with the consent of the Company and the Lender in question, or the Company may, with the consent of the Lender in question
and notice to the Administrative Agent, appoint such Lender hereunder as an L/C Issuer in place of any L/C Issuer, or in addition to the
L/C Issuers as of such time. Any L/C Issuer may, in its discretion, arrange for one or more Letters of Credit to be issued by Affiliates
of such L/C Issuer, in which case the term “L/C Issuer” shall include any such Affiliate with respect to Letters of Credit
issued by such Affiliate. Each reference herein to the “L/C Issuer” in connection with a Letter of Credit or other matter
shall be deemed to be a reference to the relevant L/C Issuer with respect thereto.

 

“L/C
Obligations” 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 Unreimbursed Amounts, including (without duplication) all L/C Borrowings. The
L/C Obligations of any Lender at any time shall be its Applicable Percentage of the total L/C Obligations at such time. For all purposes
of this Agreement, if on any date of determination a Letter of Credit has expired by its terms but any amount may still be drawn thereunder
by reason of the operation of Article 29(a) of the UCP or Rule 3.13 or Rule 3.14 of the ISP or similar terms of the
Letter of Credit itself, or if compliant documents have prior to such expiration been presented but not yet honored, such Letter of Credit
shall be deemed to be “outstanding” and “undrawn” in the amount so remaining available to be paid, and the obligations
of the Borrower requesting such Letter of Credit and each Lender shall remain in full force and effect until the applicable L/C Issuer
shall have no further obligation to make any payments or disbursements under any circumstances with respect to such Letter of Credit.

 

    24

     

    

 

“Lender”
has the meaning specified in the introductory paragraph hereto and, as the context requires, includes the Swing Line Lender.

 

“Lender Parties”
and “Lender Recipient Parties” means, collectively, the Administrative Agent, the L/C Issuers, the Swing Line Lender
and all Lenders.

 

“Lending Office”
means, as to any Lender, the office or offices of such Lender described as such in such Lender’s Administrative Questionnaire, or
such other office or offices as a Lender may from time to time notify the Company and the Administrative Agent in accordance with the
terms hereof, which office may include any Affiliate of such Lender or any domestic or foreign branch of such Lender or such Affiliate.
Unless the context otherwise requires each reference to a Lender shall include its applicable Lending Office.

 

“Letter of Credit”
means any letter of credit issued hereunder at the request of any Borrower providing for the payment of cash upon the honoring of a drawing
thereunder and shall include the Existing Letters of Credit. A Letter of Credit may be a commercial letter of credit or a standby letter
of credit; provided however, that any commercial letter of credit issued hereunder shall provide solely for cash payment upon presentation
of a sight draft, unless otherwise agreed to by the L/C Issuer issuing such letter of credit.

 

“Letter of Credit
Application” means an application and agreement for the issuance or amendment of a Letter of Credit in the form from time to
time in use by the applicable L/C Issuer.

 

“Letter of Credit
Expiration Date” means the day that is seven days prior to the Maturity Date then in effect (or, if such day is not a Business
Day, the next preceding Business Day).

 

“Letter of Credit
Fee” has the meaning specified in Section 2.03(h).

 

“Letter of Credit
Report” means a certificate substantially the form of Exhibit E or any other form approved by the Administrative
Agent.

 

“Letter of Credit
Sublimit” means an amount equal to $400,000,000. The Letter of Credit Sublimit is part of, and not in addition to, the Aggregate
Commitments.

 

“Lien”
means any mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or other), charge, or preference,
priority or other security interest or preferential arrangement in the nature of a security interest of any kind or nature whatsoever
(including any conditional sale or other title retention agreement, any easement, right of way or other encumbrance on title to real property,
and any financing lease having substantially the same economic effect as any of the foregoing).

 

    25

     

    

 

“Loan”
means an extension of credit by a Lender to a Borrower under Article II in the form of a Committed Loan or a Swing Line Loan.

 

“Loan Documents”
means this Agreement, each Note, each Issuer Document, each Canadian BA, each Collateral Document, any agreement creating or perfecting
rights in Cash Collateral pursuant to the provisions of Section 2.16 of this Agreement, Fee Letters and any guaranty of the
Obligations delivered in connection herewith.

 

“Loan Party”
means each of (i) the Company, (ii) PMCULC and (iii) PAA.

 

“London Banking Day”
means any day on which dealings in Dollar deposits are conducted by and between banks in the London interbank eurodollar market.

 

“Master Agreement”
has the meaning specified in the definition of “Swap Contract”.

 

“Material Adverse
Effect” means (a) a material adverse change in, or a material adverse effect upon, the operations, properties or financial
condition of the Company and its Subsidiaries taken as a whole; (b) a material adverse effect on the ability of any Loan Party to
pay its obligations under any Loan Document to which it is a party; or (c) a material adverse effect on the enforceability against
any Loan Party of any material terms of any Loan Document to which it is a party.

 

“Maturity Date”
means the later of (a) such date that is three years from the Closing Date and (b) if the Maturity Date then in effect is extended
pursuant to Section 2.14, such extended Maturity Date; provided, however, that if such date does not satisfy
clause (a) of the definition of “Business Day,” the Maturity Date shall be the next preceding Business Day; provided,
that such local time shall be no earlier than 12:00 noon, Eastern time.

 

“Minimum Collateral
Amount” means, at any time, (i) with respect to Cash Collateral consisting of cash or deposit account balances, an amount
equal to 102% of the Fronting Exposure of all L/C Issuers with respect to Letters of Credit issued and outstanding at such time and (ii) otherwise,
an amount determined by the Administrative Agent and the L/C Issuers in their sole discretion.

 

“Moody’s”
means Moody’s Investor Service, Inc. and any successor to the ratings agency business thereof.

 

“Multiemployer Plan”
means any employee benefit plan of the type described in Section 4001(a)(3) of ERISA, to which the Company or any ERISA Affiliate
makes or is obligated to make contributions, or during the preceding five plan years, has made or been obligated to make contributions.

 

“Multiple Employer
Plan” means a Plan which has two or more contributing sponsors (including the Company or any ERISA Affiliate) at least two of
whom are not under common control at such times and meeting the requirements of such a plan as described in Section 4064 of ERISA.

 

    26

     

    

 

“Non-Consenting Lender”
means any Lender that does not approve any consent, waiver or amendment that (a) requires the approval of all Lenders or all affected
Lenders in accordance with the terms of Section 11.01 and (b) has been approved by the Required Lenders.

 

“Non-Defaulting Lender”
means, at any time, each Lender that is not a Defaulting Lender at such time.

 

“Non-Extending Lender”
has the meaning specified in Section 2.14(b).

 

“Notes”
means, collectively, the Committed Loan Notes and the Swing Line Note.

 

“Notice Date”
has the meaning specified in Section 2.14(b).

 

“Notice of Additional
L/C Issuer” means a certificate substantially in the form of Exhibit F or any other form approved by the Administrative
Agent.

 

“NYMEX”
means the New York Mercantile Exchange.

 

“Obligations”
means all advances to, and debts, liabilities, obligations, covenants and duties of, any Loan Party arising under any Loan Document or
otherwise with respect to any Loan, Letter of Credit or Canadian BA, whether direct or indirect (including those acquired by assumption),
absolute or contingent, due or to become due, now existing or hereafter arising and including interest and fees that accrue after the
commencement by or against any Loan Party or any of its Affiliates of any proceeding under any Debtor Relief Laws naming such Person as
the debtor in such proceeding, regardless of whether such interest and fees are allowed claims in such proceeding.

 

“OFAC”
means the Office of Foreign Assets Control of the United States Department of the Treasury.

 

“Operating Lease”
means (i) an operating lease under GAAP, (ii) any lease that was treated as an operating lease under GAAP at the time it was
entered into that later becomes a capital lease as a result of a change in GAAP during the life of such lease, including any renewals,
and (iii) any lease entered into after the date of this Agreement that would have been accounted for as an operating lease under
the provisions of GAAP in effect as of December 31, 2015.

 

“Organization Documents”
means, (a) with respect to any corporation, the certificate or articles of incorporation and the bylaws (or equivalent or comparable
constitutive documents with respect to any non-U.S. jurisdiction); (b) with respect to any limited liability company, the certificate
or articles of formation or organization and operating agreement; and (c) with respect to any partnership, joint venture, trust or
other form of business entity, the partnership, joint venture or other applicable agreement of formation or organization and any agreement,
instrument, filing or notice with respect thereto filed in connection with its formation or organization with the applicable Governmental
Authority in the jurisdiction of its formation or organization and, if applicable, any certificate or articles of formation or organization
of such entity.

 

    27

     

    

 

“Other Rate Early
Opt-in” means the Administrative Agent and the Company have elected to replace LIBOR with a Benchmark Replacement other than
a SOFR-based rate pursuant to (1) an Early Opt-in Election and (2) Section 3.03(c)(ii) and paragraph (2) of
the definition of “Benchmark Replacement”.

 

“Other Connection
Taxes” means, with respect to any Recipient, Taxes imposed as a result of a present or former connection between such Recipient
and the jurisdiction imposing such Tax (other than connections arising from such Recipient having executed, delivered, become a party
to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction
pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan or Loan Document).

 

“Other Taxes”
means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment made
under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest
under, or otherwise with respect to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed with respect to
an assignment (other than an assignment made pursuant to Section 3.06).

 

“Outstanding Amount”
means (i) with respect to Committed Loans and Swing Line Loans on any date, the Dollar Equivalent amount of the aggregate outstanding
principal amount thereof after giving effect to any borrowings and prepayments or repayments of Committed Loans and Swing Line Loans,
as the case may be, occurring on such date; (ii) with respect to any L/C Obligations on any date, the Dollar Equivalent amount of
the amount of such L/C Obligations on such date after giving effect to any L/C Credit Extension occurring on such date and any other changes
in the aggregate amount of the L/C Obligations as of such date, including as a result of any reimbursements by the Company of Unreimbursed
Amounts, and (iii) with respect to any Canadian BA on any date, the Dollar Equivalent amount of the unpaid portion of the face amount
thereof on such date.

 

“Overnight Rate”
means, for any day, (a) with respect to any amount denominated in Dollars, the greater of (i) the Federal Funds Rate and (ii) an
overnight rate determined by the Administrative Agent, the applicable L/C Issuer, or the Swing Line Lender, as the case may be, in accordance
with relevant banking industry rules on interbank compensation for major banks in the United States interbank market, and (b) with
respect to any amount denominated in Canadian Dollars, the rate of interest per annum at which overnight deposits in Canadian Dollars,
in an amount approximately equal to the amount with respect to which such rate is being determined, would be offered for such day by a
branch or Affiliate of Bank of America in the applicable offshore interbank market for such currency to major banks in such interbank
market.

 

“PAA” has
the meaning specified in the introductory paragraph hereto.

 

“PAA Consolidated Leverage Ratio”
means the “Consolidated Leverage Ratio” as defined in the PAA Credit Agreement.

 

“PAA Credit Agreement”
means that certain Credit Agreement of even date herewith among PAA, PMCULC, other Subsidiaries of PAA from time to time party thereto,
Bank of America, N.A., as administrative agent, and the lenders named therein, as amended from time to time.

 

    28

     

    

 

“PAA Debt Rating” has the meaning
specified in the definition of “Applicable Rate”.

 

“PAA Guaranty”
means the Guaranty of the payment Obligations of each of the Borrowers made by PAA under Article X in favor of the Lender
Parties.

 

“Participant”
has the meaning specified in Section 11.06(d).

 

“Participant Register”
has the meaning specified in Section 11.06(d)

 

“PBGC”
means the Pension Benefit Guaranty Corporation.

 

“Pension Act”
means the Pension Protection Act of 2006.

 

“Pension Funding
Rules” means the rules of the Code and ERISA regarding minimum funding standards with respect to Pension Plans and set
forth in Sections 412, 430, 431, 432 and 436 of the Code and Sections 302, 303, 304 and 305 of ERISA.

 

“Pension Plan”
means any employee pension benefit plan (including a Multiple Employer Plan or a Multiemployer Plan) that is maintained or is contributed
to by the Company and any ERISA Affiliate or with respect to which the Company or any ERISA Affiliate has any liability and is either
covered by Title IV of ERISA or is subject to the minimum funding standards under Section 412 of the Code.

 

“Permian Excluded
Inventory” means any portion of the Company’s Petroleum Products inventory that is sold or is obligated to be sold to
Permian JV pursuant to the Permian JV Inventory Transactions; provided, upon (i) the repurchase of any such Petroleum Product Inventory
by the Company pursuant thereto and (ii) either (A) payment by the Company of the purchase price therefor pursuant thereto or
(B) pursuant to the Buy/Sell Contract (as defined in the by the Permian JV Merger Agreement), settlement therefor shall be contractually
obligated to occur by not later than the 25th day of the following month, such Petroleum Products Inventory shall cease to
be Permian Excluded Inventory.

 

“Permian JV”
means Plains Oryx Permian Basin LLC, a Delaware limited liability company, in which PAA is to indirectly own, as of the date of the closing
of the Permian JV Merger Agreement, a 65% Equity Interest therein.

 

“Permian JV Inventory
Transactions” means transactions pursuant to the Permian JV Transaction Documents described in clauses (v), (vi) and
(vii) of the definition thereof pursuant to which (i) the Company sells or is obligated to sell any portion of its Petroleum
Products inventory to Permian JV, (ii) Permian JV transports such Petroleum Products inventory to a Plains Terminal delivery
point and (iii) upon delivery of such Petroleum Products inventory by Permian JV to such Plains Terminal delivery point, the Company
repurchases such Petroleum Products inventory from Permian JV.

 

    29

     

    

 

“Permian JV Merger
Agreement” means that certain Agreement and Plan of Merger dated as of July 12, 2021 by and among Plains Pipeline, the
Company, Oryx Midstream Holdings LLC and certain affiliates, Permian JV, POPB Marketing and POPB Pipeline, together with all exhibits
and schedules attached thereto, attached to PAA’s Form 8-K filed with the SEC on July 13, 2021.

 

“Permian JV Transaction
Documents” means:

 

(i)            the
Permian JV Merger Agreement;

 

(ii)           the
 “Divisive Merger Agreements”, the “Oryx Holdings Contribution Agreement”, the “Marketing Certificate of
Merger”, the “Marketing Conversion Certificates” and the “Pipeline Conversion Certificates”, as such terms
are defined in the Permian JV Merger Agreement;

 

(iii)          the
 “Middle Cadence Contribution Agreement”, as such term is defined in the Permian JV Merger Agreement;

 

(iv)          an
Amended and Restated Limited Liability Company Agreement of Permian JV, substantially in the form of Exhibit C-2 to the Permian JV
Merger Agreement;

 

(v)           the
 “Employee Matters Agreement”, the “Operating Agreement”, the “Marketing Services Agreement”, the “Buy/Sell
Contract”, the “McCamey Capacity Lease”, the “Basin Capacity Lease”, the “Storage and Contango Agreement”,
the “First Purchase Contract Assignment” and the “Secondment Agreement”, as such terms are defined in the Permian
JV Merger Agreement;

 

(vi)          the
 “OMOG Services Agreement Assignment” and the “OMOG Services Agreement”, as such terms are defined in the Permian
JV Merger Agreement; and

 

(vii)        the
capacity leases by and between POPB Marketing and POPB Pipeline for the BHT System, Iatan Gathering System, Porterville Pipeline
and Scurry Pipeline, and

 

(viii)       such
other documents required to carry out the intention and purpose of the Permian JV Merger Agreement, including any connection agreements
and shared facility use agreements;

 

in each case, as
amended from time to time.

 

“Permitted Inventory
Liens” means (i) any Lien, and the amount of any liability secured thereby, on Petroleum Products inventory imposed by
any governmental authority for taxes, assessments or charges not yet due or the validity of which is being contested in good faith and
by appropriate proceedings, if necessary, for which adequate reserves are maintained on the books of the applicable Borrower in accordance
with GAAP or other applicable accounting principles and standards, as applicable (so long as such Lien is inchoate) or (ii) carriers’,
warehousemen’s, mechanics’, materialmen’s, repairmen’s, landlord’s, or other like Liens (including, without
limitation, Liens on property of any Borrower in the possession of storage facilities, pipelines or barges) arising in the ordinary course
of business for amounts which are not more than 60 days past due or the validity of which is being contested in good faith and by appropriate
proceedings, if necessary, and for which adequate reserves are maintained on the books of Borrower in accordance with GAAP.

 

    30

     

    

 

“Person”
means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental
Authority or other entity.

 

“Petroleum Products”
means crude oil, condensate, natural gas, natural gas liquids (NGL’s), liquefied petroleum gases (LPG’s), refined petroleum
products or any blend thereof.

 

“Plains Pipeline”
means Plains Pipeline, L.P., a Texas limited partnership.

 

“Plains Terminal”
means any storage terminal, tankage or facility owned by (i) any Borrower or PAA, or (ii) by any Affiliate of the Company or
PAA that has executed and delivered a bailee letter in form and substance reasonably acceptable to Administrative Agent with respect to
any Collateral stored at such terminal, tankage or facility.

 

“Plan”
means any employee benefit plan within the meaning of Section 3(3) of ERISA (including a Pension Plan), maintained for employees
of the Company or any ERISA Affiliate or any such Plan to which the Company or any ERISA Affiliate is required to contribute on behalf
of any of its employees.

 

“Platform”
has the meaning specified in Section 6.02.

 

“PMCULC”
has the meaning specified in the introductory paragraph hereto.

 

“POPB Marketing”
means Plains Oryx Permian Basin Marketing LLC, a Texas limited liability company, a wholly-owned Subsidiary of Permian JV.

 

“POPB Pipeline”
means Plains Oryx Permian Basin Pipeline LLC, a Texas limited liability company, a wholly-owned Subsidiary of Permian JV.

 

“PTE” means
a prohibited transaction class exemption issued by the U.S. Department of Labor, as any such exemption may be amended from time to time.

 

“Public Lender”
has the meaning specified in Section 6.02.

 

“Receivables”
has the meaning specified in Section 1.1 of the Security Agreement.

 

“Recipient”
means the Administrative Agent, any Lender, any L/C Issuer or any other recipient of any payment to be made by or on account of any obligation
of any Loan Party hereunder.

 

“Register”
has the meaning specified in Section 11.06(c).

 

    31

     

    

 

“Related Parties”
means, with respect to any Person, such Person’s Affiliates and the partners, directors, officers, employees, agents, trustees and
advisors of such Person and of such Person’s Affiliates.

 

“Relevant Governmental
Body” means the Board of Governors of the Federal Reserve System or the Federal Reserve Bank of New York, or a committee officially
endorsed or convened by the Board of Governors of the Federal Reserve System or the Federal Reserve Bank of New York, or any successor
thereto.

 

“Reportable
Event” means any of the events set forth in Section 4043(c) of ERISA, other than events for which the 30 day
notice period has been waived.

 

“Request for Credit
Extension” means (a) with respect to a Borrowing (including Canadian BA’s), conversion or continuation of Committed
Loans, a Committed Loan Notice, (b) with respect to an L/C Credit Extension, a Letter of Credit Application, and (c) with respect
to a Swing Line Loan, a Swing Line Loan Notice.

 

“Required Lenders”
means, as of any date of determination, Lenders having more than 50% of the Aggregate Commitments or, if the commitment of each Lender
to make Loans and the obligation of the L/C Issuers to make L/C Credit Extensions have been terminated pursuant to Section 8.02,
Lenders holding in the aggregate more than 50% of the Total Outstandings (with the aggregate amount of each Lender’s risk participation
and funded participation in L/C Obligations and Swing Line Loans being deemed “held” by such Lender for purposes of this definition);
provided that the Commitment of, and the portion of the Total Outstandings held or deemed held by, any Defaulting Lender shall
be excluded for purposes of making a determination of Required Lenders.

 

“Rescindable Amount”
has the meaning as defined in Section 2.12(b)(ii).

 

“Resolution Authority”
means an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority.

 

“Responsible Officer”
means the chief executive officer, president, vice president, chief financial officer, treasurer, assistant treasurer or controller of
a Loan Party, or any general partner thereof or any general partner of any such general partner or any sole member thereof, as the case
may be, solely for purposes of the delivery of incumbency certificates and other certificates in respect of certain documents to be attached
thereto pursuant to Sections 2.15, 4.01 and 4.02, the secretary or any assistant secretary of such Loan Party, or
any general partner thereof or any general partner of any such general partner or any sole member thereof, as the case may be, and solely
for purposes of notices given pursuant to Article II, any other officer or employee of such Loan Party, or any general partner
thereof or any general partner of any such general partner or any sole member thereof, as the case may be, designated by any of the foregoing
officers in a notice to the Administrative Agent. Any document delivered hereunder that is signed by a Responsible Officer of a Loan Party,
or any general partner thereof or any general partner of any such general partner or any sole member thereof, as the case may be, shall
be conclusively presumed to have been authorized by all necessary corporate, partnership or other equivalent action on the part of such
Loan Party, and such Responsible Officer shall be conclusively presumed to have acted on behalf of such Loan Party or any other officer
or employee of such Loan Party, or any general partner thereof or any general partner of any such general partner or any sole member thereof,
designated in or pursuant to an agreement between such Loan Party and the Administrative Agent.

 

    32

     

    

 

“Restricted Payment”
means any dividend or other distribution (whether in cash or other property, but excluding dividends or other distributions payable in
Equity Interests in any Borrower) with respect to any Equity Interest of any Borrower, or any payment (whether in cash or other property,
but excluding dividends or other distributions payable in Equity Interests in any Borrower), including any sinking fund or similar deposit,
on account of the purchase, redemption, retirement, acquisition, cancellation or termination for value of any Equity Interest of any Borrower,
or on account of any return of capital to holders of any Equity Interests of any Borrower.

 

“Restriction Exception”
means (a) any Applicable Law or any instrument governing Indebtedness or Equity Interests, or any Applicable Law or any other agreement
relating to any property, assets or operations of a Person whose Equity Interests are acquired, in whole or part, by any Borrower pursuant
to an acquisition (whether by merger, consolidation, amalgamation or otherwise), as such instrument or agreement is in effect at the time
of such acquisition (except with respect to Indebtedness incurred in connection with, or in contemplation of, such acquisition), or such
Applicable Law is then or thereafter in effect (as applicable), which is not applicable to such Borrower, or the property, assets or operations
of such Borrower, other than the acquired Person, or the property, assets or operations of such acquired Person or such acquired Person’s
Subsidiaries; provided that in the case of Indebtedness, the incurrence of such Indebtedness is not prohibited hereunder, (b) provisions
with respect to the disposition or distribution of assets in joint venture agreements or other similar agreements entered into in the
ordinary course of business, (c) (i) a lease, license or similar contract, which restricts in a customary manner the subletting,
assignment, encumbrance or transfer of any property or asset that is subject thereto or the assignment, encumbrance or transfer of any
such lease, license or other contract, (ii) mortgages, deeds of trust, pledges or other security instruments, the entry into which
does not result in a Default, securing Indebtedness of any Borrower, which restricts the transfer of the property subject to such mortgages,
deeds of trust, pledges or other security instruments, or (iii) customary provisions restricting disposition of, or encumbrances
on, real property interests set forth in any reciprocal easements of any Borrower, (d) restrictions imposed pursuant to (i) this
Agreement and the other Loan Documents, (ii) the PAA Credit Agreement, or (iii) the Permian JV Transaction Documents as in effect
as of the Closing Date, (e) restrictions on the transfer or encumbrance of property or assets which are imposed by the holder of
Liens on property or assets of any Borrower, provided that neither the incurrence of such Lien nor any related Indebtedness results
in a Default, (f) any agreement to, directly or indirectly, sell or otherwise dispose of assets or Equity Interests to any Person
pending the closing of such sale, provided that such sale is consummated in compliance with any applicable provisions of this Agreement,
(g) net worth provisions in leases and other agreements entered into by any Borrower in the ordinary course of business, (h) an
agreement governing Indebtedness incurred to refinance the Indebtedness issued, assumed or incurred pursuant to an agreement referred
to in clauses (d) and (e) above; provided, however, that the provisions relating to such encumbrance or restriction
contained in any such Indebtedness are no less favorable to the applicable Borrower in any material respect as determined by the sole
member of the General Partner in its reasonable and good faith judgment than the provisions relating to such encumbrance or restriction
contained in agreements referred to in such clauses (d) and (e); and (i) Hybrid Securities or an indenture, document, agreement
or security entered into or issued in connection with a Hybrid Security or otherwise constituting a restriction or condition on the payment
of dividends or distributions by an issuer of a Hybrid Security.

 

    33

     

    

 

“Revaluation Date”
means (a) with respect to any Loan, each of the following: (i) each date of a Borrowing of a Eurocurrency Rate Loan denominated
in Canadian Dollars, (ii) each date of a continuation of a Eurocurrency Rate Loan denominated in Canadian Dollars pursuant to Section 2.02,
and (iii) such additional dates as the Administrative Agent shall determine or the Required Lenders shall require; (b) with
respect to any Letter of Credit, each of the following: (i) each date of issuance of a Letter of Credit denominated in Canadian Dollars,
(ii) each date of an amendment of any such Letter of Credit having the effect of increasing the amount thereof (solely with respect
to the increased amount), (iii) each date of any payment by the L/C Issuers under any Letter of Credit denominated in Canadian Dollars,
(iv) in the case of the Existing Letters of Credit, the Closing Date, and (v) such additional dates as the Administrative Agent
or the L/C Issuers shall determine or the Required Lenders shall require; (c) with respect to Loans and Letters of Credit, each date
on which a Borrower would otherwise be required to make a prepayment or Cash Collateralize payment Obligations pursuant to Section 2.05(d);
and (d) with respect to any Canadian BA, each of the following: (i) each date of the funding of such Canadian BA and (ii) such
additional dates as the Administrative Agent shall determine or the Required Lenders shall require.

 

“S&P”
means Standard & Poor’s Financial Services LLC, a subsidiary of S&P Global Inc., and any successor to the ratings agency
business thereof.

 

“Sale Value”
means, as to Hedged Eligible Inventory subject to sales contracts and such corresponding sales contracts with respect thereto, an amount
equal to the volumes of such Hedged Eligible Inventory times the sale price with respect to which Lenders are financing the Cash
and Carry Purchase (or refinancing the storage) thereof, minus all related storage, transportation and other applicable costs, as set
forth therein.

 

“Same Day Funds”
means (a) with respect to disbursements and payments in Dollars, immediately available funds, and (b) with respect to disbursements
and payments in Canadian Dollars, same day funds as may be determined by the Administrative Agent or the applicable L/C Issuer, as the
case may be, to be customary in the place of disbursement or payment for the settlement of international banking transactions in Canadian
Dollars.

 

“Sanction”
means any economic or trade sanction administered or enforced by the United States Government (including without limitation, OFAC), the
United Nations Security Council, the European Union, Her Majesty’s Treasury (“HMT”) or other relevant sanctions
authority, of any relevant jurisdiction where any Loan Party maintains assets or engages in business.

 

“SEC” means
the Securities and Exchange Commission, or any Governmental Authority succeeding to any of its principal functions.

 

    34

     

    

 

“Secured Parties”
means, collectively, the Administrative Agent, the Lenders, the L/C Issuers, each co-agent or sub-agent appointed by the Administrative
Agent from time to time pursuant to Section 9.05, and the other Persons a Borrower’s Obligations owing to which are
or are purported to be secured by the Collateral under the terms of the Collateral Documents.

 

“Security Agreement”
means the Fifth Amended and Restated Security Agreement dated as of the date hereof by Borrowers in favor of Administrative Agent.

 

“SOFR Early Opt-in”
means the Administrative Agent and the Company have elected to replace LIBOR pursuant to (1) an Early Opt-in Election and (2) Section 3.03(c)(i) and
paragraph (1) of the definition of “Benchmark Replacement.”

 

“Spot Rate”
for a currency means the rate determined by the Administrative Agent or the applicable L/C Issuer, as applicable, to be the rate quoted
by the Person acting in such capacity as the spot rate for the purchase by such Person of such currency with another currency through
its principal foreign exchange trading office at approximately 12:00 p.m. on the Business Day immediately preceding the date as of
which the foreign exchange computation is made; provided that the Administrative Agent or such L/C Issuer, as the case may be,
may obtain such spot rate from another comparable and major financial institution reasonably designated by the Administrative Agent or
such L/C Issuer, as the case may be, if the Person acting in such capacity does not have as of the date of determination a spot buying
rate available to it for any such currency; and provided further that such L/C Issuer may use such spot rate quoted on the date
as of which the foreign exchange computation is made in the case of any Letter of Credit denominated in Canadian Dollars.

 

“Subsidiary”
of a Person means a corporation, partnership, joint venture, limited liability company, unlimited liability company, unlimited liability
corporation or other business entity of which a majority of the shares of securities or other interests having ordinary voting power for
the election of directors or other governing body (other than securities or interests having such power only by reason of the happening
of a contingency) are at the time beneficially owned, or the management of which is otherwise controlled, directly, or indirectly through
one or more intermediaries, or both, by such Person. Unless otherwise specified, all references herein to a “Subsidiary” or
to “Subsidiaries” shall refer to a Subsidiary or Subsidiaries of the Company.

 

“Swap Contract”
means (a) any and all rate swap transactions, basis swaps, credit derivative transactions, forward rate transactions, commodity swaps,
commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options
or forward bond or forward bond price or forward bond index transactions, interest rate options, forward foreign exchange transactions,
cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate swap transactions, currency
options, spot contracts, or any other similar transactions or any combination of any of the foregoing (including any options to enter
into any of the foregoing), whether or not any such transaction is governed by or subject to any master agreement, and (b) any and
all transactions of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form
of master agreement published by the International Swaps and Derivatives Association, Inc., any International Foreign Exchange Master
Agreement, or any other master agreement (any such master agreement, together with any related schedules, a “Master Agreement”),
including any such obligations or liabilities under any Master Agreement; provided, however, that “Swap Contract” shall not
include any physical sales or purchase contract.

 

    35

     

    

 

 

“Swap Termination
Value” means, in respect of any one or more Swap Contracts, after taking into account the effect of any legally enforceable
netting agreement relating to such Swap Contracts, (a) for any date on or after the date such Swap Contracts have been closed out
and termination value(s) determined in accordance therewith, such termination value(s), and (b) for any date prior to the date
referenced in clause (a), the amount(s) determined as the mark-to-market value(s) for such Swap Contracts, as determined based
upon one or more mid-market or other readily available quotations provided by any recognized dealer in such Swap Contracts (which may
include a Lender or any Affiliate of a Lender).

 

“Swing Line Borrowing”
means a borrowing of a Swing Line Loan pursuant to Section 2.04.

 

“Swing Line Lender”
means Bank of America in its capacity as provider of Swing Line Loans, or any successor swing line lender hereunder.

 

“Swing Line Loan”
has the meaning specified in Section 2.04(a).

 

“Swing Line Loan
Notice” means a notice of a Swing Line Borrowing pursuant to Section 2.04(b), which shall be substantially in the
form of Exhibit B or such other form as may be approved by the Administrative Agent and the requesting Borrower (including
any form on an electronic platform or electronic transmission system as shall be approved by the Administrative Agent) appropriately completed
and signed by a Responsible Officer of the requesting Borrower.

 

“Swing Line Note”
means a promissory note made by a Borrower in favor of the Swing Line Lender evidencing Swing Line Loans made by the Swing Line Lender
to such Borrower, substantially in the form of Exhibit C-2.

 

“Swing Line Sublimit”
means an amount equal to the lesser of (a) $75,000,000 and (b) the Aggregate Commitments. The Swing Line Sublimit is part of,
and not in addition to, the Aggregate Commitments.

 

“Syndication
Agent” means each Person from time to time and at each relevant time acting in the capacity as a syndication agent, co-syndication
agent, joint-syndication agent or similar syndication agent capacity in connection with this Agreement, Citibank, N.A., JPMorgan
Chase Bank, N.A. and Wells Fargo Bank, National Association are acting in the capacity as co-syndication agents.

 

“Synthetic Lease
Obligation” means the monetary obligation of a Person under (a) a so-called synthetic, off-balance sheet or tax retention
lease, or (b) an agreement for the use or possession of property creating obligations that do not appear on the balance sheet of
such Person but which, upon the insolvency or bankruptcy of such Person, would be characterized as the indebtedness of such Person (without
regard to accounting treatment); provided, however, to the extent included in the foregoing, Operating Leases entered into
in the ordinary course of business are excluded therefrom.

 

    36

     

    

 

“Taxes”
means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees
or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto.

 

“Term SOFR”
means, for the applicable corresponding tenor (or if any Available Tenor of a Benchmark does not correspond to an Available Tenor for
the applicable Benchmark Replacement, the closest corresponding Available Tenor and if such Available Tenor corresponds equally to two
Available Tenors of the applicable Benchmark Replacement, the corresponding tenor of the shorter duration shall be applied), the forward-looking
term rate based on SOFR that has been selected or recommended by the Relevant Governmental Body.

 

“Threshold Amount”
means $150,000,000.

 

“Total Outstandings”
means the aggregate Outstanding Amount of all Loans, all L/C Obligations and all Canadian BA’s.

 

“Tri-Party Agreement”
means (i) that certain Security Agreement and Assignment of Hedging Account and Agency Agreement dated September 3, 2009 among
the Company, Administrative Agent and Barclays Capital Inc., (ii) that certain Security Agreement and Assignment of Hedging Account
and Agency Agreement dated August __, 2021 among PMCULC, Administrative Agent, and RBC Capital Markets Inc., and (iii) each
other security agreement and assignment of hedging account and agency agreement with and satisfactory to Administrative Agent.

 

“Type”
means with respect to a Committed Loan or a Swing Line Loan, its character as a Base Rate Loan, a Canadian Prime Rate Loan or a Eurocurrency
Rate Loan.

 

“UCP” means
the Uniform Customs and Practice for Documentary Credits, International Chamber of Commerce Publication No. 600 (or such later
version thereof as may be in effect at the applicable time).

 

“UK Financial Institution”
means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended form time to time) promulgated by the United Kingdom
Prudential Regulation Authority) or any person subject to IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated by
the United Kingdom Financial Conduct Authority, which includes certain credit institutions and investment firms, and certain affiliates
of such credit institutions or investment firms.

 

“UK Resolution Authority”
means the Bank of England or any other public administrative authority having responsibility for the resolution of any UK Financial Institution.

 

“United States”
and “U.S.” mean the United States of America.

 

“Unreimbursed Amount”
has the meaning specified in Section 2.03(c)(i).

 

“Withholding Agent”
means the Company, PMCULC and the Administrative Agent.

 

    37

     

    

 

“Write-Down and Conversion
Powers” means, (a) with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution
Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers
are described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom, any powers of the applicable Resolution
Authority under the Bail-In Legislation to cancel, reduce, modify or change the form of a liability of any UK Financial Institution or
any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations
of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised
under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In Legislation that are related
to or ancillary to any of those powers.

 

1.02         Other
Interpretive Provisions. With reference to this Agreement and each other Loan Document, unless
otherwise specified herein or in such other Loan Document:

 

(a)            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 word “or” is not exclusive and
the words “include,” “includes” and “including” shall be deemed to be followed
by the phrase “without limitation.” The word “will” shall be construed to have the same meaning and effect
as the word “shall.” Unless the context requires otherwise, (i) any definition of or reference to any agreement,
instrument or other document (including any Organization Document) shall be construed as referring to such agreement, instrument or other
document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements
or modifications set forth herein or in any other Loan Document), (ii) any reference herein to any Person shall be construed to include
such Person’s successors and permitted assigns, (iii) the words “hereto,” “herein,” “hereof”
and “hereunder,” and words of similar import when used in any Loan Document, shall be construed to refer to such Loan
Document in its entirety and not to any particular provision thereof, unless expressly so limited, (iv) all references in a Loan
Document to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules
to, the Loan Document in which such references appear, (v) any reference to any law shall include all statutory and regulatory provisions
consolidating, amending, replacing or interpreting such law and any reference to any law or regulation shall, unless otherwise specified,
refer to such law or regulation as amended, modified or supplemented from time to time, and (vi) 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.

 

(b)            In
the computation of periods of time from a specified date to a later specified date, the word “from” means “from
and including;” the words “to” and “until” each mean “to but excluding;”
and the word “through” means “to and including.”

 

(c)            Section headings
herein and in the other Loan Documents are included for convenience of reference only and shall not affect the interpretation of this
Agreement or any other Loan Document.

 

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(d)            Any
reference herein to a merger, transfer, consolidation, amalgamation, consolidation, assignment, sale, disposition or transfer, or similar
term, shall be deemed to apply to a division of or by a limited liability company, or an allocation of assets to a series of a limited
liability company (or the unwinding of such a division or allocation), as if it were a merger, transfer, consolidation, amalgamation,
consolidation, assignment, sale, disposition or transfer, or similar term, as applicable, to, of or with a separate Person. Any division
of a limited liability company shall constitute a separate Person hereunder (and each division of any limited liability company that is
a Subsidiary, joint venture or any other like term shall also constitute such a Person or entity).

 

1.03         Accounting
Terms.

 

(a)            Generally.
All accounting terms not specifically or completely defined herein shall be construed in conformity with, and all financial data (including
financial ratios and other financial calculations) required to be submitted pursuant to this Agreement shall be prepared in conformity
with, GAAP applied on a consistent basis, as in effect from time to time, applied in a manner consistent with that used in preparing the
Audited Financial Statements, except as otherwise specifically prescribed herein. Notwithstanding the foregoing, for purposes of
determining compliance with any covenant (including the computation of any financial covenant) contained herein, (i) Indebtedness
of the Company and its Subsidiaries shall be deemed to be carried at 100% of the outstanding principal amount thereof, and the effects
of FASB ASC 825 on financial liabilities shall be disregarded and (ii) all liability amounts shall be determined excluding any liability
relating to any operating lease, all asset amounts shall be determined excluding any right-of-use assets relating to any operating lease,
all amortization amounts shall be determined excluding any amortization of a right-of-use asset relating to any operating lease, and all
interest amounts shall be determined excluding any deemed interest comprising a portion of fixed rent payable under any operating lease,
in each case to the extent that such liability, asset, amortization or interest pertains to an operating lease under which the covenantor
or a member of its consolidated group is the lessee and would not have been accounted for as such under GAAP as in effect on December 31,
2015.

 

(b)            Changes
in GAAP. If at any time any change in GAAP would affect the computation of any financial ratio or requirement set forth in any Loan
Document, and either the Company or the Required Lenders shall so request, the Administrative Agent, the Lenders and the Company shall
negotiate in good faith to amend such ratio or requirement to preserve the original intent thereof in light of such change in GAAP (subject
to the approval of the Required Lenders); provided that, until so amended, (i) such ratio or requirement shall continue to
be computed in accordance with GAAP prior to such change therein and (ii) the Company shall provide to the Administrative Agent financial
statements and other documents required under this Agreement or as reasonably requested hereunder setting forth a reconciliation between
calculations of such ratio or requirement made before and after giving effect to such change in GAAP. Without limiting the foregoing,
leases shall continue to be classified and accounted for on a basis consistent with that reflected in the Audited Financial Statements
for all purposes of this Agreement, notwithstanding any change in GAAP relating thereto, unless the parties hereto shall enter into a
mutually acceptable amendment addressing such changes, as provided for above.

 

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1.04         Rounding.
Any financial ratios required to be maintained by the Company pursuant to this Agreement shall be calculated by dividing the appropriate
component by the other component, carrying the result to one place more than the number of places by which such ratio is expressed herein
and rounding the result up or down to the nearest number (with a rounding-up if there is no nearest number).

 

1.05         Times
of Day. Unless otherwise specified, all references herein to times of day shall be references
to Eastern time (daylight or standard, as applicable).

 

1.06         Exchange
Rates; Currency Equivalents.

 

(a)            The
Administrative Agent or the applicable L/C Issuer, as applicable, shall determine the Spot Rates as of each Revaluation Date to be used
for calculating Dollar Equivalent amounts of Credit Extensions and Outstanding Amounts denominated in Canadian Dollars. Such Spot Rates
shall become effective as of such Revaluation Date and shall be the Spot Rates employed in converting any amounts between the applicable
currencies until the next Revaluation Date to occur. The Administrative Agent or the applicable L/C Issuer, as applicable, shall notify
the Company from time to time upon request of the Spot Rate in effect at such time and the determination thereof. Except for purposes
of financial statements delivered by Loan Parties hereunder or calculating financial covenants hereunder or except as otherwise provided
herein, the applicable amount of any currency (other than Dollars) for purposes of the Loan Documents shall be such Dollar Equivalent
amount as so determined by the Administrative Agent or the applicable L/C Issuer, as applicable.

 

(b)            Wherever
in this Agreement in connection with a Committed Borrowing, conversion, continuation or prepayment of a Eurocurrency Rate Loan or the
issuance, amendment or extension of a Letter of Credit, an amount, such as a required minimum or multiple amount, is expressed in Dollars,
but such Committed Borrowing, Eurocurrency Rate Loan or Letter of Credit is denominated in Canadian Dollars, such amount shall be the
Canadian Dollar Equivalent of such Dollar amount (rounded to the nearest unit of Canadian Dollars, with 0.5 of a unit being rounded upward),
as determined by the Administrative Agent or the applicable L/C Issuer, as the case may be.

 

1.07         Letter
of Credit Amounts. Unless otherwise specified herein, the amount of a Letter of Credit at any
time shall be deemed to be the Dollar Equivalent of the stated amount of such Letter of Credit in effect at such time; provided, however,
that with respect to any Letter of Credit that, by its terms or the terms of any Issuer Document related thereto, provides for one or
more automatic increases in the stated amount thereof, the amount of such Letter of Credit shall be deemed to be the Dollar Equivalent
of the maximum stated amount of such Letter of Credit after giving effect to all such increases, whether or not such maximum stated amount
is in effect at such time; provided, further, that with respect to any Letter of Credit that, by its terms or the terms
of any Issuer Document related thereto, provides for one or more automatic reductions in the stated amount thereof, the amount of such
Letter of Credit shall be deemed to be the Dollar Equivalent of the amount available to be drawn under such Letter of Credit at such
time.

 

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1.08         Interest
Rates. The Administrative Agent does
not warrant, nor accept responsibility, nor shall the Administrative Agent have any liability with respect to the administration, submission
or any other matter related to the rates in the definition of “Eurocurrency Rate” or with respect to any rate that is an
alternative or replacement for or successor to any of such rate (including, without limitation, any Benchmark Replacement) or the effect
of any of the foregoing, or of any Benchmark Replacement Conforming Changes.

 

ARTICLE II. the
COMMITMENTS and Credit Extensions

 

2.01         Committed
Loans. Subject to the terms and conditions set forth herein, each Lender severally agrees to
make loans to finance Hedged Eligible Inventory (each such loan, a “Committed Loan”) to each requesting Borrower in
Dollars or in Canadian Dollars, as so requested, from time to time, and accept drafts of Canadian Bankers’ Acceptances issued under
this Agreement by PMCULC, in each case, on a several basis, on any Business Day during the Availability Period, in an aggregate principal
amount not to exceed at any time outstanding the amount of such Lender’s Commitment; provided, however, that immediately
after giving effect to any Committed Borrowing and determined as of the date on which such Committed Loans are made, (i) the Total
Outstandings shall not exceed the Aggregate Commitments, (ii) the Outstanding Amount of all Loans, all L/C Obligations and all Canadian
BA’s of any Borrower does not exceed such Borrower’s Collateral Value, and (iii) the aggregate Outstanding Amount of
the Committed Loans of any Lender, plus such Lender’s Applicable Percentage of the Outstanding Amount of all L/C Obligations,
plus such Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans, plus such Lender’s
Canadian BA’s (or Canadian BA Equivalent Loans) accepted and purchased from PMCULC shall not exceed such Lender’s Commitment.
Within the limits of each Lender’s Commitment, and subject to the other terms and conditions hereof, each requesting Borrower may
borrow under this Section 2.01, prepay under Section 2.05, and reborrow under this Section 2.01.
Committed Loans may be Base Rate Loans (with respect to Loans denominated in Dollars), Canadian Prime Rate Loans (with respect to Loans
denominated in Canadian Dollars), or Eurocurrency Rate Loans, as further provided herein.

 

2.02         Borrowings,
Conversions and Continuations of Committed Loans.

 

(a)            Each
Committed Borrowing, each conversion of Committed Loans from one Type to the other, and each continuation of Eurocurrency Rate Committed
Loans shall be made upon a Borrower’s irrevocable (subject to Section 3.03) notice to the Administrative Agent, which
may be given by (A) telephone, or (B) a Committed Loan Notice; provided that any telephonic notice must be confirmed immediately
by delivery to the Administrative Agent of a Committed Loan Notice. Each such Committed Loan Notice must be received by the Administrative
Agent not later than 12:00 p.m. (i) three Business Days prior to the requested date of (A) any Borrowing of Eurocurrency
Rate Committed Loans (as to Canadian Dollars), (B) any continuation of Eurocurrency Rate Committed Loans (as to Canadian Dollars)
or (C) any Borrowing of Canadian BA’s, (ii) two Business Days prior to the requested date of (A) any Borrowing of
Eurocurrency Rate Committed Loans (with respect to Loans denominated in Dollars), or (B) any conversion to or continuation of Eurocurrency
Rate Committed Loans (with respect to Loans denominated in Dollars), and (iii) on the requested date of any Borrowing of or conversion
to Base Rate Committed Loans; provided, however, that if such Borrower wishes to request (x) Eurocurrency Rate Committed
Loans (with respect to Loans denominated in Dollars) having an Interest Period other than one month, three months or six months in duration
or (y) Eurocurrency Rate Committed Loans (with respect to Loans denominated in Canadian Dollars) having an Interest Period other
than one month, two months or three months, in each case, as provided in the definition of “Interest Period,” the applicable
notice must be received by the Administrative Agent not later than 12:00 p.m. three Business Days prior to the requested date of
such Borrowing, conversion or continuation, whereupon the Administrative Agent (x) shall give prompt notice to the Lenders of such
request and determine whether the requested Interest Period is acceptable to all such Lenders and (y) not later than 12:00 p.m.,
two Business Days before the requested date of such Borrowing, conversion or continuation, shall notify such Borrower (which notice may
be by telephone) whether or not the requested Interest Period has been consented to by all the Lenders.

 

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(b)            Each
Borrowing of, conversion to or continuation of Eurocurrency Rate Committed Loans shall be (A) with respect to Loans denominated in
Dollars, in a principal amount of $1,000,000 or a whole multiple of $100,000 in excess thereof and (B) with respect to Loans denominated
in Canadian Dollars, in a principal amount of C$1,000,000 or a whole multiple of C$100,000 in excess thereof. Except as provided in Sections
2.03(f) and 2.04(c), each Borrowing of or conversion to Base Rate Committed Loans shall be in a principal amount of $1,000,000
or a whole multiple of $100,000 in excess thereof.

 

(c)            Each
Committed Loan Notice shall specify (i) whether such Borrower is requesting a Committed Borrowing, a conversion of Committed Loans
from one Type to the other, or a continuation of Eurocurrency Rate Committed Loans, (ii) the requested date of the Borrowing, conversion
or continuation, as the case may be (which shall be a Business Day), (iii) the principal amount of Committed Loans to be borrowed,
converted or continued (or the aggregate face amount of the Canadian BA’s to be accepted, if applicable), (iv) the Type of
Committed Loans to be borrowed or to which existing Committed Loans are to be converted, (v) if applicable, the duration of the Interest
Period with respect thereto (or the maturity of the Canadian BA’s, if applicable), (vi) the currency of the Committed Loans
to be borrowed and (vii) the applicable Borrower. If a Borrower fails to specify a currency in a Committed Loan Notice requesting
a Borrowing, then the Committed Loans so requested shall be made in Dollars. If a Borrower fails to specify a Type of Committed Loan in
a Committed Loan Notice or if a Borrower fails to give a timely notice requesting a conversion or continuation, then the applicable Committed
Loans shall be made as, or converted to Base Rate Loans (with respect to Loans denominated in Dollars); provided, however, that in the
case of a failure to timely request a continuation of Committed Loans denominated in Canadian Dollars, such Loans shall be continued as
Eurocurrency Rate Loans in their original currency with an Interest Period of one month. Any such automatic conversion to Base Rate Loans
shall be effective as of the last day of the Interest Period then in effect with respect to the applicable Eurocurrency Rate Committed
Loans. If a Borrower requests a Borrowing of, conversion to, or continuation of Eurocurrency Rate Committed Loans in any such Committed
Loan Notice, but fails to specify an Interest Period, it will be deemed to have specified an Interest Period of one month. No Committed
Loan may be converted into or continued as a Committed Loan denominated in a different currency, but instead must be prepaid in the original
currency of such Committed Loan and reborrowed in the other currency.

 

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(d)            Following
receipt of a Committed Loan Notice, the Administrative Agent shall promptly notify each Lender of the amount (and currency) of its Applicable
Percentage of the applicable Committed Loans or Canadian BA’s, and if no timely notice of a conversion or continuation is provided
by the Company, the Administrative Agent shall notify each Lender of the details of any automatic conversion to Base Rate Loans described
in the preceding subsection. In the case of a Committed Borrowing, each Lender shall make the amount of its Committed Loan available to
the Administrative Agent in Same Day Funds at the Administrative Agent’s Office for the applicable currency not later than 2:00
p.m., in the case of any Committed Loan denominated in Dollars, and not later than the Applicable Time specified by the Administrative
Agent in the case of any Committed Loan in Canadian Dollars (or, in the case of Canadian BA’s, such amount with respect thereto
in accordance with Section 4(b) of Schedule 2.01A), in each case on the Business Day specified in the applicable
Committed Loan Notice. Upon satisfaction of the applicable conditions set forth in Section 4.02 (and, if such Borrowing is
the initial Credit Extension, Section 4.01), the Administrative Agent shall make all funds so received available to the applicable
Borrower in like funds as received by the Administrative Agent, at the Company’s election, either by (i) crediting the account
of such Borrower on the books of Bank of America with the amount of such funds or (ii) wire transfer of such funds, in each case
in accordance with instructions provided to the Administrative Agent by the Company as set forth in the Committed Loan Notice; provided,
however, that if, immediately prior to delivery by the applicable Borrower of the Committed Loan Notice with respect to such Borrowing,
there are L/C Borrowings in such currency outstanding, then the proceeds of such Borrowing, first, shall be applied to the payment
in full of any such L/C Borrowings, and second, shall be made available to the applicable Borrower as provided above.

 

(e)            Except
as otherwise provided herein, a Eurocurrency Rate Committed Loan may be continued or converted only on the last day of an Interest Period
for such Eurocurrency Rate Committed Loan. Upon the occurrence and during the continuation of an Event of Default, no Loans may be requested
as, converted to or continued as Eurocurrency Rate Committed Loans (whether in Dollars or Canadian Dollars) without the consent of the
Required Lenders, and the Required Lenders may demand that any or all of the then outstanding Eurocurrency Rate Loans denominated in Canadian
Dollars be prepaid, or redenominated into Dollars in the amount of the Dollar Equivalent thereof, in each case, on the last day of the
then current Interest Period with respect thereto.

 

(f)             The
Administrative Agent shall promptly notify the Company and the Lenders of the interest rate applicable to any Interest Period for Eurocurrency
Rate Committed Loans upon determination of such interest rate. At any time that Base Rate Loans are outstanding, the Administrative Agent
shall notify the Company and the Lenders of any change in Bank of America’s prime rate used in determining the Base Rate and the
effective date thereof promptly following the public announcement of such change.

 

(g)            After
giving effect to all Committed Borrowings, all conversions of Committed Loans from one Type to the other, and all continuations of Committed
Loans as the same Type, there shall not be more than ten Interest Periods in effect at any one time with respect to Committed Loans.

 

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2.03         Letters
of Credit.

 

(a)            General.
Subject to the terms and conditions set forth herein, in addition to the Loans provided for in Section 2.01, each L/C Issuer
agrees, at the request of any Borrower and in reliance on the agreements of the Lenders set forth in this Section 2.03, to
issue (and to renew, amend or extend), at any time and from time to time during the Availability Period, Letters of Credit denominated
in Dollars or in Canadian Dollars (unless the applicable LC Issuer shall have notified the Company that such L/C Issuer does not as of
such requested issuance date issue Letters of Credit in Canadian Dollars) for the account of the Company or PMCULC in favor of sellers
of Financed Hedged Eligible Inventory, as beneficiaries, to secure purchases of Financed Hedged Eligible Inventory in such form as is
acceptable to the Administrative Agent and such L/C Issuer in its reasonable determination. Letters of Credit issued hereunder shall constitute
utilization of the Commitments. All Existing Letters of Credit shall be deemed to have been issued pursuant hereto, and from and after
the Closing Date shall be subject to and governed by the terms and conditions hereof.

 

(b)            Notice
of Issuance, Amendment, Extension, Reinstatement or Renewal. To request the issuance of a Letter of Credit (or the amendment of the
terms and conditions, extension of the terms and conditions, extension of the expiration date, or reinstatement of amounts paid, or renewal
of an outstanding Letter of Credit), the applicable Borrower shall deliver (or transmit by electronic communication, if arrangements for
doing so have been approved by the applicable L/C Issuer) to an L/C Issuer selected by it and to the Administrative Agent not later than
12:00 p.m. at least two Business Days (or such later date and time as the Administrative Agent and such L/C Issuer may agree in a
particular instance in their sole discretion) prior to the proposed issuance date or date of amendment, as the case may be a notice requesting
the issuance of a Letter of Credit, or identifying the Letter of Credit to be amended, extended, reinstated or renewed, and specifying
the date of issuance, amendment, extension, reinstatement or renewal (which shall be a Business Day), the date on which such Letter of
Credit is to expire (which shall comply with clause (d) of this Section 2.03), the amount of such Letter of Credit, the
name and address of the beneficiary thereof, the purpose and nature of the requested Letter of Credit and such other information as shall
be necessary to prepare, amend, extend, reinstate or renew such Letter of Credit. If requested by the applicable L/C Issuer, the applicable
Borrower also shall submit a Letter of Credit Application in connection with any request for a Letter of Credit. 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 and reimbursement
agreement or other agreement submitted by the applicable Borrower to, or entered into by such Borrower with, an L/C Issuer relating to
any Letter of Credit, the terms and conditions of this Agreement shall control.

 

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If a Borrower so requests
in any applicable Letter of Credit Application, the applicable L/C Issuer may, in its sole and absolute discretion, agree to issue a Letter
of Credit that has automatic extension provisions (each, an “Auto-Extension Letter of Credit”); provided that any such
Auto-Extension Letter of Credit must permit such L/C Issuer to prevent any such extension at least once in each twelve-month period (commencing
with the date of issuance of such Letter of Credit) by giving written prior notice to the beneficiary thereof not later than a day (the
 “Non-Extension Notice Date”) in each such twelve-month period to be agreed upon between such Borrower and the applicable
L/C Issuer at the time such Letter of Credit is issued. Each L/C Issuer of any Auto-Extension Letter of Credit hereby agrees to contemporaneously
furnish to the applicable Borrower a copy of any denial of the extension of such Auto-Extension Letter of Credit. Unless otherwise directed
by the applicable L/C Issuer, the applicable Borrower shall not be required to make a specific request to such L/C Issuer for any such
extension. Once an Auto-Extension Letter of Credit has been issued, the Lenders shall be deemed to have authorized (but may not require)
the applicable L/C Issuer to permit the extension of such Letter of Credit at any time to an expiry date not later than the Letter of
Credit Expiration Date; provided, however, that such L/C Issuer shall not permit any such extension if (A) such L/C Issuer has determined
that it would not be permitted, or would have no obligation, at such time to issue such Letter of Credit in its revised form (as extended)
under the terms hereof (by reason of the provisions of clause (ii) or (iii) of Section 2.03(c) or otherwise), or (B) it
has received notice (which may be by telephone or in writing) on or before the day that is seven Business Days before the Non-Extension
Notice Date (1) from the Administrative Agent (who hereby agrees to provide contemporaneous notice to the requesting Borrower) that
the Required Lenders have elected not to permit such extension or (2) from the Administrative Agent (who hereby agrees to provide
contemporaneous notice to such Borrower) or such Borrower that one or more of the applicable conditions specified in Section 4.02
is not then satisfied, specifying in reasonable detail the relevant condition or conditions not then satisfied, and such condition or
conditions, as applicable, are unsatisfied on such extension date, and the basis for such assertion, and in each such case directing such
L/C Issuer not to permit such extension.

 

(c)            Limitations
on Amounts, Issuance and Amendment. A Letter of Credit shall be issued, amended, extended, reinstated or renewed only if (and
upon issuance, amendment, extension, reinstatement or renewal of each Letter of Credit the applicable Borrower shall be deemed to represent
and warrant that (based on the Company’s reasonable determination of the Dollar Equivalent of any such Obligations denominated in
Canadian Dollars), after giving effect to such issuance, amendment, extension, reinstatement or renewal, (i) the aggregate amount
of the outstanding Letters of Credit issued by any L/C Issuer shall not exceed its L/C Commitment, (ii) the aggregate L/C Obligations
shall not exceed the Letter of Credit Sublimit, (iii) the Total Outstandings shall not exceed the Aggregate Commitments, (iv) the
aggregate Outstanding Amount of the Committed Loans of any Lender, plus such Lender’s Applicable Percentage of the Outstanding Amount
of all L/C Obligations, plus such Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans, plus such Lender’s
Canadian BA’s (or Canadian BA Equivalent Loans) accepted and purchased from PMCULC shall not exceed such Lender’s Commitment,
and (v) the aggregate Outstanding Amount of all L/C Obligations shall not exceed the Letter of Credit Sublimit. Within the foregoing
limits, and subject to the terms and conditions hereof, the Borrowers’ ability to obtain Letters of Credit shall be fully revolving,
and accordingly a Borrower may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or
that have been drawn upon and reimbursed.

 

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(i)            No
L/C Issuer shall be under any obligation to issue any Letter of Credit if:

 

(A)            any
order, judgment or decree of any Governmental Authority or arbitrator shall by its terms purport to enjoin or restrain such L/C Issuer
from issuing the Letter of Credit, or any Law applicable to such L/C Issuer or any request or directive (whether or not having the force
of law) from any Governmental Authority with jurisdiction over such L/C Issuer shall prohibit, or request that such L/C Issuer refrain
from, the issuance of letters of credit generally or the Letter of Credit in particular or shall impose upon such L/C Issuer with respect
to the Letter of Credit any restriction, reserve or capital requirement (for which such L/C Issuer is entitled to be, but is not so, compensated
hereunder) not in effect on the Closing Date, or shall impose upon such L/C Issuer any loss, cost or expense which was not applicable
on the Closing Date and which such L/C Issuer in good faith deems material to it (for which such L/C Issuer is entitled to be, but is
not so, reimbursed hereunder);

 

(B)            the
issuance of the Letter of Credit would violate one or more policies of such L/C Issuer applicable to letters of credit generally; provided
that, upon request of the applicable Borrower, the applicable L/C Issuer shall provide to such Borrower a reasonably detailed description
thereof;

 

(C)            except
as otherwise agreed by the Administrative Agent and such L/C Issuer, the Letter of Credit is in an initial stated amount less than $100,000;

 

(D)            the
Letter of Credit is to be denominated in a currency other than Dollars or Canadian Dollars;

 

(E)             such
L/C Issuer does not as of the issuance date of such requested Letter of Credit issue Letters of Credit in the requested currency;

 

(F)             any
Lender is at that time a Defaulting Lender, unless either (1) the requesting Borrower has delivered to the Administrative Agent Cash
Collateral in an amount equal to such L/C Issuer’s actual Fronting Exposure (after giving effect to Section 2.17(a)(iv) and
any other Cash Collateral provided by the Defaulting Lender) with respect to the Defaulting Lender or (2) such L/C Issuer has otherwise
entered into arrangements satisfactory to such L/C Issuer (in its sole discretion) with the Company or such Lender to eliminate such L/C
Issuer’s Fronting Exposure (after giving effect to Section 2.17(a)(iv)) with respect to the Defaulting Lender, in either case,
arising from either the Letter of Credit then proposed to be issued or that Letter of Credit and all other L/C Obligations as to which
such L/C Issuer has Fronting Exposure, as it may elect in its sole discretion; or

 

(G)             the
Letter of Credit contains any provisions for automatic reinstatement of the stated amount after any drawing thereunder.

 

(ii)           No L/C Issuer shall
amend any Letter of Credit if such L/C Issuer would not be permitted at such time to issue the Letter of Credit in its amended form under
the terms hereof.

 

(iii)          No L/C Issuer shall
be under any obligation to amend any Letter of Credit if (A) such L/C Issuer would have no obligation at such time to issue the Letter
of Credit in its amended form under the terms hereof, or (B) the beneficiary of the Letter of Credit does not accept the proposed
amendment to the Letter of Credit.

 

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(d)            Expiration
Date. Each Letter of Credit shall have a stated expiration date no later than the earlier of (i) subject to Section 2.03(b),
the date twelve months after the date of the issuance of such Letter of Credit (or, in the case of any extension of the expiration date
thereof, whether automatic or by amendment, twelve months after the then current expiration date of such Letter of Credit) and (ii) the
Letter of Credit Expiration Date.

 

(e)            Participations.
By the issuance of a Letter of Credit (or an amendment to a Letter of Credit increasing the amount or extending the expiration date thereof),
and without any further action on the part of the applicable L/C Issuer or the Lenders, such L/C Issuer hereby grants to each Lender,
and each Lender hereby acquires from such L/C Issuer, a participation in such Letter of Credit equal to such Lender’s Applicable
Percentage of the aggregate amount available to be drawn under such Letter of Credit. Each Lender acknowledges and agrees that its obligation
to acquire participations pursuant to this clause (e) in respect of Letters of Credit is absolute, unconditional and irrevocable
and shall not be affected by any circumstance whatsoever, including any amendment, extension, reinstatement or renewal of any Letter of
Credit or the occurrence and continuance of a Default or reduction or termination of the Commitments.

 

In consideration and in furtherance
of the foregoing, each Lender hereby absolutely, unconditionally and irrevocably agrees to pay to the Administrative Agent, for account
of the applicable L/C Issuer, such Lender’s Applicable Percentage of each L/C Disbursement made by an L/C Issuer not later than
1:00 p.m. on the Business Day specified in the notice provided by the Administrative Agent to the Lenders pursuant to Section 2.03(f) until
such L/C Disbursement is reimbursed by the Company or at any time after any reimbursement payment is required to be refunded to the Company
for any reason, including after the Maturity Date. Such payment shall be made without any offset, abatement, withholding or reduction
whatsoever. Each such payment shall be made in the same manner as provided in Section 2.02 with respect to Loans made by such Lender
(and Section 2.02 shall apply, mutatis mutandis, to the payment obligations of the Lenders), and the Administrative Agent shall promptly
pay to the applicable L/C Issuer the amounts so received by it from the Lenders. Promptly following receipt by the Administrative Agent
of any payment from the Company pursuant to Section 2.03(f), the Administrative Agent shall distribute such payment to the
applicable L/C Issuer or, to the extent that the Lenders have made payments pursuant to this clause (e) to reimburse such L/C Issuer,
then to such Lenders and such L/C Issuer as their interests may appear. Any payment made by a Lender pursuant to this clause (e) to
reimburse an L/C Issuer for any L/C Disbursement shall not constitute a Loan and shall not relieve the Company of its obligation to reimburse
such L/C Disbursement.

 

Each Lender further acknowledges
and agrees that its participation in each Letter of Credit will be automatically adjusted to reflect such Lender’s Applicable Percentage
of the aggregate amount available to be drawn under such Letter of Credit at each time such Lender’s Commitment is amended pursuant
to the operation of Section 2.14 or 2.15, as a result of an assignment in accordance with Section 11.06
or otherwise pursuant to this Agreement.

 

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If any Lender fails to make
available to the Administrative Agent for the account of the applicable L/C Issuer any amount required to be paid by such Lender pursuant
to the foregoing provisions of this Section 2.03(e), then, without limiting the other provisions of this Agreement, the applicable
L/C Issuer shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount with interest
thereon for the period from the date such payment is required to the date on which such payment is immediately available to such L/C Issuer
at a rate per annum equal to the greater of the Federal Funds Rate and a rate determined by the applicable L/C Issuer in accordance with
banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged by such
L/C Issuer in connection with the foregoing. If such Lender pays such amount (with interest and fees as aforesaid), the amount so paid
(without interest and fees as aforesaid) shall constitute such Lender’s Committed Loan included in the relevant Committed Borrowing
or L/C Advance in respect of the relevant L/C Borrowing, as the case may be. A certificate of any L/C Issuer submitted to any Lender (through
the Administrative Agent) with respect to any amounts owing under this clause (vi) shall be conclusive absent manifest error.

 

(f)             Reimbursement.
If an L/C Issuer shall make any L/C Disbursement in respect of a Letter of Credit, the Borrower shall reimburse such L/C Issuer in respect
of such L/C Disbursement (in the case of a Letter of Credit denominated in Canadian Dollars, the applicable Borrower shall reimburse the
applicable L/C Issuer in Canadian Dollars, unless such Borrower and such L/C Issuer agree that such Borrower will reimburse such L/C Issuer
in Dollars; in the case of any such reimbursement in Dollars of a drawing under a Letter of Credit denominated in Canadian Dollars, the
applicable L/C Issuer shall notify the applicable Borrower of the Dollar Equivalent of the amount of the drawing promptly following the
determination thereof) by paying to the Administrative Agent an amount equal to such L/C Disbursement not later than 12:00 noon on (i) the
Business Day that the applicable Borrower receives notice of such L/C Disbursement, if such notice is received prior to 10:00 a.m. on
the date of any payment by such L/C Issuer under a Letter of Credit to be reimbursed in Dollars, or the Applicable Time on the date of
any payment by such L/C Issuer under a Letter of Credit to be reimbursed in Canadian Dollars or (ii) the Business Day immediately
following the day that the applicable Borrower receives such notice, if such notice is not received prior to such time, provided that,
if such L/C Disbursement is not less than $1,000,000, the applicable Borrower may, subject to the conditions to borrowing set forth herein,
request in accordance with Section 2.02 or Section 2.04 that such payment be financed with a Committed Borrowing
of Base Rate Loans (with respect to Letters of Credit denominated in Dollars) or Canadian Prime Rate Loans (with respect to Letters of
Credit denominated in Canadian Dollars) in an equivalent amount and, to the extent so financed, such Borrower’s obligation to make
such payment shall be discharged and replaced by the resulting Borrowing of Committed Borrowing of Base Rate Loans (with respect to Letters
of Credit denominated in Dollars) or Canadian Prime Rate Loans (with respect to Letters of Credit denominated in Canadian Dollars. If
the applicable Borrower fails to make such payment when due, the Administrative Agent shall notify each Lender of the applicable L/C Disbursement,
the payment then due from such Borrower in respect thereof (the “Unreimbursed Amount”) and such Lender’s Applicable
Percentage thereof. In such event, the applicable Borrower shall be deemed to have requested a Committed Borrowing of Base Rate Loans
(with respect to Letters of Credit denominated in Dollars) or Canadian Prime Rate Loans (with respect to Letters of Credit denominated
in Canadian Dollars) to be disbursed on the date of payment by the applicable L/C Issuer under a Letter of Credit in an amount equal to
the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.02 for the principal amount of
Base Rate Loans (with respect to Letters of Credit denominated in Dollars) or Canadian Prime Rate Loans (with respect to Letters of Credit
denominated in Canadian Dollars), but subject to the amount of the unutilized portion of the Aggregate Commitments and the conditions
set forth in Section 4.02 (other than the delivery of a Committed Loan Notice and without giving effect to such Borrower’s
failure to so reimburse such L/C Issuer as provided in this clause (f)). Any notice given by any L/C Issuer or the Administrative Agent
pursuant to this Section 2.03(f) may be given by telephone if immediately confirmed in writing; provided that the lack
of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice.

 

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(g)            Obligations
Absolute. The obligation of the applicable Borrower to reimburse each applicable L/C Issuer for each drawing under each Letter of
Credit and to repay each L/C Borrowing shall be absolute, unconditional and irrevocable, and shall be paid strictly in accordance with
the terms of this Agreement under all circumstances, including the following:

 

(i)            any
lack of validity or enforceability of such Letter of Credit, this Agreement, or any other Loan Document;

 

(ii)           the existence of any claim, counterclaim,
setoff, defense or other right that the Company or any Subsidiary may have at any time against any beneficiary or any transferee of such
Letter of Credit (or any Person for whom any such beneficiary or any such transferee may be acting), any L/C Issuer or any other Person,
whether in connection with this Agreement, the transactions contemplated hereby or by such Letter of Credit or any agreement or instrument
relating thereto, or any unrelated transaction;

 

(iii)          any draft, demand,
certificate or other document presented under such Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any respect
or any statement therein being untrue or inaccurate in any respect; or any loss or delay in the transmission or otherwise of any document
required in order to make a drawing under such Letter of Credit;

 

(iv)          waiver by any L/C
Issuer of any requirement that exists for such L/C Issuer’s protection and not the protection of any Borrower or any waiver by such
L/C Issuer which does not in fact materially prejudice any Borrower;

 

(v)           honor of a demand
for payment presented electronically even if such Letter of Credit required that demand be in the form of a draft;

 

(vi)          any payment made
by any L/C Issuer in respect of an otherwise complying item presented after the date specified as the expiration date of, or the date
by which documents must be received under such Letter of Credit if presentation after such date is authorized by the UCC, the ISP or the
UCP, as applicable;

 

(vii)         any payment by the
applicable L/C Issuer under such Letter of Credit against presentation of a draft or certificate that does not strictly comply with the
terms of such Letter of Credit; or any payment made by such L/C Issuer under such Letter of Credit to any Person purporting to be a trustee
in bankruptcy, debtor-in-possession, assignee for the benefit of creditors, liquidator, receiver or other representative of or successor
to any beneficiary or any transferee of such Letter of Credit, including any arising in connection with any proceeding under any Debtor
Relief Law;

 

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(viii)        any adverse change
in the relevant exchange rates or in the availability of Canadian Dollars to the Company or any Subsidiary or in the relevant currency
markets generally; or

 

(ix)           any other event
or circumstance whatsoever, whether or not similar to any of the foregoing, that might, but for the provisions of this Section 2.03,
constitute a legal or equitable discharge of, or provide a right of setoff against, any Borrower’s obligations hereunder.

 

Each Borrower shall promptly
examine a copy of each Letter of Credit requested by it and each amendment thereto that is delivered to it and, in the event of any claim
of noncompliance with such Borrower’s instructions or other irregularity, such Borrower will promptly notify the applicable L/C
Issuer and such L/C Issuer will correct such claim in conformity with such Borrower’s instructions or as otherwise agreed between
such Borrower and such L/C Issuer, subject to the terms hereof. Each Borrower shall be conclusively deemed to have waived any such claim
against each L/C Issuer and its correspondents unless such notice is given as aforesaid.

 

None of the Administrative
Agent, the Lenders, any L/C Issuer, or 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 by the applicable L/C Issuer 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, any error in translation or any consequence arising
from causes beyond the control of the applicable L/C Issuer; provided that the foregoing shall not be construed to excuse an L/C Issuer
from liability to any Borrower to the extent of any direct damages (as opposed to consequential damages, claims in respect of which are
hereby waived by each Borrower to the extent permitted by Applicable Law) suffered by such Borrower that are caused by such L/C Issuer’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 an L/C Issuer
(as finally determined by a court of competent jurisdiction), an L/C Issuer shall be deemed to have exercised care in each such determination,
and that:

 

(i)            an
L/C Issuer may replace a purportedly lost, stolen, or destroyed original Letter of Credit or missing amendment thereto with a certified
true copy marked as such or waive a requirement for its presentation;

 

(ii)           an
L/C Issuer may accept documents that appear on their face to be in substantial compliance with the terms of a Letter of Credit without
responsibility for further investigation, regardless of any notice or information to the contrary, and may make payment upon presentation
of documents that appear on their face to be in substantial compliance with the terms of such Letter of Credit and without regard to any
non-documentary condition in such Letter of Credit;

 

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(iii)          an
L/C Issuer shall have the right, in its sole discretion, to decline to accept such documents and to make such payment if such documents
are not in strict compliance with the terms of such Letter of Credit; and

 

(iv)          this
sentence shall establish the standard of care to be exercised by an L/C Issuer when determining whether drafts and other documents presented
under a Letter of Credit comply with the terms thereof (and the parties hereto hereby waive, to the extent permitted by Applicable Law,
any standard of care inconsistent with the foregoing).

 

(v)           Without
limiting the foregoing, none of the Administrative Agent, the Lenders, any L/C Issuer, or any of their Related Parties shall have any
liability or responsibility by reason of (i) any presentation that includes forged or fraudulent documents or that is otherwise affected
by the fraudulent, bad faith, or illegal conduct of the beneficiary or other Person, (ii) an L/C Issuer declining to take-up documents
and make payment (A) against documents that are fraudulent, forged, or for other reasons by which that it is entitled not to honor
or (B) following a Borrower’s waiver of discrepancies with respect to such documents or request for honor of such documents
or (iii) an L/C Issuer retaining proceeds of a Letter of Credit based on an apparently applicable attachment order, blocking regulation,
or third-party claim notified to such L/C Issuer, and upon the occurrence of any of the foregoing, the applicable L/C Issuer shall promptly
notify the applicable Borrower of the details thereof.

 

(h)            Applicability
of ISP and UCP. Unless otherwise expressly agreed by the applicable L/C Issuer and the applicable Borrower when a Letter of Credit
is issued, including any such agreement applicable to an Existing Letter of Credit, (i) the rules of the ISP shall apply to
each standby Letter of Credit, and (ii) the rules of the UCP, as most recently published at the time of issuance, shall apply
to each commercial Letter of Credit. Notwithstanding the foregoing, no L/C Issuer shall be responsible to any Borrower for, and no L/C
Issuer’s rights and remedies against a Borrower shall be impaired by, any action or inaction of any L/C Issuer required or permitted
under any law, order, or practice that is required or permitted to be applied to any Letter of Credit or this Agreement, including the
Law or any order of a jurisdiction where any L/C Issuer or the beneficiary is located, the practice stated in the ISP or UCP, as applicable,
or in the decisions, opinions, practice statements, or official commentary of the ICC Banking Commission, the Bankers Association for
Finance and Trade - International Financial Services Association (BAFT-IFSA), or the Institute of International Banking Law &
Practice, whether or not any Letter of Credit chooses such law or practice.

 

(i)             Each
L/C Issuer shall act on behalf of the Lenders with respect to any Letters of Credit issued by it and the documents associated therewith,
and each L/C Issuer shall have all of the benefits and immunities (A) provided to the Administrative Agent in Article IX with
respect to any acts taken or omissions suffered by such L/C Issuer in connection with Letters of Credit issued by it or proposed to be
issued by it and Issuer Documents pertaining to such Letters of Credit as fully as if the term “Administrative Agent” as used
in Article IX included such L/C Issuer with respect to such acts or omissions, and (B) as additionally provided herein with
respect to such L/C Issuer.

 

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(j)             Letter
of Credit Fees. The Company shall pay to the Administrative Agent for the account of each Lender in accordance with its Applicable
Percentage a Letter of Credit fee (the “Letter of Credit Fee”) for each commercial or standby Letter of Credit equal
to the Applicable Rate times the daily amount available to be drawn under such Letter of Credit; provided, however, any
Letter of Credit Fees otherwise payable for the account of a Defaulting Lender with respect to any Letter of Credit as to which such Defaulting
Lender or the Company has not provided Cash Collateral satisfactory to the applicable L/C Issuer pursuant to this Section 2.03
shall be payable, to the maximum extent permitted by Applicable Law, to the other Lenders in accordance with the upward adjustments in
their respective Applicable Percentages allocable to such Letter of Credit pursuant to Section 2.17(a)(iv), with the balance
of such fee, if any, payable to such L/C Issuer for its own account. For purposes of computing the daily amount available to be drawn
under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with Section 1.07. Such
Letter of Credit Fees shall be (i) due and payable on the first Business Day after the end of each March, June, September and
December, commencing with the first such date to occur after the issuance of such Letter of Credit, on the Letter of Credit Expiration
Date and thereafter on demand and (ii) computed on a quarterly basis in arrears. If there is any change in the Applicable Rate during
any quarter, the daily amount available to be drawn under each standby Letter of Credit shall be computed and multiplied by the Applicable
Rate separately for each period during such quarter that such Applicable Rate was in effect. Notwithstanding anything to the contrary
contained herein, during any Default Rate Period, all Letter of Credit Fees shall accrue at the Default Rate.

 

(k)            Fronting
Fee and Documentary and Processing Charges Payable to L/C Issuer. The Company shall pay directly to the applicable L/C Issuer for
its own account a fronting fee (i) with respect to each commercial Letter of Credit, at the rate specified in the Fee Letters, computed
on the Dollar Equivalent of the amount of such Letter of Credit, and payable upon the issuance thereof, and (ii) with respect to
each standby Letter of Credit, at the rate per annum specified in the Fee Letters, computed on the Dollar Equivalent of the daily amount
available to be drawn under such Letter of Credit on a quarterly basis in arrears. Such fronting fee with respect to standby Letters of
Credit shall be due and payable on the third Business Day after the end of each March, June, September and December in respect
of the most recently-ended quarterly period (or portion thereof, in the case of the first payment), commencing with the first such date
to occur after the issuance of such Letter of Credit, on the Letter of Credit Expiration Date and thereafter on demand. For purposes of
computing the daily amount available to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in
accordance with Section 1.07. In addition, the Company shall pay directly to the applicable L/C Issuer for its own account
in Dollars the customary issuance, presentation, amendment and other processing fees, and other standard costs and charges, of the such
L/C Issuer relating to letters of credit as from time to time in effect, effective schedules of which will be provided to the Company
upon its request. Such customary fees and standard costs and charges are due and payable quarterly in arrears on the first Business Day
after the end of each March, June, September and December and are nonrefundable.

 

(l)             Disbursement
Procedures. The applicable L/C Issuer for any Letter of Credit shall, within the time allowed by Applicable Laws or the specific terms
of the Letter of Credit following its receipt thereof, examine all documents purporting to represent a demand for payment under such Letter
of Credit. Such L/C Issuer shall promptly after such examination notify the Administrative Agent and the applicable Borrower in writing
of such demand for payment if such L/C Issuer has made or will make an L/C Disbursement thereunder; provided that any failure to give
or delay in giving such notice shall not relieve such Borrower of its obligation to reimburse such L/C Issuer and the Lenders with respect
to any such L/C Disbursement.

 

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(m)           Interim
Interest. If the applicable L/C Issuer for any Letter of Credit shall make any L/C Disbursement, then, unless the applicable Borrower
shall reimburse such L/C Disbursement in full on the date such L/C Disbursement is made, the unpaid amount thereof shall bear interest,
for each day from and including the date such L/C Disbursement is made to but excluding the date that such Borrower reimburses such L/C
Disbursement, at the rate per annum then applicable to Base Rate Loans; provided that if such Borrower fails to reimburse such L/C Disbursement
when due pursuant to clause (f) of this Section 2.03, then Section 2.08(b) shall apply. Interest accrued
pursuant to this clause (m) shall be for account of such L/C Issuer, except that interest accrued on and after the date of payment
by any Lender pursuant to clause (c) of this Section 2.03 to reimburse such L/C Issuer shall be for account of such Lender
to the extent of such payment.

 

(n)            Replacement
of any L/C Issuer. Any L/C Issuer may be replaced at any time by written agreement between the Company, the Administrative Agent,
the replaced L/C Issuer and the successor L/C Issuer. The Administrative Agent shall notify the Lenders of any such replacement of an
L/C Issuer. At the time any such replacement shall become effective, the applicable Borrower shall pay all unpaid fees accrued for the
account of the replaced L/C Issuer pursuant to Section 2.03(j). From and after the effective date of any such replacement,
(i) the successor L/C Issuer shall have all the rights and obligations of an L/C Issuer under this Agreement with respect to Letters
of Credit to be issued by it thereafter and (ii) references herein to the term “L/C Issuer” shall be deemed to include
such successor or any previous L/C Issuer, or such successor and all previous L/C Issuer, as the context shall require. After the replacement
of an L/C Issuer hereunder, the replaced L/C Issuer shall remain a party hereto and shall continue to have all the rights and obligations
of an L/C Issuer under this Agreement with respect to Letters of Credit issued by it prior to such replacement, but shall not be required
to issue additional Letters of Credit.

 

(o)            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 the Required Lenders (or, if the maturity of the Loans has been accelerated, Lenders with L/C Obligations
representing at least 66-2/3% of the total L/C Obligations) demanding the deposit of cash collateral pursuant to this clause (o), such
Borrower shall immediately deposit into an account established and maintained on the books and records of the Administrative Agent (the
 “Collateral Account”) an amount in cash equal to 102% of the total L/C Obligations 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 of any Event of Default
with respect to such Borrower described in clause (f) of Section 8.01. Such deposit shall be held by the Administrative
Agent as collateral for the payment and performance of the obligations of the applicable Borrower under this Agreement. In addition, and
without limiting the foregoing or clause (d) of this Section 2.03, if any L/C Obligations remain outstanding after the
expiration date specified in said clause (d), the applicable Borrower shall immediately deposit into the Collateral Account an amount
in cash equal to 102% of such L/C Obligations as of such date plus any accrued and unpaid interest thereon.

 

The Administrative Agent shall
have exclusive dominion and control, including the exclusive right of withdrawal, over the 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 applicable Borrower’s risk and expense, such deposits shall not bear interest. Interest or profits, if any, on such investments
shall accumulate in the Collateral Account. Moneys in the Collateral Account shall be applied by the Administrative Agent to reimburse
each L/C Issuer for L/C Disbursements for which it has not been reimbursed, together with related fees, costs, and customary processing
charges, and, to the extent not so applied, shall be held for the satisfaction of the reimbursement obligations of the applicable Borrower
for the L/C Obligations at such time or, if the maturity of the Loans has been accelerated (but subject to the consent of Lenders with
L/C Obligations representing 66-2/3% of the total L/C Obligations), be applied to satisfy other obligations of such Borrower under this
Agreement. If the applicable Borrower is required to provide an amount of cash collateral hereunder as a result of the occurrence of an
Event of Default, such amount (to the extent not applied as aforesaid) shall be returned to such Borrower within three Business Days after
all Events of Default have been cured or waived.

 

(p)            L/C
Issuer Reports to the Administrative Agent. Unless otherwise agreed by the Administrative Agent, each L/C Issuer shall, in addition
to its notification obligations set forth elsewhere in this Section 2.03, provide the Administrative Agent a Letter of Credit
Report, as set forth below:

 

(i)            reasonably
prior to the time that such L/C Issuer issues, amends, renews, increases or extends a Letter of Credit, the date of such issuance, amendment,
renewal, increase or extension and the stated amount of the applicable Letters of Credit after giving effect to such issuance, amendment,
renewal or extension (and whether the amounts thereof shall have changed);

 

(ii)           on
each Business Day on which such L/C Issuer makes a payment pursuant to a Letter of Credit, the date and amount of such payment;

 

(iii)          on
any Business Day on which a Borrower fails to reimburse a payment made pursuant to a Letter of Credit required to be reimbursed to such
L/C Issuer on such day, the date of such failure and the amount of such payment;

 

(iv)          on
any other Business Day, such other information as the Administrative Agent shall reasonably request as to the Letters of Credit issued
by such L/C Issuer; and

 

(v)           for
so long as any Letter of Credit issued by an L/C Issuer is outstanding, such L/C Issuer shall deliver to the Administrative Agent (A) on
the fifth (5th) Business Day of each calendar month, (B) at all other times a Letter of Credit Report is required to be
delivered pursuant to this Agreement, and (C) on each date that (1) an L/C Credit Extension occurs or (2) there is any
expiration, cancellation and/or disbursement, in each case, with respect to any such Letter of Credit, a Letter of Credit Report appropriately
completed with the information for every outstanding Letter of Credit issued by such L/C Issuer.

 

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(q)            Additional
L/C Issuers. Any Lender hereunder may become an L/C Issuer upon receipt by the Administrative Agent of a fully executed Notice of
Additional L/C Issuer which shall be signed by the Company, the Administrative Agent and the applicable L/C Issuer. Such new L/C Issuer
shall provide its L/C Commitment in such Notice of Additional L/C Issuer and upon the receipt by the Administrative Agent of the fully
executed Notice of Additional L/C Issuer, the defined term L/C Commitment shall be deemed amended to incorporate the L/C Commitment of
such new L/C Issuer.

 

(r)            Conflict
with Issuer Documents. In the event of any conflict between the terms hereof and the terms of any Issuer Document, the terms hereof
shall control.

 

(s)            Letters
of Credit Issued for Subsidiaries. Notwithstanding that a Letter of Credit is issued or outstanding hereunder is in support of any
obligations of a Subsidiary, the applicable Borrower (and not any such Subsidiary) that requested such Letter of Credit shall be obligated
to reimburse, indemnify and compensate the applicable L/C Issuer hereunder for any and all drawings under such Letter of Credit requested
by it. Each Borrower irrevocably waives any and all defenses that might otherwise be available to it as a guarantor or surety of any or
all of the obligations of such Subsidiary in respect of such Letter of Credit. Each Borrower hereby acknowledges that the issuance of
Letters of Credit requested by it in support of the obligations of any of its Subsidiaries inures to the benefit of such Borrower, and
that such Borrower’s business derives benefits from the business of such Subsidiary.

 

2.04         Swing
Line Loans.

 

(a)            The
Swing Line. Subject to the terms and conditions set forth herein, the Swing Line Lender agrees, in reliance upon the agreements of
the other Lenders set forth in this Section 2.04, to make loans in Dollars or in Canadian Dollars from time to time (each
such loan, a “Swing Line Loan”) to each requesting Borrower, in each case, on a several basis, from time to time on
any Business Day during the Availability Period in an aggregate amount not to exceed at any time outstanding the amount of the Swing Line
Sublimit, notwithstanding the fact that such Swing Line Loans, when aggregated with the Applicable Percentage of the Outstanding Amount
of Committed Loans and L/C Obligations of the Lender acting as Swing Line Lender, may exceed the amount of such Lender’s Commitment;
provided, however, that after giving effect to any Swing Line Loan, (i) the Total Outstandings shall not exceed the
Aggregate Commitments, and (ii) the aggregate Outstanding Amount of the Committed Loans of any Lender, plus such Lender’s
Applicable Percentage of the Outstanding Amount of all L/C Obligations, plus such Lender’s Applicable Percentage of the Outstanding
Amount of all Swing Line Loans, plus such Lender’s Canadian BA’s (or Canadian BA Equivalent Loans) accepted from PMCULC
shall not exceed such Lender’s Commitment, and provided, further, that the Borrowers shall not use the proceeds of
any Swing Line Loan to refinance any outstanding Swing Line Loan. Within the foregoing limits, and subject to the other terms and conditions
hereof, each requesting Borrower may borrow under this Section 2.04, prepay under Section 2.05, and reborrow under
this Section 2.04. Swing Line Loans may be Base Rate Loans, Canadian Prime Rate Loans or Eurocurrency Rate Loans. Immediately
upon the making of a Swing Line Loan to a Borrower, each Lender shall be deemed to, and hereby irrevocably and unconditionally agrees
to, purchase from the Swing Line Lender a risk participation in such Swing Line Loan in an amount equal to the product of such Lender’s
Applicable Percentage times the amount of such Swing Line Loan.

 

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(b)            Borrowing
Procedures. Each Swing Line Borrowing shall be made upon a Borrower’s irrevocable notice to the Swing Line Lender and the Administrative
Agent, which may be given by (A) telephone, or (B) a Swing Line Loan Notice; provided that any telephonic notice must be confirmed
promptly by delivery to the Swing Line Lender and the Administrative Agent of a Swing Line Loan Notice. Each such Swing Line Loan Notice
must be received by the Swing Line Lender and the Administrative Agent not later than 1:00 p.m. on the requested borrowing date,
and shall specify (i) the amount to be borrowed, which shall be a minimum of $1,000,000 (with respect to Swing Line Loans denominated
in Dollars) or C$1,000,000 (with respect to Swing Line Loans denominated in Canadian Dollars), (ii) whether such Swing Line Loan
is a Base Rate Loan, a Canadian Prime Rate Loan or a Eurocurrency Rate Loan (and if a Eurocurrency Rate Loan, either (x) the applicable
Interest Period thereof or (y) that the daily floating Eurocurrency Rate provided in clause (b) of the definition thereof shall
apply), (iii) the requested borrowing date, which shall be a Business Day and (iv) the currency of the Swing Line Loan to be
borrowed. Promptly after receipt by the Swing Line Lender of any Swing Line Loan Notice, the Swing Line Lender will confirm with the Administrative
Agent (by telephone or in writing) that the Administrative Agent has also received such Swing Line Loan Notice and, if not, the Swing
Line Lender will notify the Administrative Agent (by telephone or in writing) of the contents thereof. Unless the Swing Line Lender has
received notice (by telephone or in writing) from the Administrative Agent prior to 2:00 p.m. on the date of the proposed Swing Line
Borrowing (A) directing the Swing Line Lender not to make such Swing Line Loan as a result of the limitations set forth in the first
proviso to the first sentence of Section 2.04(a), or (B) that it believes in good faith that one or more of the applicable
conditions specified in Section 4.02 is not then satisfied, specifying in reasonable detail the relevant condition or conditions
not then satisfied and the basis for such assertion, and such condition or conditions, as applicable, remain unsatisfied on such requested
date of issuance or amendment, then, subject to the terms and conditions hereof, the Swing Line Lender will, not later than 3:00 p.m.,
in the case of any Swing Line Loan denominated in Dollars, and not later than the Applicable Time specified by the Administrative Agent
in the case of any Swing Line Loan in Canadian Dollars, in each case on the borrowing date specified in such Swing Line Loan Notice, make
the amount of its Swing Line Loan available to such Borrower, at such Borrower’s election, either by (i) crediting the account
of such Borrower on the books of Bank of America with the amount of such funds or (ii) wire transfer of such funds, in each case
in accordance with instructions provided to the Administrative Agent by such Borrower as set forth in the Swing Line Loan Notice.

 

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(c)            Refinancing
of Swing Line Loans.

 

(i)             The
Swing Line Lender at any time in its sole discretion may request, on behalf of the applicable Borrower (which hereby irrevocably authorizes
the Swing Line Lender to so request on its behalf), that each Lender make a Base Rate Committed Loan (with respect to Swing Line Loans
denominated in Dollars) or a Canadian Prime Rate Loan (with respect to Swing Line Loans denominated in Canadian Dollars), in each case,
in an amount equal to such Lender’s Applicable Percentage of the amount of Swing Line Loans denominated in such currency then outstanding.
Such request shall be made in writing (which written request shall be deemed to be a Committed Loan Notice for purposes hereof) and in
accordance with the requirements of Section 2.02, without regard to the minimum and multiples specified therein for the principal
amount of Base Rate Loans or Canadian Prime Rate Loans, but subject to the unutilized portion of the Aggregate Commitments and the conditions
set forth in Section 4.02. The Swing Line Lender shall furnish the applicable Borrower with a copy of the applicable Committed
Loan Notice promptly after delivering such notice to the Administrative Agent. Each Lender shall make an amount equal to its Applicable
Percentage of the amount specified in such Committed Loan Notice available to the Administrative Agent in Same Day Funds (and the Administrative
Agent may apply Cash Collateral available with respect to the applicable Swing Line Loan) for the account of the Swing Line Lender at
the Administrative Agent’s Office not later than 2:00 p.m. on the day specified in such Committed Loan Notice, whereupon, subject
to Section 2.04(c)(ii), each Lender that so makes funds available shall be deemed to have made a Base Rate Committed Loan
(with respect Swing Line Loans denominated in Dollars) or Canadian Prime Rate Loan (with respect Swing Line Loans denominated in Canadian
Dollars) to the applicable Borrower in such amount. The Administrative Agent shall remit the funds so received to the Swing Line Lender.

 

(ii)           If
for any reason any Swing Line Loan cannot be refinanced by such a Committed Borrowing in accordance with Section 2.04(c)(i) or
pursuant to a Borrowing requested in accordance with Section 2.02, as the case may be, the request for Base Rate Committed
Loans or Canadian Prime Rate Loans submitted by the Swing Line Lender as set forth herein shall be deemed to be a request by the Swing
Line Lender that each of the Lenders fund its risk participation in the relevant Swing Line Loan and each Lender’s payment to the
Administrative Agent for the account of the Swing Line Lender pursuant to Section 2.04(c)(i) shall be deemed payment
in respect of such participation.

 

(iii)          If
any Lender fails to make available to the Administrative Agent for the account of the Swing Line Lender any amount required to be paid
by such Lender pursuant to the foregoing provisions of this Section 2.04(c) by the time specified in Section 2.04(c)(i),
the Swing Line Lender shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount
with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available
to the Swing Line Lender at a rate per annum equal to the greater of the applicable Overnight Rate from time to time in effect and a rate
determined by the Swing Line Lender in accordance with banking industry rules on interbank compensation, plus any administrative,
processing or similar fees customarily charged by the Swing Line Lender in connection with the foregoing. If such Lender pays such amount
(with interest and fees as aforesaid), the portion thereof equal to such Lender’s Applicable Percentage of the Outstanding Amount
of all Swing Line Loans shall constitute such Lender’s Committed Loan included in the relevant Committed Borrowing or funded participation
in the relevant Swing Line Loan, as the case may be. A certificate of the Swing Line Lender submitted to any Lender (through the Administrative
Agent) with respect to any amounts owing under this clause (iii) shall be conclusive absent manifest error.

 

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(iv)          Each
Lender’s obligation to make Committed Loans or to purchase and fund risk participations in Swing Line Loans pursuant to this Section 2.04(c) shall
be absolute and unconditional and shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment,
defense or other right which such Lender may have against the Swing Line Lender, the Company, PMCULC or any other Person for any reason
whatsoever, (B) the occurrence or continuance of a Default, or (C) any other occurrence, event or condition, whether or not
similar to any of the foregoing; provided, however, that each Lender’s obligation to make Committed Loans pursuant
to this Section 2.04(c) is subject to the conditions set forth in Section 4.02. No such funding of risk participations
shall relieve or otherwise impair the obligation of the Company to repay Swing Line Loans, together with interest as provided herein.

 

(d)            Repayment
of Participations.

 

(i)            At
any time after any Lender has purchased and funded a risk participation in a Swing Line Loan, if the Swing Line Lender receives any payment
on account of such Swing Line Loan, the Swing Line Lender will distribute to such Lender its Applicable Percentage thereof (appropriately
adjusted, in the case of interest payments, to reflect the period of time during which such Lender’s risk participation was funded)
in the same funds as those received by the Swing Line Lender.

 

(ii)           If
any payment received by the Swing Line Lender in respect of principal or interest on any Swing Line Loan is required to be returned by
the Swing Line Lender under any of the circumstances described in Section 11.05 (including pursuant to any settlement entered
into by the Swing Line Lender in its discretion), each Lender shall pay to the Swing Line Lender its Applicable Percentage thereof on
demand of the Administrative Agent, plus interest thereon from the date of such demand to the date such amount is returned, at a rate
per annum equal to the applicable Overnight Rate. The Administrative Agent will make such demand upon the request of the Swing Line Lender.
The obligations of the Lenders under this clause shall survive the payment in full of the payment Obligations and the termination of this
Agreement.

 

(e)            Interest
for Account of Swing Line Lender. The Swing Line Lender shall be responsible for invoicing the applicable Borrower for interest on
the Swing Line Loans. Until each Lender funds its Base Rate Committed Loan or Canadian Prime Rate Committed Loan or risk participation
pursuant to this Section 2.04 to refinance such Lender’s Applicable Percentage of any Swing Line Loan, interest in respect
of such Applicable Percentage shall be solely for the account of the Swing Line Lender.

 

(f)             Payments
Directly to Swing Line Lender. The applicable Borrower shall make all payments of principal and interest in respect of the Swing Line
Loans directly to the Swing Line Lender.

 

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2.05         Prepayments.

 

(a)            Each
Borrower may, upon notice from such Borrower to the Administrative Agent, at any time or from time to time voluntarily prepay Committed
Loans in whole or in part without premium or penalty; provided that (i) such notice must be received by the Administrative
Agent not later than 12:00 p.m. (A) three (with respect to Committed Loans denominated in Canadian Dollars) or two (with respect
to Committed Loans denominated in Dollars) Business Days prior to any date of prepayment of Eurocurrency Rate Committed Loans and (B) on
the date of prepayment of Base Rate Committed Loans or Canadian Prime Rate Loans; (ii) any prepayment of Eurocurrency Rate Committed
Loans denominated in Dollars shall be in a principal amount of $2,500,000 or a whole multiple of $250,000 in excess thereof; (iii) any
prepayment of Eurocurrency Rate Loans denominated in Canadian Dollars shall be in a minimum principal amount of C$2,500,000 or a whole
multiple of C$500,000 in excess thereof, (iv) any prepayment of Base Rate Committed Loans shall be in a principal amount of $250,000
or a whole multiple of $50,000 in excess thereof and (v) any prepayment of Canadian Prime Rate Loans shall be in a principal amount
of C$250,000 or a whole multiple of C$50,000 in excess thereof, or, in each case, if less, the entire principal amount thereof then outstanding.
Each such notice shall specify the date and amount of such prepayment and the Type(s) of Committed Loans to be prepaid and, if Eurocurrency
Rate Committed Loans are to be prepaid, the Interest Period(s) of such Loans. The Administrative Agent will promptly notify each
Lender of its receipt of each such notice, and of the amount of such Lender’s Applicable Percentage of such prepayment. If such
notice is given by a Borrower, such Borrower shall make such prepayment and the payment amount specified in such notice shall be due and
payable on the date specified therein; provided, that a notice of prepayment delivered by such Borrower may state that such notice
is conditioned upon the effectiveness of other credit facilities or the closing of a securities offering, and the receipt of proceeds
thereunder, in which case such notice may be revoked by such Borrower (by notice to the Administrative Agent on or prior to the specified
effective date) if such conditions are not satisfied. Any prepayment of a Eurocurrency Rate Loan shall be accompanied by all accrued interest
on the amount prepaid, together with any additional amounts required pursuant to Section 3.05. Subject to Section 2.17,
each such prepayment shall be applied to the Committed Loans of the Lenders in accordance with their respective Applicable Percentages.
No Canadian BA may be prepaid except by depositing the full face amount of such Canadian BA with the Administrative Agent in accordance
with Section 5(c) of Schedule 2.01A.

 

(b)            Each
Borrower may, upon notice to the Swing Line Lender (with a copy to the Administrative Agent), at any time or from time to time, voluntarily
prepay Swing Line Loans in whole or in part without premium or penalty; provided that (i) such notice must be received by
the Swing Line Lender and the Administrative Agent not later than 2:00 p.m. on the date of the prepayment, and (ii) any such
prepayment shall be in a minimum principal amount of $100,000. Each such notice shall specify the date and amount of such prepayment.
If such notice is given by a Borrower, such Borrower shall make such prepayment and the payment amount specified in such notice shall
be due and payable on the date specified therein.

 

(c)            If
for any reason the Outstanding Amount of all Loans, all L/C Obligations and all Canadian BA’s of any Borrower at any time exceeds
such Borrower’s Collateral Value, such Borrower shall immediately upon demand prepay Loans to such Borrower and/or Cash Collateralize
the L/C Obligations or Canadian BA’s of such Borrower in an aggregate amount equal to such excess; provided, however,
that such Borrower shall not be required to Cash Collateralize the L/C Obligations or Canadian BA’s pursuant to this Section 2.05(c) unless
after the prepayment in full of the Committed Loans and Swing Line Loans to such Borrower, the Total Outstandings exceed the Aggregate
Commitments then in effect.

 

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(d)            If
for any reason the Total Outstandings at any time exceed an amount equal to 105% of the Aggregate Commitments then in effect, then each
Borrower, as applicable, shall immediately upon demand prepay Loans made to such Borrower denominated in Canadian Dollars and/or Cash
Collateralize L/C Obligations of such Borrower in Canadian Dollars and/or Canadian BA’s issued by such Borrower in an aggregate
amount for all Borrowers at least equal to such excess; provided, however, that no Borrower shall be required to Cash Collateralize
L/C Obligations denominated in Canadian Dollars or Canadian BA’s pursuant to this Section 2.05(d) unless after
the prepayment in full of the Committed Loans and Swing Line Loans denominated in Canadian Dollars, the Total Outstandings exceed the
Aggregate Commitments.

 

2.06         Termination
or Reduction of Commitments. The Company may, upon notice to the Administrative Agent, terminate
the Aggregate Commitments, or from time to time permanently reduce the Aggregate Commitments; provided that (i) any such notice shall
be received by the Administrative Agent not later than 12:00 p.m. two Business Days prior to the date of termination or reduction,
(ii) any such partial reduction shall be in an aggregate amount of $1,000,000 or any whole multiple of $1,000,000 in excess thereof,
(iii) the Company shall not terminate or reduce the Aggregate Commitments if, after giving effect thereto and to any concurrent prepayments
hereunder, the Total Outstandings would exceed the Aggregate Commitments, and (iv) if, after giving effect to any reduction of the
Aggregate Commitments, the Letter of Credit Sublimit or the Swing Line Sublimit exceeds the amount of the Aggregate Commitments, such
sublimit shall be automatically reduced by the amount of such excess. The Administrative Agent will promptly notify the Lenders of any
such notice of termination or reduction of the Aggregate Commitments. The amount of any such Aggregate Commitment reduction shall not
be applied to the Letter of Credit Sublimit or the Swing Line Sublimit unless otherwise specified by the Company. Any reduction of the
Aggregate Commitments shall be applied to the Commitment of each Lender according to its Applicable Percentage. All fees accrued until
the effective date of any termination of the Aggregate Commitments shall be paid on the effective date of such termination.

 

2.07         Repayment
of Loans.

 

(a)            Each
Borrower shall repay to the Lenders on the Maturity Date the aggregate principal amount of Committed Loans made to such Borrower outstanding
on such date.

 

(b)            Each
Borrower shall repay each Swing Line Loan made to such Borrower on the earlier to occur of (i) the date ten Business Days after such
Loan is made and (ii) the Maturity Date. At any time that there shall exist a Defaulting Lender, immediately upon the request of
the Swing Line Lender, and after giving effect to Section 2.18(a)(iv) and any Cash Collateral then held by the Swing
Line Lender, the Company shall repay the outstanding Swing Line Loans made by such Swing Line Lender in an amount sufficient to eliminate
any Fronting Exposure in respect of such Swing Line Loans.

 

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2.08         Interest.

 

(a)            Subject
to the provisions of subsection (b) below, (i) each Eurocurrency Rate Committed Loan shall bear interest on the outstanding
principal amount thereof for each Interest Period at a rate per annum equal to the Eurocurrency Rate for such Interest Period plus
the Applicable Rate; (ii) each Base Rate Committed Loan shall bear interest on the outstanding principal amount thereof from the
applicable borrowing date at a rate per annum equal to the Base Rate plus the Applicable Rate; (iii) each Canadian Prime Rate
Committed Loan shall bear interest on the outstanding principal amount thereof from the applicable borrowing date at a rate per annum
equal to the Canadian Prime Rate plus the Applicable Rate; (iv) each Eurocurrency Rate Swing Line Loan shall bear interest
on the outstanding principal amount thereof for each Interest Period at a rate per annum equal to the daily floating Eurocurrency Rate
provided in clause (b) of the definition thereof for such Interest Period plus the Applicable Rate; (v) each Base Rate
Swing Line Loan shall bear interest on the outstanding principal amount thereof from the applicable borrowing date at a rate per annum
equal to the Base Rate plus the Applicable Rate; and (vi) each Canadian Prime Rate Swing Line Loan shall bear interest on
the outstanding principal amount thereof from the applicable borrowing date at a rate per annum equal to the Canadian Prime Rate plus
the Applicable Rate.

 

(b)            (i)           If
any amount of principal of any Loan is not paid when due (without regard to any applicable grace periods), whether at stated maturity,
by acceleration or otherwise, such amount shall thereafter bear interest at a fluctuating interest rate per annum at all times equal to
the Default Rate to the fullest extent permitted by Applicable Laws.

 

(ii)           If
any amount (other than principal of any Loan) payable by any Borrower under any Loan Document is not paid when due, whether at stated
maturity, by acceleration or otherwise, then upon the request of the Required Lenders, such amount shall thereafter bear interest at a
fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by Applicable Laws.

 

(iii)          During
any Default Rate Period, the Borrowers shall pay interest on the principal amount of all outstanding Obligations hereunder at a fluctuating
interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by Applicable Laws.

 

(iv)          Accrued
and unpaid interest on past due amounts (including interest on past due interest) shall be due and payable upon demand.

 

(c)            Interest
on each Loan shall be due and payable in arrears on each Interest Payment Date applicable thereto and at such other times as may be specified
herein. Interest hereunder shall be due and payable in accordance with the terms hereof before and after judgment, and before and after
the commencement of any proceeding under any Debtor Relief Law.

 

(d)            For
the purposes of the Interest Act (Canada), (i) whenever a rate of interest or fee rate hereunder is calculated on the basis of a
year (the “deemed year”) that contains fewer days than the actual number of days in the calendar year of calculation, such
rate of interest or fee rate shall be expressed as a yearly rate by multiplying such rate of interest or fee rate by the actual number
of days in the calendar year of calculation and dividing it by the number of days in the deemed year, (ii) the principle of deemed
reinvestment of interest shall not apply to any interest calculation hereunder and (iii) the rates of interest stipulated herein
are intended to be nominal rates and not effective rates or yields.

 

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2.09         Fees.
In addition to certain fees described in subsections (h) and (i) of Section 2.03:

 

(a)            Commitment
Fee. Each Borrower shall pay to the Administrative Agent for the account of each Lender in accordance with its Applicable Percentage,
a commitment fee in Dollars equal to (A) fifty percent (50%) times (B) (1) the Applicable Rate times (2) the
actual daily amount by which the Aggregate Commitments exceed the sum of (i) the Outstanding Amount of all Committed Loans plus
(ii) the Outstanding Amount of all L/C Obligations plus (iii) the Outstanding Amount of all Canadian Bankers’ Acceptances,
subject to adjustment as provided in Section 2.17. For the avoidance of doubt, the Outstanding Amount of Swing Line Loans
shall not be counted towards or considered usage of the Aggregate Commitments for purposes of determining the commitment fee. The commitment
fee shall accrue at all times during the Availability Period, including at any time during which one or more of the conditions in Section 4.02
is not met, and shall be due and payable quarterly in arrears on the last Business Day of each March, June, September and December,
commencing with the first such date to occur after the Closing Date, and on the last day of the Availability Period (and, if applicable,
thereafter on demand). The commitment fee shall be calculated quarterly in arrears, and if there is any change in the Applicable Rate
during any quarter, the actual daily amount shall be computed and multiplied by the Applicable Rate separately for each period during
such quarter that such Applicable Rate was in effect.

 

(b)           Other
Fees.

 

(i)            The
Company shall pay to the Arrangers and the Administrative Agent for their own respective accounts in Dollars fees in the amounts and at
the times specified in their respective Fee Letters. Such fees shall be fully earned when paid and shall not be refundable for any reason
whatsoever, except as expressly set forth therein.

 

(ii)           The
Company shall pay to the Lenders such fees as shall have been separately agreed upon between the Company and the Administrative Agent
and/or Lenders, as the case may be, in writing in the amounts and at the times so specified. Such fees shall be fully earned when paid
and shall not be refundable for any reason whatsoever, except as expressly agreed to in writing.

 

2.10         Computation
of Interest and Fees. All computations
of interest for Base Rate Loans (including Base Rate Loans determined by reference to the Eurocurrency Rate) and Canadian Prime Rate Loans
and Eurocurrency Rate Loans denominated in Canadian Dollars shall be made on the basis of a year of 365 or 366 days, as the case may be,
and actual days elapsed. All other computations of fees and interest shall be made on the basis of a 360-day year and actual days elapsed
(which results in more fees or interest, as applicable, being paid than if computed on the basis of a 365-day year). Interest shall accrue
on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan
or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.12(a),
bear interest for one day. Each determination by the Administrative Agent of an interest rate or fee hereunder shall be conclusive and
binding for all purposes, absent manifest error.

 

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2.11         Evidence
of Debt.

 

(a)            The
Credit Extensions made by each Lender shall be evidenced by one or more accounts or records maintained by such Lender and by the Administrative
Agent in the ordinary course of business. The accounts or records maintained by the Administrative Agent and each Lender shall be conclusive
absent manifest error of the amount of the Credit Extensions made by the Lenders to each Borrower and the interest and payments thereon.
Any failure to so record or any error in doing so shall not, however, limit or otherwise affect the obligation of the Borrowers hereunder
to pay any amount owing on their respective payment Obligations. In the event of any conflict between the accounts and records maintained
by any Lender and the accounts and records of the Administrative Agent in respect of such matters, the accounts and records of the Administrative
Agent shall control in the absence of manifest error. Upon the request of any Lender to a Borrower made through the Administrative Agent,
such Borrower shall execute and deliver to such Lender (through the Administrative Agent) a Committed Loan Note and/or a Swing Line Note,
as applicable, which shall evidence such Lender’s Loans to such Borrower in addition to such accounts or records. Each Lender may
attach schedules to a Note and endorse thereon the date, Type (if applicable), amount, currency and maturity of its Loans and payments
with respect thereto.

 

(b)            In
addition to the accounts and records referred to in subsection (a), each Lender and the Administrative Agent shall maintain in accordance
with its usual practice accounts or records evidencing the purchases and sales by such Lender of participations in Letters of Credit and
Swing Line Loans. In the event of any conflict between the accounts and records maintained by the Administrative Agent and the accounts
and records of any Lender in respect of such matters, the accounts and records of the Administrative Agent shall control in the absence
of manifest error.

 

2.12         Payments
Generally; Administrative Agent’s Clawback.

 

(a)            General.
All payments to be made by the Borrowers shall be made without condition or deduction for any counterclaim, defense, recoupment or setoff.
Except as otherwise expressly provided herein and except with respect to principal of and interest on Loans denominated in Canadian Dollars,
all payments by the Borrowers hereunder shall be made to the Administrative Agent, for the account of the respective Lenders to which
such payment is owed, at the Administrative Agent’s Office in Dollars and in Same Day Funds not later than 2:00 p.m. on the
date specified herein. Except as otherwise expressly provided herein, all payments by the Borrowers hereunder with respect to principal
and interest on Loans denominated in Canadian Dollars shall be made to the Administrative Agent, for the account of the respective Lenders
to which such payment is owed, at the applicable Administrative Agent’s Office in Canadian Dollars and in Same Day Funds not later
than the Applicable Time specified by the Administrative Agent on the dates specified herein. If, for any reason, any Borrower is prohibited
by any Law from making any required payment hereunder in Canadian Dollars, such Borrower shall make such payment in Dollars in the Dollar
Equivalent of the Canadian Dollars payment amount. The Administrative Agent will promptly distribute to each Lender its Applicable Percentage
(or other applicable share as provided herein) of such payment in like funds as received by wire transfer to such Lender’s Lending
Office. All payments received by the Administrative Agent (i) after 2:00 p.m., in the case of payments in Dollars, or (ii) after
the Applicable Time specified by the Administrative Agent in the case of payments in Canadian Dollars, shall in each case be deemed received
on the next succeeding Business Day and any applicable interest or fee shall continue to accrue. If any payment to be made by any Borrower
shall come due on a day other than a Business Day, payment shall be made on the next following Business Day, and such extension of time
shall be reflected in computing interest or fees, as the case may be.

 

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(b)      (i)     Funding
by Lenders; Presumption by Administrative Agent. Unless the Administrative Agent shall have received notice from a Lender prior to
the proposed date of any Committed Borrowing of Eurocurrency Rate Loans (or, in the case of any Committed Borrowing of Base Rate Loans
or Canadian Prime Rate Loans prior to 1:00 p.m. on the date of such Committed Borrowing) that such Lender will not make available
to the Administrative Agent such Lender’s share of such Committed Borrowing, the Administrative Agent may assume that such Lender
has made such share available on such date in accordance with Section 2.02 (or, in the case of a Committed Borrowing of Base
Rate Loans or Canadian Prime Rate Loans, that such Lender has made such share available in accordance with and at the time required by
Section 2.02) and may, in reliance upon such assumption, make available to the applicable Borrower a corresponding amount.
In such event, if a Lender has not in fact made its share of the applicable Committed Borrowing available to the Administrative Agent,
then the applicable Lender and the applicable Borrower severally agree to pay to the Administrative Agent forthwith on demand such corresponding
amount in Same Day Funds 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 (A) in the case of a payment to be made by such Lender, the
greater of the applicable Overnight Rate from time to time in effect and a rate determined by the Administrative Agent in accordance with
banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged by the
Administrative Agent in connection with the foregoing, and (B) in the case of a payment to be made by such Borrower, the interest
rate applicable to Base Rate Loans or Canadian Prime Rate Loans, as applicable. If such Borrower and such Lender shall pay such principal
or interest to the Administrative Agent for the same or an overlapping period, the Administrative Agent shall promptly remit to such Borrower
the amount of such principal and interest paid by such Borrower for such period. If such Lender pays its share of the applicable Committed
Borrowing to the Administrative Agent, then the amount so paid (excluding interest and fees as aforesaid) shall constitute such Lender’s
Committed Loan included in such Committed Borrowing. Any payment by such Borrower shall be without prejudice to any claim such Borrower
may have against a Lender that shall have failed to make such payment to the Administrative Agent.

 

(ii)           Payments
by Borrowers; Presumptions by Administrative Agent. Unless the Administrative Agent shall have received notice from a Borrower prior
to the date on which any payment is due to the Administrative Agent for the account of the Lenders or any L/C Issuer hereunder that such
Borrower will not make such payment, the Administrative Agent may assume that such Borrower has made such payment on such date in accordance
herewith and may, in reliance upon such assumption, distribute to the Lenders or the applicable L/C Issuers, as the case may be, the amount
due.

 

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(iii)          With
respect to any payment that the Administrative Agent makes for the account of the Lenders or any L/C Issuer hereunder as to which the
Administrative Agent determines (which determination shall be conclusive absent manifest error) that any of the following applies (such
payment referred to as the “Rescindable Amount”): (1) the applicable Borrower has not in fact made such payment; (2) the
Administrative Agent has made a payment in excess of the amount so paid by such Borrower (whether or not then owed); or (3) the Administrative
agent has for any reason otherwise erroneously made such payment; then each of the Lenders or the applicable L/C Issuers, as the case
may be, severally agrees to repay to the Administrative Agent forthwith on demand the Rescindable Amount so distributed to such Lender
or such L/C Issuer, in Same Day Funds 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 Rate and a rate determined by the
Administrative Agent in accordance with banking industry rules on interbank compensation.

 

(iv)          A
notice of the Administrative Agent to any Lender or Borrower with respect to any amount owing under this subsection (b) shall be
conclusive, absent manifest error.

 

(c)            Failure
to Satisfy Conditions Precedent. If any Lender makes available to the Administrative Agent funds for any Loan to be made by such Lender
to any Borrower as provided in the foregoing provisions of this Article II, and such funds are not made available to such
Borrower by the Administrative Agent because the conditions to the applicable Credit Extension set forth in Article IV are
not satisfied or waived in accordance with the terms hereof, the Administrative Agent shall return such funds (in like funds as received
from such Lender) to such Lender, without interest.

 

(d)            Obligations
of Lenders and L/C Issuers Several. The obligations of (i) the Lenders hereunder to make Committed Loans, to fund participations
in Letters of Credit and Swing Line Loans and to make payments pursuant to Section 11.04(d), and (ii) the L/C Issuers
hereunder to issue (and to renew, amend or extend) Letters of Credit, are in each case several and not joint. The failure of (i) any
Lender to make any Committed Loan, to fund any such participation or to make any payment under Section 11.04(d), or (ii) any
L/C Issuer to issue (or renew, amend or extend) any Letter of Credit, on any date required hereunder shall not in either case relieve
any other Lender or L/C Issuer, as applicable, of its corresponding obligation to do so on such date, and (x) no Lender shall be
responsible for the failure of any other Lender to so make its Committed Loan, to purchase its participation or to make its payment under
Section 11.04(d), and (y) no L/C Issuer shall be responsible for the failure of any other L/C Issuer to so issue (or
renew, amend or extend) any such Letter of Credit.

 

(e)            Funding
Source. Nothing herein shall be deemed to obligate any Lender to obtain the funds for any Loan in any particular place or manner or
to constitute a representation by any Lender that it has obtained or will obtain the funds for any Loan in any particular place or manner.

 

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2.13         Sharing
of Payments by Lenders. Subject to Section 11.08 with respect to a Defaulting Lender,
if any Lender shall, by exercising any right of setoff or counterclaim or otherwise, obtain payment in respect of any principal of or
interest on any of the Committed Loans made by it or Canadian BA’s accepted by it, or the participations in L/C Obligations or in
Swing Line Loans held by it resulting in such Lender’s receiving payment of a proportion of the aggregate amount of such Committed
Loans or participations and accrued interest thereon greater than its Applicable Percentage thereof as provided herein, then the Lender
receiving such greater proportion shall (a) notify the Administrative Agent of such fact, and (b) purchase (for cash at face
value) participations in the Committed Loans and Canadian BA’s and subparticipations in L/C Obligations and Swing Line Loans of
the other Lenders, or make such other adjustments as shall be equitable, 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 Committed Loans and other
amounts owing them, provided that:

 

(i)            if
any such participations or subparticipations are purchased and all or any portion of the payment giving rise thereto is recovered, such
participations or subparticipations shall be rescinded and the purchase price restored to the extent of such recovery, without interest;
and

 

(ii)           the
provisions of this Section shall not be construed to apply to (x) any payment made by or on behalf of a Borrower pursuant to
and in accordance with the express terms of this Agreement (including the application of funds arising from the existence of a Defaulting
Lender), (y) the application of Cash Collateral provided for in Section 2.16,
or (z) any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Committed
Loans or Canadian BA’s or subparticipations in L/C Obligations or Swing Line Loans to any permitted assignee or participant, other
than an assignment to the Company or any Subsidiary thereof (as to which the provisions of this Section 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 setoff 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.

 

2.14         Extension
of Maturity Date.

 

(a)            Requests
for Extension. The Company may once each calendar year during the Availability Period, by notice to the Administrative Agent (who
shall promptly notify the Lenders) not earlier than 30 days prior to the first anniversary of the Closing Date and not later than 30 days
prior to the Maturity Date then in effect hereunder (the “Existing Maturity Date”), request that each Lender extend
such Lender’s Maturity Date for one additional year from the Existing Maturity Date.

 

(b)            Lender
Elections to Extend. Each Lender, acting in its sole and individual discretion, shall, by notice to the Administrative Agent given
not later than the date (the “Notice Date”) that is 15 days after the date of the Company’s notice to the Administrative
Agent under subsection (a) above, advise the Administrative Agent (and the Administrative Agent shall upon the Company’s request
prior to the Notice Date advise the Company as to Lenders’ responses) whether or not such Lender agrees to such extension, and each
Lender that determines not to so extend its Maturity Date (a “Non-Extending Lender”) shall notify the Administrative
Agent of such fact promptly after such determination (but in any event no later than the Notice Date); provided, that any Lender
that does not so advise the Administrative Agent on or before the Notice Date shall be deemed to be a Non-Extending Lender. The election
of any Lender to agree to such extension shall not obligate any other Lender to so agree.

 

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(c)            Notification
by the Administrative Agent. The Administrative Agent shall notify the Company of each Lender’s determination under this Section on
the Notice Date (or, if such date is not a Business Day, on the next following Business Day).

 

(d)            Additional
Commitment Lenders. The Company shall have the right, both before and after the effectiveness of a requested extension under this
Section 2.14, to replace any Non-Extending Lender (with respect to all or any portion of its Commitment) with, and add as
 “Lenders” under this Agreement in place thereof, one or more Eligible Assignees (each such Eligible Assignee replacing a Non-Extending
Lender on or before the effectiveness of a requested extension under this Section 2.14, an “Additional Commitment
Lender”) as provided in Section 3.06(b) and Section 11.13; provided that each such Additional
Commitment Lender shall enter into an Assignment and Assumption pursuant to which such Additional Commitment Lender shall, effective as
of the effectiveness of such requested extension, undertake a Commitment (and, if any such Additional Commitment Lender is a Lender on
the effective date referenced in the immediately succeeding clause (e), its Commitment shall be in addition to such Lender’s Commitment
hereunder on such date). Any Eligible Assignee replacing a Non-Extending Lender after the effectiveness of a requested extension shall
enter into an Assignment and Assumption with such Non-Extending Lender assuming such Non-Extending Lender’s Commitment with such
extended Maturity Date.

 

(e)            Minimum
Extension Requirement. If (and only if) the total of the Commitments of the Lenders that have agreed so to extend their Maturity Date
(each an “Extending Lender”) and the additional Commitments of the Additional Commitment Lenders shall be more than
50% of the aggregate amount of the Commitments in effect on the Notice Date, then, subject to the conditions set forth in Section 2.14(d),
effective as of the Notice Date, or such later date as the Administrative Agent and the Company shall agree, the Maturity Date of each
Extending Lender and of each Additional Commitment Lender shall be extended to the same date one year after the Existing Maturity Date
(except that, if such date is not a Business Day, such Maturity Date as so extended shall be the next preceding Business Day) and each
Additional Commitment Lender shall thereupon become a “Lender” for all purposes of this Agreement. The Maturity Date of each
Non-Extending Lender remaining a Lender hereunder shall remain the Existing Maturity Date; provided, the Company shall continue
to have the right to replace any such Non-Extending Lender (with respect to all or any portion of its Commitment) following the effectiveness
of any such extension as provided in Section 2.14(d).

 

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(f)             Conditions
to Effectiveness of Extensions. As a condition precedent to such extension, the Company shall deliver to the Administrative Agent
a certificate dated as of the Notice Date signed by a Responsible Officer of the Company (i) certifying and attaching the resolutions
adopted by the Company approving or consenting to such extension and (ii) certifying that, before and immediately after giving effect
to such extension, (A) the representations and warranties of (1) the Company contained in Article V and (2) any
Loan Party in any other Loan Document are true and correct in all material respects on and as of the Notice Date, except to the extent
that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material
respects as of such earlier date, and except that for purposes of this Section 2.14, the representations and warranties contained
in subsections (a) and (b) of Section 5.05 shall be deemed to refer to the most recent statements furnished pursuant
to clauses (a) and (b), respectively, of Section 6.01, and (B) no Default or Event of Default exists. In addition,
on the Maturity Date of each Non-Extending Lender, each Borrower shall prepay the Loans made to such Borrower and outstanding on such
date (and pay any additional amounts required pursuant to Section 3.05) to the extent necessary to keep outstanding Loans
ratable with any revised Applicable Percentages of the Lenders effective as of such date.

 

(g)            Conflicting
Provisions. This Section shall supersede any provisions in Section 2.13 or 11.01 to the contrary.

 

2.15         Increase
in Commitments.

 

(a)            Request
for Increase. Provided there exists no Default, upon (i) notice to the Administrative Agent (which shall promptly notify the
Lenders) and (ii) substantially contemporaneous notice (with copy thereof to the Administrative Agent) to Eligible Assignees not
then Lenders (each such Eligible Assignee, a “Proposed Lender”), the Company shall have the right promptly to effectuate
from time to time and at any time, in accordance with the terms hereof, an increase in the aggregate amount of the then Aggregate Commitments
provided that (y) the aggregate amount of the Aggregate Commitments as so increased shall not at any time exceed $1,900,000,000,
and (z) each such increase shall be in a minimum amount of $50,000,000. At the time of sending such notices, the Company (in consultation
with the Administrative Agent) shall specify the time period within which each Lender and Proposed Lender is requested to respond (which
shall in no event be less than five Business Days from the date of delivery of such notice to the Lenders, and which may be extended upon
agreement by the Company and the Administrative Agent).

 

(b)            Lender
Elections to Increase. Each Lender shall promptly notify the Administrative Agent and the Company within such time period whether
or not it agrees to increase the amount of its Commitment and, if so, whether by an amount equal to, greater than, or less than its Applicable
Percentage (as it existed immediately prior to such proposed increase) and the amount of such proposed increase. Each Proposed Lender
shall promptly notify the Administrative Agent and the Company within such time period whether or not it agrees to participate in such
increased amount of the Aggregate Commitments, and at what amount it proposes to participate in such increased amount. Any Lender or Proposed
Lender not responding within such time period shall be deemed to have declined to increase its Commitment, or participate in the increase
in the aggregate amount of the Aggregate Commitments, as the case may be.

 

(c)            Effective
Date and Allocations. If the aggregate amount of Aggregate Commitments are increased in accordance with this Section 2.15,
the Administrative Agent and the Company shall promptly thereafter determine the effective date thereof (the “Increase Effective
Date”) and the final allocation of such increase, and the Administrative Agent shall promptly notify the Company and the Lenders
(including Proposed Lenders that have agreed to participate in such increase) of the final allocation of such increase and the Increase
Effective Date.

 

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(d)            Conditions
to Effectiveness of Increase. As conditions precedent to each increase, (i) the Company shall deliver to the Administrative Agent
a certificate of the Company dated as of the applicable Increase Effective Date, signed by a Responsible Officer of the Company, (y) certifying
and attaching the resolutions adopted by the Company and PMCULC, respectively, authorizing or consenting to such increase, as the case
may be, and (z) certifying that, immediately before and after giving effect to such increase, (A) the representations and warranties
of (1) the Company contained in Article V of this Agreement and (2) any Loan Party in any other Loan Document are
true and correct in all material respects on and as of such applicable Increase Effective Date, except to the extent that such representations
and warranties specifically refer to an earlier date, in which case they are true and correct in all material respects as of such earlier
date, and except that for purposes of this Section 2.15, the representations and warranties contained in Section 5.05(a) and
(b) shall be deemed to refer to the most recent statements furnished pursuant to clauses (a) and (b), respectively,
of Section 6.01, and (B) no Default or Event of Default exists, (ii) (x) upon the reasonable request of any
Lender made at least three Business Days prior to the Increase Effective Date, the Company shall have provided to such Lender, and such
Lender shall be reasonably satisfied with, the documentation and other information so requested in connection with applicable “know
your customer” and anti-money-laundering rules and regulations, including, without limitation, the PATRIOT Act, in each case
at least three Business Days prior to the Increase Effective Date and (y) at least three Business Days prior to the Increase Effective
Date, any Loan Party that qualifies as a “legal entity customer” under the Beneficial Ownership Regulation shall have delivered,
to each Lender that so requests, a Beneficial Ownership Certification in relation to such Loan Party, and (iii) each Proposed Lender
that is becoming a Lender shall (y) be subject to the reasonable approval of the Administrative Agent, the L/C Issuers and the Swing
Line Lender, which approvals shall not be unreasonably withheld, delayed or conditioned, and (z) execute and deliver a joinder agreement
in form and substance reasonably satisfactory to the Administrative Agent, the L/C Issuers, the Swing Line Lender and the Company. Each
Borrower, as applicable, shall prepay any Committed Loans made to such Borrower and outstanding on such applicable Increase Effective
Date (and pay any additional amounts required pursuant to Section 3.05) to the extent necessary to keep the outstanding Committed
Loans ratable with the Applicable Percentages resulting from any non-ratable increase in the amount of the Aggregate Commitments under
this Section 2.15 and in effect after giving effect thereto.

 

(e)            Conflicting
Provisions. This Section shall supersede any provisions in Section 2.13 or 11.01 to the contrary.

 

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2.16         Cash
Collateral.

 

(a)            Obligation
to Cash Collateralize. At any time that there shall exist a Defaulting Lender, within one Business Day following the written request
of the Administrative Agent or any L/C Issuer (with a copy to the Administrative Agent), the Company shall Cash Collateralize the L/C
Issuers’ Fronting Exposure with respect to such Defaulting Lender (determined after giving effect to Section 2.17(a)(iv) and
any Cash Collateral provided by such Defaulting Lender) in an amount not less than the Minimum Collateral Amount. Additionally, if the
Administrative Agent notifies the Company at any time that the Outstanding Amount of all L/C Obligations at such time exceeds 105% of
the Letter of Credit Sublimit then in effect, then within two (2) Business Days after receipt of such notice, the Company shall provide
Cash Collateral for the Outstanding Amount of the L/C Obligations in an amount not less than the amount by which the Outstanding Amount
of all L/C Obligations then exceeds the Letter of Credit Sublimit.

 

(b)            Grant
of Security Interest. The Company, and to the extent provided by any Defaulting Lender, such Defaulting Lender, hereby grants to (and
subjects to the control of) the Administrative Agent, for the benefit of the Administrative Agent, the L/C Issuers and the Lenders, and
agrees to maintain, a first priority security interest in all Cash Collateral so provided as collateral pursuant hereto, and in all proceeds
of the foregoing, all as security for the obligations to which such Cash Collateral may be applied pursuant to Section 2.16(c).
If at any time the Administrative Agent determines that Cash Collateral is subject to any right or claim of any Person other than the
Administrative Agent or the applicable L/C Issuer as herein provided, or that the total amount of such Cash Collateral is less than the
Minimum Collateral Amount, the Company will, promptly upon demand by the Administrative Agent, pay or provide to the Administrative Agent
additional Cash Collateral in an amount sufficient to eliminate such deficiency (determined in the case of Cash Collateral provided pursuant
to clause (a)(iv) above, after giving effect to Section 2.17(a)(iv) and any Cash Collateral provided by the Defaulting
Lender). All Cash Collateral (other than credit support not constituting funds subject to deposit) shall be maintained in one or more
blocked, non-interest bearing deposit accounts at Bank of America. The Company shall pay on demand therefor from time to time all customary
account opening, activity and other administrative fees and charges in connection with the maintenance and disbursement of Cash Collateral.

 

(c)            Application.
Notwithstanding anything to the contrary contained in this Agreement, but subject to subsection (d) below, Cash Collateral provided
under any of this Section 2.16 or Sections 2.03, 2.04, 2.05, 2.17 or 8.02 in respect of
Letters of Credit or Swing Line Loans or Canadian BA’s shall be held and applied to the satisfaction
of the specific L/C Obligations, Swing Line Loans and obligations to fund participations therein
and Canadian BA’s (including, as to Cash Collateral provided by a Defaulting Lender, any interest accrued on such obligation), prior
to any other application of such property as may be provided for herein.

 

(d)            Release.
Cash Collateral (or the appropriate portion thereof) provided to reduce Fronting Exposure or to secure other obligations shall be released
promptly following (i) the elimination of the applicable Fronting Exposure or other obligations giving rise thereto (including by
the termination of Defaulting Lender status of the applicable Lender (or, as appropriate, its assignee following compliance with Section 11.06(b)(vi)))
or (ii) the reasonable determination by the Administrative Agent and the applicable L/C Issuer that there exists excess Cash Collateral;
provided, however, (x) any such release shall be without prejudice to, and any disbursement or other transfer of Cash Collateral
shall be and remain subject to, any other Lien conferred under the Loan Documents and the other applicable provisions of the Loan Documents,
and (y) the Person providing Cash Collateral and the applicable L/C Issuer may agree that Cash Collateral shall not be released but
instead held to support future anticipated Fronting Exposure or other obligations.

 

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2.17         Defaulting
Lenders.

 

(a)            Adjustments.
Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes a Defaulting Lender, then, until such time
as that Lender is no longer a Defaulting Lender, to the extent not prohibited by Applicable Law:

 

(i)            Waivers
and Amendments. That Defaulting Lender’s right to approve or disapprove any amendment, waiver or consent with respect to this
Agreement shall be restricted as set forth in Section 11.01.

 

(ii)           Reallocation
of Payments. Any payment of principal, interest, fees or other amounts received by the Administrative Agent for the account of such
Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Article VIII or otherwise) or received by the Administrative
Agent from a Defaulting Lender pursuant to Section 11.08 shall be applied at such time or times as may be determined by the
Administrative Agent as follows: first, to the payment of any amounts owing by such Defaulting Lender to the Administrative Agent
hereunder; second, to the payment on a pro rata basis of any amounts owing by such Defaulting Lender to any L/C Issuer or the Swing
Line Lender hereunder; third, if so determined by the Administrative Agent and the Company or requested by an L/C Issuer or the
Swing Line Lender (and after giving effect to Section 2.17(a)(iv) and any Cash Collateral then held by such L/C Issuer
or the Swing Line Lender), to Cash Collateralize the Fronting Exposure with respect to such Defaulting Lender in accordance with Section 2.16;
fourth, as the Company may request (so long as no Default or Event of Default exists), to the funding of any Loan in respect of
which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Administrative
Agent, or, so long as the amount of the Cash Collateral at such time is equal to the actual Fronting Exposure at such time, to substitute
for and release to the applicable Borrower on a dollar-for-dollar basis, Cash Collateral previously provided by the applicable Borrower
with respect to the applicable Defaulting Lender (subject to documentation in form and substance reasonably satisfactory to the Administrative
Agent and the applicable L/C Issuer or the Swing Line Lender, as applicable, and such substituted amounts otherwise satisfying the requirements
to constitute Cash Collateral hereunder); fifth, if so determined by the Administrative Agent and the Company, to be held in a
deposit account and released pro rata in order to (x) satisfy such Defaulting Lender’s potential future funding obligations
with respect to Loans under this Agreement and (y) Cash Collateralize the L/C Issuers’ future Fronting Exposure with respect
to such Defaulting Lender with respect to future Letters of Credit issued under this Agreement, in accordance with Section 2.16;
sixth, to the payment of any amounts owing to the Lenders, the L/C Issuers or Swing Line Lender as a result of any judgment of a court
of competent jurisdiction obtained by any Lender, any L/C Issuer or the Swing Line Lender against such Defaulting Lender as a result of
such Defaulting Lender’s breach of its obligations under this Agreement; seventh, so long as no Event of Default under Section 8.01(a),
Section 8.01(f) or Section 8.01(g) has occurred and is continuing, to the payment of any amounts owing
to any Loan Party hereunder as a result of any judgment of a court of competent jurisdiction obtained by such Loan Party against such
Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; and eighth, to such Defaulting
Lender or as otherwise directed by a court of competent jurisdiction; provided that if (x) such payment is a payment of the principal
amount of any Loans or L/C Borrowings in respect of which such Defaulting Lender has not fully funded its appropriate share, and (y) such
Loans were made or the related Letters of Credit were issued at a time when the conditions set forth in Section 4.02 were
satisfied or waived, such payment shall be applied solely to pay the Loans of, and L/C Obligations owed to, all Non-Defaulting Lenders
on a pro rata basis prior to being applied to the payment of any Loans of, or L/C Obligations owed to, such Defaulting Lender until such
time as all Loans and funded and unfunded participations in L/C Obligations and Swing Line Loans are held by the Lenders pro rata in accordance
with the Commitments hereunder without giving effect to Section 2.17(a)(iv). Any payments, prepayments or other amounts paid
or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to post Cash Collateral pursuant
to this Section 2.17(a)(ii) shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably
consents hereto.

 

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(iii)           Certain
Fees.

 

(A)           No
Defaulting Lender shall be entitled to receive any fee payable under Section 2.09(a) for any period during which that
Lender is a Defaulting Lender (and the Company shall not be required to pay any such fee that otherwise would have been required to have
been paid to that Defaulting Lender).

 

(B)            Each
Defaulting Lender shall be entitled to receive Letter of Credit Fees for any period during which that Lender is a Defaulting Lender only
to the extent allocable to its Applicable Percentage of the stated amount of Letters of Credit for which it has provided Cash Collateral
pursuant to Section 2.16.

 

(C)            With
respect to any fee payable under Section 2.09(a), and any Letter of Credit Fee not required to be paid to any Defaulting Lender
pursuant to clause (A) or (B) above, the Company shall (x) pay to the Administrative Agent for the account of each Non-Defaulting
Lender that portion of any such fee otherwise payable to such Defaulting Lender with respect to such Defaulting Lender’s participation
in L/C Obligations or Swing Line Loans that has been reallocated to such Non-Defaulting Lender pursuant to clause (iv) below, (y) pay
to each L/C Issuer and the Swing Line Lender, as applicable, the amount of any such fee otherwise payable to such Defaulting Lender to
the extent allocable to such L/C Issuer’s or such Swing Line Lender’s Fronting Exposure to such Defaulting Lender, and (z) not
be required to pay to any Person the remaining amount of any such fee.

 

(iv)          Reallocation
of Applicable Percentages to Reduce Fronting Exposure. All or any part of such Defaulting Lender’s participation in L/C Obligations
and Swing Line Loans shall be reallocated among the Non-Defaulting Lenders in accordance with their respective Applicable Percentages
(calculated without regard to such Defaulting Lender’s Commitment) but only to the extent that such reallocation does not cause
the aggregate Outstanding Amount of the Committed Loans of any Non-Defaulting Lender, plus such Non-Defaulting Lender’s Applicable
Percentage of the Outstanding Amount of all L/C Obligations, plus such Non-Defaulting Lender’s Applicable Percentage of the Outstanding
Amount of all Swing Line Loans, plus such Non-Defaulting Lender’s Canadian BA’s (or Canadian BA Equivalent Loans) accepted
and purchased from PMCULC to exceed such Non-Defaulting Lender’s Commitment. Subject to Section 11.24, no reallocation
hereunder shall constitute a waiver or release of any claim of any party hereunder against a Defaulting Lender arising from that Lender
having become a Defaulting Lender, including any claim of a Non-Defaulting Lender as a result of such Non-Defaulting Lender’s increased
exposure following such reallocation.

 

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(v)           Cash
Collateral, Repayment of Swing Line Loans. If the reallocation described in clause (a)(iv) above cannot, or can only partially,
be effected, the Borrowers shall, without prejudice to any right or remedy available to it hereunder or under Applicable Law, (x) first,
prepay Swing Line Loans in an amount equal to the Swing Line Lender’s Fronting Exposure and (y) second, Cash Collateralize
the L/C Issuers’ Fronting Exposure in accordance with the procedures set forth in Section 2.16.

 

(b)            Defaulting
Lender Cure. If the Company, the Administrative Agent, Swing Line Lender and the L/C Issuers
agree in writing in their sole discretion that a Defaulting Lender should no longer be deemed to be a Defaulting Lender, the Administrative
Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set
forth therein (which may include arrangements with respect to any Cash Collateral and reimbursement of costs and expenses to each Loan
Party), that Lender will, to the extent applicable, purchase at par that portion of outstanding Loans of the other Lenders or take such
other actions as the Administrative Agent may determine to be necessary to cause the Committed Loans and funded and unfunded participations
in Letters of Credit and Swing Line Loans to be held on a pro rata basis by the Lenders in accordance with their Applicable Percentages
(without giving effect to Section 2.17(a)(iv)), whereupon that Lender will cease to be a Defaulting Lender; provided
that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of any Loan Party while that
Lender was a Defaulting Lender; and provided, further, that except to the extent otherwise expressly agreed by the affected
parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder
arising from that Lender’s having been a Defaulting Lender.

 

(c)            Rights
and Remedies against a Defaulting Lender. The Company may replace any Defaulting Lender in accordance with Section 11.13.
The rights and remedies against, and with respect to, a Defaulting Lender under this Section 2.17 are in addition to, and
cumulative and not in limitation of, all other rights and remedies that each of the Administrative Agent, the L/C Issuers, the Lenders
and the Loan Parties may, at any time, have against, or with respect to, such Defaulting Lender.

 

(d)            New
Swing Line Loans/Letters of Credit. So long as any Lender is a Defaulting Lender, (i) the Swing Line Lender shall not be required
to fund any Swing Line Loans unless it is satisfied that it will have no Fronting Exposure after giving effect to such Swing Line Loan
and (ii) no L/C Issuer shall be required to issue, extend, increase, reinstate or renew any Letter of Credit unless in each case
it is satisfied that it will have no Fronting Exposure after giving effect thereto and after giving effect to clause (b)(iv) of this
Section 2.17.

 

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ARTICLE III.     TAXES,
YIELD PROTECTION AND ILLEGALITY

 

3.01         Taxes.

 

(a)            Defined
Terms. For purposes of this Section 3.01, the term “Applicable Law” includes FATCA.

 

(b)            Payments
Free of Taxes. Any and all payments by or on account of any obligation of any Loan Party under any Loan Document shall be made without
deduction or withholding for any Taxes, except as required by Applicable Law. If any Applicable Law (as determined in the good faith discretion
of an applicable Withholding Agent) requires the deduction or withholding of any Tax from any such payment by a Withholding Agent, then
the applicable Withholding Agent shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted
or withheld to the relevant Governmental Authority in accordance with Applicable Law and, if such Tax is an Indemnified Tax, then the
sum payable by the applicable Loan Party shall be increased as necessary so that after such deduction or withholding has been made (including
such deductions and withholdings applicable to additional sums payable under this Section 3.01) the applicable Recipient receives
an amount equal to the sum it would have received had no such deduction or withholding been made.

 

(c)            Payment
of Other Taxes by Each of the Borrowers. The Loan Parties shall timely pay to the relevant Governmental Authority in accordance with
Applicable Law, or at the option of the Administrative Agent timely reimburse it for the payment of, any Other Taxes.

 

(d)            Indemnification
by Borrowers. Each of the Loan Parties shall indemnify each Recipient, within 10 Business Days after demand therefor, for the full
amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section 3.01)
payable or paid by such Recipient or required to be withheld or deducted from a payment to such Recipient and any reasonable expenses
arising therefrom or with respect thereto, whether or not such Indemnified 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 (with
a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent
manifest error.

 

(e)            Indemnification
by the Lenders. Each Lender shall severally indemnify the Administrative Agent, within 10 days after demand therefor, for (i) any
Indemnified Taxes attributable to such Lender (but only to the extent that any Loan Party has not already indemnified the Administrative
Agent for such Indemnified Taxes and without limiting the obligation of the Loan Parties to do so), (ii) any Taxes attributable to
such Lender’s failure to comply with the provisions of Section 11.06(d) relating to the maintenance of a Participant
Register and (iii) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the Administrative Agent
in connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such 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 any Lender by the Administrative Agent shall be conclusive absent manifest error. Each Lender hereby authorizes
the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under any Loan Document or otherwise
payable by the Administrative Agent to the Lender from any other source against any amount due to the Administrative Agent under this
clause (e).

 

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(f)             Evidence
of Payments. As soon as practicable after any payment of Taxes by the Company to a Governmental Authority as provided in this Section 3.01,
the Company 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 any return required by Laws to report such payment or other evidence of such payment reasonably satisfactory
to the Administrative Agent.

 

(g)            Status
of Lenders; Tax Documentation.

 

(i)            Any
Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments
made under any Loan Document shall deliver to the Company and the Administrative Agent, at the time or times reasonably requested by the
Company or the Administrative Agent, such properly completed and executed documentation reasonably requested by the Company or the Administrative
Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably
requested by the Company or the Administrative Agent, shall deliver such other documentation prescribed by Applicable Law or reasonably
requested by the Company or the Administrative Agent as will enable the Company or the Administrative Agent to determine whether or not
such Lender is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding
two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in Section 3.01(e)(ii)(A),
(ii)(B) and (ii)(D) below) shall not be required if in the Lender’s reasonable judgment such completion, execution
or submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial
position of such Lender.

 

(ii)           Without
limiting the generality of the foregoing, in the event that a Borrower is a U.S. Person,

 

(A)           any
Lender that is a U.S. Person shall deliver to the Company and the Administrative Agent on or prior to the date on which such Lender becomes
a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Company or the Administrative Agent),
executed copies of IRS Form W-9 certifying that such Lender is exempt from U.S. federal backup withholding tax;

 

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(B)          any
Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Company and the Administrative Agent (in such number
of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement
(and from time to time thereafter upon the reasonable request of the Company or the Administrative Agent), whichever of the following
is applicable:

 

(I)           in
the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party (x) with respect
to payments of interest under any Loan Document, executed copies of IRS Form W-8BEN-E (or W-8BEN, as applicable) establishing an
exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “interest” article of such tax treaty and (y) with
respect to any other applicable payments under any Loan Document, IRS Form W-8BEN-E (or W-8BEN, as applicable) establishing
an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “business profits” or “other income”
article of such tax treaty,

 

(II)          executed
copies of IRS Form W-8ECI,

 

(III)         in
the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code,
(x) a certificate substantially in the form of Exhibit I-1 to the effect that such Foreign Lender is not a “bank”
within the meaning of Section 881(c)(3)(A) of the Code, a “10 percent shareholder” of the Company within the meaning
of Section 881(c)(3)(B) of the Code, or a “controlled foreign corporation” described in Section 881(c)(3)(C) of
the Code (a “U.S. Tax Compliance Certificate”) and (y) executed copies of IRS Form W-8BEN-E (or W-8BEN, as applicable),
or

 

(IV)         to
the extent a Foreign Lender is not the beneficial owner, executed copies of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS
Form W-8BEN-E (or W-8BEN, as applicable), a U.S. Tax Compliance Certificate substantially in the form of Exhibit I-2 or Exhibit I-3, IRS
Form W-9, and/or other certification documents from each beneficial owner, as applicable; provided that if the Foreign Lender is
a partnership and one or more direct or indirect partners of such Foreign Lender are claiming the portfolio interest exemption, such
Foreign Lender may provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit I-4 on behalf of each such direct
and indirect partner;

 

(C)          any
Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Company and the Administrative Agent (in such number
of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement
(and from time to time thereafter upon the reasonable request of the Company or the Administrative Agent), executed copies of any other
form prescribed by Applicable Law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed,
together with such supplementary documentation as may be prescribed by Applicable Law to permit the Company or the Administrative Agent
to determine the withholding or deduction required to be made; and

 

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(D)          if
a payment made to a Lender under any Loan Document would be subject to U.S. federal withholding Tax imposed by FATCA if such Lender were
to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of
the Code, as applicable), such Lender shall deliver to the Company and the Administrative Agent at the time or times prescribed by law
and at such time or times reasonably requested by the Company or the Administrative Agent such documentation prescribed by Applicable
Law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested
by the Company or the Administrative Agent as may be necessary for the Company and the Administrative Agent to comply with their obligations
under FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA or to determine the amount
to deduct and withhold from such payment. Solely for purposes of this clause (D), “FATCA” shall include any amendments made
to FATCA after the Closing Date.

 

(iii)          Each
Lender agrees that if any form or certification it previously delivered pursuant to this Section 3.01 expires or becomes obsolete
or inaccurate in any respect, it shall update such form or certification or promptly notify the Company and the Administrative Agent in
writing of its legal inability to do so.

 

(h)          Treatment
of Certain Refunds. If any party determines, in its sole discretion exercised in good faith, that it has received a refund of any
Taxes as to which it has been indemnified pursuant to this Section 3.01, it shall pay to the indemnifying party an amount
equal to such refund (but only to the extent of indemnity payments made under this Section 3.01 with respect to the Taxes
giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of such indemnified party and without interest (other
than any interest paid by the relevant Governmental Authority with respect to such refund). Such indemnifying party, upon the request
of the indemnified party, agrees to repay to such indemnified party the amount paid over pursuant to this clause (h) (plus
any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event that such indemnified party is required
to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this clause (h), in no event will
the indemnified party be required to pay any amount to any indemnifying party pursuant to this clause (h) the payment of which
would place the indemnified party in a less favorable net after-Tax position than such Recipient would have been in if the Tax subject
to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments
or additional amounts with respect to such Tax had never been paid. This subsection shall not be construed to require any indemnified
party to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to indemnifying party
or any other Person.

 

(i)          Survival.
Each party’s obligations under this Section 3.01 shall survive the resignation or replacement of the Administrative
Agent or any assignment of rights by, or the replacement of, a Lender or an L/C Issuer, the termination of the Commitments and the repayment,
satisfaction or discharge of all other Obligations.

 

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3.02       Illegality.
      If any Lender determines that any Change in Law has made it unlawful, or that any Governmental Authority
has asserted that it is unlawful, for any Lender or its applicable Lending Office to make, maintain or fund Loans whose interest is determined
by reference to the Eurocurrency Rate (whether denominated in Dollars or Canadian Dollars) or to accept Canadian BA’s, or to determine
or charge interest rates based upon the Eurocurrency Rate, or any Governmental Authority has imposed material restrictions on the authority
of such Lender to purchase or sell, or to take deposits of, Dollars or Canadian Dollars in the applicable interbank market, then, on
notice thereof by such Lender to the Company through the Administrative Agent, (i) any obligation of such Lender to make or continue
Eurocurrency Rate Loans in the affected currency or currencies or, in the case of Eurocurrency Rate Loans in Dollars or to convert Base
Rate Committed Loans to Eurocurrency Rate Committed Loans or accept Canadian BA’s, as the case may be, shall be suspended, and
(ii) if such notice asserts the illegality of such Lender making or maintaining Base Rate Loans the interest rate on which is determined
by reference to the Eurocurrency Rate component of the Base Rate, the interest rate on which Base Rate Loans of such Lender shall, if
necessary to avoid such illegality, be determined by the Administrative Agent without reference to the Eurocurrency Rate component of
the Base Rate, in each case until such Lender notifies the Administrative Agent and the Company that the circumstances giving rise to
such determination no longer exist. Upon receipt of such notice, (x) the Borrowers shall, upon demand from such Lender (with a copy
to the Administrative Agent), prepay or, if applicable, convert all Eurocurrency Rate Loans of such Lender to Base Rate Loans (with respect
to Loans denominated in Dollars) or Canadian Prime Rate Loans (with respect to Committed Loans denominated in Canadian Dollars) (the
interest rate on which Base Rate Loans or Canadian Prime Rate Loans of such Lender shall, if necessary to avoid such illegality, be determined
by the Administrative Agent without reference to the Eurocurrency Rate or CDOR component of the Base Rate or Canadian Prime Rate, respectively),
either on the last day of the Interest Period therefor, if such Lender may lawfully continue to maintain such Eurocurrency Rate Loans
to such day, or immediately, if such Lender may not lawfully continue to maintain such Eurocurrency Rate Loans and (y) if such notice
asserts the illegality of such Lender determining or charging interest rates based upon the Eurocurrency Rate, the Administrative Agent
shall during the period of such suspension compute the Base Rate applicable to such Lender without reference to the Eurocurrency Rate
component thereof until the Administrative Agent is advised in writing by such Lender that it is no longer illegal for such Lender to
determine or charge interest rates based upon the Eurocurrency Rate. Upon any such prepayment or conversion, the Borrowers shall also
pay accrued interest on the amount so prepaid or converted.

 

3.03       Inability
to Determine Rates.

 

(a)          If
in connection with any request for a Eurocurrency Rate Loan or a conversion to or continuation thereof, (i) the Administrative Agent
determines that (A) deposits (whether in Dollars or Canadian Dollars) are not being offered to banks in the applicable offshore interbank
Eurocurrency market for such currency for the applicable amount and Interest Period of such Eurocurrency Rate Loan, or (B) (x) adequate
and reasonable means do not exist for determining the Eurocurrency Rate for any requested Interest Period with respect to a proposed Eurocurrency
Rate Committed Loan (whether denominated in Dollars or Canadian Dollars) or in connection with an existing or proposed Base Rate Loan
and (y) the circumstances described in Section 3.03(c)(i) do not apply (in each case with respect to this clause (i), “Impacted
Loans”), or (ii) the Administrative Agent or the Required Lenders determine that for any reason (x) the Eurocurrency Rate
for any requested Interest Period with respect to a proposed Eurocurrency Rate Committed Loan does not adequately and fairly reflect the
cost to such Lenders of funding such Loan, or (y) with respect to Canadian BA’s that adequate and reasonable means do not exist
for determining pricing with respect to such Canadian BA’s, the Administrative Agent will promptly so notify the Company and each
Lender. Thereafter, (x) the obligation of the Lenders to make or maintain Eurocurrency Rate Loans in the affected currency or currencies
or to issue Canadian BA’s shall be suspended (to the extent of the affected Eurocurrency Rate Loans or Interest Periods), and (y) in
the event of a determination described in the preceding sentence with respect to the Eurocurrency Rate component of the Base Rate, the
utilization of the Eurocurrency Rate component in determining the Base Rate shall be suspended, in each case until the Administrative
Agent (or, in the case of a determination by the Required Lenders described in clause (ii) of Section 3.03(a), until the Administrative
Agent upon instruction of the Required Lenders) revokes such notice. Upon receipt of such notice, the Company may revoke any pending request
for a Borrowing of, conversion to or continuation of Eurocurrency Rate Committed Loans in the affected currency or currencies or for Canadian
BA’s, as applicable, or, failing that, will be deemed to have converted such request into a request for a Committed Borrowing of
Base Rate Loans in the amount specified therein or, in the case of a request for Eurocurrency Rate Loans denominated in Canadian Dollars
or Canadian BA’s, a request for a Committed Borrowing of Canadian Prime Rate Loans.

 

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(b)           Notwithstanding
the foregoing, if the Administrative Agent has made the determination described in clause (i) of Section 3.03(a), the
Administrative Agent, in consultation with the Company and Required Lenders, may establish an alternative interest rate for the Impacted
Loans, in which case, such alternative rate of interest shall apply with respect to the Impacted Loans until (i) the Administrative
Agent revokes the notice delivered with respect to the Impacted Loans under clause (i) of the first sentence of Section 3.03(a),
(ii) the Administrative Agent or the Required Lenders notify the Administrative Agent and the Company that such alternative interest
rate does not adequately and fairly reflect the cost to such Lenders of funding the Impacted Loans, or (iii) any Lender determines
that any Law has made it unlawful, or that any Governmental Authority has asserted that it is unlawful, for such Lender or its applicable
Lending Office to make, maintain or fund Loans whose interest is determined by reference to such alternative rate of interest or to determine
or charge interest rates based upon such rate or any Governmental Authority has imposed material restrictions on the authority of such
Lender to do any of the foregoing and provides the Administrative Agent and the Company written notice thereof.

 

(c)           Notwithstanding
anything to the contrary herein or in any other Loan Document:

 

(i)          On
March 5, 2021 the Financial Conduct Authority (“FCA”), the regulatory supervisor of LIBOR’s administrator
(“IBA”), announced in a public statement the future cessation or loss of representativeness of overnight/Spot Next,
1-week, 1-month, 2-month, 3-month, 6-month and 12- month U.S. dollar LIBOR tenor settings. On the earliest of (A) the date that all
Available Tenors of U.S dollar LIBOR have permanently or indefinitely ceased to be provided by IBA or have been announced by the FCA pursuant
to public statement or publication of information to be no longer representative, (B) June 30, 2023 and (C) the Early Opt-in
Effective Date in respect of a SOFR Early Opt-in, if the then-current Benchmark is LIBOR, the Benchmark Replacement will replace such
Benchmark for all purposes hereunder and under any Loan Document in respect of any setting of such Benchmark on such day and all subsequent
settings without any amendment to, or further action or consent of any other party to this Agreement or any other Loan Document. If the
Benchmark Replacement is Daily Simple SOFR, all interest payments will be payable on a monthly basis.

 

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(ii)          (x) 
Upon (A) the occurrence of a Benchmark Transition Event or (B) a determination by the Administrative Agent that neither of the
alternatives under clause (1) of the definition of Benchmark Replacement are available, the Benchmark Replacement will replace the
then-current Benchmark for all purposes hereunder and under any Loan Document in respect of any Benchmark setting at or after 5:00 p.m. on
the fifth (5th) Business Day after the date notice of such Benchmark Replacement is provided to the Lenders without any amendment to,
or further action or consent of any other party to, this Agreement or any other Loan Document so long as the Administrative Agent has
not received, by such time, written notice of objection to such Benchmark Replacement from Lenders comprising the Required Lenders (and
any such objection shall be conclusive and binding absent manifest error); provided that solely in the event that the then-current Benchmark
at the time of such Benchmark Transition Event is not a SOFR-based rate, the Benchmark Replacement therefor shall be determined in accordance
with clause (1) of the definition of Benchmark Replacement unless the Administrative Agent determines that neither of such alternative
rates is available.

 

(y)          On
the Early Opt-in Effective Date in respect of an Other Rate Early Opt-in, the Benchmark Replacement will replace LIBOR for all purposes
hereunder and under any Loan Document in respect of any setting of such Benchmark on such day and all subsequent settings without any
amendment to, or further action or consent of any other party to this Agreement or any other Loan Document.

 

(iii)          At
any time that the administrator of the then-current Benchmark has permanently or indefinitely ceased to provide such Benchmark or such
Benchmark has been announced by the regulatory supervisor for the administrator of such Benchmark pursuant to public statement or publication
of information to be no longer representative of the underlying market and economic reality that such Benchmark is intended to measure
and that representativeness will not be restored, the Company may revoke any request for a borrowing of, conversion to or continuation
of Loans to be made, converted or continued that would bear interest by reference to such Benchmark until the Company’s receipt
of notice from the Administrative Agent that a Benchmark Replacement has replaced such Benchmark, and, failing that, the Company will
be deemed to have converted any such request into a request for a borrowing of or conversion to Base Rate Loans. During the period referenced
in the foregoing sentence, the component of Base Rate based upon the Benchmark will not be used in any determination of Base Rate.

 

(iv)          In
connection with the implementation and administration of a Benchmark Replacement, the Administrative Agent will have the right to make
Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document,
any amendments implementing such Benchmark Replacement Conforming Changes will become effective without any further action or consent
of any other party to this Agreement.

 

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(v)          The
Administrative Agent will promptly notify the Company and the Lenders of (A) the implementation of any Benchmark Replacement and
(B) the effectiveness of any Benchmark Replacement Conforming Changes. Any determination, decision or election that may be made by
the Administrative Agent pursuant to this Section 3.03(c), including any determination with respect to a tenor, rate or adjustment
or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action, will
be conclusive and binding absent manifest error and may be made in its sole discretion and without consent from any other party hereto,
except, in each case, as expressly required pursuant to this Section 3.03(c).

 

(vi)          At
any time (including in connection with the implementation of a Benchmark Replacement), (A) if the then-current Benchmark is a term
rate (including Term SOFR or LIBOR), then the Administrative Agent may remove any tenor of such Benchmark that is unavailable or non-representative
for Benchmark (including Benchmark Replacement) settings and (B) the Administrative Agent may reinstate any such previously removed
tenor for Benchmark (including Benchmark Replacement) settings.

 

3.04        Increased
Costs; Reserves on Eurocurrency Rate Loans.

 

(a)            Increased
Costs Generally. 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 or participated in by, any Lender (except any reserve requirement contemplated by Section 3.04(e))
or any L/C Issuer;

 

(ii)         subject
any Recipient to any Taxes (other than (A) Indemnified Taxes, (B) Taxes described in clauses (b) through (d) of the
definition of Excluded Taxes and (C) Connection Income Taxes) on its loans, loan principal, letters of credit, commitments, or other
obligations, or its deposits, reserves, other liabilities or capital attributable thereto; or

 

(iii)        impose
on any Lender or L/C Issuer or the London interbank market or the market for Canadian BA’s or any other condition, cost or expense
affecting this Agreement or Eurocurrency Rate 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, converting to, continuing or maintaining any Loan the interest on which is determined by
reference to the Eurocurrency Rate (or of maintaining its obligation to make any such Eurocurrency Rate Loan), of accepting any Canadian
BA’s or to increase the cost to such Lender or L/C Issuer of participating in, issuing or maintaining any Letter of Credit (or of
maintaining its obligation to participate in or to issue any Letter of Credit), or to reduce the amount of any sum received or receivable
by such Lender or L/C Issuer hereunder (whether of principal, interest or any other amount), in each case, by an amount deemed in good
faith by such Lender or L/C Issuer to be material, then, within 10 days after written demand therefor by such Lender or L/C Issuer, the
Company will pay (or cause PMCULC to pay) to such Lender or L/C Issuer, as the case may be, such additional amount or amounts as will
compensate such Lender or L/C Issuer, as the case may be, for such additional costs incurred or reduction suffered.

 

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(b)          Capital
Requirements. If any Lender or L/C Issuer determines that any Change in Law affecting such Lender or L/C Issuer or any Lending Office
of such Lender or such Lender’s or L/C Issuer’s holding company, if any, regarding capital or liquidity requirements has or
would have the effect of reducing the rate of return on such Lender’s or such L/C Issuer’s capital or on the capital of such
Lender’s or such L/C Issuer’s holding company, if any, as a consequence of this Agreement, the Commitments of such Lender
or the Loans made by, or participations in Letters of Credit held by such Lender, or the Letters of Credit issued by such L/C Issuer,
or the acceptance by such Lender of any Canadian BA, by an amount deemed in good faith by such Lender or L/C Issuer to be material based
on that which such Lender or such L/C Issuer or such Lender’s or such L/C Issuer’s holding company could have achieved but
for such Change in Law (taking into consideration such Lender’s or such L/C Issuer’s policies and the policies of such Lender’s
or L/C Issuer’s holding company with respect to capital adequacy), then from time to time within 10 days after written demand therefor,
the Company will pay (or cause PMCULC to pay) to such Lender or such L/C Issuer, as the case may be, such additional amount or amounts
as will compensate such Lender or such L/C Issuer or such Lender’s or such L/C Issuer’s holding company, if any, for any such
reduction suffered.

 

(c)          Certificates
for Reimbursement. A certificate of a Lender or L/C Issuer setting forth the amount or amounts necessary to compensate such Lender
or L/C Issuer or its holding company, as the case may be, as specified in subsection (a) or (b) of this Section and delivered
to the Company shall be conclusive absent manifest error. The Company shall pay (or cause PMCULC to pay) such Lender or L/C Issuer, as
the case may be, the amount shown as due on any such certificate within 10 days after receipt thereof. Upon request by the Company, a
Lender or L/C Issuer, as the case may be, shall also provide a certificate that such Lender or L/C Issuer is generally requesting such
compensation from its other borrowers.

 

(d)          Delay
in Requests. Failure or delay on the part of any Lender or L/C Issuer to demand compensation pursuant to the foregoing provisions
of this Section shall not constitute a waiver of such Lender’s or L/C Issuer’s right to demand such compensation, provided
that no Borrower shall be required to compensate a Lender or L/C Issuer pursuant to the foregoing provisions of this Section for
any increased costs incurred or reductions suffered more than six months prior to the date that such Lender or L/C Issuer, 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 L/C
Issuer’s intention to claim compensation therefor (except that, if the Change in Law giving rise to such increased costs or reductions
is retroactive, then the six-month period referred to above shall be extended to include the period of retroactive effect thereof).

 

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(e)          Reserves
on Eurocurrency Rate Loans. The Company shall pay (or cause PMCULC to pay) to each Lender, (i) as long as such Lender shall be
required to maintain reserves with respect to liabilities or assets consisting of or including Eurocurrency funds or deposits (currently
known as “Eurocurrency liabilities”), additional interest on the unpaid principal amount of each Eurocurrency Rate Loan equal
to the actual costs of such reserves allocated to such Loan by such Lender (as determined by such Lender in good faith, which determination
shall be conclusive absent manifest error), and (ii) as long as such Lender shall be required to comply with any reserve ratio requirement
or analogous requirement of any other central banking or financial regulatory authority imposed in respect of the maintenance of the Commitments
or the funding of the Eurocurrency Rate Loans, such additional costs (expressed as a percentage per annum and rounded upwards, if necessary,
to the nearest five decimal places) equal to the actual costs allocated to such Commitment or Loan by such Lender (as determined by such
Lender in good faith, which determination shall be conclusive absent manifest error), which in each case shall be due and payable on each
date on which interest is payable on such Loan, provided the Company shall have received at least 10 days’ prior notice (with
a copy to the Administrative Agent) of such additional interest or costs from such Lender. If a Lender fails to give notice 10 days prior
to the relevant Interest Payment Date, such additional interest or costs shall be due and payable 10 days from receipt of such notice.

 

3.05          Compensation
for Losses. Upon demand of any Lender (with a copy to the Administrative Agent) from time to
time, the Company shall promptly compensate (or cause PMCULC to compensate) such Lender for and hold such Lender harmless from any loss,
cost or expense incurred by it as a result of:

 

(a)          any
continuation, conversion, payment or prepayment of any Loan other than a Base Rate Loan or a Canadian Prime Rate Loan on a day other than
the last day of the Interest Period for such Loan (whether voluntary, mandatory, automatic, by reason of acceleration, or otherwise);

 

(b)          any
failure by any Borrower (for a reason other than the failure of such Lender to make a Loan) to prepay, borrow, continue or convert any
Loan other than a Base Rate Loan or a Canadian Prime Rate Loan on the date or in the amount notified by the Company or PMCULC, as applicable;
or

 

(c)          any
failure by any Borrower to make payment of any Loan or drawing under any Letter of Credit (or interest due thereon) denominated in Canadian
Dollars on its scheduled due date or any payment thereof in a different currency, or

 

(d)          any
assignment of a Eurocurrency Rate Loan on a day other than the last day of the Interest Period therefor as a result of a request by the
Company pursuant to Section 11.13;

 

excluding any loss of anticipated profits but
including any loss (other than loss of anticipated profits) or expense arising from the liquidation or reemployment of funds obtained
by it to maintain such Loan or from fees payable to terminate the deposits from which such funds were obtained. The Company shall also
pay (or cause PMCULC to pay) any customary administrative fees charged by such Lender in connection with the foregoing.

 

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A certificate of such Lender setting forth the
amount of any such loss, cost or expense, including reasonably detailed calculations thereof, shall be delivered to the Company and the
Administrative Agent and be conclusive absent manifest error. For purposes of calculating amounts payable by the Company (or the applicable
Borrower) to the Lenders under this Section 3.05, each Lender shall be deemed to have funded each Eurocurrency Rate Committed
Loan made by it at the Eurocurrency Rate for such Loan by a matching deposit or other borrowing in the offshore interbank eurocurrency
market for such currency for a comparable amount and for a comparable period, whether or not such Eurocurrency Rate Committed Loan was
in fact so funded.

 

3.06       Mitigation
Obligations; Replacement of Lenders.

 

(a)          Designation
of a Different Lending Office. If any Lender requests compensation under Section 3.04, or any Borrower is required to
pay any additional amount to any Lender, any L/C Issuer, or any Governmental Authority for the account of any Lender or any L/C Issuer
pursuant to Section 3.01, or if any Lender gives a notice pursuant to Section 3.02, then such Lender or such L/C
Issuer shall, as applicable, use reasonable efforts to designate a different Lending Office for funding or booking its Loans or accepting
Canadian BA’s hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if,
in the judgment of such Lender or such L/C Issuer, such designation or assignment (i) would eliminate or reduce amounts payable pursuant
to Section 3.01 or 3.04, as the case may be, in the future, or eliminate the need for the notice pursuant to Section 3.02,
as applicable, and (ii) in each case, would not subject such Lender or such L/C Issuer, as the case may be, to any unreimbursed cost
or expense and would not otherwise be disadvantageous to such Lender or such L/C Issuer, as the case may be. The Company hereby agrees
to pay (or to cause PMCULC to pay) all reasonable costs and expenses incurred by any Lender or such L/C Issuer in connection with any
such designation or assignment.

 

(b)          Replacement
of Lenders. If (i) any Lender requests compensation under Section 3.04, or gives a notice pursuant to Section 3.02
and does not subsequently designate a different Lending Office or assign its rights and obligations hereunder to another of its offices,
branches or affiliates as provided above, (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 3.01, (iii) any Lender becomes a Defaulting Lender, (iv) other
than as set forth in the immediately succeeding clause (v), any Lender becomes a Non-Consenting Lender or (v) any Lender becomes
a Non-Extending Lender, then in each case, the Company may replace such Lender in accordance with Section 11.13.

 

3.07       Survival.
    All of the Borrower’s obligations under this Article III shall survive termination of the Aggregate Commitments, repayment
of all other Obligations hereunder, and resignation of the Administrative Agent.

 

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ARTICLE IV.          CONDITIONS
PRECEDENT TO Credit Extensions

 

4.01          Conditions
Precedent to Initial Credit Extension. The obligation of each L/C Issuer and each Lender to make
its initial Credit Extension hereunder is subject to satisfaction of the following conditions precedent:

 

(a)          The
Administrative Agent’s receipt of the following, each of which shall be originals, telecopies or other electronic copies (followed
promptly by originals) unless otherwise specified, each properly executed by a Responsible Officer of the signing Loan Party, if applicable,
each dated the Closing Date (or, in the case of certificates of governmental officials, a recent date before the Closing Date) and each
in form and substance reasonably satisfactory to the Administrative Agent:

 

(i)          executed
counterparts of this Agreement, sufficient in number for distribution to the Administrative Agent, each Lender and the Company;

 

(ii)         if
so requested at least three Business Days prior to the Closing Date, Swing Line Notes executed by each Borrower in favor of the Swing
Line Lender and a Committed Loan Note executed by each Borrower in favor of each requesting Lender;

 

(iii)        an
amended and restated security agreement (the “Security Agreement”), duly executed by the Company, covering Financed
Hedged Eligible Inventory, and related Swap Contracts, Petroleum Product sales contracts and Receivables therefrom and proceeds thereof
as from time to time specified by the Company (and, for the avoidance of doubt, excluding Permian Excluded Inventory), together with
financing statements that the Administrative Agent, in its reasonable opinion, may deem necessary to perfect the Liens created under
the Security Agreement, covering the Collateral described in the Security Agreement, recent financing statement searches in the State
of Texas that name the Company as debtor, and such other Collateral Documents as the Administrative Agent, in its reasonable opinion,
may deem necessary to perfect the Liens created thereby;

 

(iv)        such
certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers of each Loan Party
as the Administrative Agent may reasonably require evidencing the identity, authority and capacity of each Responsible Officer thereof
authorized to act as a Responsible Officer in connection with this Agreement and the other Loan Documents to which such Loan Party is
a party;

 

(v)         such
documents and certifications as the Administrative Agent may reasonably require to evidence that each Loan Party and General Partner
is duly organized or formed, and that the Company is validly existing and in good standing in its jurisdiction of organization, issued
by the appropriate authorities of such jurisdiction;

 

(vi)        favorable
opinions of Richard McGee, Esq., General Counsel for the Company, PAA and PMCULC, Shearman & Sterling, LLP, special New
York counsel to the Company, PAA and PMCULC, and Cox Taylor, special Canadian counsel to PMCULC, in each case addressed to the Administrative
Agent and each Lender;

 

(vii)       the
Audited Financial Statements;

 

(viii)      a
certificate signed by a Responsible Officer of the Company certifying (A) that the conditions specified in Section 4.02(a) and
(b) have been satisfied, (B) that there has been no event or circumstance since the date of the most recent Audited
Financial Statements that has had or could be reasonably expected to have, either individually or in the aggregate, a Material Adverse
Effect, (C) the current PAA Debt Ratings, and (D) the Borrower’s true and correct U.S. taxpayer identification number;
and

 

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(ix)          such
other assurances, certificates, documents, consents or opinions as the Administrative Agent may reasonably require.

 

(b)          All
consents, licenses and approvals required in connection with the execution, delivery and performance by each Loan Party and the validity
against each Loan Party of the Loan Documents to which it is a party shall have been obtained and shall be in full force and effect.

 

(c)          (i) 
No Default shall have occurred and be continuing as of the Closing Date, or would immediately result from the closing of the transactions
hereunder and under the other Loan Documents, and (ii) there shall not have occurred during the period from the date of the most
recent Audited Financial Statements through and including the Closing Date any event or condition that has had or could reasonably be
expected, either individually or in the aggregate, to have a Material Adverse Effect, and there shall be no actions, suits, investigations,
proceedings, claims or disputes pending or, to the knowledge of the Company, threatened in writing, at law, in equity, in arbitration
or before any Governmental Authority, by or against the Company or any of its Subsidiaries or against any of their properties or revenues
that either individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect.

 

(d)          Any
fees, including any arrangement fees, agency fees and upfront fees, and any expenses of the Arrangers and Administrative Agent, in each
case, as agreed in writing by the Company, required to be paid on or before the Closing Date shall have been paid.

 

(e)          The
Company shall have paid all reasonable fees, charges and disbursements of counsel to the Administrative Agent to the extent invoiced prior
to or on the Closing Date.

 

(f)          (i) Upon
the reasonable request of any Lender made at least seven days prior to the Closing Date, the Company shall have provided to such Lender,
and such Lender shall be reasonably satisfied with, the documentation and other information so requested in connection with applicable
 “know your customer” and anti-money-laundering rules and regulations, including, without limitation, the PATRIOT Act,
in each case at least three days prior to the Closing Date and (ii) any Loan Party that qualifies as a “legal entity customer”
under the Beneficial Ownership Regulation shall have delivered to each Lender that so requests, a Beneficial Ownership Certification in
relation to such Loan Party.

 

Without limiting the generality
of the provisions of the last paragraph of Section 9.03, for purposes of determining compliance with the conditions specified
in this Section 4.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted
or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory
to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying
its objection thereto and the Administrative Agent hereby agrees to promptly provide the Company with a copy of any such notice received
by the Administrative Agent.

 

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4.02          Conditions
to all Credit Extensions. The obligation of each Lender to honor any Request for Credit Extension
(other than a Committed Loan Notice requesting only a conversion of Committed Loans to the other Type, or a continuation of Eurocurrency
Rate Committed Loans) is subject to the following conditions precedent:

 

(a)          The
representations and warranties of (i) the Company (and PMCULC, solely as to itself) contained in Article V and (ii) each
Loan Party in any other Loan Document shall be true and correct in all material respects on and as of the date of such Credit Extension,
except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true
and correct in all material respects as of such earlier date, and except that for purposes of this Section 4.02, the representations
and warranties contained in subsections (a) and (b) of Section 5.05 shall be deemed to refer to the most recent
statements furnished pursuant to clauses (a) and (b), respectively, of Section 6.01.

 

(b)          No
Default shall have occurred and be continuing, or would immediately result from such proposed Credit Extension or from the application
of the proceeds thereof.

 

(c)          The
Administrative Agent and, if applicable, the applicable L/C Issuer or the Swing Line Lender shall have received a Request for Credit Extension
in accordance with the requirements hereof.

 

(d)          Each
Borrower shall represent and warrant in such Request for Credit Extension that the Outstanding Amount of all Loans, all L/C Obligations
and all Canadian BA’s of such Borrower does not exceed such Borrower’s Collateral Value at such time, immediately after giving
effect to such Credit Extension.

 

(e)          In
the case of a Credit Extension to be denominated in Canadian Dollars, there shall not have occurred, and the effect thereof be then continuing,
any change in currency controls or exchange regulations, or any change in the national or international financial, political or economic
conditions is imposed in Canada, that results in, in the reasonable opinion of the Administrative Agent (in the case of any Committed
Loans to be denominated in Canadian Dollars) or any L/C Issuer (in the case of any Letter of Credit to be denominated in Canadian Dollars
(i) Canadian Dollars no longer being readily available, freely transferable and convertible into Dollars, (ii) a Dollar Equivalent
is no longer readily calculable with respect to Canadian Dollars, (iii) providing Canadian Dollars are impracticable for the Lenders
or (iv) no longer a currency in which the Required Lenders are willing to make such Credit Extensions.

 

ARTICLE V. REPRESENTATIONS
AND WARRANTIES

 

The Company (and PMCULC, solely
as to itself) represents and warrants to the Administrative Agent and the Lenders that:

 

5.01          Existence,
Qualification and Power. Each Loan Party (a) is duly organized or formed, validly existing
and, as applicable, in good standing under the Laws of the jurisdiction of its incorporation or organization, (b) has all requisite
corporate or equivalent power and authority to (i) own or lease its assets and carry on its business and (ii) execute, deliver
and perform its obligations under the Loan Documents to which it is a party, and (c) is duly qualified and, as applicable, in good
standing under the Laws of each jurisdiction where its ownership, lease or operation of properties or the conduct of its business requires
such qualification, except in each case referred to in clause (b)(i) or (c), to the extent that failure to do so could not reasonably
be expected to have a Material Adverse Effect.

 

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5.02       Authorization;
No Contravention. The execution, delivery and performance by each Loan Party of each Loan Document
to which such Person is party have been duly authorized by all necessary corporate or other organizational action, and do not and will
not (a) violate (i) the terms of such Person’s Organization Documents, (ii) any order, injunction, writ or decree
of any Governmental Authority or any arbitral award to which such Person or its property is subject, or (iii) any provision of Law
applicable to it, (b) result in the acceleration of any Indebtedness owed by it, (c) result in any breach of, or a default
under, any material Contractual Obligation to which such Person is a party or to which its properties are bound or (d) result in
the creation of any consensual Lien upon any of its material assets except as expressly contemplated in, or permitted by, the Loan Documents.

 

5.03       Governmental
Authorization; Other Consents. Except as expressly contemplated in or permitted by the Loan
Documents, disclosed in Schedule 5.03 or disclosed pursuant to Section 6.03, no approval, consent, exemption or authorization
of, or other action by, or notice to, or filing with, any Governmental Authority or any other Person is required (a) in connection
with the execution, delivery or performance by, or enforcement against, any Loan Party of this Agreement or any other Loan Document to
which it is a party, (b) the grant by each Borrower of the Liens granted by it pursuant to the Collateral Documents, (c) the
perfection or maintenance of the Liens created under the Collateral Documents (including the first priority nature thereof), or (d) the
exercise by the Administrative Agent or any Lender of its rights under the Collateral Documents or remedies in respect of the Collateral
pursuant to the Collateral Documents.

 

5.04       Binding
Effect. This Agreement has been, and each other Loan Document to which a Loan Party is a party,
when delivered hereunder, will have been, duly executed and delivered by such Loan Party. This Agreement constitutes, and each other
such Loan Document when so executed and delivered will constitute, a legal, valid and binding obligation of the Loan Party a party hereto
or thereto, as the case may be, enforceable against such Loan Party that is party hereto or thereto in accordance with its terms, except,
in each case (a) as may be limited by bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer or other similar laws
relating to or affecting the enforcement of creditors’ rights generally, and by general principles of equity which may limit the
right to obtain equitable remedies (regardless of whether such enforceability is a proceeding in equity or at law) and (b) as to
the enforceability of provisions for indemnification and the limitations thereon arising as a matter of law or public policy.

 

5.05       Financial
Statements; No Material Adverse Effect.

 

(a)          The
Audited Financial Statements (i) were prepared in accordance with GAAP consistently applied throughout the period covered thereby,
except as otherwise expressly noted therein, and (ii) fairly present the financial condition of PAA and its Subsidiaries on a consolidated
basis as of the respective dates thereof and their results of operations for the period covered thereby in accordance with GAAP consistently
applied throughout the period covered thereby, except as otherwise expressly noted therein.

 

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(b)          The
unaudited consolidated balance sheets of PAA and its Subsidiaries dated June 30, 2021, and the related consolidated statements
of income or operations, shareholders’ equity and cash flows for the fiscal quarter ended on that date (i) were prepared in
accordance with GAAP consistently applied throughout the period covered thereby, except as otherwise expressly noted therein, and (ii) fairly
present the financial condition of PAA and its Subsidiaries on a consolidated basis as of the date thereof and their results of operations
for the period covered thereby, subject, in the case of clauses (i) and (ii), to the absence of footnotes and to normal year-end
audit adjustments.

 

(c)          As
of the Closing Date, for the period from December 31, 2020 through the Closing Date, there exists no event or circumstance with respect
to the Company and its Subsidiaries taken as a whole, either individually or in the aggregate, that has then resulted in a Material Adverse
Effect.

 

5.06       Litigation.
Except as disclosed in the Audited Financial Statements, in Schedule 5.06 or pursuant to Section 6.03, there
are no actions, suits, proceedings, claims or disputes pending or, to the knowledge of the Company, overtly threatened in writing, at
law, in equity, in arbitration or before any Governmental Authority, (a) adversely affecting or against any Collateral (including,
without limitation, any which challenge or otherwise pertain to any Borrower’s title to any Collateral), (b) purport to affect
or pertain to the validity or enforceability of, or otherwise seek to invalidate, this Agreement or any other Loan Document, or (c) either
individually or in the aggregate could reasonably be expected to have a Material Adverse Effect.

 

5.07       Ownership
of Property; Liens; Receivables. Each Borrower has good and defensible title to all of its material
property necessary or used in the ordinary conduct of its business, free and clear of any (a) impediments in the use of such property
except for such impediments that could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect
and (b) Liens, other than Liens permitted by Section 7.01.

 

5.08       Environmental
Compliance. Except as disclosed in Schedule 5.08 or pursuant to Section 6.03,
the Company and its Subsidiaries conduct their businesses in material compliance with applicable Environmental Laws and in the ordinary
course of business, review claims received by, and made against, them which overtly allege liability or responsibility on any of them
for violation by any of them of any material Environmental Law on their respective businesses, operations and material properties, which
could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

5.09       ERISA
Compliance.

 

(a)          Except
as disclosed in the Audited Financial Statements, in Schedule 5.09 or pursuant to Section 6.03, each Plan is in compliance
in all material respects with the applicable provisions of ERISA, the Code and other applicable Federal or state laws, to the extent that
any non-compliance therewith could reasonably be expected to result in a Material Adverse Effect. Each Pension Plan that is intended to
be a qualified plan under Section 401(a) of the Code has received a favorable determination or opinion letter from the IRS to
the effect that the form of such Plan is qualified under Section 401(a) of the Code and the trust related thereto has been determined
by the IRS to be exempt from federal income tax under Section 501(a) of the Code, or an application for such a letter is currently
being processed by the IRS. To the knowledge of the Company, nothing has occurred with respect to the Company or any ERISA Affiliate that
would prevent or cause the loss of such tax-qualified status.

 

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(b)          Except
as disclosed in the Audited Financial Statements, in Schedule 5.09 or pursuant to Section 6.03, there are no pending
or, to the knowledge of the Company, overtly threatened in writing, claims, actions or lawsuits, or action by any Governmental Authority,
with respect to any Plan that could reasonably be expected to have a Material Adverse Effect. Except as disclosed in the Audited Financial
Statements, in Schedule 5.09 or pursuant to Section 6.03, there has been no prohibited transaction or violation of
the fiduciary responsibility rules with respect to any Plan that has resulted or, actually known to the Company, could reasonably
be expected to result in a Material Adverse Effect.

 

(c)          Except
as disclosed in the Audited Financial Statements, in Schedule 5.09 or pursuant to Section 6.03, (i) no ERISA Event
has occurred, and neither the Company nor any ERISA Affiliate has actual knowledge of any fact, event or circumstance that could reasonably
be expected to constitute or result in an ERISA Event with respect to any Pension Plan, (ii) the Company and each ERISA Affiliate
has met, in all material respects, all applicable requirements under the Pension Funding Rules in respect of each Pension Plan, and
no waiver of the minimum funding standards under the Pension Funding Rules has been applied for or obtained, (iii) as of the
most recent valuation date for any Pension Plan, the funding target attainment percentage (as defined in Section 430(d)(2) of
the Code) is 60% or higher, and neither the Company nor any ERISA Affiliate has actual knowledge of any facts or circumstances that could
reasonably be expected to cause the funding target attainment percentage for any such plan to drop below 60% as of the most recent valuation
date, (iv) neither the Company nor any ERISA Affiliate has incurred any liability to the PBGC other than for the payment of premiums
or obligations of immaterial amounts, and there are no premium payments which have become due that are delinquent or are being contested
in good faith, (v) neither the Company nor any ERISA Affiliate has, to its actual knowledge, engaged in a transaction that could
be subject to Section 4069 or Section 4212(c) of ERISA, and (vi) to the Company’s actual knowledge, no Pension
Plan has been terminated by the plan administrator thereof nor by the PBGC, and no event or circumstance has occurred or exists that could
reasonably be expected to cause the PBGC to institute proceedings under Title IV of ERISA to terminate any Pension Plan, in each case
with respect to each of the foregoing clauses (i) through (vi) of this Section 5.09(c), except as disclosed in the
Audited Financial Statements, in Schedule 5.09 or pursuant to Section 6.03.

 

The Company represents and
warrants as of the Closing Date that the Company is not and will not be using “plan assets” (within the meaning of 29 CFR
 § 2510.3-101, as modified by Section 3(42) of ERISA or otherwise) of one or more Benefit Plans in connection with the Loans,
the Letters of Credit or the Commitments.

 

5.10       Margin
Regulations; Investment Company Act.

 

(a)          No
Borrower is engaged or will engage, principally, or as one of its important activities, in the business of purchasing or carrying margin
stock (within the meaning of Regulation U issued by the FRB), or extending credit for the purpose of purchasing or carrying margin stock.

 

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(b)          No
Loan Party is required to be registered as an “investment company” under the Investment Company Act of 1940.

 

5.11       Disclosure.

 

(a)          No
report, financial statement, certificate or other information (excluding any projected and forecast financial information and information
of a general economic or general industry nature) furnished by or on behalf of any Loan Party to the Administrative Agent or any Lender
in connection with the transactions contemplated hereby and the negotiation of this Agreement (including those delivered hereunder or
under any other Loan Document (in each case, as modified or supplemented by other information so furnished, when so modified or supplemented)),
when taken as a whole, contains any material misstatement of fact or omits to state any material fact necessary to make the statements
contained herein or therein, in the light of the circumstances under which they were made, not misleading as of the date made or deemed
made (or if such information expressly relates or refers to an earlier date, as of such earlier date); provided that, with respect
to projected and forecast financial information, the Company represents only that such projections and forecasts were prepared in good
faith based upon assumptions deemed reasonable by the Company or PAA at the time.

 

(b)          The
information included in the Beneficial Ownership Certification, if applicable, is true and correct in all respects as of the Closing Date.

 

5.12       Compliance
with Laws. Except as set forth in Schedule 5.12 or in accordance with Section 6.03,
each Loan Party and each Subsidiary thereof is in compliance in all material respects with the requirements of all Laws and all orders,
writs, injunctions and decrees applicable to it or to its properties, except in such instances in which (a) such requirement of
Law or order, writ, injunction or decree is being contested in good faith, and if necessary, by appropriate proceedings diligently conducted
or (b) the failure to comply therewith, either individually or in the aggregate, could not reasonably be expected to have a Material
Adverse Effect.

 

5.13       Collateral
Documents. The provisions of the Collateral Documents are effective to create in favor of the
Administrative Agent for the benefit of the Secured Parties a legal, valid and enforceable first priority Lien (subject to Liens permitted
by Section 7.01) on all right, title and interest of each Borrower in all of such Borrower’s (i) Petroleum Products
inventory (excluding tank bottoms and pipeline linefill of such Borrower and Permian Excluded Inventory), (ii) Swap Contracts covering
Petroleum Products inventory described in clause (i) above, (iii) present and future contracts for the sale of Petroleum
Products inventory described in clause (i) above and Receivables thereunder, and (iv) proceeds and products of the foregoing
and all other Collateral described therein. Except for filings completed prior to the Closing Date and as contemplated hereby and by
the Collateral Documents, no filing or other action will be necessary to perfect or protect such Liens.

 

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5.14          OFAC.
Neither the Company, nor any of its Subsidiaries, nor, to the knowledge of the Company and its Subsidiaries, any director, officer, employee,
agent, affiliate or representative thereof that will act in any capacity in connection with or benefit from the credit facility established
hereby, is an individual or entity that is, or is owned or controlled by one or more individuals or entities that are (a) currently
the subject or target of any Sanctions, (b) included on OFAC’s List of Specially Designated Nationals or HMT’s Consolidated
List of Financial Sanctions Targets, or any similar list enforced by any other relevant sanctions authority of any relevant jurisdiction
where any Loan Party or their respective Subsidiaries maintains assets or engages in business, or (c) operating, organized or resident
in a Designated Jurisdiction (each Person referred to in any of the preceding clauses (a) - (c), a “Designated Person”).
The Company and its Subsidiaries have (y) conducted their businesses in compliance in all material respects with all applicable Sanctions
other than any failure or failures to comply therewith that are isolated and do not evidence a pervasive or systemic pattern of violations
thereof or a significant deficiency in the implementation of the hereinafter referenced policies and procedures to promote and achieve
compliance by the Company and its Subsidiaries therewith and are immaterial to the Company and its Subsidiaries taken as a whole and (z) instituted
and maintained policies and procedures designed to promote and achieve compliance with such Sanctions.

 

5.15          Anti-Corruption
Laws.
The Company and its Subsidiaries have (a) conducted their businesses in compliance in all material respects with the United States
Foreign Corrupt Practices Act of 1977, the UK Bribery Act 2010, and other applicable anti-corruption legislation in other jurisdictions
and applicable anti-money laundering rules and regulations (collectively,
the “Anti-Corruption Laws”) other than any failure or failures to comply therewith that are isolated and do not evidence
a pervasive or systemic pattern of violations thereof or a significant deficiency in the implementation of the hereinafter referenced
policies and procedures to promote and achieve compliance by the Company and its Subsidiaries therewith and are immaterial to the Company
and its Subsidiaries taken as a whole and (b) instituted and maintained policies and procedures designed to promote and achieve compliance
with such laws.

 

5.16          Affected
Financial Institution.
      No Loan Party is an Affected Financial Institution.

 

ARTICLE VI.          AFFIRMATIVE
COVENANTS

 

So long as any Lender shall
have any Commitment hereunder, any Loan or other Obligation hereunder shall remain unpaid or unsatisfied, or (unless a collateral arrangement
satisfactory to the applicable L/C Issuers has been entered into) any Letter of Credit shall remain outstanding, the Company shall (and
PMCULC, solely as to itself, shall):

 

6.01          Financial
Statements. Deliver to the Administrative Agent and each Lender the following statements and
reports, at the Company’s expense:

 

(a)          promptly
upon the filing thereof, and in any event within ninety (90) days after the end of each fiscal year, a copy of PAA’s Form 10-K,
which report shall include PAA’s complete consolidated financial statements together with all notes thereto, prepared in reasonable
detail in accordance with GAAP, together with an opinion, without material qualification, based on an audit using generally accepted auditing
standards, by PricewaterhouseCoopers LLP, or other independent certified public accountants selected by the general partner of PAA, stating
that such consolidated financial statements have been so prepared, and these financial statements shall contain a consolidated balance
sheet as of the end of such fiscal year and consolidated statements of earnings for such fiscal year, and such consolidated financial
statements shall set forth in comparative form the corresponding figures for the preceding fiscal year (and, following the termination
or release of the PAA Guaranty and within the time periods specified herein, the Company’s complete audited annual consolidated
financial statements, prepared in reasonable detail in accordance with GAAP); and

 

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(b)          promptly
upon the filing thereof, and in any event within sixty (60) days after the end of each of the first three fiscal quarters of each fiscal
year, a copy of PAA’s Form 10-Q, which report shall include PAA’s unaudited consolidated balance sheet as of the end
of such fiscal quarter and consolidated statements of PAA’s earnings and cash flows for such fiscal quarter and for the period from
the beginning of the then current fiscal year to the end of such fiscal quarter (and, following the termination or release of the PAA
Guaranty and within the time periods specified herein, the Company’s unaudited consolidated balance sheet as of the end of such
fiscal quarter and consolidated statements of the Company’s earnings and cash flows for such fiscal quarter and for the period from
the beginning of the then current fiscal year to the end of such fiscal quarter).

 

To the extent any of the foregoing information
is contained in materials filed by PAA with the SEC, the Company shall not be separately required to furnish such information under clause
(a) or (b) above, but the foregoing shall not be in derogation of the obligation of the Company to furnish the information and
materials described in clauses (a) and (b) above at the times specified therein.

 

6.02       Certificates;
Other Information. Deliver to the Administrative Agent and each Lender (except as otherwise
provided in subsection (c) below), in form and detail reasonably satisfactory to the Administrative Agent:

 

(a)          concurrently
with the delivery of the financial statements referred to in Sections 6.01(a) and (b), a copy of the certificate
delivered to the administrative agent and the lenders under the PAA Credit Agreement pursuant to Section 6.02(a) thereof;

 

(b)          on
or about (but not later than) the seventeenth (17th) day of each month (or the next succeeding Business Day, if the 17th is
not a Business Day), a certificate from a Responsible Officer of the Company with respect to the representation and warranty set forth
in Section 4.02(d);

 

(c)          promptly,
to the Administrative Agent, upon written request, such additional information regarding the business, financial, legal or corporate affairs
of the Company or any Subsidiary, or compliance with the terms of the Loan Documents (including supporting information with respect to
Collateral Value and the calculation thereof), in each case which are reasonably requested by the Administrative Agent or any Lender and
not subject to confidentiality restrictions or attorney-client privilege;

 

(d)          notice
of any public announcement by Moody’s or S&P of any downgrade in a PAA Debt Rating; and

 

(e)          promptly
following any request therefor, provide information and documentation reasonably requested by the Administrative Agent or any Lender for
purposes of compliance with applicable “know your customer” and anti-money-laundering rules and regulations, including,
without limitation, the PATRIOT Act and the Beneficial Ownership Regulation.

 

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Documents required to be delivered
pursuant to Section 6.01(a) or (b) or Section 6.02(c) (to the extent any such documents
are included in materials otherwise filed with the SEC) may be delivered electronically and if so delivered, shall be deemed to have been
delivered on the date (i) on which the Company or PAA posts such documents, or provides a link thereto on PAA’s website on
the Internet at the website address listed on Schedule 11.02, (ii) on which such documents are delivered to the Administrative
Agent for posting to the Platform or (iii) on which such documents are posted on the Company’s or PAA’s behalf on any
other Internet or intranet website, if any, to which each Lender and the Administrative Agent have access (whether a commercial, third-party
website or whether sponsored by the Administrative Agent), and in either case, the Company or PAA notifies the Administrative Agent of
such posting or link. The Administrative Agent shall have no obligation to request the delivery of or to maintain paper copies of the
documents referred to above, and in any event shall have no responsibility to monitor compliance by the Company with any such request
by a Lender for delivery, and each Lender shall be solely responsible for requesting delivery to it or maintaining its copies of such
documents.

 

Each Borrower and PAA hereby
acknowledges that (a) the Administrative Agent or its authorized Affiliates will make available to the Lenders and the L/C Issuers
materials and/or information provided by or on behalf of such Borrower and PAA hereunder (collectively, “Borrower Materials”)
by posting the Borrower Materials on IntraLinks, Syndtrak, ClearPar or another substantially similar electronic system (the “Platform”)
and (b) certain of the Lenders (each, a “Public Lender”) may have personnel who do not wish to receive material
non-public information with respect to any of the Borrowers, PAA or their respective Affiliates, or the respective securities of any of
the foregoing, and who may be engaged in investment and other market-related activities with respect to such Persons’ securities.
Each Borrower and PAA hereby agrees that (w) all Borrower Materials that it instructs to be made available to Public Lenders shall
be clearly and conspicuously marked “PUBLIC” which, at a minimum, shall mean that the word “PUBLIC” shall appear
prominently on the first page thereof; (x) by marking Borrower Materials “PUBLIC,” each Borrower and PAA shall be
deemed to have authorized the Administrative Agent or its authorized Affiliates, the L/C Issuers and the Lenders to treat such Borrower
Materials as not containing any material non-public information with respect to any Borrower or PAA or their respective securities for
purposes of United States Federal and state securities laws (provided, however, that to the extent such Borrower Materials
constitute Information, they shall be treated as set forth in Section 11.07); (y) all Borrower Materials so marked “PUBLIC”
are permitted to be made available through a portion of the Platform designated “Public Side Information;” and (z) the
Administrative Agent or its authorized Affiliates shall be entitled to treat any Borrower Materials that are not marked “PUBLIC”
as being suitable only for posting on a portion of the Platform not designated “Public Side Information.” Notwithstanding
the foregoing, Borrowers shall be under no obligation to mark any Borrower Materials “PUBLIC”.

 

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6.03          Notices.
Promptly notify the Administrative Agent and each Lender not later than five Business Days after any executive officer of the Company
has knowledge:

 

(a)              of
the occurrence of any Default;

 

(b)             of
any matter that has resulted or could reasonably be expected to result in a Material Adverse Effect; and

 

(c)              any
change in the information provided in the Beneficial Ownership Certification that would result in a change to the list of beneficial owners
identified in parts (c) or (d) of such certification.

 

Each notice pursuant to this
Section 6.03 shall be accompanied by a statement of a Responsible Officer of the Company setting forth details of the occurrence
referred to therein and stating what action the Company has taken and proposes to take with respect thereto. Each notice pursuant to Section 6.03(a) shall
describe with particularity any and all provisions of this Agreement and any other Loan Document that have been breached.

 

6.04          Payment
of Taxes, Etc. Pay and discharge (and cause PMCULC to pay and discharge) as the same shall become
due and payable, all Tax liabilities, assessments and governmental charges or levies imposed upon it or its properties or assets, unless
(i) the same are being contested in good faith by appropriate proceedings diligently conducted and adequate reserves in accordance
with GAAP are being maintained by the Company or such Subsidiary, or (ii) such failure would not reasonably be expected to result
in a Material Adverse Effect.

 

6.05          Preservation
of Existence, Etc. (a) Preserve, renew and maintain (and cause PMCULC to preserve, renew
and maintain) in full force and effect its legal existence and good standing under the Laws of the jurisdiction of its organization, (b) take
(and cause PMCULC to take) all reasonable action to maintain all rights, privileges, permits, licenses and franchises necessary in the
normal conduct of its business, except, in each case (i) where the failure so to maintain or preserve (as the case may be) would
not reasonably be expected to cause a Material Adverse Effect or (ii) as permitted in Section 7.02 or as a result of
statutory conversions, continuances or similar statutorily-permitted arrangements, and (c) PAA will preserve and maintain its legal
existence and good standing under the Laws of the jurisdiction of its organization; except (i) where the failure so to maintain or
preserve (as the case may be) would not reasonably be expected to cause a Material Adverse Effect (as defined in the PAA Credit Agreement)
or (ii) as a result of statutory conversions.

 

6.06          Maintenance
of Properties. Maintain, preserve and protect (and cause PMCULC to maintain, preserve and protect)
all Collateral and maintain all of its other material properties and equipment that are necessary in the operation of its business in
good working order and condition, ordinary wear and tear and casualty or condemnation excepted, (i) except where the failure to do
so could not reasonably be expected to have a Material Adverse Effect or (ii) as permitted in Section 7.03 or as a result
of statutory conversions.

 

6.07          Maintenance
of Insurance. Maintain (and cause PMCULC to maintain), with financially sound and reputable insurance
companies, insurance or, at its option, self-insure in such amounts (after giving effect to any self-insurance compatible with the following
standards) and against such risks as are customarily insured by other Persons engaged in the same or similar businesses and owning similar
properties provided, however, that notwithstanding the foregoing provisions of this Section 6.07, the Company
or any Subsidiary may effect workers’ compensation or similar insurance in respect of operations in any state or other jurisdiction
through any insurance fund operated by such state or other jurisdiction or by causing to be maintained a system or systems of self-insurance
in accord with Applicable Laws. The insurance coverages and amounts will be reasonably determined by the Company, based on coverages carried
by prudent owners of similar property, and may be maintained by PAA.

 

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6.08            Compliance
with Laws; Compliance with Contracts for Sale of Hedged Eligible Inventory. Comply (and cause
PMCULC to comply) in all material respects with the requirements of all Laws (including Anti-Corruption Laws and applicable Sanctions)
and all orders, writs, injunctions and decrees applicable to it or to its business or property, except in such instances in which (a) such
requirement of Law or order, writ, injunction or decree is being contested in good faith by appropriate proceedings diligently conducted,
or (b) the failure to comply therewith could not reasonably be expected to have a Material Adverse Effect. Each Borrower will perform
and observe in all material respects all terms and provisions of each contract for the sale of Hedged Eligible Inventory to be performed
or observed by it. The Company and its Subsidiaries will institute and maintain commercially reasonably policies and procedures which
they reasonably believe are designed to promote and achieve their respective compliance with Anti-Corruption Laws and applicable Sanctions.

 

6.09            Books
and Records. Maintain (and cause PMCULC to maintain) proper books of record and account in which
full, true and correct entries in conformity with GAAP consistently applied shall be made of all financial transactions and matters involving
the assets and business of the Company or such Subsidiary, as the case may be.

 

6.10            Inspection
Rights. Permit (and cause PMCULC to permit) representatives and independent contractors of the
Administrative Agent (and, during the continuance of an Event of Default, representatives and independent contractors of any Lender)
to visit and inspect any of its properties, to examine its corporate, financial and operating records, and to make copies thereof or
abstracts therefrom, and to discuss its affairs, finances and accounts with its officers and independent public accountants, all at such
reasonable times during normal business hours, upon reasonable advance notice to the Company; provided, (i) all such visits and
inspections during the continuance of an Event of Default shall be coordinated through the Administrative Agent and (ii) unless
an Event of Default has occurred and is continuing, such visits and inspections can occur no more frequently than once per year. Each
of the foregoing inspections and examinations shall be made subject to compliance with applicable safety standards and the same conditions
applicable to any Borrower in respect of property of such Borrower on the premises of Persons other than such Borrower or an Affiliate
of the Company, and all information, books and records furnished or requested to be made, all information to be investigated or verified,
all copies and abstracts of all information, books and records and all discussion conducted with any officer, employee or representative
of any Borrower, in each case, shall be subject to any applicable attorney-client privilege exceptions which the Company determines is
reasonably necessary and compliance with conditions to disclosures under non-disclosure agreements between such Borrower and Persons
other than such Borrower or an Affiliate of the Company and the express undertaking of each Person acting at the direction of or on behalf
of any Lender Party to be bound by the confidentiality provisions of Section 11.07 of this Agreement. The Administrative
Agent and the Lenders shall give the Company the opportunity to participate in any discussions with the Company’s independent public
accountants.

 

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6.11        Use
of Proceeds. Use (and cause PMCULC to use) the proceeds of the Borrowings to refinance outstanding
Indebtedness under the Existing Credit Agreement, finance purchases and storage of Hedged Eligible Inventory and refinance Unreimbursed
Amounts, and use (and cause PMCULC to use) all Letters of Credit and Canadian BA’s solely to secure purchases of Hedged Eligible
Inventory and other general corporate purposes not in violation of any Law applicable to it and not resulting in a Default or Event of
Default.

 

6.12        Covenant
to Give Security. Each Borrower, at its expense, will deliver, to further secure its Obligations
whenever requested by Administrative Agent in its sole and absolute discretion, chattel mortgages, security agreements, financing statements
and other Collateral Documents in form and substance satisfactory to Administrative Agent for the purpose of granting, confirming, and
perfecting first and prior liens or security interests in favor of the Administrative Agent for the benefit of the Lender Parties, subject
to applicable Liens permitted pursuant to Section 7.01, in all of such Borrower’s (i) Petroleum Products inventory
(excluding tank bottoms, pipeline linefill of such Borrower, Permian Excluded Inventory and Commodity Intermediary Subject Inventory),
(ii) Swap Contracts covering Petroleum Products inventory described in clause (i) above, (iii) present and future
contracts for the sale of Petroleum Products inventory described in clause (i) above and Receivables thereunder, and (iv) proceeds
and products of the foregoing.

 

6.13        Further
Assurances. Promptly upon request by the Administrative Agent, deliver (and cause PMCULC to
deliver) such Collateral Documents, in form and substance reasonably satisfactory to the Administrative Agent, as the Administrative
Agent may reasonably request from time to time, to (i) the fullest extent permitted by Applicable Law, subject all Collateral of
any Borrower to the Liens now or hereafter intended to be covered by any of the Collateral Documents to secure the Obligations of such
Borrower, (ii) perfect and maintain the validity, effectiveness and priority of any of the Collateral Documents and any of the Liens
intended to be created thereunder, subject to applicable Liens permitted pursuant to Section 7.01, and (iii) assure,
convey, grant, assign, transfer, preserve, protect and confirm unto the Secured Parties the rights granted or now or hereafter intended
to be granted to the Secured Parties under any Collateral Document.

 

ARTICLE VII.   NEGATIVE
COVENANTS

 

So long as any Lender shall
have any Commitment hereunder, any Loan or other Obligation hereunder shall remain unpaid or unsatisfied, or (unless collateral arrangements
satisfactory to the applicable L/C Issuers have been entered into) any Letter of Credit shall remain outstanding, no Borrower shall:

 

7.01         Liens.
Create, incur, assume or permit to exist any Lien upon

 

(a)            any
Collateral except (i) Liens created pursuant to the Collateral Documents, (ii) Permitted Inventory Liens, (iii) statutory
Liens in respect of First Purchase Crude Payables, (iv) Broker Liens on margin deposits with respect to Swap Contracts, and (v) any
other Liens expressly permitted to encumber such Collateral under any Collateral Document;

 

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(b)            any
tank bottoms or pipeline linefill commingled with Petroleum Product inventory constituting Collateral; or

 

(c)            Liens
granted in connection with Commodity Intermediary Transactions permitted pursuant to Section 7.08.

 

7.02        Fundamental
Changes; Dispositions. Merge, dissolve, liquidate, consolidate with or into another Person,
or Dispose of (whether in one transaction or in a series of related transactions) all or substantially all of its assets (whether now
owned or hereafter acquired) to or in favor of any Person (including, in each case, pursuant to a Division), except that:

 

(a)            so
long as no Default exists or, upon giving pro forma effect thereto, would immediately result therefrom, a Borrower may merge or consolidate
with another Subsidiary of PAA, provided that such Borrower is the acquiring or surviving entity and immediately after giving effect
thereto, no Default exists, and

 

(b)            (i)          the
Company and POPB Marketing, and Plains Pipeline and POPB Pipeline, may undertake the divisive mergers pursuant to the “Divisive
Merger Agreements” (as such term is defined in the Permian JV Merger Agreement);

 

(ii)          POPB
Marketing and POPB Pipeline may convert to Delaware limited liability companies pursuant to the “Marketing Conversion Certificates”
and the “Pipeline Conversion Certificates” (as such terms are defined in the Permian JV Merger Agreement) for the purpose
of domesticating POPB Marketing and POPB Pipeline in Delaware; and

 

(iii)         POPB
Marketing and POPB Pipeline may enter into the “Marketing Sub Merger” and the “Pipeline Sub Merger” respectively
(as such terms are defined in the Permian JV Merger Agreement).

 

7.03        Dispositions
of Collateral. Make any sale, transfer, lease, exchange or disposition of any Collateral except
(i) in the ordinary course of business on ordinary trade terms, (ii) in connection with Commodity Intermediary Transactions
permitted pursuant to Section 7.08, and (iii) sales of Permian Excluded Inventory to Permian JV pursuant to Permian JV
Inventory Transactions.

 

7.04        Transactions
with Affiliates. Enter into any material transaction of any kind with any Affiliate of the Company,
whether or not in the ordinary course of business, other than on terms that are no less favorable to such Borrower as would be obtainable
by such Borrower at the time in an arm’s length transaction with a Person other than an Affiliate, provided that the foregoing
restriction shall not apply to any of the following transactions: (a) transactions between or among the Company and any of its Subsidiaries;
(b) any employment, equity award, equity option or equity appreciation agreement or plan entered into by a Borrower in the ordinary
course of business of such Borrower; (c) transactions effected in accordance with the terms of tax sharing, management services,
indemnification, omnibus and other agreements with PAA and its Affiliates; (d) customary compensation, indemnification and other
benefits made available to officers, directors or employees of a Borrower, any of its Subsidiaries or the General Partner, including
reimbursement or advancement of out-of-pocket expenses and provisions of officers’ and directors’ liability insurance; (e) transactions
as contemplated by the Company’s agreement of limited partnership or PMCULC’s articles of amalgamation; and (f) if and
to the extent constituting transactions with Affiliates, transactions governed by the Permian JV Transaction Documents as in effect on
the Closing Date.

 

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7.05        Burdensome
Agreements. Except as expressly provided for in the Loan Documents, as described in any Schedule
hereto or pursuant to a Restriction Exception, the substance of which, in detail reasonably satisfactory to the Administrative Agent,
is promptly reported to Administrative Agent, enter into any Contractual Obligation that limits the ability of any Borrower to create,
incur, assume or permit to exist Liens on any Collateral.

 

7.06        Use
of Proceeds. Use the proceeds of any Loans, whether directly or indirectly, and whether immediately,
incidentally or ultimately, (a) to purchase or carry margin stock or to extend credit to others for the purpose of purchasing or
carrying margin stock or to refund indebtedness originally incurred for such purpose (within the meaning of Regulation U of the FRB),
(b) to fund any activities or business of, or with, any Designated Person or in any country or territory that, at the time of such
funding, is the subject of any Sanctions, (c) in any manner that would result in a material violation of any Sanctions by the Company
or its Subsidiaries, or (d) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money,
or anything else of value, to any Person in violation of any Anti-Corruption Laws.

 

7.07        PAA
Consolidated Leverage Ratio. Permit the PAA Consolidated Leverage Ratio as of the end of any
fiscal quarter of PAA to be greater than the ratio set forth below opposite such period, calculated, with respect to Consolidated EBITDA
(as defined in the PAA Credit Agreement and after giving effect to the provisos set forth therein), on a trailing four-quarter basis:

 

	Applicable Period	 	Maximum Consolidated 
 Leverage Ratio
	(i)            During an Acquisition Period	 	5.50:1.0
	 	 	 
	(ii)            Other than during an Acquisition Period	 	5.00:1.0

 

7.08        Commodity
Intermediary Transactions. Enter into
any Commodity Intermediary Transaction, unless:

 

(a)            The
aggregate value of the maximum volume of Commodity Intermediary Subject Inventory and Commodity Intermediary Subject Receivables shall
not exceed an amount equal to the lesser of (i) $500 million and (ii) 20% of the value of all of the Company’s Petroleum
Product inventory and all of the Company’s Receivables therefrom at such time; provided that, in the case of a Commodity Intermediary
Transaction that is documented under a master or framework agreement and contemplates an ongoing series of transactions, such calculation
shall be made only at the commencement of a Commodity Intermediary Transaction and each time thereafter that the maximum volume of Commodity
Intermediary Subject Inventory is increased by the Company and the applicable Commodity Intermediary;

 

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(b)            The
Company shall (i) notify the Administrative Agent of the specific locations of Commodity Intermediary Subject Inventory, certifying
that no Petroleum Product inventory constituting Collateral is stored or located at any such location, and any corresponding Swap Contracts
with respect thereto; provided that in the case of a Commodity Intermediary Transaction that is documented under a master or framework
agreement and contemplates an ongoing series of transactions, the foregoing requirement shall be satisfied by the Company providing such
notice to the Administrative Agent at the inception of such Commodity Intermediary Transaction and upon (A) the addition of any new
locations at which Commodity Intermediary Subject Inventory is stored or located or (B) any such location at which Commodity Intermediary
Subject Inventory ceases to be stored or located, and (ii) expressly identify any Commodity Intermediary Subject Receivables as such
in the Company’s records;

 

(c)            In
connection with any requested release of Collateral with respect to Commodity Intermediary Subject Inventory, any corresponding Swap Contracts
with respect thereto and any Commodity Intermediary Subject Receivables, the Company shall certify that after giving effect to such release,
the Collateral Value shall exceed Total Outstandings;

 

(d)            With
respect to any release of Petroleum Product inventory constituting Collateral in connection with a Commodity Intermediary Transaction,
such release shall be effective with respect to such Petroleum Product inventory provided that, subject to clause (a) of this
Section 7.08, such Petroleum Product inventory is stored or located at a specified location where either (A) only Commodity
Intermediary Subject Inventory is stored or located or (B) only such Petroleum Product inventory (and no other Petroleum Product
inventory constituting Collateral) is stored or located. Immediately upon the termination of (A) the Commodity Intermediary Transaction
regarding such Commodity Intermediary Subject Inventory or (B) the Borrower’s relationship with the applicable Commodity Intermediary,
all Petroleum Product inventory stored or located at such location shall thereafter constitute Collateral;

 

(e)            Commodity
Intermediary Subject Inventory shall not be commingled with any Collateral at any time;

 

(f)             No
corresponding Swap Contract with respect to Commodity Intermediary Subject Inventory shall be (i) pursuant to or governed by any
ISDA Master Agreement governing any Swap Contracts with respect to any Collateral, (ii) subject to netting with respect to any Swap
Contract with respect to any Collateral, or (iii) secured by any Collateral;

 

(g)            Upon
the sale to any third party (other than a Commodity Intermediary) of any Commodity Intermediary Subject Inventory (or corresponding Commodity
Intermediary Subject Receivable (if any)), the Company shall promptly pay to the applicable Commodity Intermediary the corresponding account
payable with respect thereto;

 

(h)            Following
the occurrence and during the continuance of any Event of Default, all proceeds of the sale of Commodity Intermediary Subject Inventory
or any Commodity Intermediary Subject Receivables shall be segregated by the Company from its other funds, held in a segregated deposit
account and not commingled with any other funds of the Company; and

 

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(i)            The
Company shall enter into an intercreditor agreement in form and substance satisfactory to the Administrative Agent in all respects with
any Commodity Intermediary party to any Commodity Intermediary Transaction.

 

Each Lender hereby authorizes the Administrative
Agent to enter into amendments to the Collateral Documents, in form and substance satisfactory to the Administrative Agent, to evidence
the foregoing and consents to each such amendment.

 

ARTICLE VIII.   EVENTS
OF DEFAULT AND REMEDIES

 

8.01        Events
of Default. Any of the following shall constitute an Event of Default:

 

(a)            Non-Payment.
(i) Any Borrower fails to pay (A) when due and payable, any amount of principal of any Loan or any L/C Obligation, (B) within
three Business Days after the same becomes due and payable, any interest on any Loan or on any L/C Obligation, or any fee due hereunder
pursuant to Section 2.09, or (C) within five Business Days after the same becomes due, any other amount payable hereunder
or under any other Loan Document, or (ii) PAA fails to pay within three Business Days after the same becomes due and payable, any
amount payable under the PAA Guaranty or any other Loan Document; or

 

(b)            Specific
Covenants. Any Borrower fails to perform or observe any term, covenant or agreement contained in any of Section 6.03 or
Article VII; or

 

(c)            Other
Defaults. Any Loan Party fails to perform or comply with any of its obligations under any other covenant or agreement (not specified
in subsection (a) or (b) above) contained in any Loan Document to which it is a party on its part to be performed or complied
with and such failure continues for 30 days after notice of such failure is given by the Administrative Agent to the Company; or

 

(d)            Representations
and Warranties. Any representation or warranty made or deemed made by or on behalf of the Company or PMCULC or by any other Loan Party
herein or in any other Loan Document shall be incorrect when made or deemed made in any material respect; or

 

(e)            Cross-Default.
(i) The Company, PMCULC or any other Subsidiary of the Company (A) fails to make any payment when due and payable (whether by
scheduled maturity, required prepayment, acceleration, demand, or otherwise) of any principal of or interest on any Indebtedness (other
than Indebtedness hereunder and Indebtedness under Swap Contracts) in an aggregate principal amount, the Dollar Equivalent of which exceeds
the Threshold Amount, and such failure continues after the passing of the applicable notice and grace periods, (other than such Indebtedness
the validity of which is being contested in good faith, by appropriate proceedings (if necessary) and for which adequate reserves with
respect thereto are maintained on the books of the Company, PMCULC or such Subsidiary as required by GAAP) or (B) fails to observe
or perform any other agreement or condition relating to any such Indebtedness or contained in any instrument or agreement evidencing,
securing or relating thereto, or any other event occurs, in each case, beyond the applicable grace, cure, extension, forbearance or similar
period, if the effect of which failure or other event is to cause, or to permit the holder or holders of such Indebtedness (or a trustee
or agent on behalf of such holder or holders) to cause, with the giving of notice if required, such Indebtedness to be demanded or to
become due or to be repurchased, prepaid, defeased or redeemed (automatically or otherwise), or an offer to repurchase, prepay, defease
or redeem such Indebtedness to be made, prior to its stated maturity; or (ii) there occurs under any Swap Contract an Early Termination
Date (as defined in such Swap Contract) resulting from (A) any event of default under such Swap Contract as to which the Company
or any Subsidiary is the Defaulting Party (as defined in such Swap Contract) or (B) any Termination Event (as so defined) under such
Swap Contract as to which the Company or any Subsidiary is an Affected Party (as so defined) and, in either event, (1) the Swap Termination
Value owed by the Company, PMCULC or such Subsidiary as a result thereof is greater than the Threshold Amount (other than amounts under
such Swap Contract, the validity of which are being contested in good faith, by appropriate proceedings (if necessary) and for which adequate
reserves with respect thereto are maintained on the books of the Company, PMCULC or such Subsidiary as required by GAAP), (2) the
effect of such Early Termination Date is to cause such Swap Termination Value to be demanded or to become due, and (3) such Swap
Termination Value has not been paid when due; or

 

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(f)             Insolvency
Proceedings, Etc. The Company, PMCULC, any other Subsidiary of the Company, the operations, properties or financial condition of which
is significant to the Company as of the most recently ended fiscal quarter of the Company, PAA, any other Significant Restricted Person
(as such term is defined in the PAA Credit Agreement), Plains All American GP LLC, Plains AAP, L.P., PAA GP LLC or the General Partner
institutes or consents to the institution of any proceeding under any Debtor Relief Law, or makes an assignment for the benefit of creditors;
or applies for or consents to the appointment of any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer
for it or for any Collateral or all or any material part of its property; or any receiver, trustee, custodian, conservator, liquidator,
rehabilitator or similar officer is appointed without the application or consent of such Person and the appointment continues undischarged
or unstayed for 60 calendar days; or any proceeding under any Debtor Relief Law relating to any such Person or to all or any material
part of its property is instituted without the consent of such Person and continues undismissed or unstayed for 60 calendar days, or an
order for relief is entered in any such proceeding; or

 

(g)            Inability
to Pay Debts; Attachment. (i) Any Borrower or PAA becomes unable or admits in writing its inability or fails generally to pay
its debts as they become due, or (ii) any writ or warrant of attachment or execution or similar process is issued or levied against
all or any material part of the property of any such Person and is not stayed, released, vacated or fully bonded within 60 days (or such
longer period for which a stay of enforcement is allowed by Applicable Law) after its issue or levy; or

 

(h)            Judgments.
There is entered against any Borrower a final judgment for the payment of money in an aggregate amount (as to all such judgments or orders)
the Dollar Equivalent of which exceeds the Threshold Amount (to the extent not covered by independent third-party insurance as to which
such insurer has not disputed coverage, or self-insurance reasonably acceptable to the Administrative Agent) at any one time outstanding
and prior to the discharge thereof, (i) enforcement proceedings are lawfully commenced by any creditor upon such judgment, or (ii) there
is a period of 60 consecutive days after the entry of such judgment during which a discharge, stay of enforcement of such judgment, by
reason of a pending appeal or otherwise, is not in effect; or

 

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(i)             ERISA.
(i) An ERISA Event occurs with respect to a Pension Plan or Multiemployer Plan which has resulted or could reasonably be expected
to result in liability of the Company under Title IV of ERISA to the Pension Plan, Multiemployer Plan or the PBGC in an aggregate
amount in excess of the Threshold Amount, or (ii) the Company or any ERISA Affiliate fails to pay when due, after the expiration
of any applicable grace period, any installment payment with respect to its withdrawal liability under Section 4201 of ERISA under
a Multiemployer Plan in an aggregate amount in excess of the Threshold Amount; or

 

(j)             Invalidity
of Loan Documents. Any Loan Document, at any time after its execution and delivery and for any reason other than as expressly permitted
hereunder or thereunder or satisfaction in full of all the payment Obligations, ceases to be in full force and effect; or any Loan Party
contests in any manner the validity or enforceability of any Loan Document; or any Loan Party denies that it has any or further liability
or obligation under any Loan Document, or purports to revoke, terminate or rescind any Loan Document; or

 

(k)            Change
of Control. There occurs any Change of Control; or

 

(l)             Collateral
Documents. Any Collateral Document after delivery thereof pursuant to Section 4.01 or Section 6.12 shall for
any reason (other than pursuant to the terms hereof or thereof) cease to create a valid and perfected first priority Lien (subject to
Liens permitted by Section 7.01) on the Collateral purported to be covered thereby; or

 

(m)           PAA
Event of Default. Any “Event of Default” shall occur, as such term is defined in the PAA Credit Agreement.

 

8.02        Remedies
Upon Event of Default. If any Event of Default occurs and is continuing, the Administrative
Agent shall, at the request of, or may, with the consent of, the Required Lenders, take any or all of the following actions:

 

(a)            declare
the commitment of each Lender to make Loans and any obligation of the L/C Issuers to make L/C Credit Extensions to be terminated or suspended
(as the case may be), whereupon such commitments and obligation shall be terminated or suspended (as the case may be);

 

(b)            declare
the unpaid principal amount of all outstanding Loans, all interest accrued and unpaid thereon, and all other amounts owing or payable
hereunder or under any other Loan Document to be immediately due and payable, without presentment, demand, protest or other notice of
any kind, all of which are hereby expressly waived by the Borrowers;

 

(c)            require
that the Company Cash Collateralize the L/C Obligations and Canadian BA’s (in an amount equal to the then Outstanding Amount thereof);
and

 

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(d)            exercise
on behalf of itself, the Lenders and the L/C Issuers all rights and remedies available to it, the Lenders and the L/C Issuers under
the Loan Documents; provided, however, that upon the
occurrence of an actual or deemed entry of an order for relief with respect to any Borrower under the Bankruptcy Code of the United
States, the obligation of each Lender to make Loans and any obligation of the L/C Issuers to make L/C Credit Extensions shall
automatically terminate, the unpaid principal amount of all outstanding Loans and all interest and other amounts that have accrued
and are owing as aforesaid shall automatically become due and payable, and the obligation of the Company to Cash Collateralize the
L/C Obligations and Canadian BA’s as aforesaid shall automatically become effective, in each case without further act of the
Administrative Agent or any Lender.

 

8.03        Application
of Funds. After the exercise of remedies provided for in Section 8.02 (or after
the Loans have automatically become immediately due and payable and the L/C Obligations and Canadian BA’s have automatically been
required to be Cash Collateralized as set forth in the proviso to Section 8.02), any amounts received on account of the Obligations
shall, subject to the provisions of Sections 2.16 and 2.17, be applied by the Administrative Agent in the following order:

 

First,
to payment of that portion of the Obligations constituting fees, indemnities, expenses and other amounts (including fees, charges and
disbursements of counsel to the Administrative Agent and amounts payable under Article III) payable to the Administrative
Agent in its capacity as such;

 

Second,
to payment of that portion of the Obligations constituting fees, indemnities and other amounts (other than principal, interest and Letter
of Credit Fees) payable to the Lenders and the L/C Issuers (including fees, charges and disbursements of counsel to the respective Lenders
and the L/C Issuers and amounts payable under Article III), ratably among them in proportion to the respective amounts described
in this clause Second payable to them;

 

Third,
to payment of that portion of the Obligations constituting accrued and unpaid Letter of Credit Fees and interest on the Loans, L/C Borrowings
and other Obligations, ratably among the Lenders and the L/C Issuers in proportion to the respective amounts described in this clause
Third payable to them;

 

Fourth,
to payment of that portion of the Obligations constituting unpaid principal of the Loans and L/C Borrowings, ratably among the Lenders
and the L/C Issuers in proportion to the respective amounts described in this clause Fourth held by them;

 

Fifth,
to the Administrative Agent for the account of the L/C Issuers, to Cash Collateralize that portion of L/C Obligations comprised of the
aggregate undrawn amount of Letters of Credit and Canadian BA’s to the extent not otherwise Cash Collateralized by the Company pursuant
to Sections 2.03 and 2.16, ratably among the L/C Issuers in proportion to the respective amounts described in this clause Fifth
held by them; and

 

Last,
the balance, if any, after all of the payment Obligations have been indefeasibly paid in full, to the Company or as otherwise required
by Law.

 

Subject to Sections 2.03(c) and 2.16,
(x) amounts used to Cash Collateralize the aggregate undrawn amount of Letters of Credit pursuant to clause Fifth above shall
be applied to satisfy drawings under such Letters of Credit as they occur, and (y) if any amount remains on deposit as Cash Collateral
after all Letters of Credit have either been fully drawn or expired, such remaining amount shall be applied to the other payment Obligations,
if any, in the order set forth above.

 

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ARTICLE IX.   ADMINISTRATIVE
AGENT

 

9.01        Appointment
and Authority.

 

(a)  Each of the Lenders
and the L/C Issuers hereby irrevocably appoints Bank of America to act on its behalf as the Administrative Agent hereunder and under the
other Loan Documents and authorizes the Administrative Agent to take such actions on its behalf and to exercise such powers as are delegated
to the Administrative Agent by the terms hereof or thereof, together with such actions and powers as are reasonably incidental thereto.
The provisions of this Article are solely for the benefit of the Administrative Agent, the Lenders and the L/C Issuers, and
no Borrower shall have rights as a third party beneficiary of any of such provisions (other than the right to reasonably approve a successor
Administrative Agent pursuant to Section 9.06). It is understood and agreed that the use of the term “agent” herein
or in any other Loan Documents (or any other similar term) with reference to the Administrative Agent is not intended to connote any fiduciary
or other implied (or express) obligations arising under agency doctrine of any Applicable Law. Instead such term is used as a matter of
market custom, and is intended to create or reflect only an administrative relationship between contracting parties.

 

(b)            The
Administrative Agent shall also act as the “collateral agent” under the Loan Documents, and each of the Lenders and
the L/C Issuers hereby irrevocably appoints and authorizes the Administrative Agent to act as the agent of such Lender and such L/C Issuer
for purposes of acquiring, holding and enforcing any and all Liens on Collateral granted by any Borrower to secure any of the Obligations,
together with such powers and discretion as are reasonably incidental thereto. In this connection, the Administrative Agent, as “collateral
agent” and any co-agents, sub-agents and attorneys-in-fact appointed by the Administrative Agent pursuant to Section 9.05
for purposes of holding or enforcing any Lien on the Collateral (or any portion thereof) granted under the Collateral Documents, or for
exercising any rights and remedies thereunder at the direction of the Administrative Agent), shall be entitled to the benefits of all
provisions of this Article IX and Article XI (including Section 11.04(c), as though such co-agents,
sub-agents and attorneys-in-fact were the “collateral agent” under the Loan Documents) as if set forth in full herein with
respect thereto.

 

9.02        Rights
as a Lender. The Person 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
the term “Lender” or “Lenders” shall, unless otherwise expressly indicated or unless the context otherwise requires,
include the Person serving as the Administrative Agent hereunder in its individual capacity. Such Person and its Affiliates may accept
deposits from, lend money to, own securities of, act as the financial advisor or in any other advisory capacity for and generally engage
in any kind banking, trust, financial, advisory, underwriting or other of business with any Loan Party or any Subsidiary or other Affiliate
thereof as if such Person were not the Administrative Agent hereunder and without any duty to account therefor to the Lenders or to provide
notice or consent of the Lenders with respect thereto.

 

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9.03        Exculpatory
Provisions. The Administrative Agent or any Arranger, as applicable, shall not have any duties
or obligations except those expressly set forth herein and in the other Loan Documents, and its duties hereunder shall be administrative
in nature. Without limiting the generality of the foregoing, the Administrative Agent or any Arranger, as applicable, and its Related
Parties:

 

(a)            shall
not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing;

 

(b)            shall
not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly
contemplated hereby or by the other Loan Documents that the Administrative Agent is required to exercise as directed in writing by the
Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided for herein or in the other Loan Documents),
provided that the Administrative Agent shall not be required to take any action that, in its opinion or the opinion of its counsel,
may expose the Administrative Agent to liability or that is contrary to any Loan Document or Applicable Law, including for the avoidance
of doubt any action that may be in violation of the automatic stay under any Debtor Relief Law or that may effect a forfeiture, modification
or termination of property of a Defaulting Lender in violation of any Debtor Relief Law;

 

(c)            shall
not, except as expressly set forth herein and in the other Loan Documents, have any duty or responsibility to disclose, and shall not
be liable for the failure to disclose to any Lender or any L/C Issuer, any credit or other information concerning the business, prospects,
operations, property, financial and other condition or creditworthiness of any Borrower or any of their respective Affiliates that is
communicated to or obtained by the Person serving as the Administrative Agent or an Arranger or any of their Related Parties in any capacity,
except for notices, reports and other documents expressly required to be furnished to the Lenders by the Administrative Agent herein;

 

(d)            shall
not be liable for any action taken or not taken by the Administrative Agent under or in connection with this Agreement or any other Loan
Document or the transactions contemplated hereby or thereby (i) with the consent or at the request of the Required Lenders (or such
other number or percentage of the Lenders as shall be necessary, or as the Administrative Agent shall believe in good faith shall be necessary,
under the circumstances as provided in Sections 11.01 and 8.02) or (ii) in the absence of its own gross negligence or willful misconduct
as determined by a court of competent jurisdiction by final and nonappealable judgment. The Administrative Agent shall be deemed not to
have knowledge of any Default unless and until notice describing such Default is given to the Administrative Agent by the Company, a Lender
or an L/C Issuer; and

 

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(e)            shall
not be responsible for or have any duty or obligation to any Lender or participant or any other Person to ascertain or inquire into (i) any
statement, warranty or representation made in or in connection with this Agreement or any other Loan Document, (ii) the contents
of any certificate, report or other document delivered hereunder or thereunder or in connection herewith or therewith, (iii) the
performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence
of any Default, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement, any other Loan Document or any
other agreement, instrument or document, or the creation, perfection or priority of any Lien purported to be created by the Collateral
Documents, (v) the value or sufficiency of any 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.

 

9.04        Reliance
by Administrative Agent. 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
(including any electronic message, Internet or intranet website posting or other distribution) believed by it to be genuine and
to have been signed, sent or otherwise authenticated 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 have been made by the proper Person, and shall not incur any liability for relying
thereon. In determining compliance with any condition hereunder to the making of a Loan, or the issuance, extension, renewal or increase
of a Letter of Credit, that by its terms must be fulfilled to the satisfaction of a Lender or an L/C Issuer, the Administrative Agent
may presume that such condition is satisfactory to such Lender or such L/C Issuer unless the Administrative Agent shall have received
notice to the contrary from such Lender or such L/C Issuer prior to the making of such Loan or the issuance of such Letter of Credit.
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.

 

9.05        Delegation
of Duties. The Administrative Agent may perform any and all of its duties and exercise its rights
and powers hereunder or under any other Loan Document by or through any one or more sub-agents appointed by the Administrative Agent.
In furtherance but not in limitation of the foregoing, certain Canadian administrative operations and duties, including with respect
to Borrowings by PMCULC and Canadian collateral, may be performed by Bank of America, N.A., Canada Branch, an affiliate of Administrative
Agent, on behalf of Administrative Agent. The Administrative Agent and any such sub-agent may perform any and all of its duties and exercise
its rights and powers by or through their respective Related Parties. The exculpatory provisions of this Article 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.
The Administrative Agent shall not be responsible for the negligence or misconduct of any sub-agents except to the extent that a court
of competent jurisdiction determines in a final and non-appealable judgment that the Administrative Agent acted with gross negligence
or willful misconduct in the selection of such sub-agents.

 

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9.06        Resignation
or Removal of Administrative Agent.

 

(a)            The
Administrative Agent may at any time give notice of its resignation to the Lenders, the L/C Issuers and the Company, which notice shall
set forth the proposed date of resignation, which shall be not less than 30 days after the date of such notice, during which time the
Administrative Agent shall continue to act as the Administrative Agent hereunder, unless sooner replaced or removed in accordance with
the provisions hereof. In addition, at any time the Person serving as Administrative Agent is a Defaulting Lender pursuant to clause (d) of
the definition thereof, the Required Lenders may, to the extent permitted by Applicable Law, by notice in writing to the Company and such
Person, remove such Person as Administrative Agent. Upon receipt of any such notice of resignation or issuance of notice of removal, the
Required Lenders shall have the right to appoint a successor (subject to consultation with the Company, unless an Event of Default has
occurred and is continuing), which shall be a bank with an office in the United States, or an Affiliate of any such bank with an office
in the United States. If no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment
within 30 days after the retiring Administrative Agent gives notice of its resignation (or such earlier day as shall be agreed by
the Required Lenders), then the retiring or removed Administrative Agent may on behalf of the Lenders and the L/C Issuers, appoint a successor
Administrative Agent meeting the qualifications set forth above (subject to consultation with the Company, unless an Event of Default
has occurred and is continuing); provided that if the Administrative Agent shall notify the Company and the Lenders that no qualifying
Person has accepted such appointment, then such resignation or removal shall nonetheless become effective in accordance with such notice
and (1) the retiring or removed Administrative Agent shall be discharged from its duties and obligations hereunder and under the
other Loan Documents and (2) except for any indemnity payments or other amounts then owed to the retiring or removed Administrative
Agent, all payments, communications and determinations provided to be made by, to or through the Administrative Agent shall instead be
made by or to each Lender and each L/C Issuer directly, until such time as the Required Lenders appoint a successor Administrative Agent
as provided for above in this Section. Upon the acceptance of a successor’s appointment as Administrative Agent hereunder, such
successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring (or retired or removed)
Administrative Agent (other than as provided in Section 3.01(g) and other than any rights to indemnity payments or other
amounts owed to the retiring or removed Administrative Agent as of the resignation date or removal date, as applicable), and the retiring
or removed Administrative Agent shall be discharged from all of its duties and obligations hereunder or under the other Loan Documents
(if not already discharged therefrom as provided above in this Section). The fees payable by the Company to a successor Administrative
Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Company and such successor. After the
retiring Administrative Agent’s resignation or removal hereunder and under the other Loan Documents, the provisions of this Article and
Section 11.04 shall continue in effect for the benefit of such retiring or removed 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 (i) while the retiring or removed
Administrative Agent was acting as Administrative Agent and (ii) after such resignation or removal for as long as any of them continues
to act in any capacity hereunder or under the other Loan Documents, including in respect of any actions taken in connection with transferring
the agency to any successor Administrative Agent.

 

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(b)            Any
resignation by, or removal of, Bank of America as Administrative Agent pursuant to this Section shall also constitute its resignation
or removal as an L/C Issuer and Swing Line Lender. If Bank of America resigns as an L/C Issuer, it shall retain all the rights, powers,
privileges and duties of an L/C Issuer hereunder with respect to all Letters of Credit outstanding as of the effective date of its resignation
as an L/C Issuer and all L/C Obligations with respect thereto, including the right to require the Lenders to make Base Rate Loans, Canadian
Prime Rate Loans or fund risk participations in Unreimbursed Amounts pursuant to Section 2.03(c). If Bank of America resigns
as Swing Line Lender, it shall retain all the rights of the Swing Line Lender provided for hereunder with respect to Swing Line Loans
made by it and outstanding as of the effective date of such resignation, including the right to require the Lenders to make Base Rate
Loans, Canadian Prime Rate Loans or fund risk participations in outstanding Swing Line Loans pursuant to Section 2.04(c).
Upon the acceptance of a successor’s appointment as Administrative Agent hereunder, (a) such successor may succeed to and become
vested with all of the rights, powers, privileges and duties of the retiring or removed L/C Issuer and Swing Line Lender, (b) the
retiring or removed L/C Issuer and Swing Line Lender shall be discharged from all of their respective duties and obligations hereunder
or under the other Loan Documents, and (c) the successor L/C Issuer shall issue letters of credit in substitution for or in support
of the Letters of Credit, if any, outstanding at the time of such succession or make other arrangements satisfactory to the retiring L/C
Issuer to effectively assume the obligations of the retiring L/C Issuer with respect to such Letters of Credit.

 

9.07        Non-Reliance
on Administrative Agent, the Arrangers and Other Lenders. Each Lender and each L/C Issuer expressly
acknowledges that none of the Administrative Agent nor any Arranger has made any representation or warranty to it, and that no act by
the Administrative Agent or any Arranger hereafter taken, including any consent to, and acceptance of any assignment or review of the
affairs of any Loan Party of any Affiliate thereof, shall be deemed to constitute any representation or warranty by the Administrative
Agent or any Arranger to any Lender or each L/C Issuer as to any matter, including whether the Administrative Agent or such Arranger
have disclosed material information in their (or their Related Parties’) possession. Each Lender and each L/C Issuer represents
to the Administrative Agent and each Arranger that it has, independently and without reliance upon the Administrative Agent, any Arranger,
any other Lender or any of their Related Parties and based on such documents and information as it has deemed appropriate, made its own
credit analysis of, appraisal of, and investigation into, the business, prospects, operations, property, financial and other condition
and creditworthiness of the Loan Parties and their Subsidiaries, and all applicable bank or other regulatory Laws relating to the transactions
contemplated hereby, and made its own decision to enter into this Agreement and to extend credit to the Borrowers hereunder. Each Lender
and each L/C Issuer also acknowledges that it will, independently and without reliance upon the Administrative Agent, any Arranger, any
other Lender or any of their Related Parties and based on such documents and information as it shall from time to time deem appropriate,
continue to make its own credit analysis, appraisals and decisions in taking or not taking action under or based upon this Agreement,
any other Loan Document or any related agreement or any document furnished hereunder or thereunder, and to make such investigations as
it deems necessary to inform itself as to the business, prospects, operations, property, financial and other condition and creditworthiness
of the Loan Parties. Each Lender and each L/C Issuer represents and warrants that (i) the Loan Documents set forth the terms of
a commercial lending facility and (ii) it is engaged in making, acquiring or holding commercial loans in the ordinary course and
is entering into this Agreement as a Lender or L/C Issuer for the purpose of making, acquiring or holding commercial loans and providing
other facilities set forth herein as may be applicable to such Lender or L/C Issuer, and not for the purpose of purchasing, acquiring
or holding any other type of financial instrument, and each Lender and each L/C Issuer agrees not to assert a claim in contravention
of the foregoing. Each Lender and each L/C Issuer represents and warrants that it is sophisticated with respect to decisions to make,
acquire and/or hold commercial loans and to provide other facilities set forth herein, as may be applicable to such Lender or such L/C
Issuer, and either it, or the Person exercising discretion in making its decision to make, acquire and/or hold such commercial loans
or to provide such other facilities, is experienced in making, acquiring or holding such commercial loans or providing such other facilities.

 

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9.08        No
Other Duties, Etc. Anything herein to the contrary notwithstanding, none of the Arrangers or
Syndication Agents shall have any powers, duties or responsibilities under this Agreement or any of the other Loan Documents, except
in its capacity, as applicable, as the Administrative Agent, a Lender or an L/C Issuer hereunder.

 

9.09        Administrative
Agent May File Proofs of Claim. In case of the pendency of any proceeding under any Debtor
Relief Law or any other judicial proceeding relative to any Loan Party, the Administrative Agent (irrespective of whether the principal
of any Loan or L/C Obligation shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether
the Administrative Agent shall have made any demand on any Borrower) shall be entitled and empowered, by intervention in such proceeding
or otherwise

 

(a)            to
file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans, L/C Obligations and
all other Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the
claims of the Lenders, the L/C Issuers and the Administrative Agent (including any claim for the reasonable compensation, expenses, disbursements
and advances of the Lenders, the L/C Issuers and the Administrative Agent and their respective agents and counsel and all other amounts
due the Lenders, the L/C Issuers and the Administrative Agent under Sections 2.03(h) and (i), 2.09 and 11.04)
allowed in such judicial proceeding; and

 

(b)            to
collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same in accordance with
Section 8.03;

 

and any custodian, receiver, assignee, trustee,
liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Lender and each L/C Issuer
to make such payments to the Administrative Agent and, in the event that the Administrative Agent shall consent to the making of such
payments directly to the Lenders and the L/C Issuers, to pay to the Administrative Agent any amount due for the reasonable compensation,
expenses, disbursements and advances of the Administrative Agent and its agents and counsel, and any other amounts due the Administrative
Agent under Sections 2.09 and 11.04, in each case, in accordance with Section 8.03.

 

Nothing contained herein shall
be deemed to authorize the Administrative Agent to authorize or consent to or accept or adopt on behalf of any Lender or any L/C Issuer
any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Lender or any L/C Issuer
to authorize the Administrative Agent to vote in respect of the claim of any Lender or any L/C Issuer in any such proceeding.

 

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9.10        Collateral
Matters. The Lenders and the L/C Issuers irrevocably authorize the Administrative Agent, at
its option and in its discretion, to release any Lien on any property granted to or held by the Administrative Agent under any Loan Document
(i) upon termination of the Aggregate Commitments and payment in full of all payment Obligations (other than contingent indemnification
obligations) and the expiration or termination of all Letters of Credit (other than Letters of Credit as to which other arrangements
satisfactory to the Administrative Agent and the applicable L/C Issuers shall have been made), (ii) that constitutes Permian Excluded
Inventory, (iii) that is sold or to be sold as part of or in connection with any sale not prohibited hereunder or under any other
Loan Document, or (iv) subject to Section 11.01, if approved, authorized or ratified in writing by the Required Lenders.
Upon request by the Administrative Agent at any time, the Required Lenders will confirm in writing the Administrative Agent’s authority
to release or subordinate its interest in particular types or items of property pursuant to this Section 9.10. In each case
as specified in this Section 9.10, the Administrative Agent will, at the Company’s expense, execute and deliver to
the Company such documents as the Company may reasonably request to evidence the release of such item of Collateral from the assignment
and security interest granted under the Collateral Documents or to subordinate its interest in such item, in each case in accordance
with the terms of the Loan Documents and this Section 9.10.

 

9.11        Certain
ERISA Matters.

 

(a)            Each
Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the
date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative
Agent and not, for the avoidance of doubt, to or for the benefit of the Borrowers or any other Loan Party, that at least one of the following
is and will be true:

 

(i)           such
Lender is not using “plan assets” (within the meaning of Section 3(42) of ERISA or otherwise) of one or more Benefit
Plans with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters
of Credit, the Commitments or this Agreement,

 

(ii)          the
transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined by independent
qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance company general accounts),
PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91-38 (a class exemption
for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption for certain transactions determined
by in-house asset managers), is applicable with respect to such Lender’s entrance into, participation in, administration of and
performance of the Loans, the Letters of Credit, the Commitments and this Agreement,

 

(iii)         (A) such
Lender is an investment fund managed by a “Qualified Professional Asset Manager” (within the meaning of Part VI of PTE
84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate
in, administer and perform the Loans, the Letters of Credit, the Commitments and this Agreement, (C) the entrance into, participation
in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement satisfies the requirements
of sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements
of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Lender’s entrance into, participation in,
administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement, or

 

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(iv)         such
other representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole discretion, and
such Lender.

 

(b)            In
addition, unless either (1) sub-clause (i) in the immediately preceding clause (a) is true with respect to
a Lender or (2) a Lender has provided another representation, warranty and covenant in accordance with sub-clause (iv) in the
immediately preceding clause (a), such Lender further (x) represents and warrants, as of the date such Person became
a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases
being a Lender party hereto, for the benefit of, the Administrative Agent and not, for the avoidance of doubt, to or for the benefit of
the Borrowers or any other Loan Party, that the Administrative Agent is not a fiduciary with respect to the assets of such Lender involved
in such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments
and this Agreement (including in connection with the reservation or exercise of any rights by the Administrative Agent under this Agreement,
any Loan Document or any documents related hereto or thereto).

 

9.12        Recovery
of Erroneous Payments. Without limitation
of any other provision in this Agreement, if at any time the Administrative Agent makes a payment hereunder in error to any Lender Recipient
Party, whether or not in respect of an Obligation due and owing by any Borrower at such time, where such payment is a Rescindable Amount,
then in any such event, each Lender Recipient Party receiving a Rescindable Amount severally agrees to repay to the Administrative Agent
forthwith on demand the Rescindable Amount received by such Lender Recipient Party in Same Day Funds in the currency so received, with
interest thereon, for each day from and including the date such Rescindable Amount is received by it to but excluding the date of payment
to the Administrative Agent, at the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance
with banking industry rules on interbank compensation. Each Lender Recipient Party irrevocably waives any and all defenses, including
any “discharge for value” (under which a creditor might otherwise claim a right to retain funds mistakenly paid by a third
party in respect of a debt owed by another) or similar defense to its obligation to return any Rescindable Amount. The Administrative
Agent shall inform each Lender Recipient Party promptly upon determining that any payment made to such Lender Recipient Party comprised,
in whole or in part, a Rescindable Amount.

 

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ARTICLE X.   CONTINUING
GUARANTY

 

10.01      PAA
Guaranty. PAA hereby absolutely and unconditionally guarantees, as a guaranty of payment and
not merely as a guaranty of collection, prompt payment when due, whether at stated maturity, by required prepayment, upon acceleration,
demand or otherwise, and at all times thereafter, of any and all of the payment Obligations, whether for principal, interest, premiums,
fees, indemnities, damages, costs, expenses or otherwise, of each Borrower to the Lender Parties, and whether arising hereunder or under
any other Loan Document (including all renewals, extensions, amendments, refinancings and other modifications thereof and all costs,
attorneys’ fees and expenses incurred by the Lender Parties in connection with the collection or enforcement thereof). The Administrative
Agent’s books and records showing the amount of the payment Obligations of each Borrower shall be admissible in evidence in any
action or proceeding, and shall be binding upon PAA, and conclusive absent manifest error for the purpose of establishing the amount
of the payment Obligations of each Borrower. This PAA Guaranty shall not be affected by the genuineness, validity, regularity or enforceability
of the Obligations of any Borrower or any instrument or agreement evidencing any Obligations of any Borrower, or by the existence, validity,
enforceability, perfection, non-perfection or extent of any collateral therefor, or by any fact or circumstance relating to the Obligations
which might otherwise constitute a defense to the obligations of PAA under this PAA Guaranty, and PAA hereby irrevocably waives any defenses
it may now have or hereafter acquire in any way relating to any or all of the foregoing.

 

10.02      Rights
of Lenders. PAA consents and agrees that the Lender Parties may, at any time and from time to
time, without notice or demand, and without affecting the enforceability or continuing effectiveness hereof, in each case, unless otherwise
set forth herein, including in respect of Section 11.01: (a) amend, extend, renew, compromise, discharge, accelerate
or otherwise change the time for payment or the terms of the Obligations of any Borrower or any part thereof; (b) take, hold, exchange,
enforce, waive, release, fail to perfect, sell, or otherwise dispose of any security for the payment of this PAA Guaranty or any Obligations
of any Borrower; (c) apply such security and direct the order or manner of sale thereof as the Administrative Agent, the L/C Issuers
and the Lenders in their sole discretion may determine; and (d) release or substitute one or more of any endorsers or other guarantors
of any of the Obligations of any Borrower. Without limiting the generality of the foregoing, PAA consents to the taking of, or failure
to take, any action by the Lender Parties which might in any manner or to any extent vary the risks of PAA under this PAA Guaranty or
which, but for this provision, might operate as a discharge of PAA.

 

10.03      Collateral
Matters. PAA waives (a) any defense arising by reason of any disability or other defense
of any Borrower or any other guarantor, or the cessation from any cause whatsoever (including any act or omission of any Lender Party)
of the liability of any Borrower (other than a defense of payment or performance); (b) any defense based on any claim that PAA’s
obligations exceed or are more burdensome than those of any Borrower; (c) the benefit of any statute of limitations affecting PAA’s
liability hereunder; (d) any right to proceed against any Borrower, proceed against or exhaust any security for the Obligations
of any Borrower, or pursue any other remedy in the power of any Lender Party whatsoever; (e) any benefit of and any right to participate
in any security now or hereafter held by any Lender Party; and (f) to the fullest extent permitted by law, any and all other defenses
or benefits that may be derived from or afforded by Applicable Law limiting the liability of or exonerating guarantors or sureties. PAA
expressly waives all setoffs and counterclaims and all presentments, demands for payment or performance, notices of nonpayment or nonperformance,
protests, notices of protest, notices of dishonor and all other notices or demands of any kind or nature whatsoever with respect to the
Obligations of any Borrower, and all notices of acceptance of this PAA Guaranty or of the existence, creation or incurrence of new or
additional Obligations of any Borrower.

 

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10.04      Obligations
Independent. The obligations of PAA hereunder are those of primary obligor, and not merely as
surety, and are independent of the Obligations of each Borrower and the obligations of any other guarantor, and a separate action may
be brought against PAA to enforce this PAA Guaranty whether or not any Borrower or any other person or entity is joined as a party.

 

10.05      Subrogation.
PAA shall not exercise any right of subrogation, contribution, indemnity, reimbursement or similar rights with respect to any payments
it makes under this PAA Guaranty until all of the Obligations of the Borrowers and any amounts payable under this PAA Guaranty have been
indefeasibly paid in full and the Commitments are terminated. If any amounts are paid to PAA in violation of the foregoing limitation,
then such amounts shall be held in trust for the benefit of the Lender Parties and shall forthwith be paid to the Lender Parties to reduce
the amount of the Obligations of the Borrowers, whether matured or unmatured.

 

10.06      Termination;
Reinstatement. This PAA Guaranty is a continuing and irrevocable guaranty of all payment Obligations
of each Borrower now or hereafter existing and shall remain in full force and effect until all payment Obligations of each Borrower are
indefeasibly paid in full in cash and the Commitments with respect to each Borrower are terminated. Notwithstanding the foregoing, this
PAA Guaranty shall continue in full force and effect or be revived, as the case may be, if any payment by or on behalf of any Borrower
or PAA is made, or any of the Lender Parties exercises its right of setoff, in respect of the payment Obligations of any Borrower and
such payment or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent or preferential,
set aside or required (including pursuant to any settlement entered into by any of the Lender Parties in their discretion) to be repaid
to a trustee, receiver or any other party, in connection with any proceeding under any Debtor Relief Laws or otherwise, all as if such
payment had not been made or such setoff had not occurred and whether or not the Lender Parties are in possession of or have released
this PAA Guaranty and regardless of any prior revocation, rescission, termination or reduction. The obligations of PAA under this paragraph
shall survive termination of this PAA Guaranty.

 

10.07      Subordination.
PAA agrees that, upon the occurrence and during the continuation of an Event of Default, the payment of all Indebtedness of any Borrower
owing to PAA, whether now existing or hereafter arising, including but not limited to any obligation of any Borrower to PAA as subrogee
of the Lender Parties or resulting from PAA’s performance under this PAA Guaranty, shall be subordinated to the indefeasible payment
in full in cash of all payment Obligations of the Borrowers. Upon the occurrence and during the continuation of an Event of Default,
any such obligation or indebtedness of any Borrower to PAA shall be enforced and performance received by PAA as trustee for the Lender
Parties and, upon the written request of the Required Lenders, the proceeds thereof shall be paid over to the Administrative Agent, for
the benefit of the Lender Parties, on account of the payment Obligations of the Borrowers, to be applied in accordance with Section 8.03,
but without reducing or affecting in any manner the liability of PAA under this PAA Guaranty.

 

10.08      Stay
of Acceleration. If acceleration of the time for payment of any of the Obligations of any Borrower
is stayed, in connection with any case commenced by or against PAA or any Borrower under any Debtor Relief Laws, or otherwise, all such
amounts shall nonetheless be payable by PAA upon demand by the Lender Parties.

 

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10.09      Condition
of Borrowers. PAA acknowledges and agrees that it has the sole responsibility for, and has adequate
means of, obtaining from each Borrower such information concerning the financial condition, business and operations of the Borrowers
and any such other guarantor as PAA requires, and that none of the Lender Parties has any duty, and PAA is not relying on the Lender
Parties at any time, to disclose to PAA any information relating to the business, operations or financial condition of any Borrower (PAA
waiving any duty on the part of the Lender Parties to disclose such information and any defense relating to the failure to provide the
same).

 

ARTICLE XI.   MISCELLANEOUS

 

11.01      Amendments,
Etc. Subject to Section 3.03, no amendment or waiver of any provision of this Agreement
or any other Loan Document, and no consent to any departure by any Borrower or any other Loan Party therefrom, shall be effective unless
in writing signed by the Required Lenders and each Borrower or the applicable Loan Party, as the case may be, and acknowledged by the
Administrative Agent, and each such waiver or consent shall be effective only in the specific instance and for the specific purpose for
which given; provided, however, that no such amendment, waiver or consent shall:

 

(a)            waive
any condition set forth in Section 4.01(a) without the written consent of each Lender;

 

(b)            extend
or increase the Commitment of any Lender (or reinstate any Commitment terminated pursuant to Section 8.02) without the written
consent of such Lender;

 

(c)            postpone
any date fixed by this Agreement or any other Loan Document for any payment (excluding mandatory prepayments) of principal, interest,
fees or other amounts due to the Lenders (or any of them) hereunder or under any other Loan Document without the written consent of each
Lender directly affected thereby;

 

(d)            reduce
the principal of, or the rate of interest specified herein on, any Loan or L/C Borrowing, or (subject to clause (iv) of the second
proviso to this Section 11.01) any fees or other amounts payable hereunder or under any other Loan Document without the written
consent of each Lender directly affected thereby; provided, however, that only the consent of the Required Lenders shall
be necessary (i) to amend the definition of “Default Rate” or to waive any obligation of any Borrower to pay interest
at the Default Rate, except with respect to interest on past-due principal of any Loan, which shall require the written consent of each
Lender, or (ii) to amend any financial covenant hereunder (or any defined term used therein) even if the effect of such amendment
would be to reduce the rate of interest on any Loan or L/C Borrowing or to reduce any fee payable hereunder;

 

(e)            modify
Section 2.13 or Section 8.03 or any other provision hereof in a manner that would have the effect of altering
the ratable reduction of Commitments or the pro rata sharing of payments otherwise required hereunder without the written consent of each
Lender directly affected thereby;

 

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(f)            change
any provision of this Section or the definition of “Required Lenders” or any other provision hereof specifying the number
or percentage of Lenders required to amend, waive or otherwise modify any rights hereunder or make any determination or grant any consent
hereunder, without the written consent of each Lender;

 

(g)            release
all or substantially all of the Collateral of any Borrower in any transaction or series of related transactions, or release any Borrower
from the negative pledge covenant set forth in Section 7.05, (i) without the written consent of each Lender or (ii) unless
(x) all Obligations of such Borrower have been paid in full, assumed by the other Borrower or Cash Collateralized (or any combination
thereof) and all Commitments in favor of such Borrower have been terminated and (y) the Administrative Agent and Lenders shall have
received a certificate from a Responsible Officer of the Company with respect to the representation and warranty set forth in Section 4.02(d))
as it pertains to the non-released Borrower’s Obligations and the non-released Borrower’s Collateral Value; or

 

(h)            release
all or substantially all of the value of the PAA Guaranty, without the written consent of each Lender;

 

and, provided further, that (i) no
amendment, waiver or consent shall, unless in writing and signed by the applicable L/C Issuer in addition to the Lenders required above,
affect the rights or duties of such L/C Issuer under this Agreement or any Issuer Document relating to any Letter of Credit issued or
to be issued by it; (ii) no amendment, waiver or consent shall, unless in writing and signed by the Swing Line Lender in addition
to the Lenders required above, affect the rights or duties of the Swing Line Lender under this Agreement; (iii) no amendment, waiver
or consent shall, unless in writing and signed by the Administrative Agent in addition to the Lenders required above, affect the rights
or duties of the Administrative Agent under this Agreement or any other Loan Document; and (iv) the Fee Letters may be amended,
or rights or privileges thereunder waived, in a writing executed only by the parties thereto. Notwithstanding anything to the contrary
herein, no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder (and any amendment,
waiver or consent which by its terms requires the consent of all Lenders or each affected Lender may be effected with the consent of
the applicable Lenders other than Defaulting Lenders), except that (x) the Commitment of any Defaulting Lender may not be increased
or extended or the maturity of any of its Loans may not be extended, the rate of interest on any of its Loans may not be reduced (other
than as set forth in the proviso to clause (d) above) and the principal amount of any of its Loans may not be forgiven, in each
case, without the consent of such Defaulting Lender and (y) any waiver, amendment, consent or modification requiring the consent
of all Lenders or each affected Lender that by its terms affects any Defaulting Lender more adversely relative to other affected Lenders
shall require the consent of such Defaulting Lender.

 

Notwithstanding any provision herein to the contrary,
if the Administrative Agent and the Company acting together identify any ambiguity, omission, mistake, typographical error or other defect
in any provision of this Agreement or any other Loan Document (including the schedules and exhibits thereto), then the Administrative
Agent and the Loan Parties shall be permitted to amend, modify or supplement such provision to cure such ambiguity, omission, mistake,
typographical error or other defect, and such amendment shall become effective without any further action or consent of any other party
to this Agreement.

 

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Notwithstanding anything to the contrary herein,
this Agreement may be amended and restated without the consent of any Lender (but with the consent of the Loan Parties and the Administrative
Agent) if, upon giving effect to such amendment and restatement, such Lender shall no longer be a party to this Agreement (as so amended
and restated), the Commitments of such Lender shall have terminated, such Lender shall have no other commitment or other obligation hereunder
and shall have been paid in full all principal, interest and other amounts owing to it or accrued for its account under this Agreement.

 

11.02      Notices;
Effectiveness; Electronic Communication.

 

(a)            Notices
Generally. Except in the case of notices and other communications expressly permitted to be given by telephone (and except as provided
in subsection (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 or electronic mail as follows, and all
notices and other communications expressly permitted hereunder to be given by telephone shall be made to the applicable telephone number,
as follows:

 

(i)            if
to any Borrower, PAA, the Administrative Agent, any L/C Issuer or the Swing Line Lender, to the address, facsimile number, electronic
mail address or telephone number specified for such Person on Schedule 11.02; and

 

(ii)           if
to any other Lender, to the address, facsimile number, electronic mail address or telephone number specified in its Administrative Questionnaire
(including, as appropriate, notices delivered solely to the Person designated by a Lender on its Administrative Questionnaire then in
effect for the delivery of notices that may contain material non-public information relating to the Company and its Affiliates), if such
questionnaire has been received by the Person sending such notice or communication, or if such questionnaire has not been received by
such sending Person, to such address as may be reasonably believed to be correct by such sending Person.

 

Notices and other communications sent by hand
or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received; notices and
other communications sent by facsimile shall be deemed to have been given when sent (except that, if not given during normal business
hours for the recipient, shall be deemed to have been given at the opening of business on the next Business Day for the recipient). Notices
and other communications delivered through electronic communications to the extent provided in subsection (b) below, shall be effective
as provided in such subsection (b). The Company and PMCULC hereby agree that any notice, demand, consent, acknowledgement, direction,
certification or other communication delivered to the Company in accordance with the terms of this Agreement shall constitute delivery
to, and shall be deemed to have been delivered to PMCULC.

 

(b)            Electronic
Communications. Notices and other communications to the Lenders and the L/C Issuers hereunder may be delivered or furnished by electronic
communication (including e-mail, FpML messaging, and Internet or intranet websites) pursuant to procedures approved by the Administrative
Agent, provided that the foregoing shall not apply to notices to any Lender or any L/C Issuer pursuant to Article II
if such Lender or such L/C Issuer, as applicable, has notified the Administrative Agent and the Company that it is incapable of receiving
notices under such Article by electronic communication. The Administrative Agent, the Swing Line Lender, any L/C Issuer or the Company,
may each, 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.

 

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Unless the Administrative
Agent otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be deemed received upon the sender’s
receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available,
return e-mail or other written acknowledgement), and (ii) notices or communications posted to an Internet or intranet website shall
be deemed received upon the deemed receipt by the intended recipient at its e-mail address as described in the foregoing clause (i) of
notification that such notice or communication is available and identifying the website address therefor; provided that, for both clauses
(i) and (ii), if such notice, email or other communication is not sent during the normal business hours of the recipient, such notice,
email or communication shall be deemed to have been sent at the opening of business on the next business day for the recipient.

 

(c)            The
Platform. THE PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE.” THE AGENT PARTIES (AS DEFINED BELOW)
DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE BORROWER MATERIALS OR THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY
FOR ERRORS IN OR OMISSIONS FROM THE BORROWER MATERIALS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY
WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER
CODE DEFECTS, IS MADE BY ANY AGENT PARTY IN CONNECTION WITH THE BORROWER MATERIALS OR THE PLATFORM. In no event shall the Administrative
Agent or any of its Related Parties (collectively, the “Agent Parties”) have any liability to any Borrower, PAA, any
Lender, any L/C Issuer or any other Person for losses, claims, damages, liabilities or expenses of any kind (whether in tort, contract
or otherwise) arising out of any Borrower’s or the Administrative Agent’s transmission of Borrower Materials or notices through
the Platform, any other electronic platform or electronic messaging service, or through the internet, except to the extent that such
losses, claims, damages, liabilities or expenses have resulted from such Agent Party’s gross negligence, willful misconduct or
material breach of any of its obligations under any Loan Document; provided, however, that in no event shall any party
hereto, Related Party of any party hereto or Agent Party have any liability to each other party hereto, its Related Parties, any Agent
Party or any other Person for indirect, special, incidental, consequential or punitive damages (as opposed to direct or actual damages).

 

(d)            Change
of Address, Etc. Each of the Borrowers, PAA, the Administrative Agent, any L/C Issuer and the Swing Line Lender may change its address,
telecopier or telephone number for notices and other communications hereunder by notice to the other parties hereto. Each other Lender
may change its address, facsimile or telephone number for notices and other communications hereunder by notice to the Company, the Administrative
Agent, each L/C Issuer and the Swing Line Lender. In addition, each Lender agrees to notify the Administrative Agent from time to time
to ensure that the Administrative Agent has on record (i) an effective address, contact name, telephone number, facsimile number
and electronic mail address to which notices and other communications may be sent and (ii) accurate wire instructions for such Lender.
Furthermore, each Public Lender agrees to cause at least one individual at or on behalf of such Public Lender to at all times have selected
the “Private Side Information” or similar designation on the content declaration screen of the Platform in order to enable
such Public Lender or its delegate, in accordance with such Public Lender’s compliance procedures and Applicable Law, including
United States Federal and state securities Laws, to make reference to Borrower Materials that are not made available through the “Public
Side Information” portion of the Platform and that may contain material non-public information with respect to the Company or its
Subsidiaries or their respective securities for purposes of United States Federal or state securities laws.

 

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(e)            Reliance
by Administrative Agent, L/C Issuers and Lenders. The Administrative Agent, the L/C Issuers and the Lenders shall be entitled to
rely and act upon any notices (including telephonic or electronic notices, Committed Loan Notices, Letter of Credit Applications and
Swing Line Loan Notices) purportedly given by or on behalf of any Borrower even if (i) such notices were not made in a manner specified
herein, were incomplete or were not preceded or followed by any other form of notice specified herein, or (ii) the terms thereof,
as understood by the recipient, varied from any confirmation thereof. The Company shall indemnify the Administrative Agent, each L/C
Issuer, each Lender and the Related Parties of each of them from all losses, costs, expenses and liabilities resulting from the reliance
by such Person on each notice purportedly given by or on behalf of any Borrower, to the extent provided in Section 11.04(b).
All telephonic notices to and other telephonic communications with the Administrative Agent may be recorded by any person a party hereto,
and each of the parties hereto hereby consents to such recording.

 

11.03  
     No Waiver; Cumulative Remedies; Enforcement; Nature of
Obligations. No failure by any Lender, any L/C Issuer or the Administrative Agent to
exercise, and no delay by any such Person in exercising, any right, remedy, power or privilege hereunder or under any other Loan
Document shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege
hereunder or under any other Loan Document preclude any other or further exercise thereof or the exercise of any other right,
remedy, power or privilege. The rights, remedies, powers and privileges herein provided, and provided under each other Loan
Document, are cumulative and not exclusive of any rights, remedies, powers and privileges provided by law.

 

Notwithstanding anything
to the contrary contained herein or in any other Loan Document, the authority to enforce rights and remedies hereunder and under the
other Loan Documents against the Loan Parties or any of them shall be vested exclusively in, and all actions and proceedings at law in
connection with such enforcement shall be instituted and maintained exclusively by, the Administrative Agent in accordance with Section 8.02
for the benefit of all the Lenders and the L/C Issuers; provided, however, that the foregoing shall not prohibit (a) the
Administrative Agent from exercising on its own behalf the rights and remedies that inure to its benefit (solely in its capacity as Administrative
Agent) hereunder and under the other Loan Documents, (b) any L/C Issuer or the Swing Line Lender from exercising the rights and
remedies that inure to its benefit (solely in its capacity as L/C Issuer or Swing Line Lender, as the case may be) hereunder and under
the other Loan Documents, (c) any Lender from exercising setoff rights in accordance with Section 11.08 (subject to
the terms of Section 2.13), or (d) any Lender from filing proofs of claim or appearing and filing pleadings on its own
behalf during the pendency of a proceeding relative to any Loan Party under any Debtor Relief Law; and provided, further,
that if at any time there is no Person acting as Administrative Agent hereunder and under the other Loan Documents, then (i) the
Required Lenders shall have the rights otherwise ascribed to the Administrative Agent pursuant to Section 8.02 and (ii) in
addition to the matters set forth in clauses (b), (c) and (d) of the preceding proviso and subject to Section 2.13,
any Lender may, with the consent of the Required Lenders, enforce any rights and remedies available to it and as authorized by the Required
Lenders.

 

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All Obligations which are
incurred by two or more Loan Parties shall be their joint and several obligations and liabilities of such Loan Parties; provided,
the Lender Parties acknowledge and agree that as of the Closing Date (i) Borrowings and requests for Credit Extensions made or to
be made hereunder by any requesting Borrower are to be made by such requesting Borrower severally and not jointly and severally by the
Borrowers, and (ii) Loans, L/C Obligations and Canadian BA’s of any Borrower are to be such Borrower’s several Obligations,
and not joint and several Obligations among all Borrowers.

 

11.04      Expenses; Indemnity; Damage Waiver.

 

(a)            Costs
and Expenses. The Company shall pay (i) all reasonable out-of-pocket expenses incurred by the Administrative Agent and its Affiliates
(including the reasonable fees, charges and disbursements of a single counsel for the Administrative Agent) (and if necessary one local
counsel in each applicable jurisdiction) but excluding the allocated cost of internal counsel) in connection with the syndication of
the credit facilities provided for herein, the preparation, negotiation, execution, delivery 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 out-of-pocket expenses incurred by the L/C Issuers in
connection with the issuance, amendment, reinstatement or renewal or extension of any Letter of Credit or any demand for payment thereunder
and (iii) all out-of-pocket expenses incurred by the Administrative Agent, any Lender or any L/C Issuer (including the fees, charges
and disbursements of any counsel for the Administrative Agent, any Lender or any L/C Issuer but excluding the allocated cost of internal
counsel), in connection with the enforcement or protection of its rights (A) in connection with this Agreement and the other Loan
Documents, including its rights under this Section, or (B) 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.

 

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(b)            Indemnification
by the Company. The Company shall indemnify the Administrative Agent (and any sub-agent thereof), each Lender and each L/C Issuer,
and each Related Party 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), and shall indemnify and hold harmless each Indemnitee from all fees and time charges and disbursements
for attorneys who may be employees of any Indemnitee, incurred by any Indemnitee or asserted against any Indemnitee by any Person (including
the Company or any other Loan Party) arising out of, in connection with, or as a result of (i) the execution or delivery of this
Agreement, any other Loan Document or any agreement or instrument contemplated hereby or thereby (including, without limitation, the
Indemnitee’s reliance on any Communication executed using an Electronic Signature, or in the form of an Electronic Record), the
performance by the parties hereto of their respective obligations hereunder or thereunder, the consummation of the transactions contemplated
hereby or thereby (including the enforcement or defense thereof), or, in the case of the Administrative Agent (and any sub-agent thereof)
and its Related Parties only, the administration of this Agreement and the other Loan Documents (including in respect of any matters
addressed in Section 3.01), (ii) any Loan or Letter of Credit or the use or proposed use of the proceeds therefrom (including
any refusal by any L/C Issuer 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, whether brought by a third party or by the Company
or any other Loan Party, and regardless of whether any Indemnitee is a party thereto, IN ALL CASES, WHETHER OR NOT CAUSED BY OR
ARISING, IN WHOLE OR IN PART, OUT OF THE COMPARATIVE, CONTRIBUTORY OR SOLE NEGLIGENCE OF THE INDEMNITEE; provided that such indemnity
shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses (x) are
determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence, or willful
misconduct of such Indemnitee or any of its officers, directors, employees, controlled Affiliates or controlling Persons, or a material
breach of any Loan Document by such Indemnitee or, (y) result from a claim brought by the Company or any other Loan Party against
an Indemnitee for a material breach of such Indemnitee’s obligations hereunder or under any other Loan Document, if the Company
or such Loan Party has obtained a final and nonappealable judgment in its favor on such claim as determined by a court of competent jurisdiction
or (z) result from a claim not involving an act or omission of the Company or any other Loan Party and that is brought by an Indemnitee
against another Indemnitee (other than against the arranger or the Administrative Agent in their capacities as such). Without limiting
the provisions of Section 3.01(c), this Section 11.04(b) shall not apply with respect to Taxes other than
any Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim. In addition, so long as no Default has occurred
and is continuing and the Company is financially solvent, such indemnity shall not, as to any Indemnitee, be available with respect to
any settlements effected without the Company’s prior written consent, such consent not to be unreasonably withheld, conditioned
or delayed; provided, the Company may not reasonably withhold consent to any settlement that an Indemnitee proposes, if the Company does
not have the financial ability to pay all its obligations outstanding and asserted against the Company at that time, including the maximum
potential claims against the Indemnitee to be indemnified pursuant to this Section 11.04; provided further, with respect to any
such settlement consented to by the Company (which shall not include any statement as to any admission of fault, culpability or a failure
to act by or on behalf of any Indemnitee), the Company shall indemnify such Indemnitee from and against any and all losses, claims, damages,
liabilities and related expenses by reason of such settlement in accordance with the other provisions of this Section 11.04.

 

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(c)            Reimbursement
by Lenders. To the extent that the Company for any reason fails to indefeasibly pay any amount required under subsection (a) or
(b) of this Section to be paid by it to the Administrative Agent (or any sub-agent thereof), any L/C Issuer, the Swing Line
Lender or any Related Party of any of the foregoing, without affecting the Company’s payment obligations with respect thereto,
each Lender severally agrees to pay to the Administrative Agent (or any such sub-agent), such L/C Issuer, the Swing Line Lender or such
Related Party, as the case may be, such Lender’s pro rata share (determined as of the time that the applicable unreimbursed expense
or indemnity payment is sought based on each Lender’s share of the Total Outstandings at such time) of such unpaid amount (including
any such unpaid amount in respect of a claim asserted by such Lender), such payment to be made severally among them based on such Lenders’
Applicable Percentage (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought), 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 (or any such sub-agent), such L/C Issuer or the Swing Line Lender in its capacity as such, or against
any Related Party of any of the foregoing acting for the Administrative Agent (or any such sub-agent), such L/C Issuer or the Swing Line
Lender in connection with such capacity. The obligations of the Lenders under this subsection (d) are subject to the provisions
of Section 2.12(d).

 

(d)            Waiver
of Consequential Damages, Etc. To the fullest extent permitted by Applicable Law, no party hereto or Related Party thereof shall
assert, and hereby waives, and acknowledges that no other Person shall have, any claim against any other party hereto or any Related
Party thereof (including any Indemnitee), on any theory of liability, for special, indirect, consequential or punitive damages (as opposed
to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any other Loan Document or any agreement
or instrument contemplated hereby, the transactions contemplated hereby or thereby, any Loan or Letter of Credit or the use of the proceeds
thereof; provided, the foregoing shall not limit Borrowers’ indemnity and reimbursement obligations set forth in Section 11.04(b) to
the extent any such special, indirect, consequential or punitive damages are included in any third party claim against any Indemnitee.
No Indemnitee referred to in subsection (b) above shall be liable for any damages arising from the use by unintended recipients
of any information or other materials distributed to such unintended recipients by such Indemnitee through telecommunications, electronic
or other information transmission systems in connection with this Agreement or the other Loan Documents or the transactions contemplated
hereby or thereby, other than as a result of such Indemnitee’s gross negligence, willful misconduct or material breach of its obligations
under any Loan Document as found in a final and nonappealable judgment by a court of competent jurisdiction.

 

(e)            Payments.
All amounts due under this Section shall be payable not later than ten Business Days after demand therefor.

 

(f)            Survival.
The agreements in this Section 11.04 and the indemnity provisions of Section 11.02(e) shall survive the
resignation of the Administrative Agent, any L/C Issuer and the Swing Line Lender, the replacement of any Lender or L/C Issuer, the termination
of the Aggregate Commitments and the repayment, satisfaction or discharge of all the other Obligations.

 

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11.05      Payments
Set Aside. To the extent that any payment by or on behalf of any Borrower is made to the Administrative
Agent, any L/C Issuer or any Lender, or the Administrative Agent, any L/C Issuer or any Lender exercises its right of setoff, and such
payment or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent or preferential, set
aside or required (including pursuant to any settlement entered into by the Administrative Agent, such L/C Issuer or such Lender in its
discretion) to be repaid to a trustee, receiver or any other party, in connection with any proceeding under any Debtor Relief Law or
otherwise, then (a) to the extent of such recovery, the obligation or part thereof originally intended to be satisfied shall be
revived and continued in full force and effect as if such payment had not been made or such setoff had not occurred, and (b) each
Lender and each L/C Issuer severally agrees to pay to the Administrative Agent upon demand its applicable share (without duplication)
of any amount so recovered from or repaid by the Administrative Agent, plus interest thereon from the date of such demand to the date
such payment is made at a rate per annum equal to the applicable Overnight Rate from time to time in effect, in the applicable currency
of such recovery or payment. The obligations of the Lenders and the L/C Issuers under clause (b) of the preceding sentence shall
survive the payment in full of the Obligations and the termination of this Agreement.

 

11.06      Successors
and Assigns.

 

(a)            Successors
and Assigns Generally. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and
their respective successors and assigns permitted hereby, except that no Borrower may assign or otherwise transfer any of its rights
or obligations hereunder (other than assignments by PMCULC to, and corresponding assumptions by, the Company) without the prior written
consent of the Administrative Agent and each Lender and no Lender may assign or otherwise transfer any of its rights or obligations hereunder
except (i) to an assignee in accordance with the provisions of subsection (b) of this Section, (ii) by way of participation
in accordance with the provisions of subsection (d) of this Section, or (iii) by way of pledge or assignment of a security
interest subject to the restrictions of subsection (f) of this Section (and any other attempted assignment or transfer by any
party hereto shall be null and void). 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, Participants to the extent provided in subsection
(d) of this Section and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent,
the L/C Issuers and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement.

 

(b)            Assignments
by Lenders. Any Lender may at any time assign to one or more Eligible Assignees all or a portion of its rights and obligations under
this Agreement and the other Loan Documents (including all or a portion of its Commitment and the Loans (including for purposes of this
subsection (b), participations in L/C Obligations and in Swing Line Loans, and Canadian BA’s) at the time owing to it); provided
that any such assignment shall be subject to the following conditions:

 

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(i)          
   Minimum Amounts.

 

(A)            in
the case of an assignment of the entire remaining amount of the assigning Lender’s Commitment and the Loans at the time owing to
it or in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund, no minimum amount need be assigned; and

 

(B)            in
any case not described in subsection (b)(i)(A) of this Section, the aggregate amount of the Commitment (which for this purpose includes
Loans outstanding thereunder) or, if the Commitment is not then in effect, the principal outstanding balance of the 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 or, if “Trade Date” is specified in the Assignment and Assumption, as of the Trade Date, shall
not be less than $5,000,000 unless each of the Administrative Agent and, so long as no Event of Default has occurred and is continuing,
the Company otherwise consents (each such consent not to be unreasonably withheld or delayed); provided, however, that
concurrent assignments to members of an Assignee Group and concurrent assignments from members of an Assignee Group to a single Eligible
Assignee (or to an Eligible Assignee and members of its Assignee Group) will be treated as a single assignment for purposes of determining
whether such minimum amount has been met.

 

(ii)            Proportionate
Amounts. 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 with respect to the Loans or the Commitment assigned, except that this
clause (ii) shall not apply to rights in respect of the Swing Line Lender’s rights and obligations in respect of Swing Line
Loans;

 

(iii)          Required
Consents. No consent shall be required for any such assignment except to the extent required by subsection (b)(i)(B) of
this Section and, in addition:

 

(A)            the
consent of the Company (such consent not to be unreasonably withheld or delayed) shall be required unless (1) an Event of Default
under Section 8.01(a), Section 8.01(f) or Section 8.01(g) has occurred and is continuing
at the time of such assignment or (2) such assignment is to a Lender, an Affiliate of a Lender or an Approved Fund; 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 ten (10) Business Days after having received notice thereof;

 

(B)            the
consent of the Administrative Agent (such consent not to be unreasonably withheld, delayed or conditioned) shall be required if such
assignment is to a Person that is not a Lender, an Affiliate of such Lender or an Approved Fund with respect to such Lender;

 

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(C)            the
consent of each L/C Issuer (such consent not to be unreasonably withheld or delayed) shall be required for any assignment so long as
any L/C Commitment or L/C Obligations remain outstanding; and

 

(D)            the
consent of the Swing Line Lender (such consent not to be unreasonably withheld or delayed) shall be required for any assignment.

 

(iv)           Assignment
and Assumption. The parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption,
together with a processing and recordation fee in the amount of $3,500; provided, however, that the Administrative Agent
may, in its sole discretion, elect to waive such processing and recordation fee in the case of any assignment. The assignee, if it is
not a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire.

 

(v)          
   No Assignment to Certain Persons. No such assignment shall be made (A) to
the Company or any of the Company’s Affiliates or Subsidiaries, or (B) to any Defaulting Lender or any of its
Subsidiaries, or any Person who, upon becoming a Lender hereunder, would constitute any of the foregoing Persons described in this
clause (B), or (C) to a natural Person (or a holding company, investment vehicle or trust for, or owned and operated for the
primary benefit of one or more natural Persons).

 

(vi)      
      No Assignment Resulting in Additional Indemnified Taxes. No
such assignment shall be made to any Person that, through its Lending Offices, is not capable of lending Canadian Dollars to each
Borrower without the imposition of any additional Indemnified Taxes.

 

(vii)           Certain
Additional Payments. In connection with any assignment of rights and obligations of any Defaulting Lender hereunder, no such assignment
shall be effective unless and until, in addition to the other conditions thereto set forth herein, the parties to the assignment shall
make such additional payments to the Administrative Agent in an aggregate amount sufficient, upon distribution thereof as appropriate
(which may be outright payment, purchases by the assignee of participations or subparticipations, or other compensating actions, including
funding, with the consent of the Company and the Administrative Agent, the applicable pro rata share of Loans previously requested but
not funded by the Defaulting Lender, to each of which the applicable assignee and assignor hereby irrevocably consent), to (x) pay
and satisfy in full all payment liabilities then owed by such Defaulting Lender to the Administrative Agent, any L/C Issuer or any Lender
hereunder (and interest accrued thereon) and (y) acquire (and fund as appropriate) its full pro rata share of all Committed Loans
and participations in Letters of Credit and Swing Line Loans in accordance with its Applicable Percentage. Notwithstanding the foregoing,
in the event that any assignment of rights and obligations of any Defaulting Lender hereunder shall become effective under Applicable
Law without compliance with the provisions of this paragraph, then the assignee of such interest shall be deemed to be a Defaulting Lender
for all purposes of this Agreement until such compliance occurs.

 

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Subject to acceptance and recording thereof by
the Administrative Agent pursuant to subsection (c) of this Section, from and after the effective date specified in each Assignment
and Assumption, the assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such Assignment
and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent
of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of
an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall
cease to be a party hereto) but shall continue to be entitled to the benefits of Sections 3.01, 3.04, 3.05, and
11.04 with respect to facts and circumstances occurring prior to the effective date of such assignment. provided that except to
the extent otherwise expressly agreed by the affected parties, no assignment by a Defaulting Lender will constitute a waiver or release
of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender. Upon request, each Borrower (at
its expense) shall execute and deliver a Note to the assignee Lender, and in connection therewith the assignor Lender shall (i) if
its entire Commitment was assigned, return its Note (if any) to the Company for cancellation (or submit to the Company an affidavit regarding
the loss thereof) or (ii) if only a portion of its Commitment was assigned, provide evidence that such assignor’s Note (if
any), has been marked to reflect such reduction. Any assignment or transfer by a Lender of rights or obligations under this Agreement
that does not comply with this subsection 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 subsection (d) of this Section.

 

(c)            Register.
The Administrative Agent, acting solely for this purpose as an agent of the Borrowers (and such agency being solely for Tax purposes),
shall maintain at the Administrative Agent’s Office a copy of each Assignment and Assumption delivered to it (or the equivalent
thereof in electronic form) and a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and
principal amounts (and stated interest) of the Loans and L/C Obligations owing to, each Lender pursuant to the terms hereof from time
to time (the “Register”). The entries in the Register shall be conclusive absent manifest error, and the Borrowers,
the Administrative Agent and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof
as a Lender hereunder for all purposes of this Agreement. The Register shall be available for inspection by any Borrower and any Lender,
at any reasonable time and from time to time upon reasonable prior notice.

 

(d)            Participations.
Any Lender may at any time, without the consent of, or notice to, any Borrower or the Administrative Agent, sell participations to any
Person (other than a natural Person, or a holding company, investment vehicle or trust for, or owned and operated for the primary benefit
of one or more natural Persons, a Defaulting Lender or the Company or any of the Company’s Affiliates or Subsidiaries) (each, a
 “Participant”) in all or a portion of such Lender’s rights and/or obligations under this Agreement (including
all or a portion of its Commitment and/or the Loans (including such Lender’s participations in L/C Obligations and/or Swing Line
Loans owing to it and Canadian BA’s)); provided that (i) such Lender’s obligations under this Agreement shall
remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations
and (iii) the Borrowers, the Administrative Agent, the Lenders and the L/C Issuers shall continue to deal solely and directly with
such Lender in connection with such Lender’s rights and obligations under this Agreement. For the avoidance of doubt, each Lender
shall be responsible for the indemnity under Section 11.04(c) without regard to the existence of any participation.

 

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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, waiver or other modification described
in the first proviso to Section 11.01 that affects such Participant. The Company agrees that each Participant shall be entitled
to the benefits of Sections 3.01, 3.04 and 3.05 (subject to the requirements and limitations therein and in Section 11.06)
and the obligations imposed by such Sections to the same extent as if it were a Lender and had acquired its interest by assignment pursuant
to clause (b) of this Section 11.06 (it being understood that the documentation required under Section 3.01(e) shall
be delivered to the Lender who sells the participation); provided that such Participant (A) agrees to be subject to the provisions
of Sections 3.06 and 11.13 as if it were an assignee under clause (b) of this Section 11.06 and (B) shall
not be entitled to receive any greater payment under Sections 3.01 or 3.04, with respect to any participation, than the
Lender from whom it acquired the applicable participation would have been entitled to receive. Each Lender that sells a participation
agrees, at the Company’s request and expense, to use reasonable efforts to cooperate with the Company to effectuate the provisions
of Section 3.06 with respect to any Participant. To the extent permitted by law, each Participant also shall be entitled
to the benefits of Section 11.08 as though it were a Lender; provided that such Participant agrees to be subject to Section 2.13
as though it were a Lender. Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent
of the Company, maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated
interest) of each Participant’s interest in the Loans or other obligations under the Loan Documents (the “Participant
Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including
the identity of any Participant or any information relating to a Participant’s interest in any commitments, loans, letters of credit
or its other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that
such commitment, loan, letter of credit or other obligation is in registered form under Section 5f.103-1(c) of the United States
Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat
each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement
notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent)
shall have no responsibility for maintaining a Participant Register.

 

(e)            Certain
Pledges. Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement
(including under its Note(s), if any) to secure obligations of such Lender, including any pledge or assignment to secure obligations
to a Federal Reserve Bank; provided that no such pledge or assignment shall release such Lender from any of its obligations hereunder
or substitute any such pledgee or assignee for such Lender as a party hereto.

 

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(f)            Resignation
as L/C Issuer or Swing Line Lender after Assignment. Notwithstanding anything to the contrary contained herein, if at any time any
L/C Issuer or the Swing Line Lender assigns all of its Commitment and Loans pursuant to clause (b) above, such L/C Issuer or the
Swing Line Lender, as applicable, may, (i) upon 30 days’ notice to the Administrative Agent, the Company and the Lenders,
resign as an L/C Issuer and/or (ii) upon 30 days’ notice to the Company, resign as Swing Line Lender. In the event of any
such resignation as an L/C Issuer or Swing Line Lender, the Company shall be entitled to appoint from among the Lenders a successor L/C
Issuer (subject to such successor’s acceptance) or Swing Line Lender (subject to such successor’s acceptance) hereunder;
provided, however, that no failure by the Company to appoint any such successor shall affect the resignation of the applicable L/C Issuer
or Swing Line Lender, as the case may be. If the applicable L/C Issuer resigns as an L/C Issuer, it shall retain all the rights, powers,
privileges and duties of an L/C Issuer hereunder with respect to all Letters of Credit issued by it and outstanding as of the effective
date of its resignation as an L/C Issuer and all L/C Obligations with respect thereto (including the right to require the Lenders to
make Base Rate Committed Loans or Canadian Prime Rate Committed Loans or fund risk participations in Unreimbursed Amounts pursuant to
Section 2.03(c)). If Bank of America resigns as Swing Line Lender, it shall retain all the rights of the Swing Line Lender
provided for hereunder with respect to Swing Line Loans made by it and outstanding as of the effective date of such resignation, including
the right to require the Lenders to make Base Rate Committed Loans or Canadian Prime Rate Committed Loans or fund risk participations
in outstanding Swing Line Loans pursuant to Section 2.04(c). Upon the appointment of a successor L/C Issuer and/or Swing
Line Lender, (a) such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the
retiring L/C Issuer or Swing Line Lender, as the case may be, and (b) the successor L/C Issuer shall issue letters of credit in
substitution for the Letters of Credit, if any, outstanding at the time of such succession or make other arrangements satisfactory to
the applicable retiring L/C Issuer to effectively assume the obligations of the applicable retiring L/C Issuer with respect to such Letters
of Credit.

 

(g)            Lost
Notes. Upon receipt of an affidavit reasonably satisfactory to the Company of an officer of any Lender as to the loss, theft, destruction
or mutilation of its Note which is not of public record, and, in the case of any such loss, theft, destruction or mutilation, upon cancellation
of such Note, the applicable Borrower will execute and deliver, in lieu thereof, a replacement Note in the principal amount of such Lender’s
then Commitment or if no Commitment is in effect, the outstanding principal amount owed to such Lender and otherwise of like tenor.

 

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11.07      Treatment
of Certain Information; Confidentiality. Each of the Administrative Agent, the Lenders and the
L/C Issuers agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (a) to
its Affiliates, its auditors and its Related Parties (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 required
or requested by any regulatory authority purporting to have jurisdiction over such Person or its Related Parties (including any self-regulatory
authority, such as the National Association of Insurance Commissioners), (c) to the extent required by applicable laws or regulations
or by any subpoena or similar legal process, (d) to any other party hereto, (e) in connection with the exercise of any remedies
hereunder or under any other Loan Document or any 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 11.07,
to (i) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights and obligations under
this Agreement or any Eligible Assignee invited to be a Lender pursuant to Section 2.15(c) or (ii) any actual or
prospective party (or its Related Parties) to any swap, derivative or other transaction under which payments are to be made by reference
to any of the Borrowers and its obligations, this Agreement or payments hereunder, (g) on a confidential basis to (i) any rating
agency in connection with rating the Company or its Subsidiaries or the credit facilities provided hereunder, (ii) the provider
of any Platform or other electronic delivery service used by the Administrative Agent, any L/C Issuer or the Swing Line Lender to deliver
Borrower Materials or notices to the Lenders or (iii) the CUSIP Service Bureau or any similar agency in connection with the application,
issuance, publishing and monitoring of CUSIP numbers or other market identifiers with respect to the credit facilities provided hereunder,
(h) with the consent of the Company or (i) to the extent such Information (x) becomes publicly available other than as
a result of a breach of this Section 11.07, (y) becomes available to the Administrative Agent, any Lender, any L/C Issuer
or any of their respective Affiliates on a nonconfidential basis from a source other than the Company or (z) is independently discovered
or developed by a party hereto without utilizing any Information received from the Company or violating the terms of this Section 11.07.
In addition, the Administrative Agent and the Lenders may disclose the existence of this Agreement and public information about this
Agreement to market data collectors, similar service providers to the lending industry and service providers to the Agents and the Lenders
in connection with the administration of this Agreement, the other Loan Documents, and the Commitments.

 

For purposes of this Section,
 “Information” means all information received from the Company, PAA or any Subsidiary relating to the Company, PAA or any
Subsidiary, or any Affiliate of any of them, or any of their respective businesses, other than any such information that is available
to the Administrative Agent, any Lender or any L/C Issuer on a nonconfidential basis prior to disclosure by the Company or any Subsidiary,
provided that, in the case of information received from the Company or any Subsidiary after the date hereof. 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.

 

Each of the Administrative
Agent, the Lenders and the L/C Issuers acknowledges that (a) the Information may include material non-public information concerning
the Company or a Subsidiary, as the case may be, (b) it has developed compliance procedures regarding the use of material non-public
information and (c) it will handle such material non-public information in accordance with Applicable Law, including United States
Federal and state securities Laws.

 

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11.08       Right
of Setoff. At any time and from time to time during the continuance of any Event of Default,
each Lender and each L/C Issuer and each of their respective Affiliates is hereby authorized at any time and from time to time, to the
fullest extent permitted by Applicable Law, to set off and apply against the Obligations, any and all deposits (general or special, time
or demand, provisional or final, in whatever currency) at any time held and other obligations (in whatever currency) at any time owing
by such Lender, such L/C Issuer or any such Affiliate to or for the credit or the account of the Company or any other Loan Party against
any and all of the obligations of the Company or such Loan Party now or hereafter existing under this Agreement or any other Loan Document
to such Lender or such L/C Issuer or their respective Affiliates, irrespective of whether or not such Lender, L/C Issuer or Affiliate
shall have made any demand under this Agreement or any other Loan Document and although such obligations of the Company or such Loan
Party may be contingent or unmatured or are owed to a branch, office or Affiliate of such Lender or such L/C Issuer different from the
branch, office or Affiliate holding such deposit or obligated on such indebtedness; provided, that in the event that any Defaulting Lender
shall exercise any such right of setoff, (x) all amounts so set off shall be paid over immediately to the Administrative Agent for
further application in accordance with the provisions of Section 2.17 and, pending such payment, shall be segregated by such
Defaulting Lender from its other funds and deemed held in trust for the benefit of the Administrative Agent, the L/C Issuers and the
Lenders, and (y) the Defaulting Lender shall provide promptly to the Administrative Agent a statement describing in reasonable detail
the Obligations owing to such Defaulting Lender as to which it exercised such right of setoff. The rights of each Lender, each L/C Issuer
and their respective Affiliates under this Section are in addition to other rights and remedies (including other rights of setoff)
that such Lender, such L/C Issuer or their respective Affiliates may have. Each Lender and each L/C Issuer agrees to notify the Company
and the Administrative Agent promptly after any such setoff and application, provided that the failure to give such notice shall not
affect the validity of such setoff and application.

 

11.09       Interest
Rate Limitation. Notwithstanding anything to the contrary contained in any Loan Document, the
interest paid or agreed to be paid under the Loan Documents shall not exceed the maximum rate of non-usurious interest permitted by Applicable
Law (the “Maximum Rate”). If the Administrative Agent or any Lender shall receive interest in an amount that exceeds
the Maximum Rate, the excess interest shall be applied to the principal of the Loans or, if it exceeds such unpaid principal, refunded
to the appropriate Borrower. In determining whether the interest contracted for, charged, or received by the Administrative Agent or
a Lender exceeds the Maximum Rate, such Person may, to the extent permitted by Applicable Law, (a) characterize any payment that
is not principal as an expense, fee, or premium rather than interest, (b) exclude voluntary prepayments and the effects thereof,
and (c) amortize, prorate, allocate, and spread in equal or unequal parts the total amount of interest throughout the contemplated
term of the Obligations hereunder. In no event shall the aggregate “interest” (as defined in section 347 of the Criminal
Code (Canada)) payable by PMCULC under the Loan Documents exceed the maximum effective annual rate of interest on the “credit advanced”
(as defined in that section) permitted under that section and, if any payment, collection or demand pursuant to this Agreement in respect
of “interest” (as defined in that section) is determined to be contrary to the provisions of that section, such payment,
collection or demand shall be deemed to have been made by mutual mistake of PMCULC, Administrative Agent and Lenders and the amount of
such excess payment or collection shall be refunded to PMCULC. For purposes of any Notes made by PMCULC, the effective annual rate of
interest shall be determined in accordance with generally accepted actuarial practices and principles over the term applicable thereto
on the basis of annual compounding of the lawfully permitted rate of interest and, in the event of dispute, a certificate of a Fellow
of the Canadian Institute of Actuaries appointed by Administrative Agent shall be prima facie evidence, for the purposes of such
determination.

 

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11.10      Counterparts;
Integration; Effectiveness. This Agreement, the other Loan Documents, and any separate letter
agreements with respect to fees payable to the Administrative Agent or any L/C Issuer, 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 that, when taken together,
bear the signatures of each of the other parties hereto, and thereafter shall be binding upon and inure to the benefit of the parties
hereto and their respective successors and permitted assigns.

 

11.11      Survival
of Representations and Warranties. All representations and warranties made hereunder and in
any other Loan Document or other document delivered pursuant hereto or thereto or in connection herewith or therewith shall survive the
execution and delivery hereof and thereof. Such representations and warranties have been or will be relied upon by the Administrative
Agent and each Lender, regardless of any investigation made by the Administrative Agent or any Lender or on their behalf and notwithstanding
that the Administrative Agent or any Lender may have had notice or knowledge of any Default at the time of any Credit Extension, and
shall continue in full force and effect as long as any Loan or any other Obligation hereunder shall remain unpaid or unsatisfied or any
Letter of Credit shall remain outstanding.

 

11.12      Severability.
If any provision of this Agreement or the other Loan Documents is held to be illegal, invalid or unenforceable, (a) the legality,
validity and enforceability of the remaining provisions of this Agreement and the other Loan Documents shall not be affected or impaired
thereby and (b) the parties shall endeavor in good faith negotiations to replace the illegal, invalid or unenforceable provisions
with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable provisions.
The invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.
Without limiting the foregoing provisions of this Section 11.12, if and to the extent that the enforceability of any provisions
in this Agreement relating to Defaulting Lenders shall be limited by Debtor Relief Laws, as determined in good faith by the Administrative
Agent, any L/C Issuer or the Swing Line Lender, as applicable, then such provisions shall be deemed to be in effect only to the extent
not so limited.

 

11.13      Replacement
of Lenders. If the Company is entitled to replace a Lender pursuant to the provisions of Section 3.06,
or if any Lender is a Defaulting Lender or a Non-Consenting Lender or if any other circumstance exists hereunder that gives the Company
the right to replace a Lender as a party hereto, 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
contained in, and consents required by, Section 11.06), all of its interests, rights (other than its existing rights to payments
pursuant to Sections 3.01 and 3.04) and obligations under this Agreement and the related Loan Documents to an Eligible
Assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment), provided that:

 

(a)            unless
paid by the assignee or waived by the Administrative Agent in its sole discretion, the Company shall have paid (or caused PMCULC to pay)
to the Administrative Agent the assignment fee specified in Section 11.06(b);

 

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(b)           such
Lender shall have received payment of an amount equal to 100% of the outstanding principal of its Loans and L/C Advances, accrued interest
thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents (including any amounts under Section 3.05
and subject to Section 2.17) from the assignee (to the extent of such outstanding principal and accrued interest and
fees) or the applicable Borrower (in the case of all other amounts);

 

(c)            in
the case of any such assignment resulting from a claim for compensation under Section 3.04 or payments required to be made
pursuant to Section 3.01, such assignment will result in a reduction in such compensation or payments thereafter; and

 

(d)           such
assignment does not conflict with Applicable Laws; and

 

(e)            in
the case of an assignment resulting from a Lender becoming a Non-Consenting Lender, the applicable assignee shall have consented to the
applicable amendment, waiver or consent.

 

Each party hereto agrees
that (a) an assignment required pursuant to this Section 11.13 may be effected pursuant to an Assignment and Assumption executed
by the Company, the Administrative Agent and the assignee and (b) the Lender required to make such assignment need not be a party
thereto in order for such assignment to be effective and shall be deemed to have consented to an be bound by the terms thereof; provided
that, following the effectiveness of any such assignment, the other parties to such assignment agree to execute and deliver such documents
necessary to evidence such assignment as reasonably requested by the applicable Lender, provided, further that any such documents shall
be without recourse to or warranty by the parties thereto.

 

Notwithstanding anything
in this Section 11.13 to the contrary, (i) any Lender that acts as an L/C Issuer may not be replaced hereunder at any
time it has any Letter of Credit outstanding hereunder unless arrangements satisfactory to such Lender (including the furnishing of a
backstop standby letter of credit in form and substance, and issued by an issuer, reasonably satisfactory to such L/C Issuer or the depositing
of cash collateral into a cash collateral account in amounts and pursuant to arrangements reasonably satisfactory to such L/C Issuer)
have been made with respect to such outstanding Letter of Credit and (ii) the Lender that acts as the Administrative Agent may not
be replaced hereunder except in accordance with the terms of Section 9.06.

 

11.14      Governing
Law; Jurisdiction; Etc.

 

(a)            GOVERNING
LAW. THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS AND ANY CLAIMS, CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER IN CONTRACT OR
TORT OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT (EXCEPT, AS TO ANY OTHER LOAN
DOCUMENT, AS EXPRESSLY SET FORTH THEREIN) AND THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

 

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(b)            SUBMISSION
TO JURISDICTION. EACH PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY agrees that with respect to any action, litigation or proceeding
of any kind or description, whether in law or equity, whether in contract or in tort or otherwise, against the Administrative Agent,
any Lender, any L/C Issuer, any Loan Party or any Related Party of the foregoing in any way relating to this Agreement or any other Loan
Document or the transactions related hereto or thereto, SUCH PARTY SUBMITS ITSELF TO THE NON-EXCLUSIVE JURISDICTION OF THE COURTS 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, AND IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION, LITIGATION
OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN
SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION, LITIGATION 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 IN ANY OTHER LOAN DOCUMENT SHALL AFFECT ANY RIGHT THAT THE ADMINISTRATIVE AGENT, ANY LENDER, ANY L/C ISSUER OR ANY LOAN PARTY MAY OTHERWISE
HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AGAINST ANY OTHER PARTY HERETO OR ITS PROPERTIES
IN THE COURTS OF ANY JURISDICTION.

 

(c)            WAIVER
OF VENUE. EACH PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION
THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY 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 APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR
PROCEEDING IN ANY SUCH COURT.

 

(d)            SERVICE
OF PROCESS. EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN SECTION 11.02.
NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW.

 

11.15       Waiver
of Jury Trial. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED
BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING
TO THIS AGREEMENT OR 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 PERSON HAS REPRESENTED, EXPRESSLY
OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES
THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS,
THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

 

    132

     

    

 

11.16       No
Advisory or Fiduciary Responsibility. In connection with all aspects of each transaction contemplated
hereby (including in connection with any amendment, waiver or other modification hereof or of any other Loan Document), each Borrower
and PAA acknowledges and agrees, and acknowledges its Affiliates’ understanding, that: (a) (i) the arranging and other
services regarding this Agreement provided by the Administrative Agent, the Arrangers, the Syndication Agent and the Lenders are arm’s-length
commercial transactions between the Borrowers, PAA and their respective Affiliates, on the one hand, and the Administrative Agent, the
Arrangers, the Syndication Agent and the Lenders, on the other hand, (ii) each of the Borrowers and PAA has consulted its own legal,
accounting, regulatory and tax advisors to the extent it has deemed appropriate, and (iii) each of the Borrowers and PAA is capable
of evaluating, and understands and accepts, the terms, risks and conditions of the transactions contemplated hereby and by the other
Loan Documents; (b) (i) the Administrative Agent, the Syndication Agent and the Arrangers each is and has been acting solely
as a principal and, except as expressly agreed in writing by the relevant parties, has not been, is not, and will not be acting as an
advisor, agent or fiduciary for any Borrower, PAA or any of their respective Affiliates, or any other Person and (ii) none of the
Administrative Agent, any Arranger, the Syndication Agent nor any Lender has any obligation to any Borrower or any of its Affiliates
with respect to the transactions contemplated hereby except those obligations expressly set forth herein and in the other Loan Documents;
and (c) the Administrative Agent, the Arrangers, the Syndication Agent, the Lenders and their respective Affiliates may be engaged
in a broad range of transactions that involve interests that differ from those of the Borrowers, PAA and their respective Affiliates,
and none of the Administrative Agent, any Arranger, the Syndication Agent nor any Lender has any obligation to disclose any of such interests
to any Borrower, PAA or any of their respective Affiliates. To the fullest extent permitted by law, each of the Borrowers and PAA hereby
waives and releases any claims that it may have against the Administrative Agent, the Syndication Agent and the Arrangers with respect
to any breach or alleged breach of agency or fiduciary duty in connection with any aspect of any transaction contemplated hereby.

 

11.17       No
Recourse to Other Persons. No past, present or future director, officer, partner, employee,
incorporator, manager, stockholder, unitholder or member of any Borrower, General Partner, PAA, PAA GP LLC, a Delaware limited liability
company, Plains AAP, L.P., a Delaware limited partnership, or Plains All American GP LLC, a Delaware limited liability company, as such,
and no past, present or future director, officer, partner, employee, incorporator, manager, stockholder, unitholder or member of any
Subsidiary of the Company, as such, shall have any liability for any Obligations or for any claim based on, in respect of, or by reason
of, the Obligations or their creation. Each party hereto, for itself and each of its Related Parties, waives and releases all such liability.
The waiver and release are part of the consideration for the incurrence of Indebtedness by each Borrower hereunder and, as applicable,
the making of the Notes.

 

    133

     

    

 

11.18       Electronic
Execution; Electronic Records. This Agreement, any Loan Document and any other Communication,
including Communications required to be in writing, may be in the form of an Electronic Record and may be executed using Electronic Signatures.
Each of the Loan Parties and each Lender Party agrees that any Electronic Signature on or associated with any Communication shall be
valid and binding on such Person to the same extent as a manual, original signature, and that any Communication entered into by Electronic
Signature, will constitute the legal, valid and binding obligation of such Person enforceable against such Person in accordance with
the terms thereof to the same extent as if a manually executed original signature was delivered.Any Communication may be executed in
as many counterparts as necessary or convenient, including both paper and electronic counterparts, but all such counterparts are one
and the same Communication. For the avoidance of doubt, the authorization under this paragraph may include, without limitation, use or
acceptance of a manually signed paper Communication which has been converted into electronic form (such as scanned into PDF format),
or an electronically signed Communication converted into another format, for transmission, delivery and/or retention. The Administrative
Agent and each of the Lender Parties may, at its option, create one or more copies of any Communication in the form of an imaged Electronic
Record (“Electronic Copy”), which shall be deemed created in the ordinary course of such Person’s business, and destroy
the original paper document. All Communications in the form of an Electronic Record, including an Electronic Copy, shall be considered
an original for all purposes, and shall have the same legal effect, validity and enforceability as a paper record. Notwithstanding anything
contained herein to the contrary, none of the Administrative Agent, any L/C Issuer nor Swing Line Lender is under any obligation to accept
an Electronic Signature in any form or in any format unless expressly agreed to by such Person pursuant to procedures approved by it;
provided, further, without limiting the foregoing, (a) to the extent the Administrative Agent, such L/C Issuer and/or Swing Line
Lender has agreed to accept such Electronic Signature, the Administrative Agent and each of the Lender Parties shall be entitled to rely
on any such Electronic Signature purportedly given by or on behalf of any Loan Party and/or any Lender Party without further verification
and regardless of the appearance or form of such Electronic Signature, and (b) upon the request of the Administrative Agent or any
Lender Party, any Communication executed using an Electronic Signature shall be promptly followed by a manually executed counterpart.

 

None of the Administrative
Agent, any L/C Issuer nor the Swing Line Lender shall be responsible for or have any duty to ascertain or inquire into the sufficiency,
validity, enforceability, effectiveness or genuineness of any Loan Document or any other agreement, instrument or document (including,
for the avoidance of doubt, in connection with the Administrative Agent’s, any L/C Issuer’s or Swing Line Lender’s
reliance on any Electronic Signature transmitted by telecopy, emailed .pdf or any other electronic means). The Administrative Agent,
each L/C Issuer and Swing Line Lender shall be entitled to rely on, and shall incur no liability under or in respect of this Agreement
or any other Loan Document by acting upon, any Communication or any statement made to it orally or by telephone and believed by it to
be genuine and signed or sent or otherwise authenticated (whether or not such Person in fact meets the requirements set forth in the
Loan Documents for being the maker thereof).

 

Each of the Loan Parties
and each Lender Party hereby waives (i) any argument, defense or right to contest the legal effect, validity or enforceability of
this Agreement, any other Loan Document based solely on the lack of paper original copies of this Agreement, such other Loan Document,
and (ii) any claim against the Administrative Agent, each Lender Party and each Related Party for any liabilities arising solely
from the Administrative Agent’s and/or any Lender Party’s reliance on or use of Electronic Signatures, including any liabilities
arising as a result of the failure of the Loan Parties to use any available security measures in connection with the execution, delivery
or transmission of any Electronic Signature.

 

    134

     

    

 

 

Each of the parties represents
and warrants to the other parties that it has the corporate capacity and authority to execute this Agreement and any other Communication
through electronic means and there are no restrictions on doing so in that party’s constitutive documents.

 

11.19      USA
PATRIOT Act. Each Lender that is subject to the Act (as hereinafter defined) and the Administrative
Agent (for itself and not on behalf of any Lender) hereby notifies the Borrowers that pursuant to the requirements of the USA PATRIOT
Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Act”), it is required to obtain, verify
and record information that identifies the Borrowers, which information includes the name and address of each Borrower and other information
that will allow such Lender or the Administrative Agent, as applicable, to identify the Borrowers in accordance with the Act. Each Borrower
shall, promptly following a request by the Administrative Agent or any Lender, provide all information that the Administrative Agent
or such Lender requests to comply with its ongoing obligations under applicable “know your customer” and anti-money laundering
rules and regulations, including the Act.

 

11.20      Time
of the Essence. Time is of the essence of the Loan Documents.

 

11.21      Judgment
Currency. If, for the purposes of obtaining judgment in any court, it is necessary to convert
a sum due hereunder or any other Loan Document in one currency into another currency, the rate of exchange used shall be that at which
in accordance with normal banking procedures the Administrative Agent could purchase the first currency with such other currency on the
Business Day preceding that on which final judgment is given. The obligation of each Borrower in respect of any such sum due from it
to the Administrative Agent or any Lender hereunder or under the other Loan Documents shall, notwithstanding any judgment in a currency
(the “Judgment Currency”) other than that in which such sum is denominated in accordance with the applicable provisions
of this Agreement (the “Agreement Currency”), be discharged only to the extent that on the Business Day following
receipt by the Administrative Agent or such Lender, as the case may be, of any sum adjudged to be so due in the Judgment Currency, the
Administrative Agent or such Lender, as the case may be, may in accordance with normal banking procedures purchase the Agreement Currency
with the Judgment Currency. If the amount of the Agreement Currency so purchased is less than the sum originally due to the Administrative
Agent or any Lender from any Borrower in the Agreement Currency, such Borrower agrees, as a separate obligation and notwithstanding any
such judgment, to indemnify the Administrative Agent or such Lender, as the case may be, against such loss. If the amount of the Agreement
Currency so purchased is greater than the sum originally due to the Administrative Agent or any Lender in such currency, the Administrative
Agent or such Lender, as the case may be, agrees to return the amount of any excess to such Borrower (or to any other Person who may
be entitled thereto under Applicable Law).

 

    135

     

    

 

11.22      ENTIRE
AGREEMENT. THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT AMONG THE
PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE
NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES.

 

11.23      Restated
Agreement. In connection with the amendment and restatement of the Existing Credit Agreement
pursuant hereto, the Company, Administrative Agent and applicable Lenders made, as of the Closing Date, adjustments to the outstanding
principal amount of “Loans” under the Existing Credit Agreement (as such term is defined therein) (but not any interest accrued
thereon prior to the Closing Date), including the borrowing of additional Loans hereunder and the repayment of loans thereunder plus
all applicable accrued interest, fees and expenses as was necessary to provide for Loans hereunder by each such Lender in the amount
of its Applicable Percentage of all Loans as of the Closing Date, but no such adjustment of any “Eurocurrency Rate Loans”
(as such term is defined therein) (i) constituted a payment or prepayment of all or a portion of any such Eurocurrency Rate Loans
or (ii) entitled any Lender to any reimbursement under Section 3.05 hereof, and each such Lender was deemed to have
made an assignment of its outstanding Loans under the Existing Credit Agreement, and assumed outstanding Loans of other Lenders under
the Existing Credit Agreement as were necessary to effect the foregoing. The Company states and acknowledges that this Agreement is entered
into by it in amendment and restatement of the Existing Credit Agreement. The Company further states, acknowledges and agrees that the
preceding sentence does not and shall not alter or otherwise modify in any regard, directly or indirectly, expressly or impliedly or
otherwise, the terms, provisions and conditions expressly set forth in, and contemplated by, this Agreement, or the transactions contemplated
hereby, which in each case shall be governed solely by the terms, provisions and conditions of this Agreement and the other Loan Documents
without regard to this Section 11.23.

 

11.24      Acknowledgement
and Consent to Bail-In of Affected Financial Institutions.
Solely to the extent any Lender or L/C Issuer that is an Affected Financial Institution is a party to this Agreement and notwithstanding
anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party
hereto acknowledges that any liability of any Lender or L/C Issuer that is an Affected Financial Institution arising under any Loan Document,
to the extent such liability is unsecured, may be subject to the write-down and conversion powers of the applicable Resolution Authority
and agrees and consents to, and acknowledges and agrees to be bound by:

 

(a)            the
application of any Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities arising hereunder
which may be payable to it by any Lender or L/C Issuer that is an Affected Financial Institution; and

 

(b)            the
effects of any Bail-In Action on any such liability, including, if applicable:

 

(i)            a
reduction in full or in part or cancellation of any such liability;

 

    136

     

    

 

(ii)            a
conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected Financial Institution,
its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other
instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any
other Loan Document; or

 

(iii)           the
variation of the terms of such liability in connection with the exercise of the write-down and conversion powers of the applicable Resolution
Authority.

 

11.25      Acknowledgement
Regarding Any Supported QFCs.

 

(a)            To
the extent that the Loan Documents provide support, through a guarantee or otherwise, for any Swap Contract or any other agreement or
instrument that is a QFC (such support, “QFC Credit Support”, and each such QFC, a “Supported QFC”),
the parties acknowledge and agree as follows with respect to the resolution power of the Federal Deposit Insurance Corporation under
the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations
promulgated thereunder, the “U.S. Special Resolution Regimes”) in respect of such Supported QFC and QFC Credit Support
(with the provisions below applicable notwithstanding that the Loan Documents and any Supported QFC may in fact be stated to be governed
by the laws of the State of New York and/or of the United States or any other state of the United States):

 

(b)            In
the event a Covered Entity that is party to a Supported QFC (each, a “Covered Party”) becomes subject to a proceeding
under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest
and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or
such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S.
Special Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in property)
were governed by the laws of the United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of
a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under the Loan Documents that
might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted
to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported
QFC and the Loan Documents were governed by the laws of the United States or a state of the United States. Without limitation of the
foregoing, it is understood and agreed that rights and remedies of the parties with respect to a Defaulting Lender shall in no event
affect the rights of any Covered Party with respect to a Supported QFC or any QFC Credit Support.

 

(c)            As
used in this Section 11.25, the following terms have the following meanings:

 

“BHC Act Affiliate”
of a party means an “affiliate” (as such term is defined under, and interpreted in accordance with, 12 U.S.C. 1841(k)) of
such party.

 

“Covered Entity”
means any of the following: (i) a “covered entity” as that term is defined in, and interpreted in accordance with, 12
C.F.R. § 252.82(b); (ii) a “covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R.
 § 47.3(b); or (iii) a “covered FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R. §
382.2(b).

 

    137

     

    

 

“Default Right”
has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1,
as applicable.

 

“QFC”
has the meaning assigned to the term “qualified financial contract” in, and shall be interpreted in accordance with, 12 U.S.C.
5390(c)(8)(D).

 

    138

     

    

 

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

 

	 	PLAINS
MARKETING, L.P.,
	 	as a Borrower
	 	 
	 	By:	PLAINS GP LLC,
	 	 	its general partner
	 	 

	 	By:	/s/ Sharon S. Spurlin

	 	 	Sharon
    S. Spurlin
	 	 	Senior
    Vice President and Treasurer

 

	 	PLAINS MIDSTREAM CANADA ULC,
	 	as a Borrower
	 	 

	 	By:	/s/ Sharon S. Spurlin

	 	 	Sharon
    S. Spurlin
	 	 	Senior
    Vice President and Treasurer

 

	 	PLAINS ALL AMERICAN PIPELINE, L.P.
	 	 
	 	By:	PAA GP LLC, its general partner
	 	 
	 	By:	PLAINS AAP, L.P., its sole member
	 	 
	 	By:	PLAINS ALL AMERICAN GP LLC, its general partner
	 	 	
	 	 

	 	By:	/s/ Sharon S. Spurlin

	 	 	Sharon
    S. Spurlin
	 	 	Senior
    Vice President and Treasurer

 

Plains Marketing Hedged Inventory Facility

 

    S-1

     

    

 

	 	bank of america, n.a.,
	 	   as Administrative Agent
	 	 

	 	By:	/s/ Anthea Del Bianco

	 	Name:	Anthea Del Bianco

	 	Title:	Vice President

 

Plains Marketing Hedged Inventory Facility

 

    S-2

     

    

 

	 	bank of america, n.a.,
	 	  as a Lender, an L/C Issuer and Swing Line Lender
	 	 

	 	By:	/s/
                           Robert Phillips

	 	Name:	Robert
        Phillips

	 	Title:	Director

 

Plains Marketing Hedged Inventory Facility

 

    S-3

     

    

 

	 	CITIBANK,
n.A., as a Lender and an L/C Issuer
	 	 

	 	By:	/s/ Maureen P. Maroney

	 	Name:	Maureen P. Maroney

	 	Title:	Vice President

 

Plains Marketing Hedged Inventory Facility

 

    S-4

     

    

 

	 	JPMORGAN CHASE BANK,
  N.A.,
	 	as a Lender and an L/C Issuer
	 	 

	 	By:	/s/
                           Stephanie Balette

	 	Name:	Stephanie
        Balette

	 	Title:	Authorized
        Officer

 

Plains Marketing Hedged Inventory Facility

 

    S-5

     

    

 

	 	wells fargo bank, national association, as a Lender and
  an L/C Issuer
	 	

 

	 	By:	/s/ Nathan Starr

	 	Name:	Nathan Starr

	 	Title:	Director

 

Plains Marketing Hedged Inventory Facility

 

    S-6

     

    

 

	 	BANCO BILBAO VIZCAYA ARGENTARIA, S.A. NEW
  YORK BRANCH, as a Lender
	 	

 

	 	By:	/s/ Cara Younger

	 	Name:	Cara Younger

	 	Title:	Executive Director

 

	 	By:	/s/ Miriam Trautmann

	 	Name:	Miriam Trautmann

	 	Title:	Senior Vice President

 

Plains Marketing Hedged Inventory Facility

 

    S-7

     

    

 

	 	BANK
OF MONTREAL, as a Lender
	 	 

	 	By:	/s/ Andrew Berryman

	 	Name:	Andrew Berryman

	 	Title:	Director, Corporate Banking

 

	 	By:	/s/ Matthew Graf

	 	Name:	Matthew Graf

	 	Title:	Vice President, Corporate Banking

 

Plains Marketing Hedged Inventory Facility

 

    S-8

     

    

 

	 	BANK
OF NOVA SCOTIA, HOUSTON BRANCH, as a Lender
	 	
	 	 

	 	By:	/s/
                           Donovan Crandall

	 	Name:	Donovan
        Crandall

	 	Title:	Managing
        Director

 

Plains Marketing Hedged Inventory Facility

 

    S-9

     

    

 

	 	BARCLAYS BANK PLC, as a Lender
	 	 

	 	By:	/s/ Sydney G. Dennis

	 	Name:	Sydney G. Dennis

	 	Title:	Director

 

Plains Marketing Hedged Inventory Facility

 

    S-10

     

    

 

	 	CANADIAN
IMPERIAL BANK OF COMMERCE, NEW YORK BRANCH, as a Lender
	 	 

	 	By:	/s/ Trudy Nelson

	 	Name:	Trudy Nelson

	 	Title:	Authorized Signatory

 

	 	By:	/s/ Scott W. Danvers

	 	Name:	Scott W. Danvers

	 	Title:	Authorized Signatory

 

Plains Marketing Hedged Inventory Facility

 

    S-11

     

    

 

	 	COBANK
ACB, as a Lender
	 	 

	 	By:	/s/ Jared A Greene

	 	Name:	Jared A Greene

	 	Title:	Assistant Corporate Secretary

 

Plains Marketing Hedged Inventory Facility

 

    S-12

     

    

 

	 	ING
CAPITAL LLC, as a Lender
	 	 

	 	By:	/s/ Juli Bieser

	 	Name:	Juli Bieser

	 	Title:	Managing Director

 

	 	By:	/s/ Lauren Gutterman

	 	Name:	Lauren Gutterman

	 	Title:	Vice President

 

Plains Marketing Hedged Inventory Facility

 

    S-13

     

    

 

	 	MIZUHO BANK, LTD., as a Lender
	 	 

	 	By:	/s/ Edward Sacks

	 	Name:	Edward Sacks

	 	Title:	Authorized Signatory

 

Plains Marketing Hedged Inventory Facility

 

    S-14

     

    

 

	 	MUFG BANK, LTD., as a Lender
	 	 

	 	By:	/s/ Stephen W. Warfel

	 	Name:	Stephen W. Warfel

	 	Title:	Authorized Signatory

 

Plains Marketing Hedged Inventory Facility

 

    S-15

     

    

 

	 	PNC BANK, NATIONAL ASSOCIATION, as a Lender
	 	
	 	 
	 	By:	/s/ Kyle T. Helfrich
	 	Name:	 Kyle T. Helfrich
	 	Title:	Vice President

 

Plains Marketing Hedged Inventory Facility

 

    S-16

     

    

 

	 	REGIONS BANK, as a Lender

 

	 	By:	/s/ David Valentine

		Name:	David Valentine

	 	Title:	Managing Director

 

Plains Marketing Hedged Inventory Facility

 

    S-17

     

    

 

	 	ROYAL BANK OF CANADA, as a Lender

 

	 	By:	/s/ Emilee Scott

		Name:	Emilee Scott

	 	Title:	Authorized Signatory

 

Plains Marketing Hedged Inventory Facility

 

    S-18

     

    

 

	 	SUMITOMO MITSUI BANKING CORPORATION, as a Lender

 

	 	By:	/s/ Jeffrey Cobb

		Name:	Jeffrey Cobb

	 	Title:	Director

 

Plains Marketing Hedged Inventory Facility

 

    S-19

     

    

 

	 	THE TORONTO-DOMINION BANK,

                                                                            NEW YORK BRANCH, as a Lender

 

	 	By:	/s/ Michael Borowiecki

		Name:	Michael Borowiecki

	 	Title:	Authorized Signatory

 

Plains Marketing Hedged Inventory Facility

 

    S-20

     

    

 

	 	TRUIST
BANK, as a Lender

 

	 	By:	/s/ Lincoln LaCour

		Name:	Lincoln LaCour

	 	Title:	Vice President

 

Plains Marketing Hedged Inventory Facility

 

    S-21

     

    

 

	 	U.S. BANK NATIONAL ASSOCIATION, as a Lender

 

	 	By:	/s/ William S. Rogers

		Name:	William S. Rogers

	 	Title:	Senior Vice President

 

Plains Marketing Hedged Inventory Facility

 

    S-22

     

    

 

	 	ZB
N.A. DBA AMEGY BANK, as a Lender

 

	 	By:	/s/ Sam Trail

		Name:	Sam Trail

	 	Title:	Senior Vice President

 

Plains Marketing Hedged Inventory Facility

 

    S-23

     

    

 

	 	MORGAN
STANLEY BANK, N.A., as a Lender

 

	 	By:	/s/ Michael King

		Name:	Michael King

	 	Title:	Authorized Signatory

 

Plains Marketing Hedged Inventory Facility

 

    S-24

     

    

 

SCHEDULE
2.01

 

COMMITMENTS

AND APPLICABLE PERCENTAGES

 

	Lender	 	Commitment	 	 	Applicable Percentage	 
	Bank of America, N.A.	 	$	64,000,000.00	 	 	 	4.7407407407	%
	Citibank, N.A.	 	$	64,000,000.00	 	 	 	4.7407407407	%
	JPMorgan Chase Bank, N.A.	 	$	64,000,000.00	 	 	 	4.7407407407	%
	Wells Fargo Bank, National Association	 	$	64,000,000.00	 	 	 	4.7407407407	%
	Banco Bilbao Vizcaya Argentaria, S.A. New York Branch	 	$	64,000,000.00	 	 	 	4.7407407407	%
	Bank of Montreal	 	$	64,000,000.00	 	 	 	4.7407407407	%
	Bank of Nova Scotia, Houston Branch	 	$	64,000,000.00	 	 	 	4.7407407407	%
	Barclays Bank PLC	 	$	64,000,000.00	 	 	 	4.7407407407	%
	Canadian Imperial Bank of Commerce, New York Branch	 	$	64,000,000.00	 	 	 	4.7407407407	%
	CoBank, ACB	 	$	64,000,000.00	 	 	 	4.7407407407	%
	ING Capital LLC	 	$	64,000,000.00	 	 	 	4.7407407407	%
	Mizuho Bank, Ltd.	 	$	64,000,000.00	 	 	 	4.7407407407	%
	MUFG Bank, Ltd.	 	$	64,000,000.00	 	 	 	4.7407407407	%
	PNC Bank, National Association	 	$	64,000,000.00	 	 	 	4.7407407407	%
	Regions Bank	 	$	64,000,000.00	 	 	 	4.7407407407	%
	Royal Bank of Canada	 	$	64,000,000.00	 	 	 	4.7407407407	%
	Sumitomo Mitsui Banking Corporation	 	$	64,000,000.00	 	 	 	4.7407407407	%
	The Toronto-Dominion Bank, New York Branch	 	$	64,000,000.00	 	 	 	4.7407407407	%
	Truist Bank	 	$	64,000,000.00	 	 	 	4.7407407407	%
	U.S. Bank National Association	 	$	64,000,000.00	 	 	 	4.7407407407	%
	ZB N.A. DBA Amegy Bank	 	$	35,000,000.00	 	 	 	2.5925925926	%
	Morgan Stanley Bank, N.A.	 	$	35,000,000.00	 	 	 	2.5925925926	%
	TOTAL	 	$	1,350,000,000.00	 	 	 	100.0000000000	%

 

*Rounded to ten decimal places

 

Plains Marketing Hedged Inventory Facility

 

    

     

    

 

LETTER
OF CREDIT COMMITMENTS

 

	Lender	 	Commitment	 
	Bank of America, N.A.	 	$	250,000,000.00	 
	Citibank, N.A.	 	$	50,000,000.00	 
	JPMorgan Chase Bank, N.A.	 	$	50,000,000.00	 
	Wells Fargo Bank, National Association	 	$	50,000,000.00	 
	TOTAL:	 	$	400,000,000.00	 

 

Plains Marketing Hedged Inventory Facility

 

    

     

    

 

SCHEDULE
2.01A

 

CANADIAN
BANKERS’ acceptances

 

1.            Execution
of Canadian BA’s. (a) To facilitate the acceptance of Canadian BA’s hereunder, PMCULC hereby appoints each Lender
as its attorney to sign and endorse on its behalf, as and when considered necessary by such Lender, an appropriate number of Canadian
BA’s in the form prescribed by such Lender.

 

(b)          Each
Lender may, at its option, execute any Canadian BA in handwriting or by the facsimile or mechanical signature of any of its authorized
officers, and each Lender is hereby authorized to accept or pay, as the case may be, any Canadian BA of PMCULC that purports to bear such
a signature, notwithstanding that any such individual has ceased to be an authorized officer of such Lender. Any such Canadian BA shall
be as valid as if such individual were an authorized officer at the date of issue of the Canadian BA.

 

(c)          Any
Canadian BA signed by a Lender as attorney for PMCULC, whether signed in handwriting or by the facsimile or mechanical signature of an
authorized officer of a Lender, may be dealt with by such Lender for all intents and purposes, and shall bind PMCULC, as if duly signed
and issued by PMCULC.

 

(d)          The
receipt by a Lender of a request for a Borrowing by way of Canadian BA’s shall be such Lender’s sufficient authority to execute,
and each Lender shall, subject to the terms and conditions of this Agreement, execute Canadian BA’s in accordance with such request
and the advice of the Administrative Agent given pursuant to Section 4 of this Schedule, and the Canadian BA’s so executed
shall thereupon be deemed to have been presented for acceptance.

 

2.            Sale
of Canadian BA’s. (a)  It shall be the responsibility of each Lender to arrange, in accordance with normal market practice,
for the sale on each funding date of a Canadian BA to be accepted by such Lender, failing which such Lender shall purchase such Canadian
BA.

 

(b)          In
accordance with the procedures set forth in Section 4 of this Schedule, each Lender will make the net proceeds of the applicable
Borrowing by way of Canadian BA’s available to PMCULC on the funding date.

 

(c)          The
parties agree that in the administering of Canadian BA’s, each Lender may avail itself of the debt clearing services offered by
a clearing house for depository notes pursuant to the Depository Bills and Notes Act (Canada) and that the procedures set forth in Article II
of the Credit Agreement be deemed amended to the extent necessary to comply with the requirements of such debt clearing services.

 

3.            Size
and Maturity of Canadian BA’s and Rollovers. Each Borrowing by means of Canadian BA’s shall be in a minimum amount of
CDN$1,000,000, and no more than seven Borrowings of Canadian BA’s shall be outstanding at any time.  Each Canadian BA shall
have a term of 30, 60 or 90 days (or such other period as may be agreed to by PMCULC and the Lenders) after the date of acceptance of
the Canadian BA by a Lender, but no Canadian BA may mature on a date which is not a Business Day or after the Maturity Date.  The
face amount at maturity of a Canadian BA may be rolled over as a Canadian BA (by repayment and reissue) or repaid.

 

    1

     

    

 

4.            Coordination
of Canadian BA Advances. Each Lender shall advance its Applicable Percentage of each Borrowing by way of Canadian BA’s in accordance
with Section 2.02(b) and the provisions set forth below.

 

(a)          The
Administrative Agent, promptly following receipt of a notice from PMCULC pursuant to Section 2.01 requesting a Borrowing by
way of Canadian BA’s, shall advise each Lender of the aggregate face amount and term(s) of the Canadian BA’s to be accepted
by it, which term(s) shall, subject to the provisions hereof, be identical for all Lenders.  The aggregate face amount of Canadian
BA’s to be accepted by a Lender shall be determined by the Administrative Agent by reference to the respective Commitments of the
Lenders. In the event it is not practicable to allocate Canadian BA’s to each Lender such that the aggregate amount of Canadian
BA’s required to be purchased by such Lender hereunder is in a whole multiple of C$100,000, Administrative Agent is authorized by
PMCULC and each Lender to make such allocation as Administrative Agent determines in its sole and unfettered discretion may be equitable
in the circumstances and, if the aggregate amount of such Canadian BA’s is not a whole multiple of C$100,000, then the Administrative
Agent may allocate (on a basis considered by it to be equitable) the excess of such amount over the next lowest whole multiple of C$100,000
to one Lender, which shall purchase a Canadian BA with a face amount equal to the excess and having the same term as the corresponding
Canadian BA’s. In no event shall the portion of the outstanding Borrowings by way of Canadian BA’s of a Lender exceed such
Lender’s Percentage Share of the aggregate Borrowings by way of Canadian BA’s by more than C$100,000 as a result of such exercise
of discretion by Administrative Agent.

 

(b)          Each
Lender shall transfer to the Administrative Agent by not later than 2:00 p.m. (Toronto time) on each funding date for Canadian
BA’s, immediately available Canadian Dollars in an aggregate amount equal to the Canadian BA Discount Proceeds of all Canadian BA’s
accepted and sold or purchased by such Lender on such funding date net of the applicable Canadian BA Fee and net of the amount required
to pay any of its previously accepted Canadian BA’s that are maturing on the funding date or any of its other Borrowing that are
being converted to Canadian BA’s on the funding date. In the case of a conversion from a Borrowing of Canadian Prime Rate Loans
to PMCULC into a Borrowing by way of Bankers’ Acceptances to be accepted by a Lender pursuant hereto, such Lender, in order to satisfy
the continuing liability of PMCULC to it for the principal amount of the Canadian Prime Rate Loans being converted, shall retain for its
own account the Canadian BA Discount Proceeds of each new Canadian BA issued by it in connection with such conversion; and PMCULC shall,
on the date of issuance of the Canadian BA’s, pay to the Administrative Agent for the benefit of Lenders an amount equal to the
difference between the aggregate principal amount of the Canadian Prime Rate Loans being converted owing to the Lenders and the aggregate
Canadian BA Discount Proceeds of such Canadian BA’s net of the applicable Canadian BA Fee.

 

(c)          Notwithstanding
any other provision hereof, for the purpose of determining the amount to be transferred by a Lender to PMCULC in respect of the sale of
any Canadian BA accepted by such Lender and sold or purchased by it, the proceeds of sale thereof shall be deemed to be an amount equal
to the Canadian BA Discount Proceeds calculated with respect thereto.  Accordingly, in respect of any particular Canadian BA accepted
by it, a Lender (in addition to its entitlement to retain the applicable Canadian BA Fee for its own account) (i) shall be entitled
to retain for its own account the amount, if any, by which the actual proceeds of sale thereof exceed the Canadian BA Discount Proceeds
calculated with respect thereto; and (ii) shall be required to pay out of its own funds the amount, if any, by which the actual proceeds
of sale thereof are less than the Canadian BA Discount Proceeds calculated with respect thereto.

 

    2

     

    

 

(d)          Whenever
PMCULC requests a Borrowing that includes Canadian BA’s, each Lender that is not permitted by Applicable Law, by its internal policies
to accept Canadian BA’s or by customary market practice to accept a Canadian BA (a “Non BA Lender”) shall, in
lieu of accepting its pro rata amount of such Canadian BA’s, make available to PMCULC on the funding date a non-interest
bearing loan (a “Canadian BA Equivalent Loan”) in Canadian Dollars in an amount equal to the amount of Canadian BA
Discount Proceeds that would constitute its pro rata amount of the applicable Canadian BA’s based on the Canadian BA Discount
Rate set forth in clause (b) of the definition of “Canadian BA Discount Rate”.  Each Non BA Lender also shall
be entitled to deduct from each Canadian BA Equivalent Loan an amount equal to the Canadian BA Fee that would have been applicable had
it been able to accept Canadian BA’s.  Each Canadian BA Equivalent Loan shall have a term equal to the term of the Canadian
BA’s that the Non BA Lender would otherwise have accepted and PMCULC shall, at the end of that term, be obligated to pay the Non
BA Lender an amount equal to the aggregate face amount of the Canadian BA’s that it would otherwise have accepted.  All provisions
of this Agreement applicable to Canadian BA’s and Lenders that accept Canadian BA’s shall apply mutatis mutandis to
Canadian BA Equivalent Loans and Non BA Lenders and, without limiting the foregoing, Borrowings shall include Canadian BA Equivalent Loans.

 

5.            Payment
of Canadian BA’s; Cash Collateral; Prepayments; Taxes, Yield Protection and Illegality. (a)  PMCULC shall provide for the
payment to each Lender of the full face amount of each Canadian BA accepted for its account on the earlier of (i) the date of maturity
of such Canadian BA; and (ii) the date on which any Obligations become due and payable pursuant to Section 8.02. 
Any amount owing by PMCULC in respect of any Canadian BA which is not paid in accordance with the foregoing, shall, as and from the date
on which such Canadian BA matures, be deemed to be outstanding hereunder as a Canadian Prime Rate Loan. Each Lender shall be entitled
to recover interest from PMCULC, at the Default Rate, on any amount that is not paid when due by PMCULC, from the date of maturity of
each applicable Canadian BA to the date such payment, and all interest thereon, is provided for by PMCULC, both before and after demand,
default and judgment.

 

(b)          For
purposes of this Schedule 2.01A, Section 2.05(d) and Section 8.02(c), “Cash Collateralize”
means to pledge and deposit with or deliver to the Administrative Agent, for the benefit of the Lenders, as collateral for the Obligations
in respect of Canadian BA’s, cash or deposit account balances pursuant to documentation in form and substance satisfactory to the
Administrative Agent and the Lenders (which documents are hereby consented to by the Lenders).  Derivatives of such term have corresponding
meanings.  PMCULC hereby grants to the Administrative Agent, for the benefit of the Lenders, a security interest in all such cash
and deposit account balances and all proceeds of the foregoing.  Cash Collateral shall be maintained in blocked accounts at Bank
of America.

 

    3

     

    

 

(c)          Any
amounts received by the Administrative Agent to be applied to outstanding Canadian BA’s, whether pursuant to an Event of Default
and acceleration of the Obligations under Section 8.02 or a prepayment as permitted or required under Section 2.05,
shall be deposited into an escrow account maintained by and in the name of the Administrative Agent for the benefit of Lenders for set-off
against such outstanding Canadian BA’s as they mature, and pending such application shall bear interest at the rate declared by
the Administrative Agent from time to time as that customarily paid by it in respect of similar deposits for such amount and for such
period relative to the maturity date of such Canadian BA’s, as applicable. Upon the repayment of all such outstanding Canadian BA’s,
any amounts remaining (including accrued interest) will (i) during the continuance of an Event of Default, be subject to such remedies
as each Lender Party may have hereunder or under Applicable Law, or (ii) otherwise, be released to PMCULC.

 

(d)          The
provisions of Article II applicable to Loans, Letters of Credit and the Commitments and Obligations in respect thereof apply
to Canadian BA’s and the Commitments and Obligations in respect thereof, mutatis mutandis.

 

6.            Deemed
Advance — Canadian BA’s. Except for amounts that are paid from the proceeds of a rollover of a Canadian BA or for which
payment has otherwise been funded by PMCULC, any amount that a Lender pays to any third party on or after the date of maturity of a Canadian
BA in satisfaction thereof, or that is owing to a Lender in respect of a Canadian BA on or after the date of maturity of such a Canadian
BA, shall be deemed to be a Canadian Prime Rate Loan to PMCULC under this Agreement.  Each Lender shall forthwith give notice of
the making of such a Loan to PMCULC, the Administrative Agent and the other Lenders.  Interest shall be payable on such Loans in
accordance with the terms applicable to Canadian Prime Rate Loans.

 

7.            Waiver.
PMCULC waives presentment for payment of Canadian BA’s by Lenders. PMCULC shall not claim from a Lender any days of grace for the
payment at maturity of any Canadian BA presented and accepted by such Lender pursuant to this Agreement.  PMCULC waives any defence
to payment that might otherwise exist if for any reason a Canadian BA shall be held by a Lender in its own right at the maturity thereof,
and the doctrine of merger shall not apply to any Canadian BA that is at any time held by a Lender in its own right.

 

8.            Degree
of Care. Any executed Canadian BA’s shall be held in safekeeping with the same degree of care as if they were the applicable
Lender’s own property, and shall be kept at the place at which such Canadian BA’s are ordinarily held by such Lender. The
Administrative Agent and Lenders shall not be liable for any damage, loss or improper use of any bankers’ acceptance draft endorsed
in blank except for any loss arising by reason of the Administrative Agent or a Lender failing to use the same standard of care in the
custody of such bankers’ acceptance drafts as the Administrative Agent or such Lender use in the custody of their own property of
a similar nature.

 

    4

     

    

 

9.             Obligations
Absolute. The obligations of PMCULC with respect to Canadian BA’s under this Agreement shall be unconditional and irrevocable,
and shall be paid strictly in accordance with the terms of this Agreement under all circumstances, including the following circumstances:

 

(i)            any
lack of validity or enforceability of any bankers’ acceptance, bill or note accepted by a Lender as a Canadian BA; or

 

(ii)           the
existence of any claim, set off, defense or other right that PMCULC may have at any time against the holder of a Canadian BA, a Lender
or any other Person, whether in connection with this Agreement or otherwise.

 

10.           Shortfall
on Drawdowns, Rollovers and Conversions. PMCULC agrees that:

 

(i)            the
difference between the amount of a Borrowing requested by PMCULC by way of Canadian BA’s and the actual proceeds of the Canadian
BA’s;

 

(ii)           the
difference between the actual proceeds of a Canadian BA and the amount required to pay a maturing Canadian BA, if a Canadian BA is being
rolled over; and

 

(iii)          the
difference between the actual proceeds of a Canadian BA and the amount required to repay any Borrowing that is being converted to a Canadian
BA;

 

shall be funded and paid by PMCULC from its own
resources, by 12:00 p.m. (Toronto time) on the day of the applicable Borrowing or may be advanced as a Canadian Prime Rate Loan
under the Commitments if PMCULC is otherwise entitled to a Borrowing under this Agreement.

 

[Remainder of the page intentionally left
blank]

 

    5

     

    

 

SCHEDULE
5.03

 

GOVERNMENTAL AUTHORIZATION; OTHER CONSENTS

 

None.

 

    1

     

    

 

SCHEDULE 5.06

 

LITIGATION

 

The Company
and its Subsidiaries are subject to actions, suits, proceedings, claims an disputes related to the Line 901 Incident as publicly disclosed
in the Company’s Form 10-Q for the fiscal quarter ended June 30, 2021.

 

    1

     

    

 

SCHEDULE 5.08

 

ENVIRONMENTAL MATTERS

 

None.

 

    

     

    

 

SCHEDULE 5.09

 

ERISA MATTERS

 

None.

 

    

     

    

 

SCHEDULE 5.12

 

COMPLIANCE WITH LAWS

 

None.

 

    

     

    

 

SCHEDULE
11.02

 

administrative
agent’s OFFICE;

certain ADDRESSES FOR NOTICES

 

BORROWERS:

 

Plains Marketing, L.P.

333 Clay Street, Suite 1600

Houston, TX 77002

Attention: Chief Financial Officer

Telephone: 713-646-4100

Telecopier: (713) 646-4313

U.S. Taxpayer Identification
Number: 76-0582150

 

Plains Midstream Canada ULC

333 Clay Street, Suite 1600

Houston, TX 77002

Attention: Chief Financial Officer

Telephone: 713-646-4100

Telecopier: (713) 646-4313

Corporate Access Identification Number: 2015780733

 

PAA:

Plains All American Pipeline, L.P.

333 Clay Street, Suite 1600

Houston, TX 77002

Attention: Chief Financial Officer

Telephone: 713-646-4100

Telecopier: (713) 646-4313

U.S. Taxpayer Identification Number: 76-0582150

 

    1

     

    

 

ADMINISTRATIVE AGENT:

 

Administrative Agent’s Office

 

(for payments and Requests for Credit Extensions):

 

Bank of America, N.A.

Mail Code: TX2-984-03-23

Building C

2380 PERFORMANCE DR

RICHARDSON, TX, 75082

Attention:         Karen
Puente

Telephone:       469.201.8912

Telecopier:       214.290.8378

Electronic Mail: karen.r.puente@bofa.com

 

USD Payment Instructions:

Bank of America, N.A.

ABA # 026009593

New York, NY

Account #: 1366072250600

Attn: Wire Clearing Acct for Syn Loans - LIQ

Ref:   Plains

 

CAD Payment Instructions; Bank of America, Canada Office Wire Instructions:

Beneficiary Bank: Bank of America NA, Canada Branch (SWIFT ID: BOFACATT)

A/C #: 90083255

Attention: Loans Department

Bank #0241 Transit #56792

Beneficiary: Bank of America NA, Canada Branch

 

Other
Notices as Administrative Agent:

 

Bank of America, N.A.

Mail Code: CA5-705-04-09

555 California Street, 4th Floor

San Francisco, CA 94104

Attention:         Anthea
Del Bianco

Telephone:       415-436-2776

Facsimile:         415-503-5101

Electronic Mail: anthea.del_bianco@bofa.com

 

    2

     

    

 

L/C ISSUERS:

 

Bank of America, N.A.

1 Fleet Way

Mail Code: PA6-580-02-30

Scranton, PA 18507

Attention: Mike Grizzanti

Telephone: 570-496-9621

Telecopier: 800-755-8743

Electronic
Mail: michael.a.grizzanti@bofa.com

 

Citibank, N.A.

1 Penns Way, Ops II

New Castle, DE 19720

Attention: Gopinath Elogovan

Telephone: 201-472-4024

Telecopier: 212-994-0847

Electronic Mail: global.loans.LCRecon@citi.com

 

JPMorgan Chase Bank, N.A.

10 South Dearborn L2

Chicago, Illinois 60603

Attention: Letter of Credit Team

Telephone: 855-609-9959

Telecopier: 214-307-6874

Electronic Mail: chicago.lc.agency.closing.team@jpmchase.com

 

Wells Fargo Bank, National Association

1000 Louisiana St. 12th Floor

Mail Code: T0002-120

Houston, TX 77002

Attention: Nathan Starr

Telephone: 713-319-1977

Telecopier: 713-319-1053

Electronic Mail: Nathan.Starr@wellsfargo.com

 

    3

     

    

 

SWING LINE LENDER:

 

Bank of America, N.A.

Mail Code: TX2-984-03-23

Building C

2380 PERFORMANCE DR

RICHARDSON, TX, 75082

Attention:         Karen
Puente

Telephone:       469.201.8912

Telecopier:       214.290.8378

 

USD Payment Instructions:

Bank of America, N.A.

ABA # 026009593

New York, NY

Account #: 1366072250600

Attn: Wire Clearing Acct for Syn Loans - LIQ

Ref:   Plains

 

CAD Payment Instructions:

Beneficiary Bank: Bank of America Canada (SWIFT ID: BOFACATT)

Beneficiary Account Number: 711465090227

Beneficiary: Bank of America, NA

 

    4EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 
  

 
  

FIVE-YEAR REVOLVING CREDIT AGREEMENT 

dated as of August 20, 2021, 

among 
 ZIMMER BIOMET HOLDINGS,
INC., 
 THE LENDERS PARTY HERETO 

and 
 JPMORGAN CHASE BANK, N.A.,
as Administrative Agent 
  
  

 
 JPMORGAN CHASE BANK, N.A., 

BOFA SECURITIES, INC., 
 BARCLAYS
BANK PLC, 
 BNP PARIBAS SECURITIES CORP., 

CITIBANK, N.A., 
 DNB MARKETS, INC.,

 GOLDMAN SACHS BANK USA 
 HSBC
SECURITIES (USA) INC., 
 MIZUHO BANK, LTD., 

MORGAN STANLEY MUFG LOAN PARTNERS LLC, 

RBC CAPITAL MARKETS1 and 

SUMITOMO MITSUI BANKING CORPORATION, 

as Joint Lead Arrangers and Joint Bookrunners 

CITIBANK, N.A. and 
 MIZUHO BANK,
LTD., 
 as Syndication Agents 

BANK OF AMERICA, N.A., 
 BARCLAYS
BANK PLC, 
 BNP PARIBAS, 
 DNB
CAPITAL LLC, 
 GOLDMAN SACHS BANK USA 

HSBC BANK USA, N.A., 
 MORGAN
STANLEY MUFG LOAN PARTNERS LLC, 
 ROYAL BANK OF CANADA 

and 
 SUMITOMO MITSUI BANKING
CORPORATION, 
 as Documentation Agents 
  

 

	1 	 RBC Capital Markets is a brand name for the capital markets businesses of Royal Bank of Canada and its
affiliates. 

 TABLE OF CONTENTS 

 

							
	ARTICLE I	  

	
	Definitions	  

			
	 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
	  	 	30	 
	 SECTION 1.05.
	 	 Interest Rates; LIBOR Notification
	  	 	30	 
	 SECTION 1.06.
	 	 Blocking Regulation
	  	 	31	 
	 SECTION 1.07.
	 	 Divisions
	  	 	32	 
	
	ARTICLE II	  

	
	Amount and Terms of the Commitments	  

			
	 SECTION 2.01.
	 	 Commitments
	  	 	32	 
	 SECTION 2.02.
	 	 Loans and Borrowings
	  	 	32	 
	 SECTION 2.03.
	 	 Requests for Borrowings
	  	 	33	 
	 SECTION 2.04.
	 	 [Reserved]
	  	 	34	 
	 SECTION 2.05.
	 	 Extension of Maturity Date
	  	 	34	 
	
	ARTICLE III	  

	
	[Reserved]	  

	
	ARTICLE IV	  

	
	Letters of Credit	  

			
	 SECTION 4.01.
	 	 Letters of Credit
	  	 	35	 
	ARTICLE V	  

	
	General Provisions Applicable to Loans	 
			
	 SECTION 5.01.
	 	 Funding of Borrowings
	  	 	41	 
	 SECTION 5.02.
	 	 Interest Elections
	  	 	42	 
	 SECTION 5.03.
	 	 Termination and Reduction of Aggregate Commitments
	  	 	43	 
	 SECTION 5.04.
	 	 Repayment of Loans; Evidence of Debt
	  	 	43	 

  
 i 

							
	 SECTION 5.05.
	 	 Incremental Commitments
	  	 	44	 
	 SECTION 5.06.
	 	 Prepayment of Loans
	  	 	45	 
	 SECTION 5.07.
	 	 Fees
	  	 	46	 
	 SECTION 5.08.
	 	 Interest
	  	 	47	 
	 SECTION 5.09.
	 	 Alternate Rate of Interest
	  	 	48	 
	 SECTION 5.10.
	 	 Increased Costs
	  	 	50	 
	 SECTION 5.11.
	 	 Break Funding Payments
	  	 	51	 
	 SECTION 5.12.
	 	 Taxes
	  	 	52	 
	 SECTION 5.13.
	 	 Payments Generally; Pro Rata Treatment; Sharing of Setoffs
	  	 	55	 
	 SECTION 5.14.
	 	 Mitigation Obligations; Replacement of Lenders
	  	 	57	 
	 SECTION 5.15.
	 	 Defaulting Lenders
	  	 	58	 
	
	ARTICLE VI	  

	
	Representations and Warranties	  

			
	 SECTION 6.01.
	 	 Organization; Powers
	  	 	60	 
	 SECTION 6.02.
	 	 Authorization; No Conflicts
	  	 	60	 
	 SECTION 6.03.
	 	 Enforceability
	  	 	60	 
	 SECTION 6.04.
	 	 Governmental Approvals
	  	 	61	 
	 SECTION 6.05.
	 	 Financial Statements; No Material Adverse Effect
	  	 	61	 
	 SECTION 6.06.
	 	 Litigation, Compliance with Laws
	  	 	61	 
	 SECTION 6.07.
	 	 Federal Reserve Regulations
	  	 	62	 
	 SECTION 6.08.
	 	 Taxes
	  	 	62	 
	 SECTION 6.09.
	 	 Employee Benefit Plans
	  	 	62	 
	 SECTION 6.10.
	 	 Environmental and Safety Matters
	  	 	62	 
	 SECTION 6.11.
	 	 Properties
	  	 	62	 
	 SECTION 6.12.
	 	 Investment Company Status
	  	 	63	 
	 SECTION 6.13.
	 	 Anti-Corruption Laws and Sanctions
	  	 	63	 
	
	ARTICLE VII	  

	
	Conditions	  

			
	 SECTION 7.01.
	 	 Effective Date
	  	 	63	 
	 SECTION 7.02.
	 	 Conditions to All Extensions of Credit
	  	 	64	 
	
	ARTICLE VIII	  

	
	Affirmative Covenants	  

			
	 SECTION 8.01.
	 	 Existence
	  	 	65	 
	 SECTION 8.02.
	 	 Compliance with Law; Business and Properties
	  	 	65	 
	 SECTION 8.03.
	 	 Financial Statements, Reports, Etc
	  	 	66	 
	 SECTION 8.04.
	 	 Insurance
	  	 	67	 

  
 ii 

							
	 SECTION 8.05.
	 	Obligations and Taxes	  	 	67	 
	 SECTION 8.06.
	 	Litigation and Other Notices	  	 	67	 
	 SECTION 8.07.
	 	Books and Records; Inspection Rights	  	 	68	 
	 SECTION 8.08.
	 	Use of Proceeds	  	 	68	 
	
	ARTICLE IX	  

	
	Negative Covenants	  

			
	 SECTION 9.01.
	 	Consolidations, Mergers and Sales of Assets	  	 	69	 
	 SECTION 9.02.
	 	Liens	  	 	69	 
	 SECTION 9.03.
	 	Limitation on Sale and Leaseback Transactions	  	 	71	 
	 SECTION 9.04.
	 	Financial Condition Covenant	  	 	71	 
	 SECTION 9.05.
	 	Subsidiary Indebtedness	  	 	71	 
	
	ARTICLE X	  

	
	Events of Default	  

	
	ARTICLE XI	  

	
	The Administrative Agent	  

	
	ARTICLE XII	  

	
	Miscellaneous	  

			
	 SECTION 12.01.
	 	 Notices
	  	 	80	 
	 SECTION 12.02.
	 	 Survival of Agreement
	  	 	83	 
	 SECTION 12.03.
	 	 Binding Effect
	  	 	83	 
	 SECTION 12.04.
	 	 Successors and Assigns
	  	 	83	 
	 SECTION 12.05.
	 	 Expenses, Indemnity
	  	 	86	 
	 SECTION 12.06.
	 	 Applicable Law
	  	 	88	 
	 SECTION 12.07.
	 	 Waivers, Amendment
	  	 	88	 
	 SECTION 12.08.
	 	 Entire Agreement
	  	 	89	 
	 SECTION 12.09.
	 	 Severability
	  	 	90	 
	 SECTION 12.10.
	 	 Counterparts; Electronic Execution
	  	 	90	 
	 SECTION 12.11.
	 	 Headings
	  	 	91	 
	 SECTION 12.12.
	 	 Right of Setoff
	  	 	91	 
	 SECTION 12.13.
	 	 Jurisdiction: Consent to Service of Process
	  	 	92	 
	 SECTION 12.14.
	 	 WAIVER OF JURY TRIAL
	  	 	92	 
	 SECTION 12.15.
	 	 Confidentiality
	  	 	93	 

  
 iii 

							
	 SECTION 12.16.
	 	 USA PATRIOT Act Notice
	  	 	94	 
	 SECTION 12.17.
	 	 No Fiduciary Relationship
	  	 	94	 
	 SECTION 12.18.
	 	 Acknowledgement and Consent to Bail-In of Affected
Financial Institutions
	  	 	94	 
	 SECTION 12.19.
	 	 Interest Rate Limitation
	  	 	95	 
		
	 ANNEX:
	  			
			
	 Annex I
	 	 Pricing Grid
	  			

  

			
	
	 SCHEDULES:

		
	 Schedule 1.01
	    	 Existing Japanese Debt

	 Schedule 2.01
	    	 Commitments

	 Schedule 4.01
	    	 Existing Letters of Credit

	 Schedule 9.02
	    	 Existing Liens

		
	 EXHIBITS:
	    	
		
	 Exhibit A
	    	 Form of Assignment and Assumption

	 Exhibit B
	    	 Form of Borrowing Request

	 Exhibit C
	    	 Form of Interest Election Request

	 Exhibit D
	    	 Form of Maturity Date Extension Request

	 Exhibit E-1
	    	 Form of U.S. Tax Compliance Certificate for Non-U.S.
Lenders that are not Partnerships for U.S. Federal Income Tax Purposes

	 Exhibit E-2
	    	 Form of U.S. Tax Compliance Certificate for Non-U.S.
Participants that are not Partnerships for U.S. Federal Income Tax Purposes

	 Exhibit E-3
	    	 Form of U.S. Tax Compliance Certificate for Non-U.S.
Participants that are Partnerships for U.S. Federal Income Tax Purposes

	 Exhibit E-4
	    	 Form of U.S. Tax Compliance Certificate for Non-U.S.
Lenders that are Partnerships for U.S. Federal Income Tax Purposes

  
 iv 

 FIVE-YEAR REVOLVING CREDIT AGREEMENT dated as of August 20, 2021 (as
amended and in effect from time to time, this “Agreement”), among ZIMMER BIOMET HOLDINGS, INC., a Delaware corporation (the “Borrower”), the LENDERS party hereto and JPMORGAN CHASE BANK, N.A., as administrative
agent. 
 The Borrower has requested that the Lenders, on the terms and subject to the conditions herein set forth, extend credit to the
Borrower in the form of Loans at any time and from time to time prior to the Maturity Date in an aggregate principal amount not in excess of $1,500,000,000 at any time outstanding. The proceeds of the Loans shall be used for general corporate
purposes. The Borrower has also requested that the Issuing Lenders, on the terms and subject to the conditions herein set forth, issue Letters of Credit in an aggregate face amount at any time outstanding not in excess of $50,000,000 to support
payment obligations incurred for general corporate purposes of the Borrower and the Subsidiaries. 
 Accordingly, the parties hereto agree
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. 
 “Additional Amount” shall have the
meaning set forth in Section 5.12(a). 
 “Adjusted LIBO Rate” shall mean, with respect to any LIBOR Borrowing for any
Interest Period, an interest rate per annum equal to the product of (a) the LIBO Rate in effect for such Interest Period multiplied by (b) the Statutory Reserve Rate. 

“Administrative Agent” shall mean JPMorgan in its capacity as administrative agent under any of the Loan Documents, or any
successor administrative agent. 
 “Administrative Questionnaire” shall mean an administrative questionnaire in the form
supplied by the Administrative Agent. 
 “Affected Financial Institution” shall mean (a) any EEA Financial
Institution, or (b) any UK Financial Institution. 
 “Affiliate” shall mean, when used with respect to a specified
Person, another Person that directly, or indirectly, Controls or is Controlled by or is under common Control with the Person specified. 

  
 1 

 “Agent Parties” shall have the meaning set forth in Section 12.01(c).

 “Aggregate Commitments” shall mean, at any time, the Commitments of all the Lenders at such time. 

“Agreement” shall have the meaning set forth in the preamble. 

“Alternate Base Rate” shall mean, for any day, a rate per annum equal to the greatest of (a) the Prime Rate in effect on
such day, (b) the NYFRB Rate in effect on such day plus 1⁄2 of 1% per annum and (c) the Adjusted LIBO Rate on such day (or, if such day is not a
Business Day, the immediately preceding Business Day) for a deposit in Dollars with a maturity of one month plus 1% per annum. For purposes of clause (c) above, the Adjusted LIBO Rate on any day shall be based on the Screen Rate (or, in the
event the Screen Rate is not available for such maturity of one month, the Interpolated Screen Rate) at approximately 11:00 a.m., London time, on such day for deposits in Dollars with maturity of one month; provided that if (i) such rate
shall be less than zero, such rate shall be deemed to be zero and (ii) if such rate is not available or cannot be determined, such rate shall be deemed to be zero. Any change in the Alternate Base Rate due to a change in the Prime Rate, the
NYFRB Rate or the Adjusted LIBO Rate shall be effective from and including the effective date of such change in the Prime Rate, the NYFRB Rate or the Adjusted LIBO Rate, respectively. 

“Ancillary Document” shall have the meaning set forth in Section 12.10(b). 

“Anti-Corruption Laws” shall mean all laws, rules, and regulations of any jurisdiction applicable to the Borrower or any of
its Affiliates from time to time concerning or relating to bribery, corruption or money laundering, including the United States Foreign Corrupt Practices Act of 1977 and the UK Bribery Act of 2010 (and any regulations promulgated thereunder). 

“Applicable Margin” shall mean, for each Loan, the applicable rate per annum determined pursuant to the Pricing Grid. 

“Applicable Percentage” shall mean, with respect to any Lender at any time, the percentage (carried out to the ninth decimal
place) of the Aggregate Commitments represented by such Lender’s Commitment at such time; provided that, for purposes of Section 5.15 when a Defaulting Lender shall exist, “Applicable Percentage” shall mean, with respect
to any Lender, the percentage (carried out to the ninth decimal place) of the Aggregate Commitments (but disregarding any Defaulting Lender’s Commitment) represented by such Lender’s Commitment at such time. If the Commitment of each
Lender has been terminated pursuant to Article X or if the Aggregate Commitments have expired, then the Applicable Percentage of each Lender shall be determined based on the Applicable Percentage of such Lender most recently in effect, giving
effect to any subsequent assignments and to any Lender’s status as a Defaulting Lender at the time of determination. 

“Approved Fund” shall mean any Person (other than a natural person, or a holding company, investment vehicle or trust for, or
owned and operated for the primary benefit of, a natural person) that is (or will be) engaged in making, purchasing, holding or investing in bank 

  
 2 

 
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. 
 “Arranger” shall mean each of JPMorgan, BofA Securities,
Inc., Barclays Bank PLC, BNP Paribas Securities Corp., Citibank, N.A., DNB Markets, Inc., Goldman Sachs Bank USA, HSBC Securities (USA) Inc., Mizuho Bank, Ltd., Morgan Stanley MUFG Loan Partners LLC, acting through Morgan Stanley Senior Funding,
Inc. and MUFG Bank, Ltd. RBC Capital Markets and Sumitomo Mitsui Banking Corporation, in each case in its capacities as a joint lead arranger and a joint bookrunner for the credit facilities established hereunder. 

“Assignment and Assumption” shall mean an assignment and assumption entered into by a Lender and an Eligible Assignee in the
form of Exhibit A, or such other form as shall be approved by the Administrative Agent (including electronic documentation generated by use of an electronic platform). 

“Available Tenor” shall mean, as of any date of determination and with respect to the then-current Benchmark, as applicable,
any tenor for such Benchmark (or component thereof) or payment period for interest calculated with reference to such Benchmark (or component thereof), as applicable, that is or may be used for determining the length of an Interest Period for any
term rate or otherwise for determining any frequency of making payments of interest calculated pursuant to this Agreement as of such date and not including, for the avoidance of doubt, any tenor for such Benchmark that is then-removed from the
definition of “Interest Period” pursuant to Section 5.09(b)(v). 
 “Bail-In
Action” shall mean the exercise of any Write-Down and Conversion Powers by the applicable Resolution Authority in respect of any liability of an Affected Financial Institution. 

“Bail-In Legislation” shall mean, (a) with respect to any EEA Member Country
implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law, rule, regulation or requirement for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom, Part I of the United Kingdom Banking Act 2009 and any other law, regulation or rule applicable in the United Kingdom relating to the
resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (other than through liquidation, administration or other insolvency proceedings). 

“Bankruptcy Event” shall mean, with respect to any Person, that such Person has become the subject of a voluntary or
involuntary 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 or has had any order for relief in such
proceeding entered in respect thereof; provided that a Bankruptcy Event shall not result solely by virtue of (a) any ownership interest, or the acquisition of any ownership interest, in such Person by a Governmental Authority so long

  
 3 

 
as 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) to reject, repudiate, disavow or disaffirm any contracts or agreements made by such Person or (b) an Undisclosed Administration. 

“Benchmark” means, initially, LIBO Rate; provided that if a Benchmark Transition Event, a Term SOFR Transition Event,
an Early Opt-in Election or an Other Benchmark Rate Election, as applicable, and its related Benchmark Replacement Date have occurred with respect to LIBO Rate or the then-current Benchmark, then
“Benchmark” means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant to Section 5.09(b)(i) or 5.09(b)(ii). 

“Benchmark Replacement” means, for any Available Tenor, the first alternative set forth in the order below that can be
determined by the Administrative Agent for the applicable Benchmark Replacement Date; provided that, in the case of an Other Benchmark Rate Election, the “Benchmark Replacement” shall mean the alternative set forth in clause
(3) below: 
 (1) the sum of: (a) Term SOFR and (b) the related Benchmark Replacement Adjustment; 

(2) the sum of: (a) Daily Simple SOFR and (b) the related Benchmark Replacement Adjustment; 

(3) the sum of: (a) the alternate benchmark rate that has been selected by the Administrative Agent and the Borrower as the replacement
for the then-current Benchmark for the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body
and/or (ii) any evolving or then-prevailing market convention for determining a benchmark rate as a replacement for the then-current Benchmark for Dollar-denominated syndicated credit facilities at such time in the United States and
(b) the related Benchmark Replacement Adjustment; 
 provided that, in the case of clause (1), such Unadjusted Benchmark Replacement is
displayed on a screen or other information service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion; provided further that, in the case of clause (3), when such clause is used to
determine the Benchmark Replacement in connection with the occurrence of an Other Benchmark Rate Election, the alternate benchmark rate selected by the Administrative Agent and the Borrower shall be the term benchmark rate that is used in lieu of a
LIBOR-based rate in the relevant other Dollar-denominated syndicated credit facilities; provided further that, notwithstanding anything to the contrary in this Agreement or in any other Loan Document, upon the occurrence of a Term SOFR Transition
Event, and the delivery of a Term SOFR Notice, on the applicable Benchmark Replacement Date the “Benchmark Replacement” shall revert to and shall be deemed to be the sum of (a) Term SOFR and (b) the related Benchmark Replacement
Adjustment, as set forth in clause (1) of this definition (subject to the first proviso above). 

  
 4 

 If the Benchmark Replacement as determined pursuant to clause (1), (2) or (3) above
would be less than the Floor, the Benchmark Replacement will be deemed to be the Floor for the purposes of this Agreement and the other Loan Documents. 

“Benchmark Replacement Adjustment” means, with respect to any replacement of the then-current Benchmark with an Unadjusted
Benchmark Replacement for any applicable Interest Period and Available Tenor for any setting of such Unadjusted Benchmark Replacement: 

(1) for purposes of clauses (1) and (2) of the definition of “Benchmark Replacement”, the first alternative set forth in the
order below that can be determined by the Administrative Agent: 
 (a) the spread adjustment, or method for calculating or determining such
spread adjustment, (which may be a positive or negative value or zero) as of the Reference Time such Benchmark Replacement is first set for such Interest Period that has been selected or recommended by the Relevant Governmental Body for the
replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for the applicable Corresponding Tenor; 
 (b) the spread
adjustment (which may be a positive or negative value or zero) as of the Reference Time such Benchmark Replacement is first set for such Interest Period that would apply to the fallback rate for a derivative transaction referencing the ISDA
Definitions to be effective upon an index cessation event with respect to such Benchmark for the applicable Corresponding Tenor; and 
 (2)
for purposes of clause (3) of the definition of “Benchmark Replacement”, the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been
selected by the Administrative Agent and the Borrower for the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread
adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body on the applicable Benchmark Replacement Date and/or (ii) any evolving or then-prevailing market convention
for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for Dollar-denominated syndicated credit facilities at
such time in the United States; 
 provided that, in the case of clause (1) above, such adjustment is displayed on a screen or other information
service that publishes such Benchmark Replacement Adjustment from time to time as selected by the Administrative Agent in its reasonable discretion. 

“Benchmark Replacement Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative or
operational changes (including changes to the definition of “Alternate Base Rate”, the definition of “Business Day”, the definition of “Interest Period”, timing and frequency of determining rates and making payments of
interest, timing of borrowing requests or prepayment, conversion or continuation notices, length of lookback periods, the applicability of breakage provisions, and other technical, administrative or operational matters) that the Administrative Agent
decides in its reasonable 

  
 5 

 
discretion may be appropriate to reflect the adoption and implementation of such Benchmark Replacement and to permit the administration thereof by the Administrative Agent in a manner
substantially consistent with market practice (or, if the Administrative Agent decides that adoption of any portion of such market practice is not administratively feasible or if the Administrative Agent reasonably determines that no market practice
for the administration of such Benchmark Replacement exists, in such other manner of administration as the Administrative Agent decides is reasonably necessary in connection with the administration of this Agreement and the other Loan Documents).

 “Benchmark Replacement Date” means, with respect to any Benchmark, the earliest to occur of the following events with
respect to such then-current Benchmark: 
 (1) in the case of clause (1) or (2) of the definition of “Benchmark Transition
Event”, the later of (a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of such Benchmark (or the published component used in the calculation thereof)
permanently or indefinitely ceases to provide all Available Tenors of such Benchmark (or such component thereof); 
 (2) in the case of
clause (3) of the definition of “Benchmark Transition Event”, the first date on which such Benchmark (or the published component used in the calculation thereof) has been determined and announced by the regulatory supervisor for the
administrator of such Benchmark (or such component thereof) to be no longer representative; provided that such non-representativeness will be determined by reference to the most recent statement or
publication referenced in such clause (3) and without regard to whether any Available Tenor of such Benchmark (or such component thereof) continues to be provided on such date; 

(3) in the case of a Term SOFR Transition Event, the date that is 30 days after the date a Term SOFR Notice is provided to the Lenders and the
Borrower pursuant to Section 5.09(b)(ii); or 
 (4) in the case of an Early Opt-in Election or
an Other Benchmark Rate Election, the sixth Business Day after the date notice of such Early Opt-in Election or Other Benchmark Rate Election, as applicable, is provided to the Lenders, so long as the
Administrative Agent has not received, by 5:00 p.m., New York City time, on the fifth Business Day after the date notice of such Early Opt-in Election or Other Benchmark Rate Election, as applicable, is
provided to the Lenders, written notice of objection to such Early Opt-in Election, or Other Benchmark Rate Election, as applicable, from Lenders comprising the Required Lenders. 

For the avoidance of doubt, (i) if the event giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier than,
the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination and (ii) the “Benchmark Replacement Date” will be deemed to have
occurred in the case of clause (1) or (2) with respect to any Benchmark upon the occurrence of the applicable event or events set forth therein with respect to all then-current Available Tenors of such Benchmark (or the published component used
in the calculation thereof). 

  
 6 

 “Benchmark Transition Event” means, with respect to any
Benchmark, the occurrence of one or more of the following events with respect to such then-current Benchmark: 
 (1) a public statement or
publication of information by or on behalf of the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that such administrator has ceased or will cease to provide all Available Tenors of such
Benchmark (or such component thereof), permanently or indefinitely; provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such
component thereof); 
 (2) a public statement or publication of information by the regulatory supervisor for the administrator of such
Benchmark (or the published component used in the calculation thereof), the Federal Reserve Board, the NYFRB, an insolvency official with jurisdiction over the administrator for such Benchmark (or such component), a resolution authority with
jurisdiction over the administrator for such Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark (or such component), which states that the administrator of
such Benchmark (or such component) has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof) permanently or indefinitely; provided that, at the time of such statement or publication, there is no successor
administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof); or 
 (3) a public statement
or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that all Available Tenors of such Benchmark (or such component thereof) are no
longer, or as of a specified future date will no longer be, representative. 
 For the avoidance of doubt, a “Benchmark Transition
Event” will be deemed to have occurred with respect to any Benchmark if a public statement or publication of information set forth above has occurred with respect to each then-current Available Tenor of such Benchmark (or the published
component used in the calculation thereof). 
 “Benchmark Unavailability Period” means the period (if any) (x)
beginning at the time that a Benchmark Replacement Date pursuant to clauses (1) or (2) of that definition has occurred if, at such time, no Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any
other Loan Document in accordance with Section 5.09(b) and (y) ending at the time that a Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any other Loan Document in accordance with
Section 5.09(b). 
 “Beneficial Ownership Regulation” shall mean 31 C.F.R. § 1010.230. 

“Benefit Plan” shall mean (a) an “employee benefit plan” (as defined in ERISA) that is subject to Title I of
ERISA, (b) a “plan” as defined in and subject to Section 4975 of the Code or (c) any Person whose assets include (for purposes of ERISA Section 3(42) or otherwise for purposes of Title I of ERISA or Section 4975 of
the Code) the assets of any such “employee benefit plan” or “plan”. 

  
 7 

 “Borrower” shall have the meaning set forth in the preamble hereto. 

“Borrower Materials” shall have the meaning set forth in Section 8.03. 

“Borrowing” shall mean Loans of the same Type, made, converted or continued on the same date and, in the case of LIBOR Loans,
as to which a single Interest Period is in effect. 
 “Borrowing Request” shall mean a request by the Borrower for a
Borrowing in accordance with Section 2.03, which shall be substantially in the form of Exhibit B or such other form as may be approved by the Administrative Agent (including any form on an electronic platform or electronic transmission system),
appropriately completed and signed by a Financial Officer. 
 “Business Day” shall mean any day (other than a Saturday or a
Sunday) on which banks are open for business in New York City; provided that, when used in connection with a LIBOR Loan, the term “Business Day” shall also exclude any day on which banks are not open for dealings in deposits in
Dollars in the London interbank market. 
 “Capital Lease Obligations” of any Person shall mean the obligations of such
Person to pay rent or other amounts under any lease of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are, subject to Section 1.04, required to be classified and
accounted for as capital leases on a balance sheet of such Person under GAAP and, for the purposes of this Agreement, the amount of such obligations at any time shall be the capitalized amount thereof at such time determined in accordance with GAAP.

 “Capital Stock” shall mean shares of capital stock, partnership interests, membership interests in a limited liability
company, beneficial interests in a trust or other equity interests in any Person, and any option, warrant or other right entitling the holder thereof to purchase or otherwise acquire any such equity interest (other than, prior to the date of
conversion, Debt that is convertible into any such equity interest). 
 “Cash Equivalents” shall mean (a) marketable
direct obligations issued by, or unconditionally guaranteed or insured by, the United States government or issued by any agency thereof and backed by the full faith and credit of the United States, in each case maturing within one year from the date
of acquisition; (b) certificates of deposit, time deposits, eurodollar time deposits, bankers’ acceptances or overnight bank deposits having maturities of six months or less from the date of acquisition issued by any Lender or by any
commercial bank organized under the laws of the United States or any state thereof whose short-term commercial paper rating at the time of acquisition is at least B or the equivalent thereof by Fitch IBCA, A-3
or the equivalent thereof by S&P, or P-3 or the equivalent thereof by Moody’s; (c) commercial paper of an issuer rated at least A-2 or the equivalent
thereof at the time of acquisition by S&P or at least P-2 or the equivalent thereof at the time of acquisition by Moody’s, or carrying an equivalent rating by a nationally recognized rating agency, if
both of the two named rating agencies cease publishing ratings of commercial paper issuers generally, and maturing within six months from the date of acquisition; (d) repurchase obligations of any Lender or of any commercial bank

  
 8 

 
satisfying the requirements of clause (b) of this definition, having a term of not more than 30 days, with respect to securities issued or fully guaranteed or insured by the United
States government; (e) securities or marketable direct obligations with maturities of one year or less from the date of acquisition issued or fully guaranteed by any state, commonwealth or territory of the United States, by any political
subdivision or taxing authority of any such state, commonwealth or territory or by any foreign government, the securities of which state, commonwealth, territory, political subdivision, taxing authority or foreign government (as the case may be) are
rated at least A by S&P or A by Moody’s; (f) securities with maturities of six months or less from the date of acquisition backed by standby letters of credit issued by any Lender or any commercial bank satisfying the requirements of
clause (b) of this definition; or (g) shares of money market mutual or similar funds which invest exclusively in assets satisfying the requirements of clauses (a) through (f) of this definition. 

A “Change in Control” shall be deemed to have occurred if (a) any Person or group of Persons (other than (i) the
Borrower, (ii) any Subsidiary or (iii) any employee or director benefit plan or stock plan of the Borrower or a Subsidiary or any trustee or fiduciary with respect to any such plan when acting in that capacity or any trust related to any
such plan) shall have acquired beneficial ownership of shares representing more than 35% of the combined voting power represented by the outstanding Voting Stock of the Borrower (within the meaning of Section 13(d) or 14(d) of the Exchange Act
and the applicable rules and regulations thereunder) or (b) during any period of 12 consecutive months, commencing before and ending after, or commencing after, the Effective Date, individuals who on the first day of such period were
directors of the Borrower (together with any replacement or additional directors who were nominated or elected by a majority of directors then in office or approved prior to their election by a majority of directors then in office) cease to
constitute a majority of the board of directors of the Borrower. 
 “Change in Law” shall mean (a) the adoption or
taking effect of any law, rule, regulation or treaty after the Effective Date, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation, implementation or application thereof by any Governmental Authority
after the Effective Date or (c) the making or issuance of any request, guideline or directive (whether or not having the force of law) of any Governmental Authority after the Effective Date; provided that, notwithstanding anything herein
to the contrary, (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (ii) all requests, rules, guidelines or directives
promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, in each case shall
be deemed to be a “Change in Law”, regardless of the date enacted, adopted, promulgated or issued. 
 “Charges”
shall have the meaning set forth in Section 12.19. 
 “Code” shall mean the Internal Revenue Code of 1986, as amended.

 “Commitment” shall mean, as to each Lender, its obligation to make Loans to, and/or participate in Letters of Credit
issued for the account of, the Borrower pursuant to this Agreement in an aggregate amount at any one time outstanding not to exceed the amount set 

  
 9 

 
forth opposite such Lender’s name on Schedule 2.01 or in the Assignment and Assumption or the Incremental Assumption Agreement pursuant to which such Lender becomes a party hereto, as
applicable, as such amount may be adjusted from time to time in accordance with this Agreement. The amount of the Aggregate Commitments on the Effective Date is $1,500,000,000. 

“Communications” shall mean, collectively, any notice, demand, communication, information, document or other material
provided by or on behalf of the Borrower pursuant to any Loan Document or the transactions contemplated therein that is distributed by or to the Administrative Agent, any Lender or any Issuing Lender by means of electronic communications pursuant to
Section 12.01, including through an Electronic System. 
 “Confidential Information” shall have the meaning set forth
in Section 12.15. 
 “Connection Income Taxes” shall mean Other Connection Taxes that are imposed on or measured by
net income (however denominated) or that are franchise Taxes or branch profits Taxes. 
 “Consolidated EBITDA” shall mean,
for any period, (a) Consolidated Net Income for such period; plus (b) without duplication and to the extent reflected as a charge in such Consolidated Net Income for such period, the sum of: (i) income tax expense,
(ii) interest expense (including imputed interest on Capital Lease Obligations), amortization or write-off of debt discount and debt issuance costs and commissions, discounts and other fees and charges
associated with Debt (including the Loans), and commissions, discounts and other fees and charges with respect to letters of credit, bankers’ acceptance financing and receivables financings, (iii) depreciation and amortization expense,
including amortization of intangibles (including goodwill) and organization costs, (iv) any extraordinary, unusual or non-recurring expenses or losses (including, whether or not otherwise includable as a
separate item in the statement of earnings for such period, losses on sales of assets outside of the ordinary course of business), (v) any non-cash expenses relating to stock option exercises, (vi) any
other non-cash charges and (vii) (A) any charges, costs, expenses, accruals or reserves incurred pursuant to any management equity plan, profits interest or stock option plan, any equity-based
compensation or equity-based incentive plan, or any other management or employee benefit plan, agreement or pension plan and (B) any charges, costs, expenses, accruals or reserves in connection with the rollover, acceleration or payout of
Capital Stock of the Borrower held by management of the Borrower or any of its Subsidiaries; and minus (c) without duplication and to the extent included in such Consolidated Net Income for such period, the sum of: (i) interest
income, (ii) any extraordinary, unusual or non-recurring income or gains (including, whether or not otherwise includable as a separate item in the statement of earnings for such period, gains on the sales
of assets outside of the ordinary course of business) and (iii) any other non-cash income, all as determined on a consolidated basis for the Borrower and its consolidated Subsidiaries. For the purposes of
calculating Consolidated EBITDA for any period of four consecutive fiscal quarters (each, a “Reference Period”) pursuant to any determination of the Consolidated Leverage Ratio, (x) if at any time during such Reference Period
the Borrower or any Subsidiary shall have made any Material Disposition, the Consolidated EBITDA for such Reference Period shall be reduced by an amount equal to the Consolidated EBITDA (if positive) attributable to the property that is the subject
of such Material Disposition for such Reference Period or increased by an amount 

  
 10 

 
equal to the Consolidated EBITDA (if negative) attributable thereto for such Reference Period and (y) if during such Reference Period the Borrower or any Subsidiary shall have made a
Material Acquisition, Consolidated EBITDA for such Reference Period shall be calculated after giving pro forma effect thereto as if such Material Acquisition occurred on the first day of such Reference Period. As used in this definition,
“Material Acquisition” shall mean any acquisition of property or series of related acquisitions of property that (1) constitutes assets comprising all or substantially all of an operating unit of a business or constitutes all
or substantially all of the Capital Stock of a Person and (2) involves the payment of consideration by the Borrower and its Subsidiaries in excess of $250,000,000; and “Material Disposition” shall mean any disposition of
property or series of related dispositions of property that yields gross proceeds to the Borrower or any of its Subsidiaries in excess of $250,000,000. 

“Consolidated Leverage Ratio” shall mean, as at the last day of any period, the ratio of: (a) the sum of
(i) Consolidated Total Debt as of such day, plus (ii) to the extent not included in the definition of Consolidated Total Debt, the aggregate amount of financing, to the extent in excess of $300,000,000, provided by third parties in
connection with Permitted Receivables Securitizations as of such day to (b) Consolidated EBITDA for such period. 

“Consolidated Net Income” shall mean, for any period, the consolidated net income (or loss) of the Borrower and its
consolidated Subsidiaries, determined on a consolidated basis in accordance with GAAP; provided that there shall be excluded, without duplication: (a) the income (or loss) of any Person accrued prior to the date it becomes a Subsidiary
of the Borrower or is merged into or consolidated with the Borrower or any of its Subsidiaries, (b) the income of any Person (other than a Subsidiary of the Borrower) in which the Borrower or any of its Subsidiaries has an ownership interest,
except to the extent that any such income is actually received by the Borrower or such Subsidiary in the form of dividends or similar distributions, and (c) the undistributed earnings of any Subsidiary of the Borrower to the extent that the
declaration or payment of dividends or similar distributions by such Subsidiary is not at the time permitted by the terms of any Contractual Obligation. 

“Consolidated Net Tangible Assets” shall mean, as of any date, the total assets (less applicable reserves and other properly
deductible items) after deducting (a) all current liabilities (excluding the amount of those liabilities which are by their terms extendable or renewable at the option of the obligor to a date more than 12 months after the date as of which
the amount is being determined) and (b) all goodwill, tradenames, trademarks, patents, unamortized debt discount and expense and other intangible assets, all as set forth on the most recent balance sheet of the Borrower and its consolidated
Subsidiaries and determined on a consolidated basis in accordance with GAAP. 
 “Consolidated Total Debt” shall mean, as of
any date, (a) the aggregate principal amount of all third-party Debt for borrowed money (including purchase money Debt), unreimbursed drawings under letters of credit, Capital Lease Obligations and third-party Debt obligations evidenced by
notes, bonds, debentures or similar instruments, in each case of the Borrower and its Subsidiaries outstanding as of such date that would be reflected on a consolidated balance sheet of the Borrower prepared as of such date on a consolidated basis
in accordance with GAAP, minus (b) up to $500,000,000 of cash and Cash Equivalents held in the United States by the Borrower and its Domestic Wholly Owned Subsidiaries as of such date; provided that such cash and Cash Equivalents are
free of any Liens (other than Liens referred to in Section 9.02(o)). 

  
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 “Contractual Obligation” shall mean, as to any Person, any provision of any
security issued by such Person or of any agreement, instrument or other undertaking to which such Person is a party or by which it or any of its property is bound. 

“Control” shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management
or policies of a Person, whether through the ownership of voting securities, by contract or otherwise. “Controlling” and “Controlled” have meanings correlative thereto. 

“Corresponding Tenor” with respect to any Available Tenor means, as applicable, either a tenor (including overnight) or an
interest payment period having approximately the same length (disregarding business day adjustment) as such Available Tenor. 

“Credit Party” shall mean the Administrative Agent, each Issuing Lender and each other Lender. 

“Daily Simple SOFR” shall mean, for any day, SOFR, with the conventions for this rate (which may include a lookback) being
established by the Administrative Agent in accordance with the conventions for this rate selected or recommended by the Relevant Governmental Body for determining “Daily Simple SOFR” for business loans; provided that if the
Administrative Agent decides that any such convention is not administratively feasible for the Administrative Agent, then the Administrative Agent may establish another convention in its reasonable discretion. 

“Debt” of any Person, shall mean, without duplication, (a) all obligations of such Person represented by notes, bonds,
debentures or similar evidences of indebtedness, (b) all indebtedness of such Person for borrowed money or for the deferred purchase price of property or services other than, in the case of any such deferred purchase price, on normal trade
terms, (c) all rental obligations of such Person as lessee under leases that are Capital Lease Obligations, (d) all indebtedness of such Person created or arising under any conditional sale or other title retention agreement with respect
to property acquired by such Person (even though the rights and remedies of the seller or lender under such agreement in the event of default are limited to repossession or sale of such property), (e) all obligations, contingent or otherwise,
of such Person as an account party or applicant under or in respect of bankers’ acceptances, letters of credit, surety bonds or similar arrangements, (f) the liquidation value of all preferred capital stock of such Person which is
redeemable at the option of the holder thereof or which may become (by scheduled or mandatory redemption) due within one year of the Maturity Date, (g) all Guarantees of such Person in respect of obligations of any other Person of the kind
referred to in clauses (a) through (f) above, (h) all obligations of the kind referred to in clauses (a) through (g) above secured by (or for which the holder of such obligation has an existing right, contingent or
otherwise, to be secured by) any Lien on property (including accounts and contract rights) owned by such Person, whether or not such Person has assumed or become liable for the payment of such obligation and (i) for the purposes of
clause (f) of Article X only, all obligations of such Person in respect of Hedge Agreements. The Debt of any Person shall include Debt of any other 

  
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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 Debt expressly provide that such Person is not liable therefor. 

“Default” shall mean 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” shall mean any Lender that (a) has
failed, within two 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 (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 in such writing, including, if applicable, by reference to a specific Default) 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 to funding (specifically identified in such writing, including, if applicable, by reference to a specific Default) cannot be satisfied) or generally under other agreements in which it commits to extend credit, (c) has failed, within
three Business Days after a written request by the Administrative Agent or an Issuing Lender, made in good faith, to provide a certification in writing from an authorized officer of such Lender that it will comply with its obligations to fund
prospective Loans and participations in then outstanding Letters of Credit; provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt by the Administrative Agent or such Issuing Lender of
such certification in form and substance reasonably satisfactory to it, (d) has become the subject of a Bankruptcy Event or (e) has become, or has a Lender Parent that has become, the subject of a
Bail-In Action. 
 “Dollars” or “$” shall mean lawful money of the
United States. 
 “Domestic Subsidiary” shall mean a Subsidiary that is incorporated or organized under the laws of the
United States or any state or political subdivision thereof. 
 “Domestic Wholly Owned Subsidiary” shall mean a Wholly
Owned Subsidiary that is a Domestic Subsidiary. 
 “Early Opt-in Election” means,
if the then-current Benchmark is LIBO Rate, the occurrence of: 
 (1) a notification by the Administrative Agent to (or the request by the
Borrower to the Administrative Agent to notify) each of the other parties hereto that at least five currently outstanding Dollar-denominated syndicated credit facilities at such time contain (as a result of amendment or as originally executed) a
SOFR-based rate (including SOFR, a term SOFR or any other rate based upon SOFR) as a benchmark rate (and such syndicated credit facilities are identified in such notice and are publicly available for review), and 

  
 13 

 (2) the joint election by the Administrative Agent and the Borrower to trigger a fallback
from LIBO Rate and the provision by the Administrative Agent of written notice of such election to the Borrower and the Lenders. 

“EEA Financial Institution” shall mean (a) any institution established in any EEA Member Country which is subject to the
supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any institution established in an EEA Member
Country which is a subsidiary of an institution described in clause (a) or (b) of this definition and is subject to consolidated supervision with its parent. 

“EEA Member Country” shall mean any of the member states of the European Union, Iceland, Liechtenstein and Norway. 

“EEA Resolution Authority” shall mean any public administrative authority or any Person entrusted with public administrative
authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution. 

“Effective Date” shall mean August 20, 2021. 

“Electronic Signature” shall mean an electronic signature, sound, symbol or process attached to, or associated with, a
contract or other record and adopted by a Person with the intent to sign, authenticate or accept such contract or record. 

“Electronic System” shall mean any electronic system, including email, e-fax,
Intralinks®, ClearPar®, Debt Domain, Syndtrak and any other Internet or extranet-based site, whether such electronic system is owned,
operated or hosted by the Administrative Agent or any of its Related Parties or any other Person, providing for access to data protected by passcodes or other security system. 

“Eligible Assignee” shall mean (a) a Lender, (b) an Affiliate of a Lender, (c) an Approved Fund and
(d) any other Person, other than, in each case, (i) a natural person, or a holding company, investment vehicle or trust for, or owned and operated for the primary benefit of, a natural person, (ii) a Defaulting Lender or
(iii) the Borrower or any Subsidiary or other Affiliate of the Borrower. 
 “Environmental and Safety Laws” shall mean
any and all applicable current and future treaties, laws (including common law), regulations, enforceable requirements, binding determinations, orders, decrees, judgments, injunctions, permits, approvals, authorizations, licenses, permissions, or
binding agreements issued, promulgated or entered by any Governmental Authority, relating to the environment, to employee health or safety as it pertains to the use or handling of, or exposure to, any hazardous or toxic substance or waste, to
preservation or reclamation of natural resources or to the management, release or threatened release of any hazardous or toxic substance or waste, including the Hazardous Materials 

  
 14 

 
Transportation Act, the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended by the Superfund Amendments and Reauthorization Act of 1986, the Solid Waste
Disposal Act, as amended by the Resource Conservation and Recovery Act of 1976 and the Hazardous and Solid Waste Amendments of 1984, the Federal Water Pollution Control Act, as amended by the Clean Water Act of 1977, the Clean Air Act of 1970, as
amended, the Toxic Substances Control Act of 1976, the Occupational Safety and Health Act of 1970, as amended, the Emergency Planning and Community Right-to-Know Act of
1986, the Safe Drinking Water Act of 1974, as amended, any similar or implementing state law, all amendments of any of them, and any regulations promulgated under any of them. 

“ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended, and the rules and regulations promulgated
thereunder. 
 “ERISA Affiliate” shall mean any trade or business (whether or not incorporated) that, together with the
Borrower, is treated as a single employer under Section 414(b) or (c) of the Code, or, solely for purposes of Section 302 or ERISA and Section 412 of the Code, is treated as a single employer under Section 414 of the Code.

 “ERISA Termination Event” shall mean (a) a “Reportable Event” described in Section 4043 of ERISA and
the regulations issued thereunder (other than a “Reportable Event” not subject to the provision for 30-day notice to the PBGC under such regulations), (b) the withdrawal of the Borrower or any
of its ERISA Affiliates from a “single employer” Plan during a plan year in which it was a “substantial employer”, both of such terms as defined in Section 4001(a) of ERISA, (c) the incurrence of liability under
Title IV of ERISA with respect to the termination of a Plan, (d) the institution of proceedings to terminate a Plan by the PBGC, (e) the receipt by the Borrower or any ERISA Affiliate of any notice (whether or not written) from the
PBGC of any event or condition which the PBGC asserts is reasonably likely to constitute grounds under Section 4042 of ERISA to terminate, or to appoint a trustee to administer, any Plan or (f) the partial or complete withdrawal of the
Borrower or any ERISA Affiliate from, or the Insolvency of, a Multiemployer Plan. 
 “EU
Bail-In Legislation Schedule” shall mean the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect
from time to time. 
 “Event of Default” shall have the meaning set forth in Article X. 

“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended. 

“Excluded Taxes” shall mean any of the following Taxes imposed on or with respect to a Recipient or required to be withheld
or deducted from a payment to a Recipient: (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes and branch profits Taxes, in each case, (i) imposed as a result of such Recipient being organized under the
laws of, or having its principal office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the
case of a Lender, any United States withholding Taxes described in Section 5.12(k)(i) or 5.12(k)(ii) imposed on amounts payable to 

  
 15 

 
or for the account of such Lender with respect to an applicable interest in a Loan or Commitment, (c) Taxes attributable to such Recipient’s failure to comply with Section 5.12(i)
or 5.12(j), and (d) any U.S. Federal withholding Taxes imposed under FATCA. 
 “Existing Five-Year Credit Agreement”
shall mean that certain Credit Agreement, dated as of November 1, 2019, as amended by the First Amendment dated as of April 23, 2020 and as further amended by the Second Amendment dated as of February 26, 2021, among the Borrower, Zimmer
Biomet G.K., Zimmer Luxembourg II S.À.R.L., the other borrowing subsidiaries party thereto, the lenders party thereto, JPMorgan Chase Bank, N.A., as general administrative agent, JPMorgan Chase Bank, N.A., Tokyo Branch, as Japanese
administrative agent, and J.P. Morgan Europe Limited, as European administrative agent. 
 “Existing Letters of Credit”
shall mean the outstanding letters of credit set forth on Schedule 4.01. 
 “Existing Maturity Date” shall have the meaning
set forth in Section 2.05. 
 “Extending Lender” shall have the meaning set forth in Section 2.05. 

“Extension Closing Date” shall have the meaning set forth in Section 2.05. 

“FATCA” shall mean Section 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor
version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b)(1) of the Code and any
fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement, treaty or convention among Governmental Authorities entered into in connection with the implementation of the foregoing. 

“FCA” shall have the meaning set forth in Section 1.05. 

“Federal Funds Effective Rate” shall mean, for any day, the rate per annum calculated by the NYFRB based on such day’s
federal funds transactions by depository institutions, as determined in such manner as shall be set forth on the NYFRB Website from time to time, and published on the next succeeding Business Day by the NYFRB as the effective federal funds rate;
provided that if the Federal Funds Effective Rate as so determined would be less than zero, such rate shall be deemed to be zero for purposes of this Agreement. 

“Federal Reserve Board” shall mean the Board of Governors of the Federal Reserve System of the United States. 

“Financial Officer” of the Borrower shall mean (a) the chief financial officer, principal accounting officer, vice
president of finance, controller or treasurer of the Borrower, (b) solely for purposes of the delivery of secretary’s certificates and incumbency certificates, the secretary or any assistant secretary of the Borrower and (c) solely
for purposes of notices given pursuant to Article II or IV, any other officer or employee of the Borrower so designated by any of the foregoing officers in a notice to the Administrative Agent and, if applicable, the
applicable Issuing Lender. Any document delivered hereunder that is signed by a Financial Officer shall be 

  
 16 

 
conclusively presumed to have been authorized by all necessary corporate action on the part of the Borrower and such Financial Officer shall be conclusively presumed to have acted on behalf of
the Borrower. 
 “Floor” means the benchmark rate floor, if any, provided in this Agreement initially (as of the execution
of this Agreement, the modification, amendment or renewal of this Agreement or otherwise) with respect to the LIBO Rate. 

“GAAP” shall mean generally accepted accounting principles in the United States, as in effect, subject to Section 1.04,
from time to time. 
 “Governmental Authority” shall mean the government of any nation, including, but not limited to, the
United States, 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 (including any supra-national bodies exercising such powers or functions, such as the European Union or the European Central Bank). 

“Group Member” shall mean the Borrower or any Subsidiary. 

“Guarantee” of or by any Person (the “guarantor”) shall mean any obligation, contingent or otherwise, of the
guarantor guaranteeing or having the economic effect of guaranteeing any Debt 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 Debt 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 Debt 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 Debt or other obligation or (d) as an account party in respect of any letter of credit or letter of guaranty issued to support such Debt or
obligation; provided, that the term Guarantee shall not include endorsements for collection or deposit in the ordinary course of business. 

“Hazardous Substances” shall mean any toxic, radioactive, mutagenic, carcinogenic, noxious, caustic or otherwise hazardous
substance, material or waste, including petroleum, its derivatives, by-products and other hydrocarbons, including polychlorinated biphenyls, asbestos or asbestos-containing material, and any substance, waste
or material regulated or that could reasonably be expected to result in liability under Environmental and Safety Laws. 
 “Hedge
Agreements” shall mean all interest rate swaps, caps or collar agreements, foreign exchange transactions or other arrangements dealing with interest rates or currency exchange rates or the exchange of nominal interest obligations or foreign
currencies, either generally or under specific contingencies. 

  
 17 

 “Incremental Assumption Agreement” shall mean an Incremental Assumption
Agreement in form and substance reasonably satisfactory to the Administrative Agent and the Borrower, among the Borrower, the Administrative Agent and each Person that shall be providing a Commitment pursuant thereto. 

“Incremental Facility Amount” shall mean, at any time, the excess, if any, of (a) $500,000,000 over (b) the
aggregate increase in the Commitments established prior to such time pursuant to Section 5.05. 
 “Indemnified Taxes”
shall mean (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of the Borrower under any Loan Document and (b) to the extent not otherwise described in clause
(a) above, Other Taxes. 
 “Indemnitee” shall have the meaning set forth in Section 12.05(b). 

“Insolvency” shall mean, with respect to any Multiemployer Plan, the condition that such plan is insolvent within the meaning
of Section 4245 of ERISA. 
 “Interest Election Request” shall mean a request by the Borrower to convert or continue a
Borrowing in accordance with Section 5.02, which shall be substantially in the form of Exhibit C or such other form as may be approved by the Administrative Agent (including any form on an electronic platform or electronic transmission system),
appropriately completed and signed by a Financial Officer. 
 “Interest Payment Date” shall mean (a) with respect to
any ABR Loan, the last day of each March, June, September and December and the Maturity Date and (b) with respect to any LIBOR 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 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. 

“Interest Period” shall mean, with respect to any LIBOR Borrowing, the period commencing on the date of such Borrowing and
ending on the numerically corresponding day in the calendar month that is one, three or six (or, with the consent of all Lenders making Loans as part of such Borrowing, twelve) months thereafter (or such shorter interest period as may be agreed to
by all Lenders), in each case as the Borrower may elect and subject to availability; provided that (a) if any Interest Period would end on a day other than a Business Day, such Interest Period shall be extended to the next succeeding
Business Day unless 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 (b) any Interest Period 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 thereafter shall be the effective date of the most recent conversion or continuation of such Borrowing. 

  
 18 

 “Interpolated Screen Rate” shall mean, with respect to any LIBOR Borrowing
for any Interest Period or for purposes of clause (c) of the definition of the term “Alternate Base Rate”, a rate per annum (rounded to the same number of decimal places as the Screen Rate) determined by the Administrative Agent
(which determination shall be conclusive and binding absent manifest error) to be equal to the rate that results from interpolating on a linear basis between (a) the Screen Rate for the longest maturity for which a Screen Rate is available that
is shorter than the applicable period and (b) the Screen Rate for the shortest maturity for which a Screen Rate is available that is longer than the applicable period, in each case as of the time the Interpolated Screen Rate is required to be
determined in accordance with the other provisions hereof; provided that the Interpolated Screen Rate shall in no event be less than zero. 

“IRS” shall mean the U.S. Internal Revenue Service. 

“ISDA Definitions” means the 2006 ISDA Definitions published by the International Swaps and Derivatives Association, Inc. or
any successor thereto, as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from time to time by the International Swaps and Derivatives Association, Inc. or such successor
thereto. 
 “ISP” shall mean, with respect to any Letter of Credit, the “International Standby Practices 1998”
published by the Institute of International Banking Law & Practice, Inc. (or such later version thereof as may be in effect at the time of issuance). 

“Issuing Lender” shall mean (a) each of JPMorgan, Citibank, N.A. and Mizuho Bank, Ltd. and (b) each other Person
that becomes an “Issuing Lender” as provided in Section 4.01(i), in each case, in its capacity as an issuer of Letters of Credit hereunder (and other than any Person that shall have ceased to be an Issuing Lender as provided in
Section 4.01(i)). Each Issuing Lender may, in its discretion, arrange for one or more Letters of Credit to be issued by Affiliates of such Issuing Lender, in which case the term “Issuing Lender” shall include any such Affiliate with
respect to Letters of Credit issued by such Affiliate (it being agreed that such Issuing Lender shall cause such Affiliate to comply with the requirements of Article IV with respect to such Letters of Credit). 

“Japanese Yen” shall mean lawful money of Japan. 

“JPMorgan” shall mean JPMorgan Chase Bank, N.A. 

“LC Commitment” shall mean, with respect to any Issuing Lender, the maximum permitted amount of the LC Exposure that may be
attributable to Letters of Credit issued by such Issuing Lender. The initial LC Commitment of each of JPMorgan, Citibank, N.A. and Mizuho Bank, Ltd. is $20,000,000, and the initial LC Commitment of each Issuing Lender that becomes an Issuing Lender
hereunder pursuant to Section 4.01(i) is set forth in the written agreement referred to in such Section. The LC Commitment of any Issuing Lender may be increased or reduced by written agreement between such Issuing Lender and the Borrower,
provided that a copy of such written agreement shall have been delivered to the Administrative Agent. 

  
 19 

 “LC Disbursement” shall mean a payment made by an Issuing Lender pursuant
to a Letter of Credit. 
 “LC Exposure” shall mean, 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 Borrower at such time. The LC Exposure of any Lender at any time shall be its
Applicable Percentage of the total LC Exposure at such time, adjusted to give effect to any reallocation under Section 5.15(c) of the LC Exposure of Defaulting Lenders in effect at such time. 

“Lender Parent” shall mean, with respect to any Lender, any Person as to which such Lender is, directly or indirectly, a
subsidiary. 
 “Lender-Related Person” means the Administrative Agent (and any
sub-agent thereof), each Arranger, each Lender, each Issuing Lender and each Related Party of any of the foregoing Persons. 

“Lenders” shall mean (a) the financial institutions listed on Schedule 2.01 and (b) any Person that has become
a party hereto pursuant to an Assignment and Assumption or an Incremental Assumption Agreement, in each case, other than any Person that has ceased to be a party hereto pursuant to the terms of this Agreement. 

“Letter of Credit” shall mean any letter of credit issued (or deemed issued) pursuant to Article IV, and shall include
each Existing Letter of Credit. 
 “Leverage Increase Period” shall have the meaning set forth in Section 9.04. 

“Liabilities” means any losses, claims (including intraparty claims), demands, damages or liabilities of any kind. 

“LIBO Rate” shall mean, with respect to any LIBOR Borrowing for any Interest Period, the Screen Rate at approximately 11:00
a.m., London time, two Business Days prior to the commencement of such Interest Period; provided that (a) if no Screen Rate shall be available at such time for such Interest Period but Screen Rates shall be available for maturities both
longer and shorter than such Interest Period, then the “LIBO Rate” for such Interest Period shall be Interpolated Screen Rate at such time and (b) if the LIBO Rate, determined as set forth above, shall be less than zero, such rate
shall be deemed to be zero. 
 “LIBOR”, 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. 

“Lien” shall mean any mortgage, lien, pledge, encumbrance, charge or security interest. 

“Loan” shall have the meaning set forth in Section 2.01. 

  
 20 

 “Loan Documents” shall mean this Agreement, each Incremental Assumption
Agreement, any other agreement, instrument or document designated by the Borrower and the Administrative Agent as a “Loan Document” and, other than for purposes of Section 12.07, each promissory note held by a Lender pursuant to
Section 5.04(e) and each written agreement referred to in Section 4.01(i). 
 “Mandatory Restrictions” shall have
the meaning set forth in Section 1.06. 
 “Margin Regulations” shall mean Regulations T, U and X of the Federal
Reserve Board as from time to time in effect, and all official rulings and interpretations thereunder or thereof. 
 “Material
Acquisition” shall have the meaning set forth in the definition of “Consolidated EBITDA”. 
 “Material Adverse
Effect” shall mean a material adverse effect on the business, operations, properties or financial condition of the Borrower and its consolidated Subsidiaries, taken as a whole. 

“Material Disposition” shall have the meaning set forth in the definition of “Consolidated EBITDA”. 

“Maturity Date” shall mean August 20, 2026, as such date may be extended pursuant to Section 2.05; provided
that if any such date shall not be a Business Day, then the “Maturity Date” shall be the immediately preceding Business Day. 

“Maturity Date Extension Request” shall mean a request by the Borrower, substantially in the form of Exhibit D or such other
form as shall be approved by the Administrative Agent, for the extension of the Maturity Date pursuant to Section 2.05. 

“Maximum Rate” shall have the meaning set forth in Section 12.19. 

“Moody’s” shall mean Moody’s Investors Service, Inc. or any successor to its rating agency business. 

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

“New Lending Office” shall have the meaning set forth in Section 5.12(h). 

“Non-Extending Lender” shall have the meaning set forth in Section 2.05. 

“Non-U.S. Lender” shall have the meaning set forth in Section 5.12(h). 

“NYFRB” shall mean the Federal Reserve Bank of New York. 

“NYFRB Rate” shall mean, for any day, the greater of (a) the Federal Funds Effective Rate in effect on such day and
(b) the Overnight Bank Funding Rate in effect on such 

  
 21 

 
day (or, for any day that is not a Business Day, for the immediately preceding Business Day); provided, however, that if none of such rates are published for any day that is a
Business Day, the “NYFRB Rate” shall be the rate for a federal funds transaction quoted at 11:00 a.m., New York City time, on such day received by the Administrative Agent from a Federal funds broker of recognized standing selected by it;
provided further that if any of the aforesaid rates shall be less than zero, then such rate shall be deemed to be zero for all purposes. 

“NYFRB Website” means the website of the NYFRB at http://www.newyorkfed.org, or any successor source. 

“OFAC” shall mean the United States Treasury Department Office of Foreign Assets Control. 

“Other Benchmark Rate Election” shall mean, if the then-current Benchmark is the LIBO Rate, the occurrence of: 

(a) a request by the Borrower to the Administrative Agent to notify each of the other parties hereto that, at the determination of the
Borrower, Dollar-denominated syndicated credit facilities at such time contain (as a result of amendment or as originally executed), in lieu of a LIBOR-based rate, a term benchmark rate as a benchmark rate, and 

(b) the Administrative Agent, in its sole discretion, and the Borrower jointly elect to trigger a fallback from the LIBO Rate and the
provision, as applicable, by the Administrative Agent of written notice of such election to the Borrower and the Lenders. 
 “Other
Connection Taxes” shall mean, with respect to any Recipient, Taxes imposed as a result of a present or former connection between such Recipient and the jurisdiction imposing such Taxes (other than connections arising from such Recipient
having executed, delivered, become a party to, performed its obligations under, received payments under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan Document). 

“Other Taxes” shall mean all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes
that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, or otherwise with respect to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed with respect to an
assignment (other than an assignment made pursuant to Section 5.14(b)). 
 “Overnight Bank Funding Rate” shall mean,
for any day, the rate comprised of both overnight federal funds and overnight Eurodollar borrowings by U.S.-managed banking offices of depository institutions, as such composite rate shall be determined as set forth on the NYFRB Website from time to
time and published on the next succeeding Business Day by the NYFRB as an overnight bank funding rate. 
 “Participant”
shall have the meaning set forth in Section 12.04(f). 
 “Participant Register” shall have the meaning set forth in
Section 12.04(g). 

  
 22 

 “Payment” shall have the meaning set forth in Article XI. 

“Payment Notice” shall have the meaning set forth in Article XI. 

“PBGC” shall mean the Pension Benefit Guaranty Corporation referred to and defined in ERISA and any successor entity
performing similar functions. 
 “Permitted Debt” shall mean (a) Debt of any Subsidiary to any Group Member;
(b) any Debt incurred pursuant to Sale and Leaseback Transactions permitted under Section 9.03; (c) Debt of any Subsidiary as an account party in respect of trade letters of credit, to the extent that such letters of credit are not
drawn upon; (d) Debt of any Person existing at the time such Person becomes a Subsidiary, provided that such Debt was not created in anticipation of such Person becoming a Subsidiary; (e) Debt secured by any Lien permitted pursuant
to Section 9.02(b) or 9.02(q); (f) Debt consisting of guarantees of loans made to officers, directors or employees of any Subsidiary; (g) unsecured trade accounts payable and other unsecured current Debt incurred in the ordinary
course of business and not more than 120 days past due (but excluding any Debt for borrowed money); (h) any Permitted Receivables Securitization; (i) Debt with respect to surety, appeal and performance bonds obtained by any Subsidiary
in the ordinary course of business; (j) Debt owed in respect of any netting services, overdrafts and related liabilities arising from treasury, depository and cash management services or in connection with any automated clearing-house transfers
of funds; (k) Debt incurred at a Japanese subsidiary of the Borrower and listed in Schedule 1.01 hereto in an aggregate principal amount (together with any replacements, renewals, refinancings or extensions thereof pursuant to clause
(l) below) not to exceed $300,000,000 (or the equivalent thereof in Japanese Yen); and (l) any replacement, renewal, refinancing or extension of any Debt referenced in clause (d) or (k) above that does not exceed the aggregate
principal amount (plus associated fees and expenses) of the Debt being replaced, renewed, refinanced or extended (except that accrued and unpaid interest not delinquent in accordance with its terms may be part of any refinancing pursuant to this
clause). 
 “Permitted Receivables Securitization” shall mean the incurrence of Debt in respect of any receivables
securitization of the Borrower or any Subsidiary. 
 “Person” shall mean any natural person, corporation, limited liability
company, trust, joint venture, association, company, partnership, Governmental Authority or other entity. 
 “Plan” shall
mean any “employee pension benefit plan”, as defined in Section 3(2) of ERISA (other than a Multiemployer Plan), subject to the provisions of Title IV or Section 302 of ERISA or Section 412 of the Code that is
maintained by the Borrower or any ERISA Affiliate for current or former employees, or any beneficiary thereof, of the Borrower or any ERISA Affiliate. 

“Pricing Grid” shall mean the facility fee and Applicable Margin grid set forth in Annex I. 

“Prime Rate” shall mean the rate of interest last quoted by The Wall Street Journal as the “Prime Rate” in
the United States or, if The Wall Street Journal ceases to quote 

  
 23 

 
such rate, the highest per annum interest rate published by the Federal Reserve Board in Federal Reserve Statistical Release H.15 (519) (Selected Interest Rates) as the “bank prime
loan” rate or, if such rate is no longer quoted therein, any similar release by the Federal Reserve Board (as determined by the Administrative Agent in its reasonable discretion). Each change in the Prime Rate shall be effective from and
including the date such change is publicly announced or quoted as being effective. “PTE” shall mean a prohibited transaction class exemption issued by the U.S. Department of Labor, as any such exemption may be amended from time to
time. 
 “Public Lender” shall have the meaning set forth in Section 8.03. 

“Qualified Material Acquisition” shall mean any acquisition of all the Capital Stock in a Person, or of all or substantially
all the assets of any Person (or of any division or line of business of any Person), by the Borrower or any of its Subsidiaries that, together with any other such acquisition consummated in any single fiscal quarter of the Borrower, involves the
incurrence by the Borrower or its Subsidiaries of Debt to finance the acquisition consideration therefor (including refinancing of any Debt of such acquired Person), or assumption by the Borrower or its Subsidiaries of existing Debt of such acquired
Person (or such division or line of business), in an aggregate principal amount of $1,000,000,000 or more. 
 “Rating
Agencies” shall mean Moody’s and S&P. 
 “Ratings” shall have the meaning set forth in Annex I. 

“Recipient” shall mean the Administrative Agent, any Lender, any Issuing Lender or any combination thereof (as the context
requires). 
 “Reference Period” shall have the meaning set forth in the definition of “Consolidated EBITDA”.

 “Reference Time” with respect to any setting of the then-current Benchmark means (1) if such Benchmark is LIBO
Rate, 11:00 a.m., London time, on the day that is two London banking days preceding the date of such setting, and (2) if such Benchmark is not LIBO Rate, the time determined by the Administrative Agent in its reasonable discretion. 

“Register” shall have the meaning set forth in Section 12.04(d). 

“Regulation FD” shall have the meaning set forth in Section 12.15. 

“Related Parties” shall mean, with respect to any specified Person, such Person’s Affiliates and the respective
directors, officers, partners, members, trustees, employees, agents, administrators, managers, representatives and advisors of such Person and of such Person’s Affiliates. 

“Relevant Governmental Body” shall mean the Federal Reserve Board and/or the NYFRB, or a committee officially endorsed or
convened by the Federal Reserve Board and/or the NYFRB for the purpose of recommending a benchmark rate to replace LIBOR in loan agreements similar to this Agreement. 

  
 24 

 “Required Lenders” shall mean, at any time, Lenders having Revolving Credit
Exposures and unused Commitments representing more than 50% of the sum of the aggregate Revolving Credit Exposure of all the Lenders and the aggregate unused Commitments of all the Lenders at such time. 

“Resolution Authority” shall mean an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK
Resolution Authority. 
 “Restricted Lender” shall have the meaning set forth in Section 1.06. 

“Reuters” shall mean Thomson Reuters Corporation, Refinitiv or, in each case, a successor thereto. 

“Revolving Availability Period” shall mean the period from and including the Effective Date to (but excluding) the earlier of
the Maturity Date and the date of termination of the Aggregate Commitments in accordance with the terms hereof. 
 “Revolving Credit
Exposure” shall mean, as at any date of determination with respect to any Lender, an amount equal to the sum of (a) the aggregate principal amount of such Lender’s Loans outstanding on such date and (b) such Lender’s LC
Exposure on such date. 
 “S&P” shall mean S&P Global Ratings, a division of S&P Global Inc., and any successor
to its rating agency business. 
 “Sale and Leaseback Transaction” shall mean any arrangement with any Person pursuant to
which the Borrower or any Subsidiary leases any property that has been or is to be sold or transferred by the Borrower or the Subsidiary to such Person, other than (a) temporary leases for a term, including renewals at the option of the lessee,
of not more than three years, (b) leases between the Borrower and a Subsidiary or between Subsidiaries, (c) leases of property executed by the time of, or within 12 months after the latest of, the acquisition, the completion of
construction or improvement, or the commencement of commercial operation of such property and (d) arrangements pursuant to any provision of law with an effect similar to that under former Section 168(f)(8) of the Internal Revenue Code of
1954. 
 “Sanctioned Country” shall mean, at any time, a country, region or territory that is itself the subject or target
of any Sanctions. 
 “Sanctioned Person” shall mean, at any time, (a) any Person listed in any Sanctions-related list
of designated Persons maintained by OFAC, the U.S. Department of State, the United Nations Security Council, the European Union, any European Union member state, Her Majesty’s Treasury of the United Kingdom, the State Secretariat for Economic
Affairs of Switzerland, the Swiss Directorate of International Law, the Hong Kong Monetary Authority or the Monetary Authority of Singapore, (b) any Person operating, organized or resident in a Sanctioned Country or (c) any Person owned or
controlled by any Person or Persons described in the preceding clauses (a) and (b). 

  
 25 

 “Sanctions” shall mean all economic or financial sanctions or trade
embargoes imposed, administered or enforced from time to time by (a) the U.S. government, including those administered by OFAC or the U.S. Department of State, or (b) the United Nations Security Council, the European Union, any European
Union member state, Her Majesty’s Treasury of the United Kingdom, the State Secretariat for Economic Affairs of Switzerland, the Swiss Directorate of International Law, the Hong Kong Monetary Authority or the Monetary Authority of Singapore.

 “Screen Rate” shall mean in respect of the LIBO Rate for any Interest Period, or in respect of any determination of
Alternate Base Rate pursuant to clause (c) of the definition of such term, a rate per annum equal to the London interbank offered rate as administered by the ICE Benchmark Administration (or any other Person that takes over the administration
of such rate) for deposits in Dollars (for delivery on the first day of such Interest Period) with a term equivalent to the relevant period as displayed on the Reuters screen page that displays such rate (currently LIBOR01 or LIBOR02) (or, in the
event such rate does not appear on a page of the Reuters screen, on the appropriate page of such other information service that publishes such rate as shall be selected by the Administrative Agent from time to time in its reasonable discretion);
provided that (i) if any Screen Rate, determined as provided above, would be less than zero, such Screen Rate shall be deemed to be zero and (ii) if no Screen Rate shall be available for a particular Interest Period but Screen Rates
shall be available for maturities both longer and shorter than such Interest Period, than the Screen Rate for such Interest Period shall be the Interpolated Screen Rate. 

“SEC” shall mean the Securities and Exchange Commission. 

“SOFR” shall mean, with respect to any Business Day, a rate per annum equal to the secured overnight financing rate for such
Business Day published by the SOFR Administrator on the SOFR Administrator Website on the immediately succeeding Business Day. 

“SOFR Administrator” means the NYFRB (or a successor administrator of the secured overnight financing rate). 

“SOFR Administrator Website” means the NYFRB Website or any successor source for the secured overnight financing rate
identified as such by the SOFR Administrator from time to time. 
 “Specified Provision” shall have the meaning set forth
in Section 1.06. 
 “Statutory Reserve Rate” shall mean 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 percentages (including any marginal, special, emergency or supplemental reserves), expressed as a decimal, established by the Federal Reserve
Board to which the Administrative Agent is subject for eurodollar funding (currently referred to as “Eurodollar Liabilities” in Regulation D of the Federal Reserve Board). Such reserve percentages shall include those imposed pursuant
to such Regulation D. LIBOR Loans shall be deemed to constitute eurodollar funding and to be subject to such reserve requirements without 

  
 26 

 
benefit of or credit for proration, exemptions or offsets that may be available from time to time to any Lender under such Regulation D or any comparable regulation. The Statutory Reserve
Rate shall be adjusted automatically on and as of the effective date of any change in any reserve percentage. 

“subsidiary” shall mean, with respect to any Person (the “parent”) at any date, (a) for purposes of
Section 9.03 only, any Person the majority of the outstanding Voting Stock of which is owned, directly or indirectly, by the parent or one or more subsidiaries of the parent and (b) for all other purposes under this Agreement, 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 of which Capital Stock 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 by the parent or one or more subsidiaries of the parent. 

“Subsidiary” shall mean a subsidiary of the Borrower. 

“Taxes” shall mean any and all present or future taxes, levies, imposts, duties, deductions, charges or withholdings
(including backup withholdings) imposed by any Governmental Authority and all interest, additions to tax, penalties or liabilities with respect thereto. 

“Term SOFR” shall mean, for the applicable Corresponding Tenor as of the applicable Reference Time, the forward-looking term
rate based on SOFR that has been selected or recommended by the Relevant Governmental Body. 
 “Term SOFR Notice” shall
mean a notification by the Administrative Agent to the Lenders and the Borrower of the occurrence of a Term SOFR Transition Event. 

“Term SOFR Transition Event” shall mean the determination by the Administrative Agent that (a) Term SOFR has been
recommended for use by the Relevant Governmental Body, (b) the administration of Term SOFR is administratively feasible for the Administrative Agent and (c) a Benchmark Transition Event or an Early
Opt-in Election, as applicable, has previously occurred resulting in a Benchmark Replacement in accordance with Section 5.09(b) that is not Term SOFR. 

“Test Period” shall have the meaning set forth in Section 9.04. 

“Transactions” shall mean the execution and delivery by the Borrower of this Agreement, the performance by the Borrower of
its obligations hereunder, the issuance of the Letters of Credit hereunder and the borrowings made or to be made hereunder and the use of the proceeds thereof. 

  
 27 

 “Type” , when used in respect of (a) any Loan, shall refer to whether
such Loan is a LIBOR Loan or an ABR Loan, and (b) any Borrowing, shall refer to whether such Borrowing is comprised of LIBOR Loans or ABR Loans. 

“UK Financial Institution” shall mean any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended from
time to time) promulgated by the United Kingdom Prudential Regulation Authority) or any person subject to IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated by the United Kingdom Financial Conduct Authority, which includes
certain credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms. 
 “UK
Resolution Authority” shall mean the Bank of England or any other public administrative authority having responsibility for the resolution of any UK Financial Institution. 

“Unadjusted Benchmark Replacement” means the applicable Benchmark Replacement excluding the related Benchmark Replacement
Adjustment. 
 “Undisclosed Administration” shall mean, in relation to a Lender or a Lender Parent, the appointment of an
administrator, provisional liquidator, conservator, receiver, trustee, custodian or other similar official by a supervisory authority or regulator under or based on the law in the country where such Lender is subject to home jurisdiction supervision
if applicable law requires that such appointment is not to be publicly disclosed. 
 “United States” shall mean the United
States of America. 
 “U.S. Tax Compliance Certificate” shall have the meaning set forth in Section 5.12(g). 

“USA PATRIOT Act” shall mean the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and
Obstruct Terrorism Act of 2001. 
 “Value” shall mean, with respect to a Sale and Leaseback Transaction, an amount equal to
the present value of the lease payments with respect to the term of the lease (reduced by the amount of rental obligations of any sublessee of all or part of the same property) remaining on the date as of which the amount is being determined,
without regard to any renewal or extension options contained in the lease, discounted at an interest rate determined by the Borrower at the time of the consummation of such Sale and Leaseback Transaction as long as such interest rate is customary
for leases of such type. 
 “Voting Stock” shall mean, as applied to the Capital Stock of any Person, Capital Stock of any
class or classes (however designated) having by the terms thereof ordinary voting power to elect a majority of the members of the board of directors (or other governing body) of such Person other than Capital Stock having such power only by reason
of the happening of a contingency. 
 “Wholly Owned Subsidiary” of any Person shall mean a subsidiary of such Person of
which Capital Stock (except for directors’ qualifying shares) representing 100% of the 

  
 28 

 
equity is, at the time any determination is being made, owned by such Person or one or more wholly owned subsidiaries of such Person or by such Person and one or more wholly owned subsidiaries of
such Person. 
 “Write-Down and Conversion Powers” shall mean (a) with respect to any EEA Resolution Authority, the
write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in
the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom, any powers of the applicable Resolution Authority under the Bail-In Legislation to
cancel, reduce, modify or change the form of a liability of any UK Financial Institution or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person
or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that
Bail-In Legislation that are related to or ancillary to any of those powers. 
 SECTION
1.02.    Classification of Loans and Borrowings. For purposes of this Agreement, Loans may be classified and referred to by Type (e.g., a “LIBOR Loan”). Borrowings also may be classified and referred to by Type
(e.g., a “LIBOR 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 words “asset” and
“property” shall be construed to have the same meaning and effect and to refer to any and all real and personal, tangible and intangible assets and properties, including cash, securities, accounts and contract rights. 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, writs and decrees, of all Governmental Authorities. Except as otherwise expressly provided herein and unless the context requires otherwise, (a) any definition of or reference to any agreement, instrument or other document
(including this Agreement and the other Loan Documents) shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments,
supplements or modifications set forth herein), (b) any 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 and (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. 

  
 29 

 SECTION 1.04.    Accounting Terms; GAAP. Except as otherwise
expressly provided herein, all terms of an accounting or financial nature shall be construed in accordance with GAAP, as in effect from time to time; provided that if the Borrower notifies the Administrative Agent that the Borrower wishes to
amend any covenant in Article IX or any related definition or other financial term used herein to eliminate the effect of any change in GAAP or in the application thereof occurring after the Effective Date on the operation of such covenant (or
if the Administrative Agent notifies the Borrower that the Required Lenders wish to amend Article IX or any related definition or other financial term used herein for such purpose), regardless of whether any such notice is given before or after
such change in GAAP or in the application thereof, then the Borrower’s compliance with such covenant shall be determined on the basis of GAAP in effect immediately before the relevant change in GAAP or in the application thereof became
effective, until either such notice is withdrawn or such covenant is amended in a manner satisfactory to the Borrower and the Required Lenders. 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 (a) any election under Financial Accounting Standards Board Accounting Standards Codification 825 (or any other
Accounting Standards Codification having a similar result or effect) (and related interpretations) to value any Debt of the Borrower or any Subsidiary at “fair value”, as defined therein, (b) any change in accounting for leases
pursuant to GAAP resulting from the implementation of Financial Accounting Standards Board ASU No. 2016-02, Leases (Topic 842), to the extent such implementation would require recognition of a lease
liability where such lease (or similar arrangement) would not have required a lease liability under GAAP as in effect on December 31, 2015, (c) any treatment of Debt in respect of convertible debt instruments under Accounting Standards
Codification 470-20 (or any other Accounting Standards Codification or Financial Accounting Standard having a similar result or effect) (and related interpretations) to value any such Debt in a reduced or
bifurcated manner as described therein, and such Debt shall at all times be valued at the full stated principal amount thereof, and (d) any valuation of Debt below its full stated principal amount as a result of application of Financial
Accounting Standards Board Accounting Standards Update No. 2015-03, it being agreed that Debt shall at all times be valued at the full stated principal amount thereof. 

SECTION 1.05.    Interest Rates; LIBOR Notification. The interest rate on a Loan may be derived from an interest
rate benchmark that is, or may in the future become, the subject of regulatory reform. Regulators have signaled the need to use alternative benchmark reference rates for some of these interest rate benchmarks and, as a result, such interest rate
benchmarks may cease to comply with applicable laws and regulations, may be permanently discontinued, and/or the basis on which they are calculated may change. The London interbank offered rate is intended to represent the rate at which contributing
banks may obtain short-term borrowings from each other in the London interbank market. On March 5, 2021, the U.K. Financial Conduct Authority (“FCA”) publicly announced that: (a) immediately after December 31, 2021,
publication of the 1-week and 2-month Dollar London interbank offered rate settings will permanently cease; immediately after June 30, 2023, publication of the
overnight and 12-month Dollar London interbank offered rate settings will permanently cease; and immediately after June 30, 2023, the 1-month, 3-month and 6-month Dollar London interbank offered rate settings will cease to be provided or, subject to the FCA’s consideration of the case, be provided

  
 30 

 
on a changed methodology (or “synthetic”) basis and no longer be representative of the underlying market and economic reality they are intended to measure and that representativeness
will not be restored. There is no assurance that dates announced by the FCA will not change or that the administrator of the London interbank offered rate and/or regulators will not take further action that could impact the availability,
composition, or characteristics of the London interbank offered rate or the currencies and/or tenors for which the London interbank offered rate is published. Each party to this Agreement should consult its own advisors to stay informed of any such
developments. Public and private sector industry initiatives are currently underway to identify new or alternative reference rates to be used in place of the London interbank offered rate. Upon the occurrence of a Benchmark Transition Event, a Term
SOFR Transition Event, an Early Opt-in Election or an Other Benchmark Rate Election, Section 5.09(b) provides a mechanism for determining an alternative rate of interest. The Administrative Agent will
promptly notify the Borrower, pursuant to Section 5.09(b)(iv), of any change to the reference rate upon which the interest rate on LIBOR Loans is based. However, the Administrative Agent does not warrant or accept any responsibility for, and
shall not have any liability with respect to, the administration, submission, performance or any other matter related to the London interbank offered rate or other rates in the definition of “LIBO Rate” or with respect to any alternative
or successor rate thereto, or replacement rate thereof (including, without limitation, (i) any such alternative, successor or replacement rate implemented pursuant to Section 5.09(b), whether upon the occurrence of a Benchmark Transition
Event, a Term SOFR Transition Event, an Early Opt-in Election or an Other Benchmark Rate Election, and (ii) the implementation of any Benchmark Replacement Conforming Changes pursuant to
Section 5.09(b)(iii)), including, without limitation, whether the composition or characteristics of any such alternative, successor or replacement reference rate will be similar to, or produce the same value or economic equivalence of the LIBO
Rate or have the same volume or liquidity as did the LIBO Rate prior to its discontinuance or unavailability. The Administrative Agent and its Affiliates and/or other related entities may engage in transactions that affect the calculation of any
alternative, successor or alternative rate (including any Benchmark Replacement) and/or any relevant adjustments thereto, in each case, in a manner adverse to the Borrower. The Administrative Agent may select information sources or services in its
reasonable discretion to ascertain the LIBO Rate, any component thereof, or rates referenced in the definition thereof, in each case pursuant to the terms of this Agreement, and shall have no liability to the Borrower, any Lender or any other Person
for damages of any kind, including direct or indirect, special, punitive, incidental or consequential damages, costs, losses or expenses (whether in tort, contract or otherwise and whether at law or in equity), for any error or calculation of any
such rate (or component thereof) provided by any such information source or service. 
 SECTION 1.06.    Blocking
Regulation. In relation to any Lender that is subject to the regulations referred to below (each, a “Restricted Lender”), any representation, warranty or covenant set forth herein that refers to Sanctions (each, a
“Specified Provision”) shall only apply for the benefit of such Restricted Lender to the extent that such Specified Provision would not result in a violation of, conflict with or liability under Council Regulation (EC) 2271/96 (or
any law implementing such regulation in any member state of the European Union) or any similar blocking or anti-boycott law in Germany (including, in the case of Germany, section 7.01 foreign trade rules
(Außenwirtschaftsverordnung – AWV) in connection with section 4.01 paragraph 1 foreign trade law (Außenwirtschaftsgesetz – AWG)) or in the

  
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United Kingdom (the “Mandatory Restrictions”). In the event of any consent or direction by Lenders in respect of any Specified Provision of which a Restricted Lender does not
have the benefit due to a Mandatory Restriction, then, notwithstanding anything to the contrary in the definition of Required Lenders, for so long as such Restricted Lender shall be subject to a Mandatory Restriction, the Commitment and the
Revolving Credit Exposure of such Restricted Lender will be disregarded for the purpose of determining whether the requisite consent of the Lenders has been obtained or direction by the requisite Lenders has been made, it being agreed, however,
that, unless, in connection with any such determination, the Administrative Agent shall have received written notice from any Lender stating that such Lender is a Restricted Lender with respect thereto, each Lender shall be presumed, in connection
with such determination, not to be a Restricted Lender. 
 SECTION 1.07.    Divisions. For all purposes under the
Loan Documents, in connection with any division or plan of division under Delaware law (or any comparable event under a different jurisdiction’s laws): (a) if any asset, right, obligation or liability of any Person becomes the asset, right,
obligation or liability of a different Person, then it shall be deemed to have been transferred from the original Person to the subsequent Person, and (b) if any new Person comes into existence, such new Person shall be deemed to have been
organized and acquired on the first date of its existence by the holders of its Capital Stock at such time. 
 ARTICLE II 

Amount and Terms of the Commitments 

SECTION 2.01.    Commitments. Subject to the terms and conditions set forth herein, each Lender agrees to make
revolving loans (each, a “Loan”) to the Borrower from time to time during the Revolving Availability Period in Dollars in an aggregate principal amount that will not result in (a) such Lender’s Revolving Credit Exposure
exceeding such Lender’s Commitment or (b) the sum of the total Revolving Credit Exposures of all of the Lenders exceeding the Aggregate Commitments. Within the foregoing limits and subject to the terms and conditions set forth herein, the
Borrower may borrow, prepay and reborrow Loans. Loans may be ABR Loans or LIBOR Loans, as further provided herein. 
 SECTION
2.02.    Loans and Borrowings. (a) Each Loan shall be made as part of a Borrowing consisting of Loans of the same Type made by the Lenders ratably in accordance with their respective Commitments. 

(b)    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 such Loans as required. 

(c)    Subject to Section 5.09, each Borrowing shall be comprised entirely of ABR Loans or LIBOR Loans, as the
Borrower may request in accordance herewith. Each Lender at its option may make any Loan by causing any domestic or foreign branch or Affiliate of such Lender to make such Loan; provided that any exercise of such option shall not affect the
obligation of the Borrower to repay such Loan in accordance with the terms of this Agreement. 

  
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 (d)    At the commencement of each Interest Period for any LIBOR
Borrowing, such Borrowing shall be in an aggregate amount that is an integral multiple of $1,000,000 and not less than $5,000,000; provided that any LIBOR Borrowing that results from a continuation of an outstanding Borrowing may be in an
aggregate amount that is equal to such outstanding Borrowing. At the time that each ABR Borrowing is made, such Borrowing shall be in an aggregate amount that is an integral multiple of $1,000,000 and not less than $5,000,000; provided that
an ABR Borrowing may be in an aggregate amount that is equal to (i) the entire unused balance of the Aggregate Commitments or (ii) the amount required to finance the reimbursement of an LC Disbursement as contemplated by
Section 4.01(e). Borrowings of more than one Type may be outstanding at the same time; provided that there shall not at any time be more than a total of 10 Borrowings outstanding. 

(e)    Notwithstanding any other provision of this Agreement, the Borrower shall not be entitled to request, or to elect
to convert or continue, any Borrowing if the Interest Period requested with respect thereto would end after the Maturity Date. 
 SECTION
2.03.    Requests for Borrowings. To request a Borrowing, the Borrower shall deliver to the Administrative Agent a duly completed Borrowing Request (a) in the case of a LIBOR Borrowing, not later than 12:00 noon,
New York City time, three Business Days before the date of the proposed Borrowing and (b) in the case of an ABR Borrowing, not later than 12:00 noon, New York City time, on the date of the proposed Borrowing. Each Borrowing Request shall
be irrevocable and shall specify the following information in compliance with Section 2.02: 

(i)    the aggregate amount of the requested Borrowing; 

(ii)    the date of such Borrowing, which shall be a Business Day; 

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

(iv)    in the case of a LIBOR Borrowing, the 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 account of the Borrower to which funds are to be disbursed, which shall comply with the requirements of Section 5.01, or in the case of any ABR Borrowing requested to finance the reimbursement of an LC Disbursement as
provided in Section 4.01(e), the LC Disbursement intended to be reimbursed. 
 If no election as to the Type of Borrowing is specified, then the
requested Borrowing shall be an ABR Borrowing. If no Interest Period is specified with respect to any requested LIBOR Borrowing, then the Borrower shall be deemed to have selected an Interest Period of one month’s duration. Promptly following
receipt of a Borrowing Request in accordance with this Section, the Administrative Agent shall advise each Lender of the details thereof and of the amount of such Lender’s Loan to be made as part of the requested Borrowing. 

  
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 SECTION 2.04.    [Reserved]. 

SECTION 2.05.    Extension of Maturity Date. The Borrower may, by delivery of a Maturity Date Extension Request to
the Administrative Agent (which shall promptly deliver a copy to each of the Lenders), request that the Lenders extend the Maturity Date for an additional period of one year; provided that (a) not more than a single extension of the
Maturity Date may be effected in any period of 12 consecutive months and there shall be no more than two extensions of the Maturity Date pursuant to this Section and (b) after giving effect to any extension, the Maturity Date may not be more
than five years after the applicable Extension Closing Date. Each Lender shall, by notice to the Borrower and the Administrative Agent given not later than the 20th day after the date of the Administrative Agent’s receipt of the Maturity
Date Extension Request, advise the Borrower whether or not it agrees to the requested extension (each Lender agreeing to a requested extension being called an “Extending Lender”, and each Lender declining to agree to a requested
extension being called a “Non-Extending Lender”). Any Lender that has not so advised the Borrower and the Administrative Agent by such day shall be deemed to have declined to agree to such
extension and shall be a Non-Extending Lender; provided that a Non-Extending Lender (other than a Defaulting Lender) may, with the written consent of the
Borrower, elect to become an Extending Lender by providing written notice of such election to the Borrower and the Administrative Agent at any time prior to the Existing Maturity Date. If Lenders constituting the Required Lenders shall have agreed
to a Maturity Date Extension Request within the 20-day period described above, then, effective as of the Extension Closing Date with respect thereto, the Maturity Date shall, as to the Extending Lenders, be
extended to the first anniversary of the Maturity Date theretofore in effect (such Maturity Date theretofore in effect being called the “Existing Maturity Date”); provided that no extension of the Maturity Date pursuant to
this Section shall become effective unless on the date of the effectiveness thereof the conditions set forth in Section 7.02(b) (without giving effect to the parenthetical therein and with references therein to a Borrowing being deemed to be
references to such extension, and with Section 6.05(a) being deemed for this purpose to refer to the most recent financial statements delivered pursuant to Sections 8.03(a) and 8.03(b)) shall be satisfied and no Default shall have occurred
and be continuing, and the Administrative Agent shall have received a certificate to that effect dated as of such date and executed by a Financial Officer of the Borrower (the first date on which such consent of the Required Lenders to such
extension is obtained and the conditions specified in this proviso are satisfied with respect to such extension being called the “Extension Closing Date”). The decision to agree or withhold agreement to any Maturity Date Extension
Request shall be at the sole discretion of each Lender. The Commitment of any Non-Extending Lender shall terminate on the Existing Maturity Date. The principal amount of any outstanding Loans made by the Non-Extending Lenders, together with any accrued interest thereon and any accrued fees and other amounts payable to or for the account of the Non-Extending Lenders hereunder,
shall be due and payable on the Existing Maturity Date, and on the Existing Maturity Date the Borrower shall also make such other prepayments of the Loans pursuant to Section 5.06 as shall be required in order that, after giving effect to the
termination of the Commitments of, and all payments to, the Non-Extending Lenders pursuant to this sentence, the aggregate Revolving Credit Exposures would not exceed the Aggregate Commitments. The Borrower
shall have the right, pursuant to Section 5.14(b), at any time on or prior to the Existing Maturity Date to replace a Non-Extending Lender with one or more Lenders or other financial institutions that
will agree to the applicable Maturity Date 

  
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Extension Request, and each such replacement Lender or financial institution shall for all purposes constitute an Extending Lender. Notwithstanding the foregoing, the Revolving Availability
Period and the Maturity Date, as such terms are used in reference to Letters of Credit issued or to be issued by any Issuing Lender, will not be extended without the prior written consent of such Issuing Lender. 

ARTICLE III 
 [Reserved]

 ARTICLE IV 
 Letters
of Credit 
 SECTION 4.01.    Letters of Credit. (a) General. Subject to the terms and conditions set
forth herein, the Borrower may request the issuance of Letters of Credit denominated in Dollars for its own account, in a form reasonably acceptable to the applicable Issuing Lender, at any time and from time to time during the Revolving
Availability Period. 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 Borrower to, or entered into by
the Borrower with, the applicable Issuing Lender relating to any Letter of Credit, the terms and conditions of this Agreement shall control. The Existing Letters of Credit are deemed to have been issued under this Agreement and will, for all
purposes of this Agreement, constitute Letters of Credit. 
 (b)    Notice of Issuance, Amendment or Extension;
Certain Conditions. To request the issuance of a Letter of Credit (or the amendment or extension of an outstanding Letter of Credit, other than an automatic extension permitted pursuant to Section 4.01(c)), the Borrower shall deliver to an
Issuing Lender selected by it and to the Administrative Agent (reasonably in advance of the requested date of issuance, amendment or extension) a notice requesting the issuance of a Letter of Credit, or identifying the Letter of Credit to be amended
or extended, and specifying the date of issuance, amendment or extension (which shall be a Business Day), the date on which such Letter of Credit is to expire (which shall comply with Section 4.01(c)), the amount of such Letter of Credit, the
name and address of the beneficiary thereof and such other information as shall be necessary to prepare, amend or extend such Letter of Credit. If requested by the applicable Issuing Lender, the Borrower also shall submit a letter of credit
application on such Issuing Lender’s standard form in connection with any request for a Letter of Credit. A Letter of Credit shall be issued, amended or extended only if (and upon issuance, amendment or extension of each Letter of Credit, the
Borrower shall be deemed to represent and warrant that), after giving effect to such issuance, amendment or extension (i) the LC Exposure shall not exceed $50,000,000, (ii) the total Revolving Credit Exposures shall not exceed the
Aggregate Commitments, (iii) the portion of the LC Exposure attributable to Letters of Credit issued by each Issuing Lender shall not exceed the LC Commitment of such Issuing Lender and (iv) in the event the Maturity Date shall have been
extended as provided in Section 2.05, the portion of the LC Exposure attributable to Letters of Credit expiring after any Existing Maturity Date shall not exceed the Aggregate Commitments of the Extending Lenders. The issuance of any Letter of
Credit shall be subject to the customary procedures of the 

  
 35 

 
applicable Issuing Lender, and no Issuing Lender shall be required to issue any Letter of Credit of a type not approved for issuance by it. Notwithstanding anything in the contrary in this
Agreement, no Issuing Lender shall be under any obligation to issue, amend or extend any Letter of Credit if: (A) any order, judgment or decree of any Governmental Authority or arbitrator shall by its terms purport to enjoin or restrain such
Issuing Lender from issuing, amending or extending such Letter of Credit, or any law, rule, regulation or treaty applicable to such Issuing Lender or any request or directive (whether or not having the force of law) from any Governmental Authority
with jurisdiction over such Issuing Lender shall prohibit, or request that such Issuing Lender refrain from, the issuance, amendment or extension of letters of credit generally or such Letter of Credit in particular or shall impose upon such Issuing
Lender with respect to such Letter of Credit any restriction, reserve or capital requirement (for which such Issuing Lender is not otherwise compensated hereunder) not in effect on the Effective Date; or (B) the issuance, amendment or extension
of such Letter of Credit would violate one or more policies of such Issuing Lender. 
 (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 extension thereof, one year after such extension)
and (ii) the date that is five Business Days prior to the Maturity Date; provided that any Letter of Credit may contain customary automatic extension provisions agreed upon by the Borrower and the applicable Issuing Lender pursuant to
which the expiration date of such Letter of Credit shall automatically be extended for a period of up to 12 months (but not to a date later than the date set forth in clause (ii) above), subject to a right on the part of such Issuing Lender to
prevent any such extension from occurring pursuant to the terms of such Letter of Credit by giving notice to the beneficiary during a specified period in advance of any such extension. 

(d)    Participations. By the issuance of a Letter of Credit (or an amendment to a Letter of Credit increasing the
amount thereof), and effective upon the date of such issuance or amendment (or, in the case of any Existing Letter of Credit, on the Effective Date), and without any further action on the part of the applicable Issuing Lender or the Lenders, the
applicable Issuing Lender hereby grants to each Lender, and each Lender hereby acquires from such Issuing Lender, a participation in such Letter of Credit equal to such Lender’s Applicable Percentage from time to time of the aggregate amount
available to be drawn under such Letter of Credit. In consideration and in furtherance of the foregoing, each Lender hereby absolutely and unconditionally agrees to pay to the Administrative Agent, for the account of such Issuing Lender, such
Lender’s Applicable Percentage of each LC Disbursement made by such Issuing Lender and not reimbursed on or before the date due as provided in Section 4.01(e), or of any reimbursement payment required to be refunded to the Borrower for any
reason. Each Lender acknowledges and agrees that its obligation to acquire participations pursuant to this Section 4.01(d) in respect of Letters of Credit is absolute and unconditional and shall not be affected by any circumstance whatsoever,
including any amendment or extension of any Letter of Credit or the occurrence and continuance of a Default or reduction or termination of the Commitments, or any force majeure or other event that under any rule of law or uniform
practices to which any Letter of Credit is subject (including Section 3.14 of ISP 98 or any successor publication of the International Chamber of Commerce) permits a drawing to be made under such Letter of Credit after the expiration thereof or
of the Commitments, and that each 

  
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such payment shall be made without any offset, abatement, withholding or reduction whatsoever. Each Lender further acknowledges and agrees that, in issuing, amending or extending any Letter of
Credit, the relevant Issuing Lender shall be entitled to rely, and shall not incur any liability for relying, upon the representation of and warranty of the Borrower deemed made pursuant to Section 7.02. 

(e)    Reimbursement. If an Issuing Lender shall make any LC Disbursement in respect of a Letter of Credit, the
Borrower shall reimburse such LC Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement not later than 2:00 p.m., New York City time, on the date that such LC Disbursement is made, if the Borrower shall
have received notice of such LC Disbursement prior to 10:00 a.m., New York City time, on such date, or, if such notice has not been received by the Borrower prior to such time on such date, then not later than 2:00 p.m., New York
City time, on (i) the Business Day that the Borrower receives such notice, if such notice is received prior to 10:00 a.m., New York City time, on the day of receipt or (ii) the Business Day immediately following the day that the
Borrower receives such notice, if such notice is not received prior to such time on the day of receipt; provided that the Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 that
such payment be financed with a Loan in an equivalent amount and, to the extent so financed, the Borrower’s obligation to make such payment shall be discharged and replaced by the resulting Loan. If the Borrower fails to make such payment when
due, the Administrative Agent shall notify each Lender of the applicable LC Disbursement, the payment then due from the Borrower in respect thereof and such Lender’s Applicable Percentage thereof. Promptly following receipt of such notice, each
Lender shall pay to the Administrative Agent its Applicable Percentage of the payment then due from the Borrower, in the same manner as provided in Section 5.01 with respect to Loans made by such Lender (and Section 5.01 shall apply,
mutatis mutandis, to the payment obligations of the Lenders under this Section 4.01(e)), and the Administrative Agent shall promptly pay to such Issuing Lender the amounts so received by it from the Lenders. Promptly following
receipt by the Administrative Agent of any payment from the Borrower pursuant to this Section 4.01(e), the Administrative Agent shall distribute such payment to such Issuing Lender or, to the extent that Lenders have made payments pursuant to
this Section 4.01(e) to reimburse such Issuing Lender, then to such Lenders and such Issuing Lender as their interests may appear. Any payment made by a Lender pursuant to this Section 4.01(e) to reimburse any Issuing Lender for any LC
Disbursement (other than the funding of Loans as contemplated above) shall not constitute a Loan and shall not relieve the Borrower of its obligation to reimburse such LC Disbursement. 

(f)    Obligations Absolute. The Borrower’s obligation to reimburse LC Disbursements as provided in
Section 4.01(e) 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 amendment or waiver of or any consent to departure from all or any of
the provisions of any Letter of Credit or this Agreement; 

  
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 (iii)    the existence of any claim, setoff, defense or
other right that the Borrower, any other Person guaranteeing, or otherwise obligated with, the Borrower, any Subsidiary or other Affiliate thereof or any other Person may at any time have against the beneficiary under any Letter of Credit, the
Issuing Lenders, the Administrative Agent or any Lender or any other Person, whether in connection with this Agreement or any other related or unrelated agreement or transaction; 

(iv)    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; 

(v)    payment by an Issuing Lender 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; 
 (vi)    any force
majeure or other event that under any rule of law or uniform practices to which any Letter of Credit is subject (including Section 3.14 of ISP 98 or any successor publication of the International Chamber of Commerce) permits a drawing to
be made under a Letter of Credit after the expiration thereof or of the Commitments; and 
 (vii)    any
other act or omission to act or delay of any kind of the Issuing Lenders, the Lenders, the Administrative Agent or any other Person or any other event or circumstance whatsoever, whether or not similar to any of the foregoing, that might, but for
the provisions of this Section 4.01, constitute a legal or equitable discharge of the Borrower’s obligations hereunder. 
 None of the
Administrative Agent, the Lenders, the Issuing Lenders or any of their respective 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 specified in clauses (i) through (vi) above), or for 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, any error in translation or any consequence arising from causes beyond the
control of the applicable Issuing Lender; provided that the foregoing shall not be construed to excuse an Issuing Lender from liability to the Borrower to the extent of any direct damages (as opposed to special, indirect, consequential or
punitive damages, claims in respect of which are hereby waived by the Borrower to the extent permitted by applicable law) suffered by the Borrower that are caused by such Issuing Lender’s failure to exercise the agreed standard of care (as set
forth below) in determining whether drafts and other documents presented under a Letter of Credit comply with the terms thereof. The parties hereto expressly agree that an Issuing Lender shall have exercised the agreed standard of care unless a
court of competent jurisdiction shall have determined, in a final non-appealable judgment, that such Issuing Lender’s actions or failure to act constituted gross negligence or willful misconduct on the
part of such Issuing Lender. Without limiting the generality of the foregoing, it is understood that an Issuing Lender may accept documents that appear on their face to be in substantial compliance with the terms of a Letter of Credit, without
responsibility for further investigation, regardless of any notice or information to the contrary, 

  
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and may make payment upon presentation of documents that appear on their face to be in substantial compliance with the terms of such Letter of Credit; provided that such Issuing Lender
shall have the right, in its sole discretion, to decline to accept such documents and to make such payment if such documents are not in strict compliance with the terms of such Letter of Credit. 

(g)    Disbursement Procedures. The Issuing Lender that is the issuer of such Letter of Credit shall, within the
time allowed by applicable law or the specific terms of such Letter of Credit following its receipt thereof, examine all documents purporting to represent a demand for payment under a Letter of Credit. Such Issuing Lender shall promptly after such
examination notify the Administrative Agent and the Borrower by telephone or e-mail (and, in the case of telephonic notice, promptly confirmed e-mail) of such demand for
payment and whether such Issuing Lender 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 Borrower of its obligation to reimburse such Issuing Lender
and the Lenders with respect to any such LC Disbursement. 
 (h)    Interim Interest. If an Issuing Lender shall
make any LC Disbursement, unless the Borrower shall reimburse (including with the proceeds of Loans as provided in Section 4.01(e)) 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 Borrower reimburses such LC Disbursement at the rate per annum that would be applicable to ABR Loans pursuant to Section 5.08(a);
provided that if the Borrower fails to reimburse such LC Disbursement when due pursuant to Section 4.01(e) (including with the proceeds of Loans as provided in Section 4.01(e)), then Section 5.08(f) shall apply. Interest
accrued pursuant to this Section 4.01(h) shall be for the account of the applicable Issuing Lender, except that interest accrued on and after the date of payment by any Lender pursuant to Section 4.01(e) to reimburse such Issuing Lender
shall be for the account of such Lender to the extent of such payment, and shall be payable on demand or, if no demand has been made, on the date on which the Borrower reimburses the applicable LC Disbursement in full. 

(i)    Resignation or Removal of the Issuing Lenders; Additional Issuing Lenders. An Issuing Lender may resign at
any time by giving at least 30 days’ prior written notice to the Administrative Agent and the Borrower, and may be removed at any time by the Borrower by notice to the Issuing Lenders and the Administrative Agent. At the time such removal or
resignation shall become effective, the Borrower shall pay to the retiring or removed Issuing Lender all accrued and unpaid fees pursuant to Section 5.07(c)(ii). The Borrower may, at any time and from time to time, appoint as additional Issuing
Lenders one or more Lenders that agree to serve in such capacity. The acceptance of any appointment as an Issuing Lender hereunder by a Lender shall be evidenced by an agreement entered into by such Lender, in a form satisfactory to the Borrower and
the Administrative Agent (and which shall set forth the LC Commitment of such new Issuing Lender), and, from and after the effective date of such agreement, (i) such Lender shall have all the rights and obligations of an Issuing Lender under
this Agreement and the other Loan Documents and (ii) references herein and in the other Loan Documents to the term “Issuing Lender” shall be deemed to include such new Issuing Lender or any previous Issuing Lender, or such new Issuing
Lender and all previous Issuing Lenders, as the 

  
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context shall require. After the resignation or removal of an Issuing Lender hereunder, the retiring or removed Issuing Lender shall remain a party hereto and shall continue to have all the
rights and obligations of an Issuing Lender under this Agreement and the other Loan Documents with respect to Letters of Credit issued by it prior to such resignation or removal, but shall not be required to issue additional Letters of Credit or
amend or extend any outstanding Letter of Credit. 
 (j)    LC Exposure Determination. (i) For all purposes
of this Agreement, the amount of a Letter of Credit that, by its terms or the terms of any document related thereto, provides for one or more automatic increases in the stated amount thereof shall be deemed to be the maximum stated amount of such
Letter of Credit after giving effect to all such increases, whether or not such maximum stated amount is in effect at the time of determination. 

(ii)    For all purposes of this Agreement, if on any date of determination a Letter of Credit has expired
by its terms but any amount may still be drawn thereunder by reason of the operation of Article 29(a) of the Uniform Customs and Practice for Documentary Credits, International Chamber of Commerce Publication No. 600 (or such later version
thereof as may be in effect at the applicable time) or Rule 3.13 or Rule 3.14 of the ISP or similar terms of the Letter of Credit itself, or if compliant documents have been presented but not yet honored, such Letter of Credit shall be deemed to be
“outstanding” and “undrawn” in the amount so remaining available to be paid, and the obligations of the Borrower and each Lender hereunder shall remain in full force and effect until the Issuing Lenders and the Lenders shall have
no further obligations to make any payments or disbursements under any circumstances with respect to any Letter of Credit. 

(k)    Cash Collateralization. If any Event of Default shall occur and be continuing, on the Business Day that the
Borrower receives notice from the Administrative Agent or the Required Lenders demanding the deposit of cash collateral pursuant to this Section 4.01(k), the Borrower shall deposit in an account with the Administrative Agent, in the name of the
Administrative Agent and for the benefit of the Lenders, an amount in cash equal to 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 of any Event of Default with respect to the Borrower described in clause (g) or (h) of
Article X. The Borrower also shall deposit cash collateral in accordance with this Section 4.01(k) as and to the extent required by Section 5.06(b) or 5.15(c). Each such deposit shall be held by the Administrative Agent as collateral
for the payment and performance of the obligations of the Borrower under this Agreement. The Administrative Agent shall have exclusive dominion and control, including the exclusive right of withdrawal, over such account. Other than any interest
earned on the investment of such deposits, which investments shall be made at the option and sole discretion of the Administrative Agent and at the Borrower’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, notwithstanding anything to the contrary in this Agreement, be applied by the Administrative Agent to reimburse the Issuing Lenders for LC Disbursements for which
they have not been reimbursed and, to the extent not so 

  
 40 

 
applied, shall be held for the satisfaction of the reimbursement obligations of the Borrower for the LC Exposure at such time or, if the maturity of the Loans has been accelerated (but subject to
the remaining cash collateral being at least equal to the remaining LC Exposure), be applied to satisfy other obligations of the Borrower under this Agreement. If the Borrower is required to provide an amount of cash collateral hereunder as a result
of the occurrence of an Event of Default, such amount (to the extent not applied as aforesaid) shall be returned to the Borrower within three Business Days after all Events of Default have been cured or waived. If the Borrower is required to provide
an amount of cash collateral hereunder pursuant to Section 5.06(b), such amount (to the extent not applied as aforesaid) shall be returned to the Borrower to the extent that, after giving effect to such return, the total Revolving Credit
Exposures of all the Lenders would not exceed the Aggregate Commitments and no Default shall have occurred and be continuing. If the Borrower is required to provide an amount of cash collateral hereunder pursuant to Section 5.15(c), such amount
(to the extent not applied as aforesaid) shall be returned to the Borrower as promptly as practicable to the extent that, after giving effect to such return, no Issuing Lender shall have any exposure in respect of any outstanding Letter of Credit
that is not fully covered by the Commitments of the Lenders that are not Defaulting Lenders and/or the remaining cash collateral and no Default shall have occurred and be continuing. 

ARTICLE V 
 General Provisions
Applicable to Loans 
 SECTION 5.01.    Funding of Borrowings. (a) Each Lender shall make the amount of
each Loan to be made by it hereunder on the proposed date thereof by wire transfer of immediately available funds, to the account of the Administrative Agent most recently designated by it for such purpose by notice to the Lenders, by
2:00 p.m., New York City time. The Administrative Agent will make Loans available to the Borrower by promptly crediting the amounts so received, in like funds, to an account of the Borrower maintained with the Administrative Agent (or such
other account as may be designated by the Borrower in the applicable Borrowing Request). If a Borrowing shall not occur on such date because any condition precedent herein specified shall not have been met, the Administrative Agent shall return the
amounts so received to the Lenders. 
 (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 Section 5.01(a) and may, in reliance upon such assumption, make available to the 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 the 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 the Borrower to but excluding the date of payment to the Administrative Agent, at (i) in the case of such Lender, the greater of the NYFRB Rate and a rate determined by the Administrative Agent in accordance with banking industry
rules on interbank compensation, or 

  
 41 

 
(ii) in the case of the Borrower, the interest rate on the applicable Borrowing; provided that no repayment by the Borrower pursuant to this sentence shall be deemed to be a
prepayment for purposes of Section 5.11. If such Lender pays such amount to the Administrative Agent, then such amount shall constitute such Lender’s Loan included in such Borrowing. If the Borrower and such Lender shall both pay such
interest to the Administrative Agent for the same or an overlapping period, the Administrative Agent shall promptly remit to the Borrower the amount of such interest paid by the Borrower for such period. Any payment by the Borrower shall be without
prejudice to any claim the Borrower may have against a Lender that shall have failed to make such payment to the Administrative Agent. 

SECTION 5.02.    Interest Elections. (a) Each Borrowing initially shall be of the Type specified in the
applicable Borrowing Request and, in the case of a LIBOR Borrowing, shall have an initial Interest Period as specified in such Borrowing Request or as otherwise provided in Section 2.03. Thereafter, the Borrower may elect to convert such
Borrowing to a different Type or to continue such Borrowing and, in the case of a LIBOR Borrowing, may elect Interest Periods therefor, all as provided in this Section. The 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. 

(b)    To make an election pursuant to this Section, the Borrower shall deliver to the Administrative Agent a duly
completed Interest Election Request by the time that a Borrowing Request would be required under Section 2.03 if the Borrower were requesting a Borrowing of the Type resulting from such election to be made on the effective date of such
election. 
 (c)    Each Interest Election Request shall be irrevocable and shall specify the following information in
compliance with Section 2.03: 
 (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); 
 (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 LIBOR Borrowing; and 

(iv)    if the resulting Borrowing is a LIBOR Borrowing, the Interest Period to be applicable thereto after
giving effect to such election, which shall be a period contemplated by the definition of the term “Interest Period”. 

  
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 If any such Interest Election Request requests a LIBOR Borrowing but does not specify an Interest Period,
then the Borrower shall be deemed to have selected an Interest Period of one month’s duration. Notwithstanding any other provision of this Section, the Borrower shall not be permitted to elect an Interest Period that does not comply with
Section 2.02(e). 
 (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 Borrower fails to deliver a timely Interest Election Request with respect to a LIBOR Borrowing prior to the
end of the Interest Period applicable thereto, then, unless such Borrowing is repaid as provided herein, at the end of such Interest Period such Borrowing shall be converted to an ABR Borrowing. 

SECTION 5.03.    Termination and Reduction of Aggregate Commitments. (a) Unless previously
terminated, the Aggregate Commitments shall terminate on the Maturity Date. 
 (b)    The Borrower may at any time
terminate, or from time to time reduce, the Aggregate Commitments; provided that (i) each reduction of the Aggregate Commitments shall be in an amount that is an integral multiple of $1,000,000 and not less than $3,000,000 (except, in
each case, as otherwise may be agreed by the Administrative Agent) and (ii) the Borrower shall not terminate or reduce the Aggregate Commitments if, after giving effect to any concurrent prepayment of the Loans, the sum of the total Revolving
Credit Exposures of all of the Lenders would exceed the Aggregate Commitments. 
 (c)    The Borrower shall notify the
Administrative Agent of any election to terminate or reduce the Aggregate Commitments under Section 5.03(b) at least three Business Days prior to the effective date of such termination or reduction, specifying such election and the effective
date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section shall be irrevocable; provided that a notice of
termination of the Aggregate Commitments delivered by the Borrower may state that such notice is conditioned upon the occurrence of one or more events specified therein, in which case such notice may be revoked by the Borrower (by notice to the
Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Aggregate Commitments shall be permanent. Each reduction of the Aggregate Commitments shall be made ratably
among the Lenders in accordance with their respective Commitments. All fees in respect of the Aggregate Commitments accrued until the effective date of any termination or reduction of the Aggregate Commitments shall be paid on the effective date of
such termination or reduction. 
 SECTION 5.04.    Repayment of Loans; Evidence of Debt. (a) The Borrower
hereby unconditionally promises to pay to the Administrative Agent, for the account of each Lender, on the Maturity Date the then unpaid principal amount of the Loans made by such Lender. 

  
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 (b)    Each Lender shall maintain in accordance with its usual practice
an account or accounts evidencing the indebtedness of the 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 a Register pursuant to Section 12.04(d) and an account for each Lender
in which it shall record (i) the amount of each Loan made hereunder and any promissory note evidencing such Loan, the 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 the 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 Register and the accounts of each Lender maintained pursuant to Section 5.04(b) 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 the Borrower to repay the Loans in accordance with the terms of this Agreement. 
 (e)    Any
Lender may request that Loans made by it be evidenced by a promissory note. In such event, the Borrower shall prepare, execute and deliver to such Lender a promissory note payable to such Lender 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 12.04) be represented by one or more promissory notes in such form payable to such payee and its
assigns. 
 SECTION 5.05.    Incremental Commitments. (a) The Borrower may, by written notice to the
Administrative Agent, request additional Commitments, in an aggregate amount not to exceed the Incremental Facility Amount at such time, from one or more Persons (which may include any existing Lender willing to provide the same, in its own
discretion) that will become Lenders; provided that each such Person, if not already a Lender, shall be subject to the approval of the Administrative Agent and the Issuing Lenders (which approvals shall not be unreasonably withheld, delayed
or conditioned). Such notice shall set forth (i) the amount of the additional Commitments (which shall be in minimum increments of $1,000,000 and a minimum amount of $10,000,000 or equal to the remaining Incremental Facility Amount) and
(ii) the date on which such additional Commitments are requested to become effective (which shall not be less than 10 Business Days or more than 60 days after the date of such notice, unless otherwise agreed to by the Administrative
Agent). 
 (b)    The Borrower and Person providing an additional Commitment shall execute and deliver to the
Administrative Agent an Incremental Assumption Agreement and such other documentation as the Administrative Agent shall reasonably specify to evidence the Commitment of such Person. 

(c)    Each of the parties hereto hereby agrees that the Administrative Agent may take any and all actions as may be
reasonably necessary to ensure that, after giving effect to 

  
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any increase in the Commitments pursuant to Section 5.05(a), the outstanding Loans (if any) are held by the Lenders in accordance with their new Applicable Percentages. This may be
accomplished at the discretion of the Administrative Agent by (i) requiring the outstanding Loans to be prepaid with the proceeds of a new Borrowing, (ii) causing non-increasing Lenders to assign (at
par, with accrued interest and fees) portions of their outstanding Loans to Persons that are becoming Lenders (or increasing their Commitments), or (iii) any combination of the foregoing. Any prepayment or assignment described in this
Section 5.05(c) shall be subject to Section 5.11, but shall otherwise be without premium or penalty. 

(d)    Notwithstanding the foregoing, no increase in any Commitment shall become effective under this Section 5.05
unless (i) on the date thereof, the conditions set forth in Section 7.02(b) (without giving effect to the parenthetical therein and with references therein to a Borrowing being deemed to be references to such increase, and with
Section 6.05(a) being deemed for this purpose to refer to the most recent financial statements delivered pursuant to Sections 8.03(a) and 8.03(b), provided that, notwithstanding the foregoing, for purposes of this
Section 5.05(d) the provisions of Section 6.05(b) may be deemed, if so agreed by the Borrower and the Person or Persons providing such increase, to include a COVID-19 related exception in the manner
agreed by the Borrower and such Person or Persons) shall be satisfied and no Default shall have occurred and be continuing, and the Administrative Agent shall have received a certificate to that effect dated such date and executed by a Financial
Officer of the Borrower, and (ii) the Administrative Agent shall have received legal opinions (unless otherwise agreed by the Administrative Agent), board resolutions (or reaffirmation of the continuing effectiveness of previously adopted board
resolutions applicable thereto) and certificates consistent with those delivered on the Effective Date under Sections 7.01(b) and 7.01(e). 

SECTION 5.06.    Prepayment of Loans. 

(a)    Voluntary. The Borrower shall have the right at any time and from time to time to prepay any Borrowing in
whole or in part and without premium or penalty (other than amounts required to be paid in accordance with Section 5.11), subject to prior notice in accordance with Section 5.06(c). 

(b)    Mandatory. If for any reason the sum of the total Revolving Credit Exposures of all of the Lenders exceeds
the Aggregate Commitments then in effect, the Borrower shall, as soon as practicable but in no event later than three Business Days after the earlier of (i) the date on which the Borrower learns thereof and (ii) the date on which the
Administrative Agent so requests in writing, (A) prepay the Loans outstanding at such time in an aggregate principal amount equal to the amount of the excess over the Aggregate Commitments and/or (B) cash collateralize Letters of Credit
for the benefit of the relevant Issuing Lenders in accordance with Section 4.01(k) in an aggregate principal amount equal to the amount of the excess over the Aggregate Commitments. 

(c)    Notice of Prepayment. The Borrower shall notify the Administrative Agent by telephone (confirmed by e-mail) of any prepayment hereunder (i) in the case of prepayment of a LIBOR Borrowing, not later than 12:00 noon, New York City time, three Business Days before the date of prepayment, and (ii) in
the case of prepayment of an ABR Borrowing, not later than 12:00 noon, New York City time, one Business Day before the date of 

  
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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 a notice
of optional prepayment of any Borrowing may state that such notice is conditioned upon the occurrence of one or more events specified therein, in which case such notice may be revoked by the Borrower (by notice to the Administrative Agent on or
prior to the specified date of prepayment) if such condition is not satisfied. 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, except as necessary to apply fully the required amount of a mandatory prepayment. 

(d)    Application of Prepayments. Prepayments will be applied first to ABR Borrowings and then to LIBOR Borrowings
in direct order of Interest Period maturities. Each prepayment of a Borrowing shall be applied ratably to the Loans included in the prepaid Borrowing. Prepayments shall be accompanied by accrued interest to the extent required by Section 5.08.

 (e)    Records. The Borrower will use reasonable efforts to implement and maintain internal controls to
monitor the Borrowings and repayments, with the object of preventing any request for a Borrowing that would cause conditions specified in the first sentence of Section 2.01 not to be satisfied. 

SECTION 5.07.    Fees. (a) The Borrower agrees to pay to the Administrative Agent for the account of each
Lender a facility fee, which shall accrue at the facility fee rate per annum determined pursuant to the Pricing Grid, on the daily amount of the Commitment of such Lender (whether used or unused) during the period from and including the Effective
Date to but excluding the date on which such Commitment terminates; provided that if a Lender continues to have any Revolving Credit Exposure after its Commitment terminates, then such facility fee shall continue to accrue on the daily amount
of such Lender’s Revolving Credit Exposure from and including the date on which its Commitment terminates to but excluding the date on which such Lender ceases to have any Revolving Credit Exposure. Accrued facility 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 Commitment terminates, commencing on the first such date to occur after the Effective Date; provided that any facility fees accruing on
the Revolving Credit Exposure after the date on which a Commitment terminates shall be payable on demand. All facility 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 Borrower agrees to pay to the Administrative Agent,
for its own account, fees in the amounts and at the times separately agreed upon between the Borrower and the Administrative Agent. Such fees shall be fully earned when paid. 

(c)    The Borrower agrees to pay (i) to the Administrative Agent for the account of each Lender a participation fee
with respect to its participations in Letters of Credit, which shall accrue at a rate per annum equal to the Applicable Margin applicable to interest on LIBOR Loans on the average daily amount of such Lender’s LC Exposure (excluding any

  
 46 

 
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 the Commitments terminate
and the date on which such Lender ceases to have any LC Exposure and (ii) to each Issuing Lender a fronting fee, which shall accrue at the rate of 0.125% per annum on the average daily amount of the portion of the LC Exposure attributable to
Letters of Credit issued by such Issuing Lender (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 the Commitments
terminate and the date on which there ceases to be any such LC Exposure, as well as each of such Issuing Lender’s standard fees with respect to the issuance, amendment or extension of any Letter of Credit or processing of drawings thereunder.
Participation fees and fronting fees shall be payable on the last day of March, June, September and December of each year, 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 Commitments terminate and any such fees accruing after the date on which the Commitments terminate shall be payable on demand. Any other fees payable to the Issuing Lenders pursuant to this Section 5.07(c) shall be payable
promptly 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). 

(d)    All fees payable hereunder shall be paid on the dates due, in immediately available funds, to the Administrative
Agent or to the Issuing Lenders, as applicable, for distribution, in the case of facility fees and participation fees, to the Lenders entitled thereto. Fees paid shall not be refundable under any circumstances. 

SECTION 5.08.    Interest. (a) The Loans comprising each ABR Borrowing shall bear interest at the Alternate
Base Rate plus the Applicable Margin. 
 (b)    The Loans comprising each LIBOR Borrowing shall bear interest at the
LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin. 
 (c)    [Reserved].

 (d)    [Reserved]. 

(e)    [Reserved]. 

(f)    Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by
the 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 or LC Disbursement, 2.0% plus the rate otherwise applicable to such Loan or LC Disbursement as provided in the preceding paragraphs of this Section or in Section 4.01(h), as applicable, or (ii) in the case of any
other amount, 2.0% plus the rate applicable to ABR Loans as provided in Section 5.08(a). 
 (g)    Accrued interest
on each Loan shall be payable in arrears on each Interest Payment Date for such Loan and upon termination of the Aggregate Commitments; provided that 

  
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(i) interest accrued pursuant to Section 5.08(f) shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of an ABR Loan
prior to the end of the Revolving 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 LIBOR 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. 

(h)    All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by
reference to the Alternate Base Rate 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 leap year), and in each case shall be payable for the actual
number of days elapsed (including the first day but excluding the last day). The applicable Alternate Base Rate or Adjusted LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.

 SECTION 5.09.    Alternate Rate of Interest. 

(a)    Subject to Section 5.09(b), if prior to the commencement of any Interest Period for any LIBOR Borrowing: 

(i)    the Administrative Agent determines (which determination shall be made in good faith and shall be
conclusive absent manifest error) that adequate and reasonable means do not exist for ascertaining the Adjusted LIBO Rate for such Interest Period (including because the Screen Rate is not available or published on a current basis); or 

(ii)    the Administrative Agent is advised by the Required Lenders that the Adjusted LIBO Rate for such
Interest Period will not adequately and fairly reflect the cost to such Lenders of making or maintaining the Loans included in such Borrowing for such Interest Period; 

then the Administrative Agent shall give notice thereof (which may be by telephone) to the Borrower and the Lenders as promptly as practicable and, until the
Administrative Agent notifies the Borrower and the Lenders that the circumstances giving rise to such notice no longer exist, (A) any Interest Election Request that requests the conversion of any Borrowing to, or continuation of any Borrowing
as, an affected LIBOR Borrowing shall be ineffective, (B) any affected LIBOR Borrowing that is requested to be continued shall, unless repaid, be continued as an ABR Borrowing and (C) any Borrowing Request for an affected LIBOR Borrowing
shall be deemed to be a request for an ABR Borrowing. 
 (b)    (i) Notwithstanding anything to the contrary herein or
in any other Loan Document, if a Benchmark Transition Event, an Early Opt-in Election or an Other Benchmark Rate Election, as applicable, and its related Benchmark Replacement Date have occurred prior to the
Reference Time in respect of any setting of the then-current Benchmark, then (x) if a Benchmark Replacement is determined in accordance with clause (1) or (2) of the definition of “Benchmark Replacement” for such Benchmark
Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any other Loan Document in respect of such Benchmark setting and subsequent Benchmark settings without any

  
 48 

 
amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document and (y) if a Benchmark Replacement is determined in accordance with clause
(3) of the definition of “Benchmark Replacement” for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any other Loan Document in respect of any Benchmark
setting at or after 5:00 p.m., New York City time, on the fifth Business Day after the date notice of such Benchmark Replacement is provided to the Lenders without any amendment to, or further action or consent of any other party to, this Agreement
or any other Loan Document so long as the Administrative Agent has not received, by such time, written notice of objection to such Benchmark Replacement from Lenders comprising the Required Lenders. 

(ii)    Notwithstanding anything to the contrary herein or in any other Loan Document and subject to the
proviso below in this paragraph, if a Term SOFR Transition Event and its related Benchmark Replacement Date have occurred prior to the Reference Time in respect of any setting of the then-current Benchmark, then the applicable Benchmark Replacement
will replace the then-current Benchmark for all purposes hereunder or under any Loan Document in respect of such Benchmark setting and subsequent Benchmark settings, without any amendment to, or further action or consent of any other party to, this
Agreement or any other Loan Document; provided that this clause (ii) shall not be effective unless the Administrative Agent has delivered to the Lenders and the Borrower a Term SOFR Notice. For the avoidance of doubt, the Administrative
Agent shall not be required to deliver a Term SOFR Notice after a Term SOFR Transition Event and may do so in its sole discretion. 

(iii)    In connection with the implementation of a Benchmark Replacement, the Administrative Agent will
have the right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Benchmark Replacement Conforming Changes will
become effective without any further action or consent of any other party to this Agreement or any other Loan Document. 

(iv)    The Administrative Agent will promptly notify the Borrower and the Lenders of (A) any
occurrence of a Benchmark Transition Event, an Early Opt-in Election or an Other Benchmark Rate Election, as applicable, (B) the implementation of any Benchmark Replacement, (C) the effectiveness of
any Benchmark Replacement Conforming Changes, (D) the removal or reinstatement of any tenor of a Benchmark pursuant to clause (v) below and (E) the commencement or conclusion of any Benchmark Unavailability Period. Any determination,
decision or election that may be made by the Administrative Agent or, if applicable, any Lender (or group of Lenders) pursuant to this Section 5.09, including any determination with respect to a tenor, rate or adjustment or of the occurrence or
non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest error and may be made in its or
their sole discretion and without consent from any other party to this Agreement or any other Loan Document, except, in each case, as expressly required pursuant to this Section 5.09. 

  
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 (v)    Notwithstanding anything to the contrary herein
or in any other Loan Document, at any time (including in connection with the implementation of a Benchmark Replacement), (A) if the then-current Benchmark is a term rate (including Term SOFR or LIBO Rate) and either (1) any tenor for such
Benchmark is not displayed on a screen or other information service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion or (2) the regulatory supervisor for the administrator of such
Benchmark has provided a public statement or publication of information announcing that any tenor for such Benchmark is or will be no longer representative, then the Administrative Agent may modify the definition of “Interest Period” for
any Benchmark settings at or after such time to remove such unavailable or non-representative tenor and (B) if a tenor that was removed pursuant to clause (A) above either (1) is subsequently
displayed on a screen or information service for a Benchmark (including a Benchmark Replacement) or (2) is not, or is no longer, subject to an announcement that it is or will no longer be representative for a Benchmark (including a Benchmark
Replacement), then the Administrative Agent may modify the definition of “Interest Period” for all Benchmark settings at or after such time to reinstate such previously removed tenor. 

(vi)    Upon the Borrower’s receipt of notice of the commencement of a Benchmark Unavailability
Period, the Borrower may revoke any request for a borrowing of, conversion to or continuation of LIBOR Loans to be made, converted or continued during any Benchmark Unavailability Period and, failing that, the Borrower will be deemed to have
converted any such request into a request for a borrowing of or conversion to ABR Loans. During any Benchmark Unavailability Period or at any time that a tenor for the then-current Benchmark is not an Available Tenor, the component of Alternate Base
Rate based upon the then-current Benchmark or such tenor for such Benchmark, as applicable, will be deemed to be zero. 
 SECTION
5.10.    Increased Costs. (a) If any Change in Law shall: 

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

(ii)    impose on any Lender or Issuing Lender, the London interbank market any other condition, cost or
expense (other than Taxes) affecting this Agreement or Loans made by such Lender or any Letter of Credit or participations therein; or 

(iii)    subject any Recipient to any Taxes (other than (A) Indemnified Taxes, (B) Taxes
described in clauses (b) through (c) of the definition of the term “Excluded Taxes” and (C) Connection Income Taxes) on its loans, loan principal, letters of credit, commitments or other obligations, or its deposits, reserves,
other liabilities or capital attributable thereto; 
 and the result of any of the foregoing shall be to increase the cost to such Lender or other Recipient
of making or maintaining any Loan (or of maintaining its obligation to make any 

  
 50 

 
Loan) or issuing or participating in Letters of Credit (or of maintaining its obligation to issue or participate in Letters of Credit) by an amount deemed by such Lender or other Recipient to be
material or to reduce the amount of any sum received or receivable by such Lender or other Recipient hereunder (whether of principal, interest or otherwise) by an amount deemed by such Lender or other Recipient to be material, then the Borrower will
pay to such Lender or other Recipient such additional amount or amounts as will compensate such Lender or other Recipient for such additional costs actually incurred or reduction actually suffered. 

(b)    If any Lender or Issuing Lender determines that any Change in Law affecting such Lender or Issuing Lender or any
lending office of such Lender or Issuing Lender or such Lender’s or Issuing Lender’s holding company, if any, regarding capital or liquidity requirements has had or would have the effect of reducing the rate of return on such Lender’s
or Issuing Lender’s capital or on the capital of such Lender’s or Issuing Lender’s holding company, if any, as a consequence of this Agreement or the Loans or participations in Letters of Credit held by such Lender, or the Letters of
Credit issued by such Issuing Lender, to a level below that which such Lender or Issuing Lender or such Lender’s or Issuing Lender’s holding company could have achieved but for such Change in Law (taking into consideration such
Lender’s or Issuing Lender’s policies and the policies of such Lender’s or Issuing Lender’s holding company with respect to capital adequacy and liquidity) by an amount deemed by such Lender or Issuing Lender to be material, then
from time to time the Borrower will pay to such Lender or Issuing Lender such additional amount or amounts as will compensate such Lender or Issuing Lender or such Lender’s or Issuing Lender’s holding company for any such reduction
suffered. 
 (c)    A certificate of a Lender or other Recipient setting forth the amount or amounts necessary to
compensate such Lender or other Recipient as specified in Section 5.10(a) or 5.10(b), and setting forth in reasonable detail the manner in which such amount or amounts shall have been determined, shall be delivered to the Borrower and shall be
conclusive absent manifest error. The Borrower shall pay such Lender or other Recipient the amount shown as due on any such certificate within 10 days after receipt thereof. 

(d)    Failure or delay on the part of any Lender or other Recipient to demand compensation pursuant to this Section shall
not constitute a waiver of such Lender’s or other Recipient’s right to demand such compensation; provided that the Borrower shall not be required to compensate a Lender or other Recipient pursuant to this Section for any increased
costs or reductions incurred more than 90 days prior to the date that such Lender or other Recipient notifies the Borrower of the Change in Law giving rise to such increased costs or reductions and of such Lender’s or other
Recipient’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 90-day period referred to
above shall be extended to include the period of retroactive effect thereof. 
 SECTION 5.11.    Break Funding
Payments. In the event of (a) the payment or prepayment of any principal of any LIBOR Loan other than on the last day of an Interest Period applicable thereto (including as a result of an Event of Default), (b) the conversion of any
LIBOR Loan other than on the last day of the Interest Period applicable thereto, (c) the failure to borrow, convert, continue or prepay any Loan on the date specified in any notice delivered pursuant hereto (regardless of whether such notice
may be revoked under Section 5.06(b) and is 

  
 51 

 
revoked in accordance therewith) or (d) the assignment of any LIBOR Loan other than on the last day of the Interest Period applicable thereto as a result of a request by the Borrower
pursuant to Section 5.14, then, in any such event, the Borrower shall compensate each Lender for the out-of-pocket loss, cost and expense attributable to such
event. In the case of a LIBOR Loan, such loss, cost or expense to any Lender shall be deemed to include an amount determined by such Lender to be the present value of the excess, if any, of (i) its cost of obtaining the funds for the applicable
Loan (assumed to be the LIBO Rate applicable thereto) for the period from the date of such applicable event to the last day of the Interest Period for such Loan (or, in the case of a failure to borrow, convert or continue, the Interest Period for
such Loan which would have commenced on the date of such failure) over (ii) the amount of interest (as reasonably determined by such Lender) that would be realized by such Lender in reemploying such funds for such period or Interest Period, as
the case may be. A certificate of any Lender setting forth any amount or amounts that such Lender is entitled to receive pursuant to this Section and setting forth in reasonable detail the manner in which such amount or amounts shall have been
determined shall be delivered to the Borrower and shall be conclusive absent manifest error. The Borrower shall pay such Lender the amount shown as due on any such certificate within 10 days after receipt thereof. 

SECTION 5.12.    Taxes. (a) Any and all payments to the Lenders or the Administrative Agent hereunder by the
Borrower or on behalf of the Borrower shall be made free and clear of and without deduction for any and all current or future Taxes, except as required by applicable law. If under any applicable law the Borrower shall be required to deduct any
Indemnified Tax from or in respect of any sum payable hereunder to any Recipient, (i) the sum payable shall be increased by the amount (an “Additional Amount”) necessary so that after making all required deductions (including
deductions applicable to Additional Amounts payable under this Section 5.12) such Recipient shall receive an amount equal to the sum it would have received had no such deductions been made, (ii) the Borrower shall make such deductions and
(iii) the Borrower shall pay the full amount deducted to the relevant Governmental Authority in accordance with applicable law. 

(b)    In addition, the Borrower shall pay to the relevant Governmental Authority in accordance with applicable law any
Other Taxes. 
 (c)    The Borrower shall indemnify each Lender (or Participant) and the Administrative Agent for the
full amount of Indemnified Taxes paid by such Lender (or Participant) or the Administrative Agent and any liability (including penalties, interest and expenses (including reasonable attorney’s fees and expenses)) arising therefrom or with
respect thereto, whether or not such Indemnified Taxes were correctly or legally asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability prepared by a Lender, or by the Administrative Agent on its
own behalf or on behalf of a Lender, and setting forth in reasonable detail the manner in which such amount shall have been determined, absent manifest error, shall be final, conclusive and binding for all purposes. Such indemnification shall be
made within 30 days after the date such Lender or the Administrative Agent, as the case may be, makes written demand therefor, which written demand shall be made within 60 days of the date such Lender or the Administrative Agent receives
written demand for payment of such Indemnified Taxes from the relevant Governmental Authority. 

  
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 (d)    Each Lender shall severally indemnify the Administrative Agent,
within 30 days after demand therefor, for (i) any Indemnified Taxes attributable to such Lender (but only to the extent that the Borrower has not already indemnified the Administrative Agent for such Indemnified Taxes and without limiting the
obligation of the Borrower to do so), (ii) any Taxes attributable to such Lender’s failure to comply with the provisions of Section 12.04(g) relating to the maintenance of a Participant Register and (iii) any Excluded Taxes
attributable to such Lender, in each case, that are payable or paid by the Administrative Agent in connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such 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 any Lender by the Administrative Agent, absent manifest error, shall be final, conclusive and binding for
all purposes. Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under any Loan Document or otherwise payable by the Administrative Agent to the Lender from any other
source against any amount due to the Administrative Agent under this Section 5.12(d). 
 (e)    If a Lender (or
Participant) or the Administrative Agent receives a refund, which in its reasonable judgment is in respect of any Indemnified Taxes as to which it has been indemnified by the Borrower or with respect to which the Borrower has paid Additional Amounts
pursuant to this Section 5.12, it shall within 30 days from the date of such receipt pay over such refund to the Borrower (but only to the extent of indemnity payments made, or Additional Amounts paid, by the Borrower under this
Section 5.12 with respect to the Indemnified Taxes giving rise to such refund), net of all out-of-pocket expenses of such Lender (or Participant) or the
Administrative Agent and without interest (other than interest paid by the relevant Governmental Authority with respect to such refund); provided that the Borrower, upon the request of such Lender (or Participant) or the Administrative Agent,
agrees to repay the amount paid over to the Borrower (plus penalties, interest or other charges) to such Lender (or Participant) or the Administrative Agent in the event such Lender (or Participant) or the Administrative Agent is required to repay
such refund to such Governmental Authority. 
 (f)    As soon as practicable after the date of any payment of
Indemnified Taxes by the Borrower to the relevant Governmental Authority, the Borrower will deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing payment thereof. 

(g)    Without prejudice to the survival of any other agreement contained herein, the agreements and obligations contained
in this Section 5.12 shall survive the resignation or replacement of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge in
full of all obligations under any Loan Document. 
 (h)    Each Lender (or Participant) that is not a United States
person as defined in Section 7701(a)(30) of the Code (a “Non-U.S. Lender”) shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested by the
Borrower or the Administrative Agent, two copies of (i) in the case of a Non-U.S. Lender claiming the benefits of an income tax treaty to which the United States is a party (x) with respect to
payments of interest under this Agreement or any other Loan Document, executed originals of IRS Form W-8BEN or 

  
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IRS Form W-8BEN-E, as applicable, establishing an exemption from, or reduction of, U.S. Federal withholding Tax
pursuant to the “interest” article of such tax treaty and (y) with respect to any other applicable payments under this Agreement or any other Loan Document, IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable, establishing an exemption from, or reduction of, U.S. Federal withholding Tax pursuant to the “business profits” or “other income”
article of such tax treaty, (ii) an IRS Form W-8ECI, (iii) in the case of a Non-U.S. Lender claiming exemption from U.S. Federal withholding tax under
Section 871(h) or 881(c) of the Code with respect to payments of “portfolio interest,” (x) a certificate substantially in the form of Exhibit E-1 to the effect that such Non-U.S. Lender is not a “bank” within the meaning of Section 881(c)(3)(A) of the Code, a “10 percent shareholder” of the Borrower within the meaning of Section 871(h)(3)(B) of the
Code or a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code (a “U.S. Tax Compliance Certificate”) and (y) executed originals of IRS Form W-8BEN
or IRS Form W-8BEN-E, as applicable, or (iv) to the extent a Non-U.S. Lender is not the beneficial owner, executed originals
of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable, a U.S. Tax Compliance Certificate substantially in the form of Exhibit E-2 or Exhibit E-3, IRS Form W-9 and/or another certification documents from each beneficial owner, as applicable; provided that if the Non-U.S. Lender is a partnership and one or more direct or
indirect partners of such Non-U.S. Lender are claiming the portfolio interest exemption, such Non-U.S. Lender may provide a U.S. Tax Compliance Certificate substantially
in the form of Exhibit E-4 on behalf of each such direct or indirect partner, in each case, properly completed and duly executed by such Non-U.S. Lender claiming
complete exemption from, or reduced rate of, U.S. Federal withholding tax on payments by the Borrower under this Agreement. Each Lender (or Participant) that is a United States person as defined in Section 7701(a)(30) of the Code shall deliver
to the Borrower and the Administrative Agent two copies of IRS Form W-9, or any subsequent or substitute versions thereof or successors thereto, certifying that such Lender (or Participant) is entitled to a
complete exemption from U.S. Federal backup withholding tax on payments made pursuant to this Agreement. Such forms shall be delivered by each Lender on or before the date it becomes a party to this Agreement (or, in the case of a Participant, on or
before the date such Participant becomes a Participant hereunder) and on or before the date, if any, such Lender changes its applicable lending office by designating a different lending office (a “New Lending Office”), unless each
of the applicable lending office prior to such designation and the New Lending Office are located within the United States. In addition, each Lender shall deliver such forms promptly upon the obsolescence or invalidity of any form previously
delivered by such Lender. Notwithstanding any other provision of this Section 5.12(h), a Lender (or Participant) shall not be required to deliver any form pursuant to this Section 5.12(h) that such Lender (or Participant) is not legally
able to deliver. 
 (i)    [Reserved]. 

(j)    If a payment made to a Lender under any Loan Document would be subject to U.S. Federal withholding Tax imposed by
FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Borrower and the
Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation 

  
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prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower or the Administrative
Agent as may be necessary for the Borrower and the Administrative Agent to comply with their obligations under FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA or to determine the amount to deduct
and withhold from such payment. Solely for purposes of this Section 5.12(j), “FATCA” shall include any amendments made to FATCA after the Effective Date. 

(k)    The Borrower shall not be required to indemnify any Lender (or Participant), or to pay any Additional Amounts to
any Lender (or Participant), in respect of any United States withholding Tax pursuant to Section 5.12(a) or 5.12(c) to the extent that (i) the obligation to withhold amounts with respect to such withholding tax was in effect and would
apply to amounts payable to such Lender on the date such Lender became a party to this Agreement (or, in the case of a Participant, on the date such Participant became a Participant hereunder) or, with respect to payments to a New Lending Office,
the date such Lender designated such New Lending Office with respect to a Loan; provided that this Section 5.12(k) shall not apply to any Lender (or Participant) if the assignment, participation, transfer or designation of a New Lending
Office was made at the request of the Borrower; and provided further that this Section 5.12(k) shall not apply to the extent the indemnity payment or Additional Amounts any Lender (or Participant) would be entitled to receive (without
regard to this Section 5.12(k)) do not exceed the indemnity payment or Additional Amounts that the Lender (or Participant) making the assignment, participation, transfer or designation of such New Lending Office would have been entitled to
receive in the absence of such assignment, participation, transfer or designation or (ii) the obligation to pay such Additional Amounts would not have arisen but for a failure by such Lender (or Participant) to comply with the provisions of
Section 5.12(h), 5.12(i) or 5.12(j). 
 (l)    Nothing contained in this Section 5.12 shall require any Lender
(or Participant) or the Administrative Agent to make available any of its Tax returns (or any other information that it deems to be confidential or proprietary). 

(m)    For the purposes of this Section 5.12, the term “Lender” shall include any Issuing Lender. 

SECTION 5.13.    Payments Generally; Pro Rata Treatment; Sharing of Setoffs. (a) The Borrower shall make each
payment required to be made by it hereunder (whether of principal, interest, fees, or of amounts payable under Section 5.10, 5.11 or 5.12, or otherwise) prior to 3:00 p.m., New York City time, on the date when due, in immediately available
funds, without setoff or counterclaim. Any amounts received after such time on any date may, in the discretion of the Administrative Agent, be deemed to have been received on the next succeeding Business Day for purposes of calculating interest
thereon. All such payments shall be made to the Administrative Agent to such account or accounts as the Administrative Agent shall designate from time to time, except that payments to be made directly to any Issuing Lender as expressly provided
herein shall be so made and payments pursuant to Sections 5.10, 5.11, 5.12 and 12.05 shall be made directly to the Persons entitled thereto. The Administrative Agent shall distribute any such payments received by it for the account of any other
Person to the appropriate recipient promptly following receipt thereof. If any payment hereunder shall be due 

  
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on a day that is not a Business Day, the date for payment shall be extended, except as otherwise provided in the definition of the terms “Maturity Date” and “Interest Period”,
to the next succeeding Business Day, and, in the case of any payment accruing interest, interest thereon shall be payable for the period of such extension. All payments hereunder and under the other Loan Documents shall be made in Dollars. Any
payment required to be made by the Administrative Agent hereunder shall be deemed to have been made by the time required if the Administrative Agent shall, at or before such time, have taken the necessary steps to make such payment in accordance
with the regulations or operating procedures of the clearing or settlement system used by the Administrative Agent to make such payment. 

(b)    If at any time insufficient funds are received by and available to the Administrative Agent to pay fully all
amounts of principal, interest and fees then due hereunder, such funds shall be applied (i) first, towards payment of interest and fees then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of interest
and fees then due to such parties, and (ii) second, towards payment of principal (including reimbursement of LC Disbursements) then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of principal then due
to such parties. 
 (c)    If any Lender shall, by exercising any right of setoff or counterclaim or otherwise, obtain
payment in respect of any principal of or interest on any of its Loans or in respect of its participations in any Letters of Credit resulting in such Lender receiving payment of a greater proportion of the aggregate amount of its Loans and accrued
interest thereon or its participations in Letters of Credit than the proportion received by any other Lender, then the Lender receiving such greater proportion shall purchase (for cash at face value) participations in the Loans and Letters of Credit
of such other Lenders to the extent necessary so that the benefit of all such payments shall be shared by such Lenders ratably in accordance with the aggregate amount of principal of and accrued interest on their respective Loans and participations
in Letters of Credit; provided that (i) if any such participations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations shall be rescinded and the purchase price restored to the extent
of such recovery, without interest and (ii) the provisions of this paragraph shall not be construed to apply to any payment made by the Borrower pursuant to and in accordance with the express terms of this Agreement (for the avoidance of doubt,
as it may be amended from time to time) or any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans or LC Exposure to any assignee or participant, other than to the Borrower or any
Subsidiary or Affiliate thereof (as to which the provisions of this paragraph shall apply). The 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 the Borrower rights of setoff and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of the Borrower in the amount of such participation. 

(d)    Unless the Administrative Agent shall have received notice from the Borrower prior to the date on which any payment
is due to the Administrative Agent for the account of any Lender or Issuing Lender hereunder that the Borrower will not make such payment, the Administrative Agent may assume that the Borrower has made such payment on such date in accordance
herewith and may, in reliance upon such assumption, distribute to such 

  
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Lender or Issuing Lender, as applicable, the amount due. In such event, if the Borrower has not in fact made such payment, then each of the applicable Lenders and Issuing Lenders severally agrees
to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender or Issuing Lender, as applicable, 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 NYFRB Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation. 

(e)    If any Lender or Issuing Lender shall fail to make any payment required to be made by it pursuant to
Section 5.01(b), 5.12(d), 5.12(e) or 5.13(d) or Article XI, then the Administrative Agent may, in its discretion (notwithstanding any contrary provision hereof), apply any amounts thereafter received by the Administrative Agent for the
account of such Lender or Issuing Lender, as applicable, to satisfy such Lender’s or Issuing Lender’s, as applicable, obligations under such Sections until all such unsatisfied obligations are fully paid. 

SECTION 5.14.    Mitigation Obligations; Replacement of Lenders. (a) If any Lender requests compensation under
Section 5.10, or if the Borrower is required to pay any Additional Amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 5.12, then such Lender shall use reasonable efforts to file any
certificate or document requested by the Borrower (consistent with legal and regulatory restrictions), 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 filing, designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 5.10 or 5.12, as the case may be, in the future and
(ii) would not otherwise be disadvantageous to such Lender. 
 (b)    If (i) any Lender requests compensation
under Section 5.10, (ii) the Borrower is required to pay any Additional Amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 5.12, (iii) any Lender becomes a Defaulting Lender, (iv) any
Lender becomes a Non-Extending Lender or (v) any Lender refuses to consent to any amendment, waiver or other modification of this Agreement or any other Loan Document requested by the Borrower that
requires the consent of a greater percentage of the Lenders than the Required Lenders and such amendment, waiver or other modification is consented to by the Required Lenders, then, in each case, the Borrower may, 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 contained in Section 12.04), all its interests, rights and obligations under this Agreement (other than its
existing rights to payment pursuant to Sections 5.10 and 5.12) to an Eligible Assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided that: (1) the Borrower
shall have received the prior written consent of the Administrative Agent and each of the Issuing Lenders, which consent, in each case, shall not unreasonably be withheld, delayed or conditioned, (2) such Lender shall have received payment of
an amount equal to the outstanding principal of its Loans, accrued interest thereon, accrued fees and all other amounts payable to it hereunder (including any amounts under Section 5.11) from the assignee (to the extent of such outstanding
principal and accrued interest and fees) or the Borrower (in the case of all other amounts), (3) in the case of any such assignment resulting from a claim for 

  
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compensation under Section 5.10 or payments required to be made pursuant to Section 5.12, such Lender has declined or is unable to designate a different lending office in accordance
with Section 5.14(a) and such assignment will result in a reduction in such compensation or payments, (4) in the case of any such assignment resulting from a Lender being a Non-Extending Lender, the
assignee shall have agreed to the applicable Maturity Date Extension Request and (5) in the case of any such assignment resulting from clause (v) above, the assignee provides its consent to such requested amendment, waiver or other
modification of this Agreement or such other Loan Document. A Lender shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver or consent by such Lender or otherwise, the circumstances entitling the
Borrower to require such assignment and delegation have ceased to apply. Each party hereto agrees that an assignment and delegation required pursuant to this paragraph may be effected pursuant to an Assignment and Assumption executed by the
Borrower, the Administrative Agent and the assignee and that the Lender required to make such assignment and delegation need not be a party thereto. 

SECTION 5.15.    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)    facility fees shall cease to accrue on the unfunded portion of the Commitment of such Defaulting Lender pursuant to
Section 5.07(a); 
 (b)    the Commitment and Revolving Credit Exposure of such Defaulting Lender shall not be
included in determining whether the Required Lenders or any other requisite Lenders have taken or may take any action hereunder or under any other Loan Document (including any consent to any amendment, waiver or other modification pursuant to
Section 12.07); provided that any amendment, waiver or other modification requiring the consent of all Lenders or all Lenders affected thereby shall, except as otherwise provided in Section 12.07, require the consent of such
Defaulting Lender in accordance with the terms hereof; 
 (c)    if any LC Exposure exists at the time any Lender
becomes a Defaulting Lender, then: 
 (i)    all or any part of the LC Exposure (other than any portion
thereof attributable to unreimbursed LC Disbursements with respect to which such Defaulting Lender shall have funded its participation as contemplated by Sections 4.01(e) and 4.01(f)) of such Defaulting Lender shall be reallocated among the
Lenders that are not Defaulting Lenders in accordance with their respective Applicable Percentages but only to the extent that the sum of the Revolving Credit Exposures of all Lenders that are not Defaulting Lenders plus such Defaulting
Lender’s LC Exposure (other than any portion thereof referred to in the parenthetical clause above) does not exceed the sum of the Commitments of Lenders that are not Defaulting Lenders; 

(ii)    if the reallocation described in Section 5.15(c)(i) above cannot, or can only partially, be
effected, the Borrower shall within one Business Day following notice by the Administrative Agent cash collateralize pursuant to Section 4.01(k) for the benefit 

  
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of the applicable Issuing Lenders the portion of such Defaulting Lender’s LC Exposure (other than any portion thereof referred to in the parenthetical in such Section 5.15(c)(i)) that
has not been reallocated for so long as such LC Exposure is outstanding; 
 (iii)    if the Borrower cash
collateralizes any portion of such Defaulting Lender’s LC Exposure pursuant to Section 5.15(c)(ii), the Borrower shall not be required to pay participation fees to such Defaulting Lender pursuant to Section 5.07(c) with respect to
such portion of such Defaulting Lender’s LC Exposure for so long as such Defaulting Lender’s LC Exposure is cash collateralized; 

(iv)    if any portion of the LC Exposure of such Defaulting Lender is reallocated pursuant to
Section 5.15(c)(i), then the fees payable to the Lenders pursuant to Sections 5.07(a) and 5.07(c) shall be adjusted to give effect to such reallocation; and 

(v)    if all or any portion of such Defaulting Lender’s LC Exposure that is subject to reallocation
pursuant to Section 5.15(c)(i) is neither reallocated nor cash collateralized pursuant to Sections 5.15(c)(i) or 5.15(c)(ii), then, without prejudice to any rights or remedies of the Issuing Lenders or any other Lender hereunder, all
facility fees that otherwise would have been payable under Section 5.07(a) to such Defaulting Lender with respect to such portion of its LC Exposure and all participation fees payable under Section 5.07(c) with respect to such Defaulting
Lender’s LC Exposure shall be payable to the Issuing Lenders (and allocated among them ratably based on the amount of such portion of the LC Exposure of such Defaulting Lender attributable to Letters of Credit issued by each Issuing Lender)
until and to the extent that such LC Exposure is reallocated and/or cash collateralized; and 
 (d)    so long as any
Lender is a Defaulting Lender, no Issuing Lender shall be required to issue, amend or extend any Letter of Credit unless it is satisfied that the related exposure and such Defaulting Lender’s then outstanding LC Exposure will be fully covered
by the Commitments of the Lenders that are not Defaulting Lenders and/or cash collateralized by the Borrower in accordance with Section 5.15(c), and participating interests in any such issued, amended or extended Letter of Credit will be
allocated among the Lenders that are not Defaulting Lenders in a manner consistent with Section 5.15(c)(i) (and such Defaulting Lender shall not participate therein). 

In the event that (i) a Bankruptcy Event with respect to a Lender Parent of a Lender shall occur following the date hereof and for so
long as such Bankruptcy Event shall continue or (ii) any Issuing Lender has a good faith belief that any Lender has defaulted in fulfilling its obligations under one or more other agreements in which such Lender commits to extend credit, such
Issuing Lender shall not be required to issue, amend or extend any Letter of Credit, unless such Issuing Lender shall have entered into arrangements with the Borrower or the applicable Lender satisfactory to such Issuing Lender to defease any risk
to it in respect of such Lender hereunder. 
 In the event that the Administrative Agent, the Borrower and the Issuing Lenders agree that a
Defaulting Lender has adequately remedied all matters that caused the applicable Lender to be a Defaulting Lender, then the LC Exposure of the Lenders shall be readjusted to 

  
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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 as the Administrative Agent shall determine may be
necessary in order for such Lender to hold such Loans in accordance with its Applicable Percentage, and such Lender shall thereupon cease to be a Defaulting Lender (but shall not be entitled to receive any fees accrued during the period when it was
a Defaulting Lender, and all amendments, waivers or other modifications effected without its consent in accordance with the provisions of Section 12.07 and this Section during such period shall be binding on it). The rights and remedies
against, and with respect to, a Defaulting Lender under this Section are in addition to, and cumulative and not in limitation of, all other rights and remedies that the Administrative Agent, the Lenders, the Issuing Lenders and the Borrower may
at any time have against, or with respect to, such Defaulting Lender. 
 ARTICLE VI 

Representations and Warranties 

The Borrower represents and warrants to each of the Lenders and the Administrative Agent that: 

SECTION 6.01.    Organization; Powers. The Borrower (a) is duly organized, validly existing and in good
standing under the laws of the jurisdiction of its organization, (b) has all requisite corporate power and authority to own its property and assets and to carry on its business as now conducted and as proposed to be conducted and (c) is
qualified to do business in every jurisdiction where such qualification is required, except where the failure so to qualify would not result in a Material Adverse Effect. The Borrower has the corporate power and authority to execute and deliver this
Agreement and each other Loan Document, to perform its obligations hereunder and thereunder and to borrow hereunder. 
 SECTION
6.02.    Authorization; No Conflicts. The Transactions (a) are within the Borrower’s corporate powers and have been duly authorized by all requisite corporate action and (b) do not (i) violate
(A) any provision of any law, statute, rule or regulation (including the Margin Regulations), (B) any provision of the certificate of incorporation or other constitutive documents or by-laws of the
Borrower or (C) any order of any Governmental Authority, (ii) conflict with, result in a breach of or constitute (alone or with notice or lapse of time or both) a default under any indenture, agreement or other instrument to which the
Borrower or any Subsidiary is a party or by which it or any of its property is or may be bound or (iii) result in the creation or imposition of any Lien upon any property or assets of the Borrower or any Subsidiary, other than, in the case of
clauses (i)(A), (i)(C), (ii) and (iii), any such violations, conflicts, breaches, defaults or Liens that, individually or in the aggregate, would not be reasonably expected to have a Material Adverse Effect or, in the case of clause (i)(A),
result in a violation of law by the Administrative Agent or any Lender. 
 SECTION 6.03.    Enforceability. This
Agreement has been duly executed and delivered by the Borrower and constitutes, and each other Loan Document constitutes or, when executed and delivered, will constitute, a legal, valid and binding obligation of the Borrower, enforceable in
accordance with its terms (subject, as to enforceability, to applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors’ rights generally and to general principles of equity (regardless of whether
such enforceability is considered in a proceeding at law or in equity)). 

  
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 SECTION 6.04.    Governmental Approvals. No action, consent or
approval of, registration or filing with or other action by any Governmental Authority is required in connection with the Transactions except such as have, or on or prior to the Effective Date will have, been obtained or made and are in full force
and effect and except for those the failure to obtain which could not reasonably be expected to have a Material Adverse Effect. 
 SECTION
6.05.    Financial Statements; No Material Adverse Effect. (a) The Borrower has heretofore furnished to the Administrative Agent and the Lenders (i) its consolidated balance sheet and statements of earnings,
stockholders’ equity and cash flows as of and for the fiscal year ended December 31, 2020, reported on by PricewaterhouseCoopers LLP, independent registered public accounting firm, and (ii) its unaudited consolidated balance sheets
and statements of earnings, stockholders’ equity and cash flows as of and for the fiscal quarters and the portions of the fiscal year ended March 31, 2021, and June 30, 2021. Such financial statements present fairly, in all material
respects, the financial position and results of operations and cash flows of the Borrower and its consolidated Subsidiaries as of such dates and for such periods in accordance with GAAP, subject, in the case of such quarterly financial statements,
to normal year-end adjustments and the absence of certain footnotes. 

(b)    Since December 31, 2020, there has been no material adverse effect on the business, operations, properties or
financial condition of the Borrower and its Subsidiaries, taken as a whole; provided that for purposes of determining the accuracy of the representation and warranty set forth in this Section 6.05(b) as of the
Effective Date, the impacts of the novel coronavirus COVID-19 pandemic on the business, operations or financial condition of the Borrower and its Subsidiaries, taken as a whole, that occurred prior to the
Effective Date, pursuant to the Memorandum to Lenders dated August 17, 2021 regarding Public Filings – COVID-19 Disclosures, and that were disclosed to the Lenders prior to the Effective Date will be
disregarded. 
 SECTION 6.06.    Litigation, Compliance with Laws. (a) There are no actions, proceedings or
investigations filed or (to the knowledge of the Borrower) threatened against the Borrower or any Subsidiary in any court or before any Governmental Authority or arbitration board or tribunal which question the validity or legality of this
Agreement, the Transactions or any action taken or to be taken pursuant to this Agreement and no order or judgment has been issued or entered restraining or enjoining the Borrower from the execution, delivery or performance of this Agreement or any
other Loan Document nor is there any other action, proceeding or investigation filed or (to the knowledge of the Borrower) threatened against the Borrower or any Subsidiary in any court or before any Governmental Authority or arbitration board or
tribunal as to which there is a reasonable likelihood of an adverse determination and that, if adversely determined, would be reasonably likely to result in a Material Adverse Effect. 

(b)    Neither the Borrower nor any Subsidiary is in violation of any law, rule or regulation, or in default with respect
to any judgment, writ, injunction or decree of any Governmental Authority, where such violation or default would be reasonably likely to result in a Material Adverse Effect. 

  
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 SECTION 6.07.    Federal Reserve Regulations. No part of the
proceeds of any Loan will be used, whether directly or indirectly, and whether immediately, incidentally or ultimately, for any purpose which entails a violation of, or which is inconsistent with, the provisions of the Margin Regulations. 

SECTION 6.08.    Taxes. The Borrower and the Subsidiaries have filed or caused to be filed all Federal and material
state, local and foreign Tax returns which are required to be filed by them, and have paid or caused to be paid all material Taxes required to have been paid by them, other than (a) any Taxes or assessments the validity of which is being
contested in good faith by appropriate proceedings, and with respect to which appropriate accounting reserves have, to the extent required by GAAP, been set aside or (b) where such failure to file or pay could not reasonably be expected to
result in a Material Adverse Effect. 
 SECTION 6.09.    Employee Benefit Plans. The present aggregate value of
accumulated benefit obligations of each Plan and each foreign employee pension benefit plan required to be funded (based on those assumptions used for disclosure of such obligations in consolidated financial statements of the Borrower in accordance
with GAAP) did not, as of the most recent statements available, exceed the aggregate value of the assets for each Plan by an amount in the aggregate for all such Plans that would reasonably be expected to have a Material Adverse Effect. Except as
would not individually or in the aggregate be reasonably expected to have a Material Adverse Effect, (a) no ERISA Termination Event has occurred and (b) each Plan has been established and administered in accordance with its terms and in
compliance with the applicable provisions of ERISA, the Code and other applicable laws, rules and regulations. 
 SECTION
6.10.    Environmental and Safety Matters. Other than exceptions to any of the following that would not in the aggregate have a Material Adverse Effect: (a) the Borrower and the Subsidiaries comply and have complied
with all applicable Environmental and Safety Laws; (b) there are and have been no Hazardous Substances at any property owned, leased or operated by the Borrower or any Subsidiary now or in the past, or at any other location, that could
reasonably be expected to result in liability of the Borrower or any Subsidiary under any Environmental and Safety Law or result in costs to any of them arising out of any Environmental and Safety Law; (c) there are no past, present, or, to the
knowledge of the Borrower and the Subsidiaries, anticipated future events, conditions, circumstances, practices, plans, or legal requirements that could reasonably be expected to prevent the Borrower or any of the Subsidiaries from, or increase the
costs to the Borrower or any of the Subsidiaries of, complying with applicable Environmental and Safety Laws or obtaining or renewing all material permits, approvals, authorizations, licenses or permissions required of any of them pursuant to any
such law; and (d) neither the Borrower nor any of the Subsidiaries has retained, assumed or otherwise become subject to, by contract or operation of law, any liability, fixed or contingent, under any Environmental and Safety Law. 

SECTION 6.11.    Properties. (a) Each of the Borrower and its Subsidiaries has good title to, or valid
leasehold interests in, all its real and personal properties that are material to the business of the Borrower and its Subsidiaries taken as a whole, except where the failure to have such title or interests, as applicable, could not reasonably be
expected to result in a Material Adverse Effect. 

  
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 (b)    Each of the Borrower and its Subsidiaries owns, is licensed to
use, or otherwise has the right to use, all trademarks, tradenames, copyrights, patents and other intellectual properties that are material to the business of the Borrower and its Subsidiaries taken as a whole, and the use thereof by the Borrower
and its Subsidiaries does not 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 6.12.    Investment Company Status. The Borrower is not an “investment company” as defined
in, or subject to regulation under, the Investment Company Act of 1940. 
 SECTION 6.13.    Anti-Corruption Laws and
Sanctions. The Borrower has implemented and will maintain in effect policies and procedures reasonably designed to ensure compliance by the Borrower, its Subsidiaries and their respective directors, officers, and employees with Anti-Corruption
Laws and applicable Sanctions, and the Borrower, its Subsidiaries and to the knowledge of the Borrower and its Subsidiaries, their respective directors, officers and employees are in compliance with Anti-Corruption Laws and applicable Sanctions in
all material respects. None of (a) the Borrower, any Subsidiary or to the knowledge of the Borrower, any of their respective directors, officers or employees, or (b) to the knowledge of the Borrower, any agent of the Borrower or any
Subsidiary that will act in any capacity in connection with or benefit from the credit facilities established hereby, is a Sanctioned Person. The Transactions will not violate any Anti-Corruption Law or applicable Sanctions. 

ARTICLE VII 
 Conditions

 SECTION 7.01.    Effective Date. This Agreement shall become effective upon the satisfaction of the
following conditions: 
 (a)    The Administrative Agent (or its counsel) shall have received from each party hereto a
counterpart of this Agreement signed on behalf of such party (which, subject to Section 12.10(b), may include any Electronic Signatures transmitted by emailed .pdf or any other electronic means that reproduces an image of an actual executed
signature page of this Agreement). 
 (b)    The Administrative Agent shall have received such documents and
certificates as the Administrative Agent or its counsel may reasonably request relating to the organization, existence and good standing of the Borrower, the authorization of the Transactions and other legal matters relating to the Borrower, the
Loan Documents or the Transactions, all in form and substance reasonably satisfactory to the Administrative Agent. 

(c)    The representations and warranties of the Borrower set forth in the Loan Documents shall be true and correct in all
material respects on and as of the Effective Date; provided that (i) to the extent such representations and warranties expressly relate to an earlier date, they shall be true and correct in all material respects as of such earlier date,
and (ii) to the extent such representations and 

  
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warranties are qualified by materiality, such representations and warranties shall be true and correct in all respects. As of the Effective Date and immediately after giving effect to the
Transactions to occur on the Effective Date, no Default shall have occurred and be continuing. The Administrative Agent shall have received a certificate signed by the President, a Vice President or a Financial Officer of the Borrower confirming the
foregoing. 
 (d)    The Administrative Agent shall have received all fees and other amounts due and payable on or prior
to the Effective Date, including, to the extent invoiced, reimbursement or payment of all out-of-pocket expenses (including the reasonable fees and expenses of counsel
to the Administrative Agent) required to be reimbursed or paid by the Borrower hereunder. 
 (e)    The Administrative
Agent (or its counsel) shall have received a favorable written opinion (addressed to the Administrative Agent and the Lenders and dated the Effective Date) from Faegre Drinker Biddle & Reath LLP, counsel for the Borrower, covering such
matters relating to the Borrower and the Loan Documents as the Administrative Agent shall reasonably request. The Borrower hereby requests such counsel to deliver such opinion. 

(f)    The Administrative Agent and each Lender shall have received, to the extent requested by the Administrative Agent
or such Lender, all documentation and other information that the Administrative Agent or such Lender reasonably requests in order to comply with obligations under applicable “know your customer” and anti-money laundering rules and
regulations, including the USA PATRIOT Act and the Beneficial Ownership Regulation. 
 (g)    The Administrative Agent
shall have received satisfactory evidence that the commitments under the Existing Five-Year Credit Agreement have been terminated (or will be terminated substantially concurrently with the effectiveness of this Agreement) and that all Debt and other
amounts owing under or in connection with the Existing Five-Year Credit Agreement have been fully repaid (or will be fully repaid substantially concurrently with the effectiveness of this Agreement). The Lenders party hereto, which constitute the
“Required Lenders” under and as defined in the Existing Five-Year Credit Agreement, hereby waive the requirement under the Existing Five-Year Credit Agreement that advance notice of such termination and repayment be given, it being agreed
that such notice may be given on the Effective Date. 
 SECTION 7.02.    Conditions to All Extensions of Credit.
The obligation of each Lender to make a Loan on the occasion of any Borrowing (other than a Borrowing made solely to refinance outstanding Borrowings that does not increase the aggregate principal amount of the Loans of any Lender outstanding), and
of the Issuing Lenders to issue, amend or extend any Letter of Credit is subject to the satisfaction of the following conditions: 

(a)    The Administrative Agent shall have received a Borrowing Request in accordance with Section 2.03 or a notice
requesting the issuance, amendment or extension of a Letter of Credit in accordance with Section 4.01(b), as the case may be. 

(b)    The representations and warranties of the Borrower set forth in the Loan Documents (other than, after the Effective
Date, the representations and warranties set forth in Sections 6.05(b) and 6.06(a)) shall be true and correct in all material respects on and as of the 

  
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date of any such Borrowing or the date of issuance, amendment or extension of such Letter of Credit, as applicable; provided that (i) to the extent such representations and warranties
expressly relate to an earlier date, they shall be true and correct in all material respects as of such earlier date and (ii) to the extent such representations and warranties are qualified by materiality, such representations and warranties
shall be true and correct in all respects. 
 (c)    At the time of and immediately after giving effect to such
Borrowing, or the issuance, amendment or extension of such Letter of Credit, as applicable, no Default shall have occurred and be continuing. 
 Each
Borrowing (other than a Borrowing made solely to refinance outstanding Borrowings that does not increase the aggregate principal amount of the Loans of any Lender outstanding) and the issuance, amendment or extension of each Letter of Credit shall
be deemed to constitute a representation and warranty by the Borrower on the date thereof as to the matters specified in Sections 7.02(b) and 7.02(c). 

ARTICLE VIII 
 Affirmative
Covenants 
 The Borrower covenants and agrees with each Lender and the Administrative Agent that so long as this Agreement shall remain
in effect or the principal of or interest on any Loan, any fees or any other amounts payable hereunder shall be unpaid or any Letter of Credit shall remain outstanding, unless the Required Lenders shall otherwise consent in writing, it will, and
will cause each of the Subsidiaries to, on and after the Effective Date: 
 SECTION 8.01.    Existence. Do or
cause to be done all things necessary to preserve and keep in full force and effect its corporate, partnership and/or limited liability company existence and its rights and franchises that are material to the business of the Borrower and its
Subsidiaries taken as a whole, except as expressly permitted under Section 9.01 and except, in the case of any Subsidiary, where the failure to do so would not result in a Material Adverse Effect. 

SECTION 8.02.    Compliance with Law; Business and Properties. Comply in all respects with all applicable laws,
rules, regulations and orders of any Governmental Authority (including Environmental and Safety Laws and ERISA), whether now in effect or hereafter enacted, except instances that could not, in the aggregate, reasonably be expected to result in a
Material Adverse Effect; and at all times maintain and preserve all property material to the conduct of the business of the Borrower and its Subsidiaries taken as a whole and keep such property in good repair, working order and condition and from
time to time make, or cause to be made, all needful and proper repairs, renewals, additions, improvements and replacements thereto necessary in order that the business carried on in connection therewith may be properly conducted at all times, except
where the failure to do so would not result in a Material Adverse Effect. 

  
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 SECTION 8.03.    Financial Statements, Reports, Etc. In the case
of the Borrower, furnish to the Administrative Agent for distribution to each Lender: 
 (a)    within 105 days
after the end of each fiscal year of the Borrower, its annual report on Form 10-K as filed with the SEC, including its consolidated balance sheet and the related consolidated statements of earnings and
cash flows showing its consolidated financial position as of the end of such fiscal year and the consolidated results of its operations and cash flows for such year, all audited by PricewaterhouseCoopers LLP or other independent registered public
accounting firm of recognized national standing selected by the Borrower and accompanied by an opinion of such accounting firm to the effect that such consolidated financial statements present fairly in all material respects the Borrower’s
financial position and results of operations and cash flows on a consolidated basis in accordance with GAAP; 

(b)    within 60 days after the end of each of the first three fiscal quarters of each fiscal year of the Borrower,
its quarterly report on Form 10-Q as filed with the SEC, including its unaudited consolidated balance sheet and related consolidated statements of earnings and cash flows, showing its consolidated financial
position as of the end of such fiscal quarter and the consolidated results of its operations and cash flows for such fiscal quarter and the then elapsed portion of the fiscal year (and each delivery of such statements shall be deemed a
representation that such statements present fairly in all material respects the Borrower’s financial position and results of operations and cash flows on a consolidated basis in accordance with GAAP, subject to normal year-end audit adjustments and the absence of footnotes); 
 (c)    concurrently with
any delivery of financial statements under Sections 8.03(a) or 8.03(b), a certificate of a Financial Officer of the Borrower (i) certifying that no Event of Default or Default has occurred or, if an Event of Default or Default has
occurred, specifying the nature and extent thereof and any corrective action taken or proposed to be taken with respect thereto and (ii) demonstrating in reasonable detail calculation of the covenant set forth in Section 9.04 as of the
last day of the period covered by such financial statements; 
 (d)    promptly after the same become publicly
available, copies of all reports on Form 8-K filed by it with the SEC, or any Governmental Authority succeeding to any of or all the functions of the SEC, and copies of all reports distributed to its
shareholders; and 
 (e)    promptly upon request, (i) all documentation and other information that a Lender
reasonably requests through the Administrative Agent in order to comply with obligations under applicable “know your customer” and anti-money laundering rules and regulations, including the USA PATRIOT Act and the Beneficial Ownership
Regulation, and (ii) such other information regarding the Borrower and its Subsidiaries, or the compliance by the Borrower with the terms of the Loan Documents, as any Lender shall reasonably request through the Administrative Agent (it being
understood that, in the case of this clause (ii), the Borrower shall not be required to provide any information or documents which are subject to confidentiality provisions the nature of which prohibit such disclosure). 

Information required to be delivered pursuant to this Section (other than Sections 8.03(c) or 8.03(e)(i)) shall be deemed to have been delivered on the
date on which the Borrower provides notice (reasonably identifying where the applicable disclosure may be obtained) to the Administrative Agent that such information has been posted on the Borrower’s website on the internet at
www.zimmerbiomet.com, or on the SEC’s website on the internet at www.sec.gov or at another website identified in such notice and accessible by the Lenders without charge. 

  
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 The Borrower hereby acknowledges that (a) the Administrative Agent and/or the Arrangers may, but shall
not be obligated to, make available to the Lenders materials and/or information provided by or on behalf of the Borrower hereunder (collectively, the “Borrower Materials”) by posting the Borrower Materials on an Electronic System
and (b) certain of the Lenders (each, a “Public Lender”) may have personnel who do not wish to receive material non-public information with respect to the Borrower or its Subsidiaries, or
the respective securities of any of the foregoing, and who may be engaged in investment and other market-related activities with respect to such Persons’ securities. The Borrower hereby agrees that it will use commercially reasonable efforts to
identify that portion of the Borrower Materials that may be distributed to the Public Lenders and that (w) all Borrower Materials that are to be made available to Public Lenders shall be clearly and conspicuously marked “PUBLIC”,
which, at a minimum, shall mean that the word “PUBLIC” shall appear prominently on the first page thereof; (x) by marking Borrower Materials “PUBLIC,” the Borrower shall be deemed to have authorized the Administrative Agent,
the Arrangers and the Lenders to treat such Borrower Materials as not containing any material non-public information with respect to the Borrower, its Subsidiaries or the respective securities of any of the
foregoing for purposes of United States Federal and state securities laws (provided that to the extent such Borrower Materials constitute Confidential Information, they shall be treated as set forth in Section 12.15); (y) all Borrower
Materials marked “PUBLIC” are permitted to be made available through a portion of the Electronic System designated “Public Side Information;” and (z) the Administrative Agent and the Arrangers shall be entitled to treat any
Borrower Materials that are not marked “PUBLIC” as being suitable only for posting on a portion of the Electronic System not designated “Public Side Information.” Notwithstanding the foregoing, the Borrower shall be under no
obligation to mark any Borrower Materials “PUBLIC.” 
 SECTION 8.04.    Insurance. Keep its insurable
properties adequately insured at all times by financially sound and reputable insurers (which may include captive insurers), and maintain such other insurance or self-insurance (including product liability insurance), to such extent and against such
risks, including fire and other risks insured against by extended coverage, as are customary with companies similarly situated and in the same or similar businesses. 

SECTION 8.05.    Obligations and Taxes. Pay and discharge promptly when due all material Taxes, assessments and
governmental charges imposed upon it or upon its income or profits or in respect of its property, in each case before the same shall become delinquent or in default and before penalties accrue thereon, unless and to the extent that the same are
being contested in good faith by appropriate proceedings and adequate reserves with respect thereto shall, to the extent required by GAAP, have been set aside. 

SECTION 8.06.    Litigation and Other Notices. In the case of the Borrower, give the Administrative Agent written
notice of the following within 10 Business Days after any executive officer of the Borrower obtains knowledge thereof: 

(a)    the filing or commencement of any action, suit or proceeding which the Borrower reasonably expects to result in a
Material Adverse Effect; 
 (b)    any Event of Default or Default, specifying the nature and extent thereof and the
action (if any) which is proposed to be taken with respect thereto; and 

  
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 (c)    any change in any of the Ratings; 

provided that in the case of Sections 8.06(a) and 8.06(c), the Borrower shall not be required to provide separate notice of any event disclosed in
any report promptly filed with the SEC if the Borrower has provided notice to the Administrative Agent in accordance with the penultimate paragraph of Section 8.03 to the effect that such information has been posted and reasonably identifying
where the applicable disclosure may be obtained. 
 SECTION 8.07.    Books and Records; Inspection Rights.
(a) Keep proper books of record and account in which full, true and correct entries are made of all material dealings and transactions in relation to its business and activities and (b) permit any representatives designated by the
Administrative Agent or any Lender, upon reasonable prior notice, to visit and inspect its properties, to examine and make extracts from its books and records, and to discuss its affairs, finances and condition with its officers and (in the presence
of officers of the Borrower, whether by phone or in person) its independent accountants (in each case subject to the Borrower’s obligations under applicable confidentiality provisions), all at such reasonable times and as often as reasonably
requested, all at the expense of the applicable Lenders; provided that during the continuation of any Default (x) any expense of the Lenders in connection with the foregoing shall be for the account of the Borrower and (y) Lenders
shall be permitted to discuss the affairs, finances and condition of the Borrower and its Subsidiaries without officers of the Borrower being present. 

SECTION 8.08.    Use of Proceeds. Use the proceeds of the Loans and the Letters of Credit only for general
corporate purposes, and not use any part of the proceeds of any Loan, directly or indirectly, for any purpose that entails a violation of any of the regulations of the Federal Reserve Board, including the Margin Regulations. The Borrower shall not
request any Borrowing or Letter of Credit, or use the proceeds of any Borrowing or any Letter of Credit, and the Borrower shall procure that its Subsidiaries and their respective directors, officers, employees and agents shall not use the proceeds
of any Borrowing or any Letter of Credit, (a) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws,
(b) for the purpose of funding, financing or facilitating any activities, business or transaction of or with any Sanctioned Person, or in any Sanctioned Country, to the extent such activities, businesses or transaction would be prohibited by
Sanctions if conducted by a corporation incorporated in the United States, or (c) in any manner that would result in the violation of any Sanctions applicable to any party hereto. 

ARTICLE IX 
 Negative Covenants

 The Borrower covenants and agrees with each Lender and the Administrative Agent that so long as this Agreement shall remain in effect
or the principal of or interest on any Loan, any fees or any other amounts payable hereunder shall be unpaid or any Letter of Credit 

  
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shall remain outstanding, unless the Required Lenders shall otherwise consent in writing, it will not, and will not permit any of the Subsidiaries to, on and after the Effective Date: 

SECTION 9.01.    Consolidations, Mergers and Sales of Assets. (a) In the case of the Borrower, consolidate or
merge with or into any other Person or liquidate, wind up or dissolve (or suffer any liquidation or dissolution) or (b) sell or otherwise transfer (in one transaction or a series of transactions), or permit any Subsidiary to sell or otherwise
transfer (in one transaction or a series of transactions), all or substantially all of the assets of the Borrower and the Subsidiaries, taken as a whole, to any other Person (other than the Borrower or any Subsidiary); provided that
(i) the Borrower may merge or consolidate with another Person if the Borrower is the corporation surviving such merger or consolidation and (ii) immediately after giving effect to any such merger or consolidation, no Default or Event of
Default shall have occurred and be continuing. 
 SECTION 9.02.    Liens. Create, assume or suffer to exist any
Lien upon any property, except that the foregoing shall not prevent the Borrower or any Subsidiary from creating, assuming or suffering to exist any of the following Liens: 

(a)    Liens existing on the Effective Date and set forth on Schedule 9.02; 

(b)    any Lien existing on property owned or leased by any Person at the time it becomes a Subsidiary; provided
that such Lien was not created in anticipation of such Person becoming a Subsidiary; 
 (c)    any Lien existing on
property at the time of the acquisition thereof by the Borrower or any Subsidiary; provided that such Lien was not created in anticipation of such acquisition; 

(d)    Liens on property acquired, constructed or improved by the Borrower or any Subsidiary; provided that the
Debt secured thereby does not exceed 80% of the cost of acquiring, constructing or improving such property and such Liens do not apply to any other property of the Borrower or any Subsidiary; 

(e)    Liens on receivables and the proceeds thereof securing any Permitted Receivables Securitization; 

(f)    any Liens securing Debt of a Subsidiary owing to the Borrower or to another Subsidiary; 

(g)    Liens for taxes, assessments or governmental charges or levies not yet due or that are being contested in good
faith by appropriate proceedings; provided that adequate reserves with respect thereto are maintained on the books of the Borrower or its Subsidiaries, as the case may be, in conformity with GAAP; 

(h)    carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s or other like Liens
arising in the ordinary course of business that are not more than 60 days delinquent in accordance with their terms or that are being contested in good faith by appropriate proceedings; 

  
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 (i)    pledges or deposits in connection with workers’
compensation, unemployment insurance and other social security legislation and deposits securing liability to insurance carriers under insurance or self-insurance arrangements; 

(j)    deposits to secure the performance of bids, trade contracts (other than for borrowed money), leases, statutory
obligations, surety and appeal bonds, performance bonds and other obligations of a like nature incurred in the ordinary course of business; 

(k)    easements, rights-of-way,
restrictions, licenses, reservations, utility easements and other similar encumbrances imposed by law or incurred in the ordinary course of business that do not materially detract from the value of the property subject thereto or materially
interfere with the ordinary conduct of the business of the Borrower and its Subsidiaries, considered as a whole; 

(l)    any interest or title of a lessor under any lease entered into by the Borrower or any Subsidiary in the ordinary
course of its business and covering only the assets so leased; 
 (m)    attachment or judgment Liens in respect of
judgments or decrees that have been vacated, discharged or stayed within 30 days from the entry thereof; and attachment or judgment Liens in respect of judgments or decrees that have been bonded pending appeal within 30 days from the entry
thereof and which do not exceed $200,000,000 in the aggregate; 
 (n)    Liens arising from precautionary U.C.C.
financing statement filings with respect to operating leases or consignment arrangements entered into by the Borrower or any Subsidiary in the ordinary course of business; 

(o)    customary Liens in favor of a banking institution arising by operation of law encumbering deposits (including the
right of set-off) held by such banking institutions incurred in the ordinary course of business and that are within the general parameters customary in the banking industry; 

(p)    any extension, renewal or replacement (or successive extensions, renewals or replacements) in whole or in part of
any Lien referred to in Sections 9.02(a) through 9.02(d), so long as the principal amount of the Debt or other obligations secured thereby does not exceed the principal amount of Debt or obligations so secured at the time of such extension,
renewal or replacement (except that, where an additional principal amount of Debt is incurred to provide funds for the completion of a specific project, the additional principal amount, and any related financing costs, may be secured by the Lien as
well) and such Lien is limited to the same property subject to the Lien so extended, renewed or replaced (and improvements on such property); and 

(q)    any Lien not permitted by Sections 9.02(a) through 9.02(p) securing Debt which, together with the aggregate
outstanding principal amount of all other Debt of the Borrower and its Subsidiaries that is secured by Liens in reliance on this Section 9.02(q) and the aggregate Value of their existing Sale and Leaseback Transactions which would be subject to
the restrictions of Section 9.03 but for this Section 9.02(q), does not at any time exceed 12.5% of Consolidated Net Tangible Assets. 

  
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 SECTION 9.03.    Limitation on Sale and Leaseback Transactions.
Enter into any Sale and Leaseback Transaction, unless the Borrower or such Subsidiary would be entitled to incur Debt, in a principal amount equal to the Value of such Sale and Leaseback Transaction, which is secured by Liens on the property to be
leased without violating Section 9.02. 
 SECTION 9.04.    Financial Condition Covenant. Permit the
Consolidated Leverage Ratio as at the last day of any period of four consecutive fiscal quarters of the Borrower (each such period, a “Test Period”) to exceed 4.50 to 1.00; provided that upon the consummation of a Qualified
Material Acquisition, if the Borrower shall so elect by a written notice delivered to the Administrative Agent within 30 days following such consummation, the maximum permitted ratio set forth above shall be increased to 5.00 to 1.00 at the end of
and for the fiscal quarter in which such Qualified Material Acquisition is consummated and the subsequent three consecutive fiscal quarters (the “Leverage Increase Period”); provided further that following any such election
by the Borrower, no subsequent election may be made by the Borrower unless the Consolidated Leverage Ratio has been at or below 4.50 to 1.00 as of the last day of at least two consecutive Test Periods ended after the expiration of the Leverage
Increase Period with respect to such prior election. 
 SECTION 9.05.    Subsidiary Indebtedness. Permit
Subsidiaries of the Borrower to create, issue, incur, assume, become liable in respect of or suffer to exist any Debt (other than Permitted Debt) in an aggregate principal amount exceeding $250,000,000 outstanding at any time. 

ARTICLE X 
 Events of Default

 In case of the happening of any of the following events (each an “Event of Default”): 

(a)    any representation or warranty made or deemed made by the Borrower in or in connection with the execution and
delivery of this Agreement or any other Loan Document or the Borrowings or other extensions of credit hereunder shall prove to have been false or misleading in any material respect when so made or deemed made; 

(b)    default shall be made in the payment of any principal of any Loan or 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 by acceleration thereof or otherwise; 

(c)    default shall be made in the payment of any interest on any Loan or any fee or any other amount (other than an
amount referred to in clause (b) above) due from the Borrower hereunder, when and as the same shall become due and payable, and such default shall continue unremedied for a period of five Business Days; 

  
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 (d)    default shall be made in the due observance or performance of any
covenant or agreement contained in Section 8.01 (in the case of preservation of existence of the Borrower), Section 8.06(b), Section 8.08 or Article IX; 

(e)    default shall be made in the due observance or performance of any covenant or agreement of the Borrower contained
herein (other than those specified in clause (b), (c) or (d) above) or in any other Loan Document and such default shall continue unremedied for a period of 30 days after notice thereof from the Administrative Agent or any Lender to
the Borrower; 
 (f)    the Borrower or any Subsidiary shall (i) fail to pay any principal or interest, regardless
of amount, due in respect of one or more items of Debt in an aggregate principal amount greater than or equal to $250,000,000, when and as the same shall become due and payable (giving effect to any applicable grace period) or (ii) fail to
observe or perform any other term, covenant, condition or agreement contained in any agreement or instrument evidencing or governing any such Debt if the effect of any failure referred to in this clause (ii) is to cause such Debt to become due
prior to its stated maturity; 
 (g)    an involuntary proceeding shall be commenced or an involuntary petition shall be
filed in a court of competent jurisdiction seeking (i) relief in respect of the Borrower or any Subsidiary, or of a substantial part of the property or assets of the Borrower or any Subsidiary, under Title 11 of the United States Code, as
now constituted or hereafter amended, or any other Federal, state or foreign bankruptcy, insolvency, receivership or similar law, (ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for the
Borrower or any Subsidiary or for a substantial part of the property or assets of the Borrower or any Subsidiary or (iii) the winding up or liquidation of the Borrower or any Subsidiary; and such proceeding or petition shall continue
undismissed for 60 days or an order or decree approving or ordering any of the foregoing shall be entered; 

(h)    the Borrower or any Subsidiary shall (i) voluntarily commence any proceeding or file any petition seeking
relief under Title 11 of the United States Code, as now constituted or hereafter amended, or any other Federal, state or foreign bankruptcy, insolvency, receivership or similar law, (ii) consent to the institution of, or fail to contest in
a timely and appropriate manner, any proceeding or the filing of any petition described in clause (g) above, (iii) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for
the Borrower or any Subsidiary or for a substantial part of the property or assets of the Borrower or any Subsidiary, (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, (vi) become unable, admit in writing its inability or fail generally to pay its debts as they become due or (vii) take any action for the purpose of effecting any of the foregoing; 

(i)    one or more judgments or decrees for the payment of money in an aggregate amount equal to or greater than
$250,000,000 (exclusive of any amount thereof reasonably expected to be covered by insurance) shall be rendered against the Borrower, any Subsidiary or any combination thereof and the same shall not have been vacated, discharged or stayed for a
period of 60 consecutive days, or any action shall be legally taken by a judgment creditor (whose liquidated judgment, along with those of any other judgment creditors, exceeds $250,000,000) to levy upon assets or properties of the Borrower or
any Subsidiary to enforce any such judgment; 

  
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 (j)    (i) a Plan of the Borrower or an ERISA Affiliate shall fail
to maintain the minimum funding standard required by Section 412 of the Code or Section 302 of ERISA for any plan year or a waiver of such standard is sought or granted under Section 412(c) of the Code or Section 302(c) of ERISA,
(ii) an ERISA Termination Event shall have occurred with respect to the Borrower or an ERISA Affiliate has incurred, or in the reasonable opinion of the Required Lenders is reasonably likely to incur, a liability to or on account of a Plan
under Section 4062, 4063, 4064, 4201 or 4204 of ERISA, (iii) any Person shall engage in any prohibited transaction described in Sections 406 of ERISA or 4975 of the Code for which a statutory or class exemption is not available or a
private exemption has not been previously obtained from the United States Department of Labor, (iv) the Borrower or any ERISA Affiliate shall fail to pay any required installment or any other payment required to be paid by such entity under
Section 412 of the Code or Section 302 of ERISA on or before the due date for such installment or other payment (taking into account any extensions granted) or (v) the Borrower or any ERISA Affiliate shall fail to make any
contribution or payment to any Multiemployer Plan which the Borrower or any ERISA Affiliate is required to make under any agreement relating to such Multiemployer Plan or any law pertaining thereto (taking into account any extensions granted), and,
in the event of the occurrence of any of the events described in clauses (i) through (v) above, there shall result from any such event or events either a liability or a material risk of incurring a liability which is reasonably expected to
have a Material Adverse Effect; or 
 (k)    a Change in Control shall occur; 

then, and in every such event (other than an event with respect to the Borrower described in clause (g) or (h) above), and at any time
thereafter during the continuance of such event, the Administrative Agent, at the request of the Required Lenders, shall, by notice to the Borrower, take either or both of the following actions, at the same or different times: (i) terminate
forthwith the Aggregate Commitments and (ii) declare the Loans then outstanding to be forthwith due and payable in whole or in part, whereupon the principal of the Loans so declared to be due and payable, together with accrued interest thereon
and any unpaid accrued fees and all other liabilities of the Borrower accrued hereunder, shall become forthwith due and payable, without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived anything
contained herein to the contrary notwithstanding; and, if any event with respect to the Borrower described in clause (g) or (h) above shall have occurred and be continuing, the Aggregate Commitments shall automatically terminate and the
principal of the Loans then outstanding, together with accrued interest thereon and any unpaid accrued fees and all other liabilities of the Borrower accrued hereunder, shall automatically become due and payable, without presentment, demand, protest
or any other notice of any kind, all of which are hereby expressly waived, anything contained herein to the contrary notwithstanding. 

  
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 ARTICLE XI 

The Administrative Agent 

In order to expedite the transactions contemplated by this Agreement, JPMorgan is hereby appointed to act as the Administrative Agent on
behalf of the Lenders and the Issuing Lenders. Each of the Lenders and the Issuing Lenders hereby irrevocably authorizes the Administrative Agent to take such actions on behalf of such Lender or Issuing Lender and to exercise such powers as are
specifically delegated to the Administrative Agent by the terms and provisions hereof and the other Loan Documents, together with such actions and powers as are reasonably incidental thereto. The Administrative Agent is hereby expressly authorized
by the other parties hereto, without hereby limiting any implied authority, (a) to receive on behalf of the Lenders and, except with respect to amounts expressly payable hereunder to an Issuing Lender, the Issuing Lenders all payments of
principal of and interest on the Loans, payments in respect of the Letters of Credit and all other amounts due to the Lenders or the Issuing Lenders hereunder, and promptly distribute to each Lender or Issuing Lender its proper share of each payment
so received; (b) to give notice on behalf of each of the Lenders or the Issuing Lenders to the Borrower of any Event of Default of which the Administrative Agent has actual knowledge acquired in connection with its agency hereunder; and
(c) to distribute to each Lender and Issuing Lender copies of all notices, financial statements and other materials delivered by the Borrower pursuant to this Agreement or any other Loan Document as received by the Administrative Agent. 

The Administrative Agent shall not have any duties or obligations except those expressly set forth in the Loan Documents, and its duties
hereunder shall be administrative in nature. 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 (and it is understood and agreed that the use of the term “agent” herein or in any other Loan Documents (or any other similar term) with reference to the Administrative Agent is not intended to connote any fiduciary or other
implied (or express) obligations arising under agency doctrine of any applicable law, and that such term is used as a matter of market custom and is intended to create or reflect only an administrative relationship between contracting parties),
(b) the Administrative Agent shall not have any duty to take any discretionary action or to exercise any discretionary power, except discretionary rights and powers expressly contemplated by the Loan Documents that the Administrative Agent is
required to exercise as directed in writing by the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as the Administrative Agent shall believe in good faith to be necessary, under the circumstances as
provided in the Loan Documents), provided that the Administrative Agent shall not be required to take any action that, in its opinion, could expose the Administrative Agent to liability or be contrary to any Loan Document or applicable law,
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 Borrower or any Subsidiary or
Affiliate thereof that is communicated to or obtained by the Person serving as an Administrative Agent or any of its Affiliates or Related Parties 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, or as the Administrative Agent shall believe in good faith to be necessary, under the circumstances as provided in
the Loan Documents). 

  
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 Neither the Administrative Agent nor any of its Related Parties shall be liable for any
action taken or omitted by any of them except for its or his or her own gross negligence or willful misconduct, as determined by a court of competent jurisdiction by a final and nonappealable judgment, or be responsible for any statement, warranty
or representation made in or in connection with any Loan Document or the contents of any document delivered in connection herewith or therewith, or be required to ascertain or to make any inquiry concerning the performance or observance by the
Borrower of any of the terms, conditions, covenants or agreements contained in this Agreement or any other Loan Document (including concerning the satisfaction of any condition set forth in Article VII or elsewhere in any Loan Document, other
than to confirm receipt of items expressly required to be delivered to the Administrative Agent or satisfaction of any condition that expressly refers to the matters described therein being acceptable or satisfactory to the Administrative Agent) or
the occurrence of any Default. The Administrative Agent shall be deemed not to have knowledge of any Default unless and until written notice thereof (stating that it is a “notice of default”) is given to the Administrative Agent by the
Borrower, any Lender or any Issuing Lender. The Administrative Agent shall not be responsible to the Lenders or the Issuing Lenders for the due execution, genuineness, sufficiency, validity, enforceability or effectiveness of this Agreement, any
other Loan Document or any other instruments or agreements. The Administrative Agent may deem and treat the Lender or Issuing Lender that makes any Loan or issues or participates in any Letter of Credit as the holder of the obligations resulting
therefrom for all purposes hereof until the Administrative Agent shall have received notice from such Lender or Issuing Lender, given as provided herein, of the transfer thereof. The Administrative Agent shall in all cases be fully protected in
acting, or refraining from acting, in accordance with written instructions signed by the Required Lenders and, except as otherwise specifically provided herein, such instructions and any action or inaction pursuant thereto shall be binding on all
the Lenders. Neither the Administrative Agent nor any of its Related Parties shall have any responsibility to the Borrower on account of the failure of or delay in performance or breach by any Lender or Issuing Lender of any of its obligations
hereunder or to any Lender or Issuing Lender on account of the failure of or delay in performance or breach by any other Lender or Issuing Lender or the Borrower of any of their respective obligations hereunder or in connection herewith. The
Administrative Agent shall be deemed to have no knowledge of any Lender being a Restricted Lender unless and until the Administrative Agent shall have received the written notice from such Lender referred to in Section 1.06, and then only as
and to the extent specified in such notice, and any determination of whether the Required Lenders or any other requisite Lenders shall have provided a consent or direction in connection with this Agreement or any other Loan Document shall not be
affected by any delivery to the Administrative Agent of any such written notice subsequent to such consent or direction being provided by the Required Lenders or other requisite Lenders. The Administrative Agent may execute any and all duties
hereunder by or through its branches, Affiliates, agents or employees. Without limiting the foregoing, the Administrative Agent may, by notice to the Borrower, designate any of its branches or Affiliates as the Person to receive any or all notices
(including Borrowing Requests and Interest Election Requests) to be delivered to the Administrative Agent pursuant to this Agreement. 

  
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 The Administrative Agent shall be entitled to rely, and shall not incur any liability for
relying, upon any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message, Internet or intranet website posting or other distribution) reasonably believed by it to be genuine and to
have been signed, sent or otherwise authenticated by the proper Person (whether or not such Person in fact meets the requirements set forth in the Loan Documents for being the signatory, sender or authenticator thereof). The Administrative Agent
also shall be entitled to rely, and shall not incur any liability for relying, upon any statement made to it orally or by telephone and reasonably believed by it to be made by the proper Person (whether or not such Person in fact meets the
requirements set forth in the Loan Documents for being maker thereof), and may act upon any such statement prior to receipt of written confirmation thereof. In determining compliance with any condition hereunder to the making of a Loan, or the
issuance, extension or increase of a Letter of Credit, that by its terms must be fulfilled to the satisfaction of a Lender or an Issuing Lender, the Administrative Agent may presume that such condition is satisfactory to such Lender or Issuing
Lender unless the Administrative Agent shall have received notice to the contrary from such Lender or Issuing Lender sufficiently in advance to the making of such Loan or the issuance, extension or amendment of such Letter of Credit. The
Administrative Agent may consult with legal counsel (who may be counsel for the Borrower), 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. 
 Subject to the appointment and acceptance of a successor Administrative Agent as provided below,
the Administrative Agent may resign at any time by notifying the Lenders and the Borrower. Upon any such resignation of the Administrative Agent, the Required Lenders shall have the right to appoint a successor Administrative Agent acceptable to the
Borrower; provided that in no event shall any successor Administrative Agent be a Defaulting Lender. If no successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days after the
retiring Administrative Agent gives notice of its resignation, then the retiring Administrative Agent may, on behalf of the Lenders, appoint a successor Administrative Agent which shall be a bank having a combined capital and surplus of at least
$500,000,000 (or any Affiliate of such bank) with an office in New York, New York. Upon the acceptance of any appointment as Administrative Agent hereunder by a successor bank, 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 the Borrower to a successor Administrative Agent
shall be the same as those payable to its predecessor unless otherwise agreed by the Borrower and such successor. After the Administrative Agent’s resignation hereunder, the provisions of this Article XI and Sections 5.10, 5.12 and
12.05, as well as any exculpatory, reimbursement and indemnification provisions set forth in any other Loan Document, shall continue in effect for the benefit of such retiring Administrative Agent and its Related Parties in respect of any actions
taken or omitted to be taken by any of them while it was acting as an Administrative Agent. 
 With respect to the Loans made or Letters of
Credit issued or participated in by it hereunder, the Administrative Agent in its individual capacity and not as Administrative Agent shall have the same rights and powers as any other Lender or Issuing Lender and may exercise

  
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the same as though it were not the Administrative Agent, and the Administrative Agent and its Affiliates may accept deposits from, lend money to, own securities of, act as the financial advisor
or in any other advisory capacity for and generally engage in any kind of business with the Borrower or any Subsidiary or other Affiliate thereof as if it were not the Administrative Agent hereunder and without any duty to account therefor to the
Lenders or the Issuing Lenders. 
 In case of the pendency of any proceeding with respect to the Borrower under any Federal, state or
foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect, the Administrative Agent (irrespective of whether the principal of any Loan or any LC Disbursement shall then be due and payable as herein expressed or by
declaration or otherwise and irrespective of whether any Administrative Agent shall have made any demand on the Borrower) shall be entitled and empowered (but not obligated) by intervention in such proceeding or otherwise: 

(a) to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans, LC
Exposure and all other obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the Lenders, the Issuing Lenders and the Administrative Agent (including any claim under
Sections 5.07, 5.08, 5.10, 5.11, 5.12 and 12.05) allowed in such judicial proceeding; and 
 (b) to collect and receive
any monies or other property payable or deliverable on any such claims and to distribute the same; 
 and any custodian, receiver, assignee, trustee,
liquidator, sequestrator or other similar official in any such proceeding is hereby authorized by each Lender and each Issuing Lender to make such payments to the Administrative Agent and, in the event that the Administrative Agent shall consent to
the making of such payments directly to the Lenders or the Issuing Lenders, to pay to the Administrative Agent any amount due to it, in its capacity as an Administrative Agent, under the Loan Documents (including under Section 12.05). 

Each Lender and Issuing Lender acknowledges that it has, independently and without reliance upon the Administrative Agent, any Arranger, any
other Lender or any other Issuing Lender, or any of the Related Parties of any of the foregoing, and based on such documents and information as it has deemed appropriate, made its own credit analysis of, appraisal of, and investigation into, the
business, prospects, operations, property, financial and other condition and creditworthiness of the Borrower and its Subsidiaries, and all applicable bank or other regulatory laws relating to the transactions contemplated hereby, and made its own
decision to enter into this Agreement and to extend credit to the Borrower hereunder. Each Lender and Issuing Lender also acknowledges that it will, independently and without reliance upon the Administrative Agent, any Arranger, any other Lender or
any other Issuing Lender, or any of the Related Parties of any of the foregoing, and based on such documents and information as it shall from time to time deem appropriate, continue to make its own credit analysis, appraisals and decisions in taking
or not taking action under or based upon this Agreement, any other Loan Document or any related agreement or any document furnished hereunder or thereunder, and to make such investigations as it deems necessary to inform itself as to the business,
prospects, operations, property, financial and other condition and creditworthiness of 

  
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the Borrower. Each Lender represents and warrants that, as of the date it becomes a Lender, (i) it is such Lender’s intention that the Loan Documents set forth the terms of a commercial
lending facility and (ii) it is engaged in making, acquiring or holding commercial loans in the ordinary course and is entering into this Agreement as a Lender for the purpose of making, acquiring or holding commercial loans and providing other
facilities set forth herein as may be applicable to such Lender, and not for the purpose of purchasing, acquiring or holding any other type of financial instrument, and each Lender agrees not to assert a claim in contravention of the foregoing. Each
Lender represents and warrants that it is sophisticated with respect to decisions to make, acquire and/or hold commercial loans and to provide other facilities set forth herein, as may be applicable to such Lender, and either it, or the Person
exercising discretion in making its decision to make, acquire and/or hold such commercial loans or to provide such other facilities, is experienced in making, acquiring or holding such commercial loans or providing such other facilities. 

Each Lender, by delivering its signature page to this Agreement, or delivering its signature page to an Assignment and Assumption or an
Incremental Assumption Agreement, shall be deemed to have acknowledged receipt of, and consented to and approved, each Loan Document and each other document required to be delivered to, or be approved by or satisfactory to, the Administrative Agent
or the Lenders on the Effective Date. 
 Notwithstanding anything herein to the contrary, none of the Arrangers, syndication agents,
documentation agents or bookrunners listed on the cover page hereof shall have any duties or obligations under this Agreement or any of the other Loan Documents, except in its capacity, as applicable, as an Administrative Agent, an Issuing Lender or
a Lender under this Agreement, but all such Persons shall have the benefit of the indemnities and exculpatory provisions provided for hereunder and under the other Loan Documents. 

Each Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the
date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent and not, for the avoidance of doubt, to or for the benefit of the Borrower, that at least one of
the following is and will be true: 
 (a)    such Lender is not using “plan assets” (within the meaning of
Section 3(42) of ERISA or otherwise) of one or more Benefit Plans with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments or this Agreement, 

(b)    the transaction exemption set forth in one or more PTEs, such as PTE 84-14
(a class exemption for certain transactions determined by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance company general
accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91-38 (a class exemption for certain
transactions involving bank collective investment funds) or PTE 96-23 (a class exemption for certain transactions determined by in-house asset managers), is applicable
with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement, 

  
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 (c)    (A) such Lender is an investment fund managed by a
“Qualified Professional Asset Manager” (within the meaning of Part VI of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into,
participate in, administer and perform the Loans, the Letters of Credit, the Commitments and this Agreement, (C) the entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and
this Agreement satisfies the requirements of sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements
of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the
Commitments and this Agreement, or 
 (d)    such other representation, warranty and covenant as may be agreed in
writing between the Administrative Agent, in its sole discretion, and such Lender. 
 In addition, unless either (i) the immediately
preceding clause (a) is true with respect to such Lender or (ii) such Lender has provided another representation, warranty and covenant in accordance with the immediately preceding clause (d), each Lender further (x) represents and
warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative
Agent and not, for the avoidance of doubt, to or for the benefit of the Borrower, that the Administrative Agent is not a fiduciary with respect to the assets of such Lender involved in such Lender’s entrance into, participation in,
administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement (including in connection with the reservation or exercise of any rights by the Administrative Agent under this Agreement, any other Loan
Document or any documents related hereto or thereto). 
 Each Lender and Issuing Lender hereby agrees that (a) if the Administrative
Agent notifies such Lender and such Issuing Lender that the Administrative Agent has determined in its sole discretion that any funds received by such Lender or such Issuing Lender from the Administrative Agent or any of its Affiliates (whether as a
payment, prepayment or repayment of principal, interest, fees or otherwise; individually and collectively, a “Payment”) were erroneously transmitted to such Lender or such Issuing Lender (whether or not known to such Lender or
Issuing Lender), and demands the return of such Payment (or a portion thereof), such Lender or such Issuing Lender shall promptly, but in no event later than one Business Day thereafter, return to the Administrative Agent the amount of any such
Payment (or portion thereof) as to which such a demand was made in same day funds, together with interest thereon in respect of each day from and including the date such Payment (or portion thereof) was received by such Lender or Issuing Lender to
the date such amount is repaid to the Administrative Agent at the greater of the NYFRB Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation from time to time in effect, and
(b) to the extent permitted by applicable law, such Lender and such Issuing Lender shall not assert, and hereby waives, as to the Administrative Agent, any claim, counterclaim, defense or right of set-off
or recoupment with respect to any demand, claim or counterclaim by the Administrative Agent for the return of any Payments received, including without limitation any defense based on “discharge for value” or any similar doctrine. A notice
of the Administrative Agent to any Lender or any Issuing Lender under this paragraph shall be conclusive, absent manifest error. 

  
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 Each Lender and each Issuing Lender hereby further agrees that if it receives a Payment from
the Administrative Agent or any of its Affiliates (a) that is in a different amount than, or on a different date from, that specified in a notice of payment sent by the Administrative Agent (or any of its Affiliates) with respect to such
Payment (a “Payment Notice”) or (b) that was not preceded or accompanied by a Payment Notice, it shall be on notice, in each such case, that an error has been made with respect to such Payment. Each Lender and each Issuing
Lender agrees that, in each such case, or if it otherwise becomes aware a Payment (or portion thereof) may have been sent in error, such Lender or such Issuing Lender shall promptly notify the Administrative Agent of such occurrence and, upon demand
from the Administrative Agent, it shall promptly, but in no event later than one Business Day thereafter, return to the Administrative Agent the amount of any such Payment (or portion thereof) as to which such a demand was made in same day funds,
together with interest thereon in respect of each day from and including the date such Payment (or portion thereof) was received by such Lender or such Issuing Lender to the date such amount is repaid to the Administrative Agent at the greater of
the NYFRB Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation from time to time in effect. 

The Borrower hereby agrees that (a) in the event an erroneous Payment (or portion thereof) is not recovered from any Lender or any
Issuing Lender that has received such Payment (or portion thereof) for any reason, the Administrative Agent shall be subrogated to all the rights of such Lender or such Issuing Lender with respect to such amount and (b) an erroneous Payment
shall not pay, prepay, repay, discharge or otherwise satisfy any obligations owed by the Borrower. 
 Each party’s obligations under
the three immediately preceding paragraphs shall survive the resignation or replacement of the Administrative Agent or any transfer of rights or obligations by, or the replacement of, a Lender or any Issuing Lender, the termination of the
Commitments or the repayment, satisfaction or discharge of all obligations under any Loan Document. 
 ARTICLE XII 

Miscellaneous 
 SECTION
12.01.    Notices. (a) General. Except in the case of notices and other communications expressly permitted to be given by telephone (and subject to Section 12.01(b)), 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 email, as follows: 

(i)    if to the Borrower, to Zimmer Biomet Holdings, Inc., 345 East Main Street, Warsaw, IN 46580,
Attention of Eric Meyer, Assistant Treasurer (Email: Eric.Meyer@zimmerbiomet.com, Telephone: (574) 377-4207); 

  
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 (ii)    if to the Administrative Agent, to JPMorgan
Chase Bank, N.A., Floor 01, NCC 5, 500 Stanton Christiana Road, Newark, Delaware 19713, Attention of Marsea Medori, Account Manager (Email: marsea.medori@chase.com); 

(iii)    if to any Issuing Lender, to it at its address (or email) most recently specified by it in a
notice delivered to the Administrative Agent and the Borrower (or, in the absence of any such notice, to the address (or email) set forth in the Administrative Questionnaire of the Lender that is serving as such Issuing Lender or is an Affiliate
thereof); and 
 (iv)    if to a Lender, to it at its address (or email) set forth in its Administrative
Questionnaire. 
 All notices and other communications given to any party hereto in accordance with the provisions of this Agreement shall
be deemed to have been given on the date of receipt if delivered by hand or overnight courier service, or mailed by certified or registered mail; and notices delivered through electronic communications to the extent provided in Section 12.01(b)
shall be effective as provided therein. 
 (b)    Electronic Communications. Notices and other communications to
the Lenders and the Issuing Lenders hereunder may be delivered or furnished by electronic communication (including e-mail) or using Electronic Systems pursuant to procedures approved by the Administrative
Agent; provided that the foregoing shall not apply to notices under Article II or Article IV to any Lender or any Issuing Lender if such Lender or such Issuing Lender, as applicable, has notified the Administrative Agent that it is
incapable of receiving notices under such Articles by electronic communication or using Electronic Systems. The Administrative Agent or the Borrower may, in addition to email, agree, in its discretion, to accept notices and other communications to
it hereunder by other electronic communications pursuant to procedures approved by it; provided that approval of such procedures may be limited to particular notices or communications or may be rescinded by any such Person by notice to each
other such Person. 
 Unless the Administrative Agent otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgment from the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other written acknowledgment) and (ii) notices and other communications posted to an Electronic System shall be deemed received upon the deemed receipt by the intended recipient, at its e-mail address as described in the foregoing clause (i), of notification that such notice or communication is available and identifying the website address therefor; provided that, for both clauses
(i) and (ii) above, if such notice, email or other communication is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business on the next business day
for the recipient. 
 (c)    The Electronic System. THE BORROWER AGREES THAT THE ADMINISTRATIVE AGENT MAY, BUT
SHALL NOT BE OBLIGATED TO, MAKE COMMUNICATIONS AVAILABLE TO THE LENDERS AND THE ISSUING LENDERS BY 

  
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 POSTING THE COMMUNICATIONS ON DEBT DOMAIN, INTRALINKS, SYNDTRAK, CLEARPAR OR ANY OTHER ELECTRONIC SYSTEM.
THE ELECTRONIC SYSTEM IS PROVIDED “AS IS” AND “AS AVAILABLE.” THE AGENT PARTIES (AS DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE COMMUNICATIONS OR THE ADEQUACY OF THE ELECTRONIC SYSTEM, AND EXPRESSLY DISCLAIM
LIABILITY FOR ERRORS IN OR OMISSIONS FROM THE COMMUNICATIONS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE,
NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY ANY AGENT PARTY IN CONNECTION WITH THE COMMUNICATIONS OR THE ELECTRONIC SYSTEM. In no event shall the
Administrative Agent or any of its Related Parties (collectively, the “Agent Parties”) have any liability to the Borrower, any Lender, any Issuing Lender or any other Person for Liabilities or expenses of any kind (whether in tort,
contract or otherwise) arising out of the Borrower’s or the Administrative Agent’s transmission of Communications or notices through the Electronic System, any other electronic platform or electronic messaging service, or through the
Internet. 
 (d)    Change of Address, Etc. Each of the Borrower and the Administrative Agent may change its
address, email or telephone number for notices and other communications hereunder by notice to the other parties hereto. Each Lender and Issuing Lender may change its address, email or telephone number for notices and other communications hereunder
by notice to the Borrower and the Administrative Agent. In addition, each Lender and Issuing Lender agrees to notify the Administrative Agent from time to time to ensure that the Administrative Agent has on record (i) an effective address,
contact name, telephone number and email to which notices and other communications may be sent and (ii) accurate wire instructions for such Lender and Issuing Lender. Furthermore, each Public Lender agrees to cause at least one individual at or
on behalf of such Public Lender to at all times have selected the “Private Side Information” or similar designation on the content declaration screen of the Platform in order to enable such Public Lender or its delegate, in accordance with
such Public Lender’s compliance procedures and applicable law, including United States Federal and state securities laws, to make reference to Communications that are not made available through the “Public Side Information” portion of
the Platform and that may contain material non-public information with respect to the Borrower, its Subsidiaries or their respective securities for purposes of United States Federal or state securities laws.

 (e)    Reliance by Administrative Agent, Lenders and Issuing Lenders. The Administrative Agent, the Lenders
and the Issuing Lenders shall be entitled to rely and act upon any notices (including telephonic notices and Borrowing Requests) purportedly given by or on behalf of the Borrower even if (i) such notices were not made in a manner specified
herein, were incomplete or were not preceded or followed by any other form of notice specified herein, or (ii) the terms thereof, as understood by the recipient, varied from any confirmation thereof. The Borrower shall indemnify the
Administrative Agent, each Lender, each Issuing Lender and the Related Parties of any of the foregoing from all Liabilities and expenses resulting from the reliance by such Person on each notice purportedly given by or on behalf of the Borrower. All
telephonic notices to and other telephonic communications with the Administrative Agent may be recorded by the Administrative Agent, and each of the parties hereto hereby consents to such recording. 

  
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 SECTION 12.02.    Survival of Agreement. All covenants,
agreements, representations and warranties made by the Borrower herein and in any other Loan Document and in the certificates or other instruments prepared or delivered in connection with or pursuant to this Agreement or any other Loan Document
shall be considered to have been relied upon by the Administrative Agent, the Lenders and the Issuing Lenders and shall survive the execution and delivery of the Loan Documents and the making by the Lenders of the Loans or the issuance by the
Issuing Lenders of the Letters of Credit, regardless of any investigation made by or on behalf of the Administrative Agent, the Lenders, the Issuing Lenders or any Related Party of any of the foregoing, and regardless of whether any such Person may
have had notice or knowledge of any Default or incorrect representation or warranty at the time any Loan Document is executed and delivered or 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 is outstanding and unpaid or any LC Exposure is outstanding and so long as the Aggregate Commitments have not expired or terminated. Notwithstanding the
foregoing or anything else to the contrary set forth in this Agreement or any other Loan Document, in the event that, in connection with the refinancing or repayment in full of the credit facilities provided for herein, an Issuing Lender shall have
provided to the Administrative Agent a written consent to the release of the Lenders from their obligations hereunder with respect to any Letter of Credit issued by such Issuing Lender (whether as a result of the obligations of the Borrower (and any
other account party) in respect of such Letter of Credit having been collateralized in full by a deposit of cash with such Issuing Lender, or being supported by a letter of credit that names such Issuing Lender as the beneficiary thereunder, or
otherwise), then from and after such time such Letter of Credit shall cease to be a “Letter of Credit” outstanding hereunder for all purposes of this Agreement and the other Loan Documents (excluding Sections 5.10, 5.11, 5.12 and
12.05 and any other expense reimbursement or indemnity provisions set forth in any Loan Document), and the Lenders shall be deemed to have no participations in such Letter of Credit, and no obligations with respect thereto, under
Section 4.01(d) or 4.01(e). The provisions of Sections 5.10, 5.11, 5.12, 12.05, 12.15 and 12.16 and Article XI 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 Aggregate Commitments or the termination of this Agreement or any provision hereof. 

SECTION 12.03.    Binding Effect. This Agreement shall become effective when it shall have been executed by the
Borrower and the Administrative Agent and when the Administrative Agent shall have received copies hereof (by electronic “.pdf” or otherwise) which, when taken together, bear the signatures of each Lender and Issuing Lender, and thereafter
shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. 
 SECTION
12.04.    Successors and Assigns. (a) Whenever in this Agreement any of the parties is referred to, such reference shall be deemed to include the successors and assigns of such party; and all covenants, promises and
agreements by or on behalf of any party that are contained in this Agreement shall bind and inure to the benefit of its successors and assigns (including any Affiliate of an Issuing Lender that issues any Letter of Credit). 

  
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 (b)    Each Lender may assign to one or more Eligible Assignees all or a
portion of its interests, rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans at the time owing to it); provided that (i) except in the case of an assignment of a Commitment or a Loan
to another Lender, an Affiliate of a Lender or an Approved Fund, each of the Borrower (so long as no Event of Default shall have occurred and be continuing) and the Administrative Agent must give its prior written consent to such assignment (which
consent, in each case, shall not be unreasonably withheld or delayed), (ii) in the case of any assignment of all or a portion of a Commitment or any Lender’s obligations in respect of its LC Exposure, each Issuing Lender must give its prior
written consent to such assignment (which consent shall not be unreasonably withheld, delayed or conditioned), (iii) except in the case of an assignment of a Commitment or a Loan to another Lender, an Affiliate of a Lender or an Approved Fund or an
assignment by a Non-Extending Lender to an assignee that is or will become an Extending Lender, 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 $5,000,000 unless it shall be the entire amount of such Lender’s Commitment or Loans, as applicable, or
unless each of the Borrower (so long as no Event of Default shall have occurred and be continuing) and the Administrative Agent otherwise consent in writing, and (iv) 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; provided further that the Borrower shall be deemed to have consented to any such assignment unless it shall object thereto by written notice to the
Administrative Agent within 10 Business Days after having received notice thereof. The parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption, and, unless otherwise waived by the Administrative
Agent in its sole discretion, a processing and recordation fee of $3,500. Upon acceptance and recording pursuant to Section 12.04(e), from and after the effective date specified in each Assignment and Assumption, (x) 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 (y) 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 or the remaining portion of an assigning Lender’s rights and
obligations under this Agreement, such Lender shall cease to be a party hereto (but shall (i) continue to be entitled to the benefits of Sections 5.10, 5.11, 5.12, and 12.05, as well as to any fees accrued for its account hereunder and not
yet paid and (ii) continue to be subject to the confidentiality provisions hereof)). Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this clause 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 Section 12.04(f). 

(c)    [Reserved]. 

(d)    The Administrative Agent, acting solely for this purpose as a non-fiduciary
agent of the Borrower, shall maintain at one of its offices a copy of each Assignment 

  
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and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and the principal amount (and stated interest) 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 in the absence of manifest error and the Borrower, the Administrative Agent,
the Lenders and the Issuing 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. No assignment or transfer
of any Loan or Commitment (or portion thereof) shall be effective unless and until it has been recorded in the Register as provided in Section 12.04(e). The Register shall be available for inspection by each party hereto as to its own interests
hereunder, at any reasonable time and from time to time upon reasonable prior notice. 
 (e)    Upon its receipt of a
duly completed Assignment and Assumption executed by an assigning Lender and an assignee together with an Administrative Questionnaire completed in respect of the assignee (unless the assignee shall already be a Lender hereunder), the processing and
recordation fee referred to in Section 12.04(b), if applicable, and, if required, the written consent of the Borrower and the Issuing Lenders to such assignment, the Administrative Agent shall (i) accept such Assignment and Assumption and
(ii) record the information contained therein in the Register. 
 (f)    Each Lender may sell participations to one
or more Eligible Assignees (each, a “Participant”) in all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans owing to it); provided that (i) such
Lender’s obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations, (iii) each Participant shall be entitled to the
benefit of the cost protection provisions contained in Sections 5.10, 5.11 and 5.12 to the same extent as if it were an assignee under Section 12.04(c) (subject to the requirements therein, including the requirements under
Sections 5.12(g), 5.12(i) and 5.12(j) (it being understood that the documentation required under such Sections shall be delivered to the participating Lender)); provided that such Participant agrees to the provisions of Section 5.14
as if it were an assignee under Section 12.04(c) and shall not be entitled to receive any greater payment than the amount that could have been claimed by the participating Lender had it continued to hold the interest of such Participant, except
to the extent such entitlement to receive a greater payment results from a Change in Law that occurs after such Participant acquired the applicable participation, and it being further agreed that the participating Lender will not be permitted to
make claims against the Borrower under Section 5.10(b) for costs or reductions resulting from the sale of a participation, except that all claims made pursuant to such Sections shall be made through such participating Lender, (iv) the
Borrower, the Administrative Agent and the other Lenders shall continue to deal solely and directly with such participating Lender in connection with such Lender’s rights and obligations under this Agreement and (v) such participating
Lender shall retain the sole right to enforce the obligations of the Borrower relating to the Loans and to approve any amendment, modification or waiver of any provision of this Agreement or any other Loan Document; provided that, in the case
of any amendments, modifications or waivers described in the first proviso to Section 12.07(b), the agreement or instrument pursuant to which such participating Lender sells such a participation may provide that such Lender will not, without
the consent of the applicable Participant, agree to any such amendment, modification or waiver that affects such Participant or requires the approval of all the Lenders. 

  
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 (g)    Each Lender that sells a participation shall, acting solely for
this purpose as a non-fiduciary agent of the Borrower, maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s
interest in the Loans or other obligations under this Agreement or any other Loan Document (the “Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant
Register (including the identity of any Participant or any information relating to a Participant’s interest in any Commitments, Loans, Letters of Credit or its other obligations under this Agreement or any other Loan Document) to any Person
except to the extent that such disclosure is necessary to establish that such Commitment, Loan, Letter of Credit or other obligation is in registered form under Section 5f.103-1(c) of the United States
Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes
of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as an Administrative Agent) shall not have any responsibility for maintaining a Participant Register. 

(h)    Any Lender may, in connection with any assignment or participation or proposed assignment or participation pursuant
to this Section 12.04, disclose to the assignee or Participant or proposed assignee or Participant any information relating to the Borrower furnished to such Lender; provided that, prior to any such disclosure, each such assignee or
Participant or proposed assignee or Participant shall be subject to confidentiality provisions at least as restrictive as those contained herein. 

(i)    The Borrower shall not assign or delegate any rights and duties hereunder or under any other Loan Document, without
the prior written consent of the Administrative Agent and each of the Lenders (and any assignment or delegation without such prior written consent shall be null and void). 

(j)    Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this
Agreement to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank or other central banking authority, 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 12.05.    Expenses, Indemnity. (a) The Borrower agrees to pay all reasonable out-of-pocket expenses incurred by (i) the Administrative Agent and the Arrangers in connection with entering into this Agreement or any other Loan Document or in
connection with any amendments, modifications or waivers of the provisions hereof or thereof (including the reasonable fees, disbursements and other charges of a single counsel), (ii) the Issuing Lenders in connection with the issuance, amendment or
extension of any Letter of Credit or any demand for payment thereunder or (iii) the Administrative Agent, the Arrangers, the Issuing Lenders or any Lender in connection with the enforcement of their rights in connection with this Agreement and

  
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any other Loan Document or in connection with the Loans made or Letters of Credit issued hereunder or thereunder, including the fees and disbursements of counsel for the Administrative Agent, the
Arrangers and the Issuing Lenders and, in the case of enforcement, each Lender. 
 (b)    The Borrower agrees to
indemnify the Administrative Agent, the Arrangers, the Issuing Lenders, each Lender, each of their Affiliates and the respective Related Parties of the foregoing (each such Person being called an “Indemnitee”) against, and to hold
each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses, including reasonable fees, disbursements and other charges of counsel, incurred by or asserted against any Indemnitee arising out of or in
connection with (i) the consummation of the transactions contemplated by this Agreement (including the syndication of the credit facilities provided for herein), (ii) any Loan or Letter of Credit or the use of the proceeds therefrom or
(iii) 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 whether initiated against or by any party to this Agreement, any Affiliate
of any of the foregoing or any third party (and regardless of whether any Indemnitee is a party thereto); provided that (x) such indemnity shall not, as to any Indemnitee, be available to the extent that a court of competent jurisdiction
has determined by a final non-appealable judgment that such losses, claims, damages, liabilities or related expenses result from the gross negligence or willful misconduct of such Indemnitee and (y) such
indemnity shall not apply to losses, claims, damages, liabilities or related expenses that result from disputes solely between Lenders. 

(c)    To the fullest extent permitted by applicable law, the Borrower shall not assert or permit any of its Affiliates or
Related Parties to assert, and the Borrower hereby waives, (i) any claim against any Lender-Related Person, on any theory of liability, for any Liabilities arising from the use by others of information or other materials (including, without
limitation, any personal data) obtained through telecommunications, electronic or other information transmission systems (including the Internet) or (ii) any Liabilities against any Lender-Related Person, 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. 
 (d)    To the extent that
the Borrower for any reason fails to indefeasibly pay any amount required under Section 12.05(a) or 12.05(b) to be paid by it to the Administrative Agent (or any sub-agent
thereof) or any Related Party thereof, each Lender severally agrees to pay to the Administrative Agent (or any such sub-agent) or such Related Party, as the case may be, such Lender’s pro rata share
(determined as of the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount (including any such unpaid amount in respect of a claim asserted by such Lender); 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 (or any such sub-agent) in its capacity as such, or against
any Related Party acting for the Administrative Agent (or any such sub-agent) in connection with such capacity. For purposes of this Section, a Lender’s “pro rata share” shall be determined
based upon its share of the sum of the total Revolving Credit Exposures and unused Commitments at the time (or most recently outstanding and in effect). The obligations of the 

  
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Lenders under this Section 12.05(d) are several and not joint. The failure of any Lender to make any payment pursuant to this Section 12.05(d)
shall not relieve any other Lender of its corresponding obligation to do so, and no Lender shall be responsible for the failure of any other Lender to so make its payment pursuant to this Section 12.05(d). 

(e)    All amounts due under this Section 12.05 shall be payable on written demand therefor. 

SECTION 12.06.    Applicable Law. This Agreement and any claims, controversy, dispute or cause of action (whether
in contract or tort or otherwise) based upon, arising out of or relating to this Agreement and the transactions contemplated hereby shall be governed by, and construed in accordance with, the law of the State of New York. 

SECTION 12.07.    Waivers, Amendment. (a) No failure or delay of the Administrative Agent, any Lender or any
Issuing Lender in exercising any power or right 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 Lenders and the Issuing Lenders hereunder and under the other Loan
Documents are cumulative and are not exclusive of any rights or remedies which they would otherwise have. No waiver of any provision of this Agreement or any other Loan Document or consent to any departure therefrom shall in any event be effective
unless the same shall be permitted by Section 12.07(b), and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. No notice or demand on the Borrower in any case shall entitle such
party to any other or further notice or demand in similar or other circumstances. 
 (b)    Except as provided in
Section 12.07(c), none of this Agreement, any other Loan Document or any provision hereof or thereof may be waived, amended or otherwise modified except pursuant to an agreement or agreements in writing entered into by, in the case of this
Agreement, the Borrower, the Administrative Agent and the Required Lenders or, in the case of any other Loan Document, the Borrower and the Administrative Agent, with the consent of the Required Lenders; provided that no such agreement shall
(i) decrease the principal amount of, or extend the scheduled maturity date of, or date for the payment of any interest on, any Loan or reimbursement obligation with respect to an LC Disbursement, or waive or excuse any such payment or any part
thereof, or decrease the rate of interest on any Loan or any LC Disbursement, in each case, without the prior written consent of each Lender directly affected thereby, (ii) increase the amount of or postpone the scheduled date of the expiration
of any Commitment, or decrease or extend the date for payment of the facility fees or fees in respect of Letters of Credit (with the exception of fronting fees payable to any Issuing Lender, which shall require the consent of such Issuing Lender),
or waive or excuse any such payment or any part thereof, without the prior written consent of each Lender directly affected thereby, (iii) amend or modify the provisions of Section 5.13 or 12.04(i), the provisions of this
Section 12.07 or the definition of the “Required Lenders”, without the prior written consent of each Lender, (iv) change the requirement that Loans by Lenders be made ratably in accordance with their respective Commitments
without the prior written consent of each Lender directly affected thereby or (v) change the currency of any Loan or the currency in which Loans are required to be 

  
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made by Lenders without the prior written consent of each Lender directly affected thereby; provided further that no such agreement shall waive, amend, modify or otherwise affect the
rights or duties hereunder or under the other Loan Documents of (x) the Administrative Agent without the prior written consent of the Administrative Agent or (y) any Issuing Lender without the prior written consent of such Issuing Lender.

 (c)    Notwithstanding anything to the contrary in Section 12.07(b): 

(i)    no consent with respect to any waiver, amendment or other modification of this Agreement or any
other Loan Document shall be required of (A) any Defaulting Lender, except with respect to any amendment, waiver or other modification referred to in Sections 12.07(b)(i) or 12.07(b)(ii) and then only in the event such Defaulting Lender shall
be affected by such amendment, waiver or other modification or (B) in the case of any waiver, amendment or other modification referred to in Section 12.07(b), any Lender that receives payment in full of the principal of and interest
accrued on each Loan made by, and all other amounts owing to, such Lender or accrued for the account of such Lender under this Agreement and the other Loan Documents at the time such amendment, waiver or other modification becomes effective and
whose Commitments terminate by the terms and upon the effectiveness of such amendment, waiver or other modification; 

(ii)    the LC Commitment of any Issuing Lender may be modified by an agreement between such Issuing Lender
and the Borrower (such modification to become effective upon the delivery of a notice thereof, executed by such Issuing Lender and the Borrower, to the Administrative Agent); 

(iii)    this Agreement may be amended in a manner provided in Sections 2.05, 4.01(i), 5.05 and
5.09(b); and 
 (iv)    any provision of this Agreement or any other Loan Document may be amended by an
agreement in writing entered into by the Borrower and the Administrative Agent to cure any ambiguity, omission, mistake, defect or inconsistency so long as, in each case, the Lenders shall have received at least five Business Days prior written
notice thereof and the Administrative Agent shall not have received, within five Business Days of the date of such notice to the Lenders, a written notice from (A) the Required Lenders stating that the Required Lenders object to such amendment
or (B) if affected by such amendment, any Issuing Lender stating that it objects to such amendment. 
 (d)    Each
Lender shall be bound by any waiver, amendment or modification authorized by this Section 12.07, and any consent by any Lender pursuant to this Section 12.07 shall bind any assignee of its rights and interests hereunder. 

SECTION 12.08.    Entire Agreement. This Agreement, the other Loan Documents and any separate letter agreements
with respect to fees payable to the Administrative Agent or the Arrangers constitute the entire contract among the parties relative to the subject matter hereof. Any previous agreement among the parties not referred to in the immediately preceding
sentence with respect to the subject matter hereof is superseded by this Agreement and 

  
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the other Loan Documents, except that this Agreement and the other Loan Documents do not supersede any provision of any commitment letter or engagement letter entered into in connection herewith
that by the express terms thereof survives the execution and delivery hereof. Nothing in this Agreement, expressed or implied, is intended to confer any rights, remedies, obligations or liabilities under or by reason of this Agreement upon any
Person other than the parties hereto, their respective successors and assigns permitted hereby (including any Affiliate of any Issuing Lender that issues any Letter of Credit), Participants (to the extent provided in Section 12.04(f)), the
Arrangers and, to the extent expressly contemplated hereby, the Related Parties of any of the Administrative Agent, the Arrangers, the Lenders and the Issuing Lenders. 

SECTION 12.09.    Severability. In the event any one or more of the provisions contained in this Agreement should
be held invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein shall not in any way be affected or impaired thereby. The parties shall endeavor in good-faith
negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions. 

SECTION 12.10.    Counterparts; Electronic Execution. (a) This Agreement may be executed in two or more
counterparts, each of which shall constitute an original but all of which when taken together shall constitute but one contract, and shall become effective as provided in Section 12.03. Delivery of an executed counterpart of a signature page of
this Agreement by fax, emailed .pdf or any other electronic means that reproduces an image of the actual executed signature page shall be effective as delivery of a manually executed counterpart of this Agreement. 

(b)    Delivery of an executed counterpart of a signature page (including any Electronic Signature) of this Agreement, any
other Loan Document or any document, amendment, approval, consent, information, notice (including any notice delivered pursuant to Section 12.01), certificate, request, statement, disclosure or authorization related to this Agreement, any other
Loan Document and/or the transactions contemplated hereby and/or thereby (each an “Ancillary Document”) by fax, emailed .pdf or any other electronic means that reproduces an image of the actual executed signature page shall be
effective as delivery of a manually executed counterpart hereof or thereof. The words “execution”, “signed”, “signature”, “delivery” and words of like import in or relating to this Agreement, any other Loan
Document and/or any Ancillary Document shall be deemed to include Electronic Signatures, deliveries or the keeping of records in any electronic form (including deliveries by fax, emailed .pdf or any other electronic means that reproduces an image of
an actual executed signature page), each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be;
provided that nothing herein shall require the Administrative Agent to accept Electronic Signatures in any form or format without its prior written consent and pursuant to procedures approved by it; provided, further, without
limiting the foregoing, (i) to the extent the Administrative Agent or the Borrower has agreed to accept any Electronic Signature, the Administrative Agent, the Borrower, the Lenders and the Issuing Lenders shall be entitled to rely on such
Electronic Signature purportedly given by or on behalf of the Borrower without further 

  
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verification thereof and without any obligation to review the appearance or form of any such Electronic Signature and (ii) upon the request of the Administrative Agent, the Borrower, any
Lender or any Issuing Lender, any Electronic Signature shall be promptly followed by a manually executed counterpart. Without limiting the generality of the foregoing, each of the parties hereto hereby (A) agrees that, for all purposes,
including in connection with any workout, restructuring, enforcement of remedies, bankruptcy proceedings or litigation among the Administrative Agent, the Lenders, the Issuing Lenders and the Borrower, Electronic Signatures transmitted by fax,
emailed .pdf or any other electronic means that reproduces an image of an actual executed signature page and/or any electronic images of this Agreement, any other Loan Document and/or any Ancillary Document shall have the same legal effect, validity
and enforceability as any paper original, (B) each of the Administrative Agent, the Borrower, the Lenders and the Issuing Lenders may, at its option, create one or more copies of this Agreement, any other Loan Document and/or any Ancillary
Document in the form of an imaged electronic record in any format, which shall be deemed created in the ordinary course of such Person’s business (and all such electronic records shall be considered an original for all purposes and shall have
the same legal effect, validity and enforceability as a paper record), (C) waives any argument, defense or right to contest the legal effect, validity or enforceability of this Agreement, any other Loan Document and/or any Ancillary Document based
solely on the lack of paper original copies of this Agreement, such other Loan Document and/or such Ancillary Document, respectively, including with respect to any signature pages thereto and (D) waives any claim against any the Administrative
Agent, the Arranger, any Lender, any Issuing Lender, the Borrower or any Related Party of any of the foregoing for any losses, claims, demands, damages, penalties, liabilities and expenses of any kind, on any theory of liability, arising solely from
the Administrative Agent’s, any Lender’s, any Issuing Lender’s or the Borrower’s reliance on or use of Electronic Signatures and/or transmissions by fax, emailed .pdf or any other electronic means that reproduces an image of an
actual executed signature page, including any losses, claims, demands, damages, penalties, liabilities and expenses of any kind, on any theory of liability, arising as a result of the failure of the Borrower to use any available security measures in
connection with the execution, delivery or transmission of any Electronic Signature. 
 SECTION
12.11.    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 are not to affect the construction of, or to be taken into
consideration in interpreting, this Agreement. 
 SECTION 12.12.    Right of Setoff. If an Event of Default shall
have occurred and be continuing, each Lender and Issuing Lender is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand,
provisional or final) at any time held and other indebtedness at any time owing by such Lender or Issuing Lender to or for the credit or the account of the Borrower against any of and all of the obligations of the Borrower now or hereafter existing
under this Agreement held by such Lender or Issuing Lender, irrespective of whether or not such Lender or Issuing Lender shall have made any demand under this Agreement and although such obligations may be unmatured. Each Lender and Issuing Lender
agrees promptly to notify the Borrower and the Administrative Agent after such setoff and application made by such Lender or Issuing Lender, but the failure to give such notice shall not affect the validity of such setoff and

  
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application. The rights of each Lender and Issuing Lender under this Section 12.12 are in addition to other rights and remedies (including other rights of setoff) which such Lender or
Issuing Lender may have. 
 SECTION 12.13.    Jurisdiction: Consent to Service of Process. (a) Each party
hereto hereby irrevocably and unconditionally submits, for itself and its property, to the jurisdiction of the United States District Court of the Southern District of New York and of the Supreme Court of the State of New York sitting in New York
County, and any appellate court from any thereof, in any action, litigation or proceeding arising out of or relating to this Agreement or any other Loan Document, or the transactions relating hereto or thereto, or for recognition or enforcement of
any judgment, and each party hereto hereby irrevocably and unconditionally agrees that all claims arising out of or relating to this Agreement or any other Loan Document, or the transactions relating hereto or thereto, brought by it or any of its
Affiliates shall be brought, and shall be heard and determined, exclusively in such federal court or, in the event such federal court lacks subject matter jurisdiction, such New York State court. Each party hereto agrees that a final
judgment in any such action, litigation 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. 

(b)    Each of the parties hereto 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 action, litigation or proceeding arising out of or relating to this Agreement or any other Loan Document or the transactions relating hereto or thereto
in any court referred to in Section 12.13(a). 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, litigation or proceeding in any
such court. 
 (c)    Each party to this Agreement irrevocably consents to service of process in the manner provided for
notices in Section 12.01. 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 12.14.    WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR 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 AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS
SECTION 12.14. 

  
 92 

 SECTION 12.15.    Confidentiality. Each of the Administrative
Agent and the Lenders expressly agrees, for the benefit of the Borrower and the Subsidiaries, to maintain the confidentiality of the Confidential Information (as defined below), except that Confidential Information may be disclosed (a) to its
Affiliates, its auditors and its Related Parties, 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 Confidential
Information and instructed to keep such Confidential Information confidential or shall be subject to a professional or employment obligation of confidentiality applying to such Confidential Information), (b) to the extent requested by any
regulatory authority, (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 hereunder or
any suit, action or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder and thereunder, (f) subject to an express agreement for the benefit of the Borrower and the Subsidiaries containing
provisions substantially the same as those of this Section, to any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under this Agreement or to any direct or indirect counterparty to a
Hedge Agreement or to any credit insurance provider relating to the Borrower or its Subsidiaries and their obligations (or, in each case, their respective advisors), (g) with the consent of the Borrower, (h) to the National Association of
Insurance Commissioners or any similar organization or any nationally recognized ratings agency, (i) on a confidential basis to the CUSIP Service Bureau or any similar agency in connection with the issuance and monitoring of CUSIP numbers with
respect to the credit facilities provided for herein or (j) to the extent such Confidential Information (i) becomes publicly available other than as a result of a breach of this Section, (ii) becomes available to the Administrative
Agent or any Lender on a nonconfidential basis from a source other than the Borrower and the Subsidiaries or (iii) is independently developed by the Administrative Agent or any Lender without reference to the Confidential Information;
provided that with respect to disclosures pursuant to clause (b) above (other than any such disclosure in connection with any routine compliance examination or examination of the financial condition of such Lender by such regulatory
authority) and clause (c) above (unless prohibited by law or applicable court order), the Administrative Agent or such Lender, as the case may be, shall attempt to notify the Borrower of any request by any Governmental Authority or other Person
for disclosure of such Confidential Information after receipt of such request, and if reasonable, practicable and permissible, before disclosure of such Confidential Information. For the purposes of this Section, “Confidential
Information” shall mean all information, including material nonpublic information within the meaning of Regulation FD promulgated by the SEC (“Regulation FD”), received from the Borrower and the
Subsidiaries relating to the Borrower and the Subsidiaries or their respective businesses, other than (x) any such information that is available to the Administrative Agent or any Lender on a nonconfidential basis prior to disclosure by the
Borrower and the Subsidiaries and (y) information pertaining to this Agreement routinely provided by agents or arrangers to data service providers, including league table providers, that serve the lending industry; provided that such
information is clearly identified at the time of delivery as confidential. Any Person required to maintain the confidentiality of Confidential 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 Confidential Information as such Person customarily accords to its own confidential information. It is understood and agreed that the Borrower and the
Subsidiaries and their respective Affiliates may rely upon this Section 12.15 for any purpose, including to comply with Regulation FD. 

  
 93 

 SECTION 12.16.    USA PATRIOT Act Notice. Each Lender and the
Administrative Agent (for itself and not on behalf of any Lender) hereby notifies the Borrower that pursuant to the requirements of the USA PATRIOT Act and/or the Beneficial Ownership Regulation, it is required to obtain, verify and record
information that identifies the Borrower, which information includes the name and address of the Borrower and other information that will allow such Lender or the Administrative Agent, as applicable, to identify the Borrower in accordance with the
requirements of the USA PATRIOT Act and the Beneficial Ownership Regulation, and the Borrower agrees to provide such information from time to time upon request to each Lender and the Administrative Agent. 

SECTION 12.17.    No Fiduciary Relationship. The Borrower, on behalf of itself and its Affiliates, agrees that in
connection with all aspects of the transactions contemplated hereby and any communications in connection therewith, the Borrower and its Affiliates, on the one hand, and the Credit Parties and their Affiliates, on the other hand, will have a
business relationship that does not create, by implication or otherwise, any fiduciary duty on the part of the Credit Parties or their Affiliates, and no such duty will be deemed to have arisen in connection with any such transactions or
communications. The Credit Parties and their Affiliates may be engaged, for their own accounts or the accounts of customers, in a broad range of transactions that involve interests that differ from those of the Borrower and its Affiliates, and none
of the Credit Parties or their Affiliates has any obligation to disclose any of such interests to the Borrower or any of its Affiliates. To the fullest extent permitted by law, the Borrower hereby agrees not to assert any claims against any of the
Administrative Agent, the Arrangers, the Lenders, the Issuing Lenders or their respective Affiliates with respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect of any transaction contemplated hereby and
any communications in connection therewith. 
 SECTION 12.18.    Acknowledgement and Consent to Bail-In of Affected Financial Institutions. Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any of the parties hereto, each party
hereto acknowledges that any liability of any Affected Financial Institution arising under any Loan Document may be subject to the Write-Down and Conversion Powers of the applicable Resolution Authority and agrees and consents to, and acknowledges
and agrees to be bound by: 
 (a)    the application of any Write-Down and Conversion Powers by the applicable
Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an Affected Financial Institution; and 

(b)    the effects of any Bail-In Action on any such liability, including, if
applicable: 
 (i)    a reduction in full or in part or cancellation of any such liability; 

(ii)    a conversion of all, or a portion of, such liability into shares or other instruments of ownership
in such Affected Financial Institution, its parent entity, or a 

  
 94 

 
bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any
such liability under this Agreement or any other Loan Document; or 
 (iii)    the variation of the terms
of such liability in connection with the exercise of the Write-Down and Conversion Powers of the applicable Resolution Authority. 
 SECTION
12.19.    Interest Rate Limitation. Notwithstanding anything herein to the contrary, if at any time the interest rate applicable to any Loan, together with all fees, charges and other amounts that are treated as interest
on such Loan under applicable law (collectively the “Charges”), shall exceed the maximum lawful rate (the “Maximum Rate”) that may be contracted for, charged, taken, received or reserved by the Lender holding such
Loan in accordance with applicable law, the rate of interest payable in respect of such Loan hereunder, together with all Charges payable in respect thereof, shall be limited to the Maximum Rate; provided that the interest and Charges that
would have been payable in respect of such Loan but were not payable as a result of the operation of this Section shall, to the extent lawful, be cumulated and the interest and Charges payable to such Lender in respect of other Loans or periods
shall be increased (but not above the Maximum Rate therefor) until such cumulated amount, together with interest thereon to the date of repayment at the rate or rates applicable to such Loan, shall have been received by such Lender. 

[Rest of page left intentionally blank] 

  
 95 

 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. 
  

					
		  	                                    
                ZIMMER BIOMET HOLDINGS, INC.

 
			
		
	By	 	 /s/ Pradipto Bagchi

	Name:	 	Pradipto Bagchi
	Title:	 	Vice President and Treasurer

  
 [Signature Page to
Zimmer Five-Year Revolving Credit Agreement] 

 
	
	 LENDER SIGNATURE PAGE TO

	 ZIMMER BIOMET HOLDINGS, INC. FIVE-YEAR

REVOLVING CREDIT AGREEMENT

  

			
	 Name of Lender: JPMORGAN CHASE BANK,
N.A.

			
		
	by	 	 /s/ Gregory T Martin

	Name:	 	Gregory T Martin
	Title:	 	Executive Director

  
 [Signature Page to
Zimmer Five-Year Revolving Credit Agreement] 

 
	
	LENDER SIGNATURE PAGE TO
	 ZIMMER BIOMET HOLDINGS, INC.
 FIVE-YEAR
REVOLVING CREDIT
 AGREEMENT

  

			
	Name of Lender: CITIBANK, N.A.

			
		
	by	 	 /s/ Richard Rivera

	Name:	 	Richard Rivera
	Title:	 	Vice President

  
 [Signature Page to
Zimmer Five-Year Revolving Credit Agreement] 

 
	
	LENDER SIGNATURE PAGE TO
	 ZIMMER BIOMET HOLDINGS, INC.
 FIVE-YEAR
REVOLVING CREDIT
 AGREEMENT

  

			
	Name of Lender: MIZUHO BANK, LTD.
		
	by	 	 /s/ John Davies

	Name:	 	John Davies
	Title:	 	Authorized Signatory

  
 [Signature Page to
Zimmer Five-Year Revolving Credit Agreement] 

 
	
	LENDER SIGNATURE PAGE TO
	 ZIMMER BIOMET HOLDINGS, INC.
 FIVE-YEAR
REVOLVING CREDIT
 AGREEMENT

  

			
	Name of Lender: BANK OF AMERICA, N.A.
		
	by	 	 /s/ Darren Merten

	Name:	 	Darren Merten
	Title:	 	Director

  
 [Signature Page to
Zimmer Five-Year Revolving Credit Agreement] 

 
	
	LENDER SIGNATURE PAGE TO
	ZIMMER BIOMET HOLDINGS, INC.
	FIVE-YEAR REVOLVING CREDIT
	AGREEMENT

  

			
	Name of Lender: BARCLAYS BANK PLC
		
	By:	 	 /s/ Ronnie
Glenn                    

	Name:	 	Ronnie Glenn
	Title:	 	Director

  
 [Signature Page to
Zimmer Five-Year Revolving Credit Agreement] 

 
	
	LENDER SIGNATURE PAGE TO
	ZIMMER BIOMET HOLDINGS, INC.
	FIVE-YEAR REVOLVING CREDIT
	AGREEMENT

  

			
	Name of Lender: BNP Paribas
		
	by	 	 /s/ Brendan
Heneghan                    

	Name:	 	Brendan Heneghan
	Title:	 	Director
		
	by	 	 /s/ Karim
Remtoula                    

	Name:	 	Karim Remtoula
	Title:	 	Vice President

  
 [Signature Page to
Zimmer Five-Year Revolving Credit Agreement] 

 
	
	LENDER SIGNATURE PAGE TO
	ZIMMER BIOMET HOLDINGS, INC.
	FIVE-YEAR REVOLVING CREDIT
	AGREEMENT

  

			
	Name of Lender: DNB Capital LLC
		
	by	 	 /s/ Ahelia
Singh                    

	Name:	 	Ahelia Singh
	Title:	 	Assistant Vice President
	
	For any Lender requiring a second signature line:
		
	by	 	 /s/ Samantha K Stone

	Name:	 	Samantha K Stone
	Title:	 	Vice President

  
 [Signature Page to
Zimmer Five-Year Revolving Credit Agreement] 

 
	
	LENDER SIGNATURE PAGE TO
	ZIMMER BIOMET HOLDINGS, INC.
	FIVE-YEAR REVOLVING CREDIT
	AGREEMENT

  

			
	Name of Lender: HSBC Bank USA, N.A.
		
	by	 	 /s/ Iain P.
Stewart                    

	Name:	 	Iain P. Stewart
	Title:	 	Managing Director

  
 [Signature Page to
Zimmer Five-Year Revolving Credit Agreement] 

 
	
	LENDER SIGNATURE PAGE TO
	ZIMMER BIOMET HOLDINGS, INC.
	FIVE-YEAR REVOLVING CREDIT
	AGREEMENT

  

			
	Name of Lender: GOLDMAN SACHS BANK USA
		
	by	 	 /s/ Rebecca
Kratz                    

	Name:	 	Rebecca Kratz
	Title:	 	Authorized Signatory

  
 [Signature Page to
Zimmer Five-Year Revolving Credit Agreement] 

 
	
	LENDER SIGNATURE PAGE TO
	ZIMMER BIOMET HOLDINGS, INC.
	FIVE-YEAR REVOLVING CREDIT
	AGREEMENT

  

			
	Name of Lender: Morgan Stanley Bank, N.A.
		
	by	 	 /s/ Michael
King                    

	Name:	 	Michael King
	Title:	 	Authorized Signatory

  
 [Signature Page to
Zimmer Five-Year Revolving Credit Agreement] 

 
	
	LENDER SIGNATURE PAGE TO
	ZIMMER BIOMET HOLDINGS, INC.
	FIVE-YEAR REVOLVING CREDIT
	AGREEMENT

  

			
	Name of Lender: MUFG Bank, Ltd.
		
	by	 	 /s/ Reema
Sharma                    

	Name:	 	Reema Sharma
	Title:	 	Director

  
 [Signature Page to
Zimmer Five-Year Revolving Credit Agreement] 

 
	
	LENDER SIGNATURE PAGE TO
	ZIMMER BIOMET HOLDINGS, INC.
	FIVE-YEAR REVOLVING CREDIT
	AGREEMENT

  

			
	Name of Lender: ROYAL BANK OF CANADA
		
	by	 	 /s/ Scott
MacVicar                    

	Name:	 	Scott MacVicar
	Title:	 	Authorized Signatory

  
 [Signature Page to
Zimmer Five-Year Revolving Credit Agreement] 

 
	
	LENDER SIGNATURE PAGE TO
	ZIMMER BIOMET HOLDINGS, INC.
	FIVE-YEAR REVOLVING CREDIT
	AGREEMENT

  

			
	Name of Lender: SUMITOMO MITSUI BANKING CORPORATION

			
		
	by	 	 /s/ Gail
Motonaga                    

	Name:	 	Gail Motonaga
	Title:	 	Executive Director

  
 [Signature Page to
Zimmer Five-Year Revolving Credit Agreement] 

 
	
	LENDER SIGNATURE PAGE TO
	ZIMMER BIOMET HOLDINGS, INC.
	FIVE-YEAR REVOLVING CREDIT
	AGREEMENT

  

			
	Name of Lender: Credit Suisse (Switzerland) Ltd.
		
	by	 	 /s/ Philipp Horat

	Name:	 	Philipp Horat
	Title:	 	Director
	
	For any Lender requiring a second signature line:
		
	by	 	 /s/ Dominic Ruppen

	Name:	 	Dominic Ruppen
	Title:	 	Director

  
 [Signature Page to
Zimmer Five-Year Revolving Credit Agreement] 

 
	
	LENDER SIGNATURE PAGE TO
	ZIMMER BIOMET HOLDINGS, INC.
	FIVE-YEAR REVOLVING CREDIT
	AGREEMENT

  

			
	Name of Lender: TD Bank, N.A.
		
	by	 	 /s/ M. Bernadette Collins

	Name:	 	M. Bernadette Collins
	Title:	 	Senior Vice President

  
 [Signature Page to
Zimmer Five-Year Revolving Credit Agreement] 

 
	
	LENDER SIGNATURE PAGE TO
	ZIMMER BIOMET HOLDINGS, INC.
	FIVE-YEAR REVOLVING CREDIT
	AGREEMENT

  

			
	Name of Lender: UniCredit Bank AG, New York Branch
		
	by	 	 /s/ Fabio Della Malva

	Name:	 	Fabio Della Malva
	Title:	 	Managing Director
		
	by	 	 /s/ Laura Shelmerdine

	Name:	 	Laura Shelmerdine
	Title:	 	Associate Director

  
 [Signature Page to
Zimmer Five-Year Revolving Credit Agreement] 

 
	
	LENDER SIGNATURE PAGE TO
	ZIMMER BIOMET HOLDINGS, INC.
	FIVE-YEAR REVOLVING CREDIT
	AGREEMENT

  

			
	Name of Lender: US Bank, National Association
		
	by	 	 /s/ Michael West

	Name:	 	Michael West
	Title:	 	Senior Vice President

  
 [Signature Page to
Zimmer Five-Year Revolving Credit Agreement] 

 
	
	LENDER SIGNATURE PAGE TO
	ZIMMER BIOMET HOLDINGS, INC.
	FIVE-YEAR REVOLVING CREDIT
	AGREEMENT

  

			
	Name of Lender: Agricultural Bank of China Limited, New York Branch
		
	by	 	 /s/ Nelson Chou

	Name:	 	Nelson Chou
	Title:	 	Senior Vice President

  
 [Signature Page to
Zimmer Five-Year Revolving Credit Agreement] 

 
	
	LENDER SIGNATURE PAGE TO
	ZIMMER BIOMET HOLDINGS, INC.
	FIVE-YEAR REVOLVING CREDIT
	AGREEMENT

  

			
	Name of Lender: Bank of China, Chicago Branch
		
	by	 	 /s/ Kai Wu

	Name:	 	Kai Wu
	Title:	 	SVP & Deputy Branch Manager
	Bank of China, Chicago Branch

  
 [Signature Page to
Zimmer Five-Year Revolving Credit Agreement] 

 
	
	LENDER SIGNATURE PAGE TO
	ZIMMER BIOMET HOLDINGS, INC.
	FIVE-YEAR REVOLVING CREDIT
	AGREEMENT

  

			
	Name of Lender: DZ Bank AG,
		 	                 Deutsche Zentral-Genossenschaftsbank,

                New York Branch

		
	by	 	 /s/ Oliver Hildenbrand

	Name:	 	Oliver Hildenbrand
	Title:	 	Director
	
	For any Lender requiring a second signature line:
		
	by	 	 /s/ Alexander Dickhoff

	Name:	 	Alexander Dickhoff
	Title:	 	Assistant Vice President

  
 [Signature Page to
Zimmer Five-Year Revolving Credit Agreement] 

 
	
	LENDER SIGNATURE PAGE TO
	ZIMMER BIOMET HOLDINGS, INC.
	FIVE-YEAR REVOLVING CREDIT
	AGREEMENT

  

			
	Name of Lender: The Northern Trust Company
		
	by	 	 /s/ Lisa DeCristofaro

	Name:	 	Lisa DeCristofaro
	Title:	 	SVP

  
 [Signature Page to
Zimmer Five-Year Revolving Credit Agreement] 

 
	
	LENDER SIGNATURE PAGE TO
	ZIMMER BIOMET HOLDINGS, INC.
	FIVE-YEAR REVOLVING CREDIT
	AGREEMENT

  

			
	Name of Lender: LAKE CITY BANK
		
	by	 	 /s/ Cameron V. Plew

	Name:	 	CAMERON V. PLEW
	Title:	 	VICE PRESIDENT – COMMERCIAL BANKING

  
 [Signature Page to
Zimmer Five-Year Revolving Credit Agreement] 

 ANNEX I 

PRICING GRID 
  

													
	 Pricing

Category
	  	Ratings
(S&P/Moody’s)	  	Facility Fee Rate
(in Basis Points)	 	  	Applicable Margin for
LIBOR Loans (in
Basis Points)	 	  	 Applicable

Margin for ABR
Loans (in Basis
Points)

	 Category 1
	  	A-/A3 or higher	  	 	8.0	 	  	 	79.5	 	  	0.0
	 Category 2
	  	BBB+/Baa1	  	 	9.0	 	  	 	91.0	 	  	0.0
	 Category 3
	  	BBB/Baa2	  	 	11.0	 	  	 	101.5	 	  	1.5
	 Category 4
	  	BBB-/Baa3	  	 	15.0	 	  	 	110.0	 	  	10.0
	 Category 5
	  	BB+/Ba1 or lower	  	 	20.0	 	  	 	130.0	 	  	30.0

 The Applicable Margin and the facility fee rate in effect on any date shall be based on the Ratings (as
defined below) in effect on such date. The ratings to be utilized for purposes of this Annex I are the public ratings assigned by the Rating Agencies to senior, unsecured long-term indebtedness for borrowed money of the Borrower that
is not subject to any credit enhancement (the “Ratings”). The Rating by any Rating Agency in effect at any date is that in effect at the close of business on such date. The Borrower hereby agrees that at all times it shall maintain
a Rating from either S&P or Moody’s. If a Rating is supplied by only one of S&P and Moody’s, then that single Rating shall be determinative. In the case of split Ratings from S&P and Moody’s, the Rating to be used to
determine which pricing category applies shall be the higher of the two Ratings; provided that if the split is more than one full Category, the Category that is one below that applicable to the higher Rating shall be used (e.g. BBB+/Baa3
results in Category 3 and A-/Baa3 in Category 2). For purposes of the Pricing Grid, “Basis Point” shall mean 1/100th of 1%. 

Capitalized terms used but not otherwise defined in this Annex I have the meanings given to them in the Credit Agreement to
which this Annex I is attached.

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