Document:

EX-4.1

 Exhibit 4.1 

Party City Holdings Inc. 

as Issuer 
 The Guarantors
Party Hereto From Time to Time, 
 as Guarantors, 

PC Intermediate Holdings, Inc. 

and 
 Ankura Trust Company, LLC

 as Trustee and Collateral Trustee 

8.750% Senior Secured First Lien Notes due 2026 
  

 
 INDENTURE 

Dated as of February 19, 2021 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	
	ARTICLE 1	  

	
	DEFINITIONS AND INCORPORATION BY REFERENCE	  

			
	 SECTION 1.01
	 	Definitions	  	 	1	 
	 SECTION 1.02
	 	Other Definitions	  	 	39	 
	 SECTION 1.03
	 	Rules of Construction	  	 	40	 
	 SECTION 1.04
	 	Acts of Holders	  	 	41	 
	 SECTION 1.05
	 	Limited Condition Transaction	  	 	42	 
	
	ARTICLE 2	  

	
	THE SECURITIES	  

			
	 SECTION 2.01
	 	Amount of Securities	  	 	43	 
	 SECTION 2.02
	 	Form and Dating	  	 	44	 
	 SECTION 2.03
	 	Execution and Authentication	  	 	44	 
	 SECTION 2.04
	 	Registrar and Paying Agent	  	 	45	 
	 SECTION 2.05
	 	Paying Agent to Hold Money in Trust	  	 	45	 
	 SECTION 2.06
	 	Holder Lists	  	 	46	 
	 SECTION 2.07
	 	Transfer and Exchange	  	 	46	 
	 SECTION 2.08
	 	Replacement Securities	  	 	46	 
	 SECTION 2.09
	 	Outstanding Securities	  	 	47	 
	 SECTION 2.10
	 	Temporary Securities	  	 	47	 
	 SECTION 2.11
	 	Cancellation	  	 	47	 
	 SECTION 2.12
	 	Defaulted Interest	  	 	48	 
	 SECTION 2.13
	 	CUSIP Numbers, ISINs, etc.	  	 	48	 
	 SECTION 2.14
	 	Calculation of Principal Amount of Securities	  	 	48	 
	
	ARTICLE 3	  

	
	REDEMPTION	  

			
	 SECTION 3.01
	 	Redemption	  	 	48	 
	 SECTION 3.02
	 	Applicability of Article	  	 	48	 
	 SECTION 3.03
	 	Notices to Trustee	  	 	48	 
	 SECTION 3.04
	 	Selection of Securities to Be Redeemed	  	 	49	 
	 SECTION 3.05
	 	Notice of Optional Redemption	  	 	49	 
	 SECTION 3.06
	 	Effect of Notice of Redemption	  	 	51	 
	 SECTION 3.07
	 	Deposit of Redemption Price	  	 	51	 
	 SECTION 3.08
	 	Securities Redeemed in Part	  	 	51	 
	 SECTION 3.09
	 	Optional Redemption	  	 	51	 

  
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	ARTICLE 4	  

	
	COVENANTS	  

			
	 SECTION 4.01
	 	Payment of Securities	  	 	53	 
	 SECTION 4.02
	 	Reports and Other Information	  	 	53	 
	 SECTION 4.03
	 	Limitation on Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred Stock	  	 	55	 
	 SECTION 4.04
	 	Limitation on Restricted Payments	  	 	64	 
	 SECTION 4.05
	 	Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries	  	 	73	 
	 SECTION 4.06
	 	Asset Sales	  	 	75	 
	 SECTION 4.07
	 	Transactions with Affiliates	  	 	79	 
	 SECTION 4.08
	 	Change of Control	  	 	81	 
	 SECTION 4.09
	 	Compliance Certificate	  	 	84	 
	 SECTION 4.10
	 	Further Instruments and Acts	  	 	84	 
	 SECTION 4.11
	 	Limitation on Guarantees of Indebtedness by Restricted Subsidiaries	  	 	84	 
	 SECTION 4.12
	 	Liens	  	 	85	 
	 SECTION 4.13
	 	Maintenance of Office or Agency	  	 	85	 
	 SECTION 4.14
	 	Intra-Company Agreements	  	 	85	 
	 SECTION 4.15
	 	Permitted Activities of Holdings	  	 	86	 
	 SECTION 4.16
	 	Termination and Suspension of Certain Covenants	  	 	86	 
	
	ARTICLE 5	  

	
	SUCCESSOR COMPANY	  

			
	 SECTION 5.01
	 	Merger, Consolidation or Sale of All or Substantially All Assets	  	 	87	 
	 SECTION 5.02
	 	Successor Corporation Substituted	  	 	89	 
	
	ARTICLE 6	  

	
	DEFAULTS AND REMEDIES	  

			
	 SECTION 6.01
	 	Events of Default	  	 	90	 
	 SECTION 6.02
	 	Acceleration	  	 	92	 
	 SECTION 6.03
	 	Other Remedies	  	 	93	 
	 SECTION 6.04
	 	Waiver of Past Defaults	  	 	93	 
	 SECTION 6.05
	 	Control by Majority	  	 	93	 
	 SECTION 6.06
	 	Limitation on Suits	  	 	93	 
	 SECTION 6.07
	 	Rights of the Holders to Receive Payment	  	 	94	 
	 SECTION 6.08
	 	Collection Suit by Trustee	  	 	94	 
	 SECTION 6.09
	 	Trustee May File Proofs of Claim	  	 	94	 
	 SECTION 6.10
	 	Priorities	  	 	94	 
	 SECTION 6.11
	 	Undertaking for Costs	  	 	95	 
	 SECTION 6.12
	 	Waiver of Stay or Extension Laws	  	 	95	 

  
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	ARTICLE 7	  

	
	TRUSTEE	  

			
	 SECTION 7.01
	 	Duties of Trustee	  	 	95	 
	 SECTION 7.02
	 	Rights of Trustee	  	 	96	 
	 SECTION 7.03
	 	Individual Rights of Trustee	  	 	98	 
	 SECTION 7.04
	 	Trustee’s Disclaimer	  	 	98	 
	 SECTION 7.05
	 	Notice of Defaults	  	 	98	 
	 SECTION 7.06
	 	Compensation and Indemnity	  	 	99	 
	 SECTION 7.07
	 	Replacement of Trustee or Collateral Trustee	  	 	100	 
	 SECTION 7.08
	 	Successor Trustee or Collateral Trustee by Merger	  	 	101	 
	 SECTION 7.09
	 	Eligibility; Disqualification	  	 	101	 
	 SECTION 7.10
	 	Preferential Collection of Claims Against the Issuer	  	 	101	 
	
	ARTICLE 8	  

	
	DISCHARGE OF INDENTURE; DEFEASANCE	  

			
	 SECTION 8.01
	 	Discharge of Liability on Securities; Defeasance	  	 	101	 
	 SECTION 8.02
	 	Conditions to Defeasance	  	 	103	 
	 SECTION 8.03
	 	Application of Trust Money	  	 	104	 
	 SECTION 8.04
	 	Repayment to Issuer	  	 	104	 
	 SECTION 8.05
	 	Indemnity for Government Securities	  	 	105	 
	 SECTION 8.06
	 	Reinstatement	  	 	105	 
	
	ARTICLE 9	  

	
	AMENDMENTS AND WAIVERS	  

			
	 SECTION 9.01
	 	Without Consent of the Holders	  	 	105	 
	 SECTION 9.02
	 	With Consent of the Holders	  	 	107	 
	 SECTION 9.03
	 	Revocation and Effect of Consents and Waivers	  	 	108	 
	 SECTION 9.04
	 	Notation on or Exchange of Securities	  	 	109	 
	 SECTION 9.05
	 	Trustee to Sign Amendments	  	 	109	 
	 SECTION 9.06
	 	Payment for Consent	  	 	109	 
	 SECTION 9.07
	 	Additional Voting Terms; Calculation of Principal Amount	  	 	109	 
	
	ARTICLE 10	  

	
	GUARANTEES	  

	 SECTION 10.01
	 	Guarantees	  	 	109	 
	 SECTION 10.02
	 	Limitation on Liability	  	 	111	 
	 SECTION 10.03
	 	Successors and Assigns	  	 	112	 
	 SECTION 10.04
	 	No Waiver	  	 	112	 
	 SECTION 10.05
	 	Modification	  	 	112	 
	 SECTION 10.06
	 	Execution of Supplemental Indenture for Future Guarantors	  	 	112	 
	 SECTION 10.07
	 	Evidence of Guarantee	  	 	112	 
	 SECTION 10.08
	 	Benefits Acknowledged	  	 	113	 

  
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	ARTICLE 11	  

	
	SECURITY	  

			
	 SECTION 11.01
	 	Security Interests	  	 	113	 
	 SECTION 11.02
	 	Intercreditor Agreements	  	 	113	 
	 SECTION 11.03
	 	Further Assurances	  	 	114	 
	 SECTION 11.04
	 	Impairment of Security Interests	  	 	114	 
	 SECTION 11.05
	 	Maintenance of Collateral; Collateral Trustee Obligations	  	 	114	 
	 SECTION 11.06
	 	Release of Liens in Respect of the Obligations	  	 	115	 
	 SECTION 11.07
	 	The Collateral Trustee	  	 	116	 
	 SECTION 11.08
	 	Co-Collateral Trustee	  	 	116	 
	 SECTION 11.09
	 	New Guarantors; After-Acquired Property	  	 	117	 
	 SECTION 11.10
	 	Designation under the Pari Intercreditor Agreement	  	 	117	 
	
	ARTICLE 12	  

	
	MISCELLANEOUS	  

			
	 SECTION 12.01
	 	Notices	  	 	117	 
	 SECTION 12.02
	 	Certificate and Opinion as to Conditions Precedent	  	 	119	 
	 SECTION 12.03
	 	Statements Required in Certificate or Opinion	  	 	119	 
	 SECTION 12.04
	 	When Securities Disregarded	  	 	119	 
	 SECTION 12.05
	 	Rules by Trustee, Paying Agent and Registrar	  	 	120	 
	 SECTION 12.06
	 	Legal Holidays	  	 	120	 
	 SECTION 12.07
	 	GOVERNING LAW; WAIVER OF JURY TRIAL	  	 	120	 
	 SECTION 12.08
	 	No Recourse Against Others	  	 	120	 
	 SECTION 12.09
	 	Successors	  	 	120	 
	 SECTION 12.10
	 	Multiple Originals	  	 	120	 
	 SECTION 12.11
	 	Table of Contents; Headings	  	 	120	 
	 SECTION 12.12
	 	Indenture Controls	  	 	120	 
	 SECTION 12.13
	 	Severability	  	 	120	 
	 SECTION 12.14
	 	Force Majeure	  	 	121	 
	 SECTION 12.15
	 	U.S.A. Patriot Act	  	 	121	 
	 SECTION 12.16
	 	No Adverse Interpretation of Other Agreements	  	 	121	 

 INDEX 
  

					
	Appendix	  		  	
			
	 Appendix A
	  	—	  	 Transfer Restrictions

			
	Exhibits	  		  	
			
	 Exhibit A
	  	—	  	 Form of Face of Security

	 Exhibit B
	  	—	  	 Form of Transferee Letter of Representation

	 Exhibit C
	  	—	  	 Form of Supplemental Indenture

	 Exhibit D
	  	—	  	 Form of Security Agreement

  
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 INDENTURE dated as of February 19, 2021, among PARTY CITY HOLDINGS INC., a Delaware
corporation (the “Issuer” or the “Company”), the guarantors from time to time party hereto, PC INTERMEDIATE HOLDINGS, INC., a Delaware corporation (“Holdings”) (solely for purposes of
Section 4.15 of this Indenture), and ANKURA TRUST COMPANY, LLC, as trustee (together with its successors and assigns, in such capacity, the “Trustee”) and collateral trustee (together with its successors and assigns, in such
capacity, the “Collateral Trustee”) for the benefit of the Secured Parties. 
 Each party agrees as follows for the benefit
of the other parties and for the equal and ratable benefit of the Holders (as defined below) of (a) $750,000,000 aggregate principal amount of the Issuer’s 8.750% Senior Secured First Lien Notes due 2026, issued pursuant to this Indenture (as
defined below) on the Issue Date (the “Original Securities”) and (b) any Additional Securities (as defined herein) that may be issued after the Issue Date in the form of Exhibit A (all such securities
in clauses (a) and (b) being referred to collectively as the “Securities”). The Original Securities and any Additional Securities (as defined herein) shall constitute a single series hereunder. Subject to the conditions
and compliance with the covenants set forth herein, the Issuer may issue an unlimited aggregate principal amount of Additional Securities. 

ARTICLE 1 

DEFINITIONS AND INCORPORATION BY REFERENCE 

SECTION 1.01 Definitions. 

“ABL Credit Agreement” means the ABL credit agreement, dated as of August 19, 2015, among the Issuer, the other borrowers
party thereto, the subsidiaries of the Issuer party thereto from time to time, the lenders party thereto from time to time, JPMorgan Chase Bank, N.A., as administrative agent and collateral agent, and the other agents party thereto, as amended,
restated, amended and restated, supplemented, waived, renewed, refunded, replaced, restructured, repaid, refinanced or otherwise modified in whole or in part from time to time. 

“ABL Facility” means (1) the credit facilities provided under the ABL Credit Agreement, including one or more debt
facilities or other financing arrangements (including, without limitation indentures) providing for revolving credit loans, term loans, letters of credit, notes, debt securities or other indebtedness for borrowed money that replace or refinance such
credit facility, including any such replacement or refinancing facility or indenture that increases or decreases the amount permitted to be borrowed thereunder or alters the maturity thereof and whether by the same or any other agent, lender or
group of lenders, and any amendments, supplements, modifications, extensions, renewals, restatements, amendments and restatements or refundings thereof or any such indentures or credit facilities that replace or refinance such credit facility and
(2) whether or not the ABL Credit Agreement referred to in clause (1) remains outstanding, if designated by the Issuer to be included in the definition of “ABL Facility,” one or more (i) debt facilities or commercial paper
facilities, providing for revolving credit loans, term loans, receivables financing (including through the sale of receivables to lenders or to special purpose entities formed to borrower from lenders against such receivables) or letters of credit,
(ii) debt securities, indentures or other forms of debt financing (including convertible or exchangeable debt instruments or bank guarantees or bankers’ acceptances) or (iii) instruments or agreements evidencing any other
Indebtedness, in each case, with the same or different arrangements, agents, lenders, borrowers or issuer and, in each case, as amended, restated, amended and restated, supplemented, waived, renewed, refunded, replaced, restructured, repaid,
refinanced or otherwise modified in whole or in part from time to time. 

  
 1 

 “ABL Facility Priority Collateral” means “ABL Facility First Lien
Collateral,” as defined in the ABL Intercreditor Agreement. 
 “ABL Intercreditor Agreement” means that certain
Amended and Restated Intercreditor Agreement, dated as of July 30, 2020, by and among JPMorgan Chase Bank, N.A., as ABL Facility Security Agent (as defined therein), the Collateral Trustee (as successor to Deutsche Bank AG New York Branch
pursuant to the Intercreditor Agreement Joinder, dated as of the Issue Date, delivered by the Collateral Trustee to the other parties to the ABL Intercreditor Agreement), as Term Loan Security Agent (as defined therein), Ankura Trust Company, LLC,
as Notes Security Trustee (as defined therein), and, from time to time, any other representative or agent of each class of the secured parties party thereto, and the Issuer and the Guarantors from time to time party thereto, as such agreement may be
amended, restated, amended and restated, supplemented or otherwise modified from time to time in accordance therewith and with the terms of this Indenture. 

“Acquired Indebtedness” means, with respect to any specified Person: 

(1) Indebtedness of any other Person existing at the time such other Person is consolidated, merged or amalgamated with or into or became a
Restricted Subsidiary of such specified Person, including Indebtedness incurred in connection with, or in contemplation of, such other Person merging or amalgamating with or into, or becoming a Restricted Subsidiary of, such specified Person, and

 (2) Indebtedness secured by a Lien encumbering any asset acquired by such specified Person. 

“Additional Securities” means additional Securities issued from time to time under this Indenture in accordance with
Section 2.01, it being understood that any Securities issued in replacement of any Original Securities pursuant to Section 2.08 shall not be Additional Securities. 

“Affiliate” of any specified Person means any other Person directly or indirectly controlling or controlled by or under
direct or indirect common control with such specified Person. For purposes of this definition, “control” (including, with correlative meanings, the terms “controlling,” “controlled by” and
“under common control with”), as used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person, whether through the
ownership of voting securities, by agreement or otherwise. 
 “Anagram Issuers” means Anagram Holdings, LLC, a Delaware
limited liability company, and its subsidiary Anagram International, Inc., a Minnesota corporation. 
 “Applicable Premium”
means, with respect to any Security on any redemption date, the greater of: 
 (1) 1.0% of the principal amount of such Security; and 

(2) the excess, if any, of: 

(a) the present value at such redemption date of (i) the redemption price of such Security at August 15, 2023 (such
redemption price being set forth in the table appearing in Section 3.09(a)), plus (ii) all required remaining scheduled interest payments due on such Security through August 15, 2023 (excluding accrued but
unpaid interest to the redemption date), computed using a discount rate equal to the Treasury Rate as of such redemption date plus 50 basis points; over 

  
 2 

 (b) the then outstanding principal amount of such Security, 

as calculated by the Issuer or on behalf of the Issuer by such Person as the Issuer shall designate; provided that such calculation shall not be a duty
or an obligation of the Trustee. 
 “Asset Sale” means: 

(1) the sale, conveyance, transfer or other disposition, whether in a single transaction or a series of related transactions, of property or
assets (including by way of a Sale and Lease-Back Transaction) of the Issuer or any of its Restricted Subsidiaries (each referred to in this definition as a “disposition”); or 

(2) the issuance or sale of Equity Interests of any Restricted Subsidiary, whether in a single transaction or a series of related transactions
(other than (i) directors’ qualifying shares and shares issued to foreign nationals as required under applicable law and (ii) Preferred Stock or Disqualified Stock of Restricted Subsidiaries issued in compliance with
Section 4.03); 
 in each case, other than: 

(a) any disposition of (i) Cash Equivalents or Investment Grade Securities, (ii) surplus, obsolete, damaged or worn
out property or equipment in the ordinary course of business or any disposition of inventory or goods (or other assets) held for sale in the ordinary course of business (it being understood that the sale of inventory or goods (or other assets) in
bulk in connection with the closing of any number of retail locations in the ordinary course of business shall be considered a sale in the ordinary course of business) and (iii) property no longer used or useful in the conduct of business of
the Issuer and its Restricted Subsidiaries; 
 (b) the disposition of all or substantially all of the assets of the Issuer in
a manner permitted pursuant to Section 5.01 or any disposition that constitutes a Change of Control; 

(c) the making of any Restricted Payment that is permitted to be made, and is made, under
Section 4.04; 
 (d) any disposition of assets of the Issuer or any Restricted Subsidiary or
issuance or sale of Equity Interests of any Restricted Subsidiary in any transaction or series of transactions with an aggregate Fair Market Value of less than $25.0 million; 

(e) any disposition of property or assets or issuance of securities by a Restricted Subsidiary to the Issuer or by the Issuer
or a Restricted Subsidiary to another Restricted Subsidiary; 
 (f) to the extent allowable under Section 1031 of the
Internal Revenue Code of 1986, as amended, any exchange of like property (excluding any boot thereon) for use in a Similar Business; 

  
 3 

 (g) (i) the lease, assignment, sublease, license or sublicense of any real
or personal property in the ordinary course of business and (ii) the termination of leases in the ordinary course of business; 

(h) any issuance or sale of Equity Interests in, or Indebtedness or other securities of, an Unrestricted Subsidiary or any
other disposition of such Unrestricted Subsidiary or any disposition of assets of such Unrestricted Subsidiary; 
 (i) any
disposition arising from foreclosure, casualty, condemnation or any similar action or transfers by reason of eminent domain with respect to any property or other asset of the Issuer or any of the Restricted Subsidiaries or exercise of termination
rights under any lease, sublease, license, sublicense, concession or other agreement; 
 (j) a transfer of accounts
receivable and related assets of the type specified in the definition of “Receivables Facility” (or a fractional undivided interest therein or pursuant to any factoring or similar arrangement); 

(k) dispositions in connection with the granting of a Lien that is permitted under Section 4.12; 

(l) the issuance by a Restricted Subsidiary of Preferred Stock or Disqualified Stock that is permitted under
Section 4.03; 
 (m) any financing transaction with respect to property built or acquired by the
Issuer or any Restricted Subsidiary after the Issue Date, including Sale and Lease-Back Transactions and asset securitizations, permitted by this Indenture; 

(n) any grant in the ordinary course of business of any license of patents, trademarks,
know-how or any other intellectual property, including, but not limited to, grants of franchises or licenses, franchise or license master agreements and/or area development agreements; 

(o) dispositions of receivables in connection with the compromise, settlement or collection thereof in the ordinary course of
business or in bankruptcy or similar proceedings; 
 (p) the discount of inventory, accounts receivable or notes receivable
in the ordinary course of business or the conversion of accounts receivable to notes receivable; 
 (q) the abandonment of
intellectual property rights in the ordinary course of business which in the reasonable good faith determination of the Issuer are not material to the conduct of the business of the Issuer and the Restricted Subsidiaries taken as a whole; 

(r) licenses for the conduct of licensed departments within the Issuer or any Restricted Subsidiary’s stores in the
ordinary course of business; 
 (s) termination of Hedging Obligations; 

  
 4 

 (t) any surrender or waiver of contract rights or the settlement, release,
recovery on or surrender of contract, tort or other claims of any kind in the ordinary course of business; 
 (u) sales,
transfers and other dispositions of Investments in joint ventures to the extent required by, or made pursuant to, customary buy/sell arrangements between the joint venture parties set forth in joint venture arrangements and similar binding
arrangements; 
 (v) dispositions of property to the extent that (i) such property is exchanged for credit against the
purchase price of similar replacement property or (ii) an amount equal to the Net Proceeds of such disposition are promptly applied to the purchase price of such replacement property; and 

(w) any Asset Sale made pursuant to or required by the terms of the Intra-Company Agreements. 

In the event that a transaction (or a portion thereof) meets the criteria of a permitted Asset Sale and would also be a permitted Restricted
Payment or Permitted Investment, the Issuer, in its sole discretion, shall be entitled to divide and classify such transaction (or a portion thereof) as an Asset Sale and/or one or more of the types of permitted Restricted Payments or Permitted
Investments. 
 “Authenticating Agent” has the meaning set forth in Section 2.03. 

“Bank Products” means any services or facilities on account of credit or debit cards, purchase cards or merchant services
constituting a line of credit (including, for the avoidance of doubt, all “Banking Services” as defined in the ABL Facility in effect on the Issue Date). 

“Bankruptcy Code” means title 11 of the United States Code, as amended. 

“Bankruptcy Law” means the Bankruptcy Code and any similar federal, state or foreign law for relief of debtors. 

“Business Day” means each day which is not a Legal Holiday. 

“Capital Markets Indebtedness” means any Indebtedness consisting of bonds, debentures, notes or other similar debt securities
issued in (a) a public offering registered under the Securities Act, (b) a private placement to institutional investors that is resold in accordance with Rule 144A or Regulation S under the Securities Act, whether or not it includes
registration rights entitling the holders of such debt securities to registration thereof with the SEC or (c) a private placement to multiple institutional investors. For the avoidance of doubt, the term “Capital Markets Indebtedness”
does not include any Indebtedness under commercial bank facilities, Indebtedness incurred in connection with a Sale and Lease-Back Transaction, Indebtedness incurred in the ordinary course of business of the Issuer, Finance Lease Obligations or
recourse transfer of any financial asset or any other type of Indebtedness incurred in a manner not customarily viewed as a “securities offering.” 

“Capital Stock” means: 

(1) in the case of a corporation, shares in the capital of such corporation; 

  
 5 

 (2) in the case of an association or business entity, any and all shares, interests,
participations, rights or other equivalents (however designated) of capital stock; 
 (3) in the case of a partnership or limited liability
company, partnership or membership interests (whether general or limited); and 
 (4) any other interest or participation that confers on a
Person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing Person. 
 “Capitalized
Software Expenditures” shall mean, for any period, the aggregate of all expenditures (whether paid in cash or accrued as liabilities) by a Person and its Subsidiaries during such period in respect of licensed or purchased software or
internally developed software and enhancements that, in conformity with GAAP, are or are required to be reflected as capitalized costs on the consolidated balance sheet of such Person and such Subsidiaries. 

“Cash Equivalents” means: 

(1) United States dollars and Canadian dollars; 

(2) (a) pounds sterling, euro, or any national currency of any participating member state of the EMU; or (b) in the case of any Foreign
Subsidiary that is a Restricted Subsidiary, such local currencies held by them from time to time in the ordinary course of business; 
 (3)
securities issued or directly and fully and unconditionally guaranteed or insured by the U.S. government, the United Kingdom or any country that is a member of the European Union or any agency or instrumentality thereof the securities of which are
unconditionally guaranteed as a full faith and credit obligation of such government with maturities of 24 months or less from the date of acquisition; 

(4) certificates of deposit, time deposits and eurodollar time deposits with maturities of one year or less from the date of acquisition,
bankers’ acceptances with maturities not exceeding one year and overnight bank deposits, in each case with any commercial bank having capital and surplus of not less than $250.0 million and permitted under clause (1) or
(2) above; 
 (5) repurchase obligations for underlying securities of the types described in clauses (3) and (4) entered into
with any financial institution meeting the qualifications specified in clause (4) above, and in each case in a currency permitted under clause (1) or (2) above; 

(6) commercial paper rated at least “A2” by Moody’s or at least “A” by S&P (or reasonably equivalent ratings of
another internationally recognized ratings agency) and in each case maturing within 24 months after the date of creation thereof, and in each case in a currency permitted under clause (1) or (2) above; 

(7) marketable short-term money market and similar securities having a rating of at least “A2” or “A” from either
Moody’s or S&P, respectively (or reasonably equivalent ratings of another internationally recognized ratings agency) and in each case maturing within 24 months after the date of creation thereof and in a currency permitted under
clause (1) or (2) above; 
 (8) readily marketable direct obligations issued by any state, commonwealth or territory of the United
States or any political subdivision or taxing authority thereof having an Investment Grade Rating from either Moody’s or S&P (or reasonably equivalent ratings of another internationally recognized rating agency) with maturities of 24 months
or less from the date of acquisition; 

  
 6 

 (9) Indebtedness or Preferred Stock issued by Persons with a rating of “A” or
higher from S&P or “A2” or higher from Moody’s (or reasonably equivalent ratings of another internationally recognized ratings agency) with maturities of 24 months or less from the date of acquisition and in each case in a
currency permitted under clause (1) or (2) above; 
 (10) Investments with average maturities of 12 months or less from the date of
acquisition in money market funds rated “AAA-” (or the equivalent thereof) or better by S&P or “Aaa3” (or the equivalent thereof) or better by Moody’s and in each case in a
currency permitted under clause (1) or (2) above; 
 (11) investment funds investing substantially all of their assets in
securities of the types described in clauses (1) through (10) above; and 
 (12) credit card receivables and debit card receivables
constituting cash equivalents pursuant to FASB Codification Topic 305 Cash and Cash Equivalents (or any successor provision as in effect from time to time). 

In the case of Investments by any Foreign Subsidiary that is a Restricted Subsidiary or Investments made in a country outside the United
States of America, Cash Equivalents shall also include (a) investments of the type and maturity described in clauses (1) through (8) and clauses (10) and (11) above of foreign obligors, which Investments or obligors (or the
parents of such obligors) have ratings described in such clauses or equivalent ratings from comparable foreign rating agencies and (b) other short-term investments utilized by Foreign Subsidiaries that are Restricted Subsidiaries in
accordance with normal investment practices for cash management in investments analogous to the foregoing investments in clauses (1) through (12) and in this paragraph. 

Notwithstanding the foregoing, Cash Equivalents shall include amounts denominated in currencies other than those set forth in clauses (1)
and (2) above; provided that such amounts are converted into any currency listed in clauses (1) and (2) as promptly as practicable and in any event within ten (10) Business Days following the receipt of such amounts. 

“Cash Management Services” means any of the following to the extent not constituting a line of credit: treasury and/or cash
management services, including, without limitation, controlled disbursement services, foreign exchange facilities, deposit and other accounts and merchant services (including, for the avoidance of doubt, all “Banking Services” as defined
in the ABL Facility in effect on the Issue Date). 
 “Change of Control” means the occurrence of any of the following after
the Issue Date: 
 (1) the sale, lease or transfer, in one or a series of related transactions (other than by way of merger or
consolidation), of all or substantially all of the assets of the Issuer and its Subsidiaries, taken as a whole, to any Person; or 
 (2) the
Issuer becomes aware of (by way of a report or any other filing pursuant to Section 13(d) of the Exchange Act, proxy, vote, written notice or otherwise) the acquisition by (A) any Person or (B) Persons that are together (1) a
group (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act, or any successor provision), or (2) are acting, for the purpose of 

  
 7 

 
acquiring, holding or disposing of securities (within the meaning of Rule 13d-5(b)(1) under the Exchange Act), as a group, in a single transaction or
in a related series of transactions, by way of merger, consolidation or other business combination or purchase of beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act, or any
successor provision) of more than 50% of the total voting power of the Voting Stock of the Issuer or any of its direct or indirect Parent Companies holding directly or indirectly 100% of the total voting power of the Voting Stock of the Issuer,
other than in connection with any transaction or transactions in which the Issuer shall become a Wholly-Owned Subsidiary of a Parent Company. Notwithstanding the preceding or any provision of
Section 13d-3 of the Exchange Act, (i) a Person or group shall not be deemed to beneficially own Voting Stock subject to a stock or asset purchase agreement, merger agreement, option agreement,
warrant agreement or similar agreement (or voting or option or similar agreement related thereto) until the consummation of the acquisition of the Voting Stock in connection with the transactions contemplated by such agreement and (ii) a Person
or group will not be deemed to beneficially own the Voting Stock of another Person as a result of its ownership of Voting Stock or other securities of such other Person’s parent entity (or related contractual rights) unless it owns more than
50% of the total voting power of the Voting Stock entitled to vote for the election of directors of such parent entity having a majority of the aggregate votes on the board of directors (or similar body) of such parent entity. 

“Collateral” has the meaning set forth in Article 2 of the Security Agreement. 

“Collateral Trustee” has the meaning set forth in the preamble. 

“Consolidated Depreciation and Amortization Expense” means, with respect to any Person for any period, the total amount of
depreciation and amortization expense, including without limitation the amortization of intangible assets, deferred financing fees and Capitalized Software Expenditures, of such Person and its Restricted Subsidiaries for such period on a
consolidated basis and otherwise determined in accordance with GAAP. 
 “Consolidated Interest Expense” means, with respect
to any Person for any period, without duplication, the sum of: 
 (1) consolidated interest expense of such Person and its Restricted
Subsidiaries for such period, to the extent such expense was deducted (and not added back) in computing Consolidated Net Income (including (a) amortization of original issue discount resulting from the issuance of Indebtedness at less than par,
(b) all commissions, discounts and other fees and charges owed with respect to letters of credit or bankers acceptances, (c) non-cash interest payments (but excluding any non-cash interest expense attributable to the movement in the mark to market valuation of Hedging Obligations or other derivative instruments pursuant to GAAP), (d) the interest component of Finance Lease
Obligations, and (e) net payments, if any, made (less net payments, if any, received) pursuant to interest rate Hedging Obligations with respect to Indebtedness, and excluding (i) penalties and interest related to taxes,
(ii) amortization of deferred financing fees, debt issuance costs, discounted liabilities, commissions, fees and expenses, (iii) any expensing of bridge, commitment and other financing fees, (iv) commissions, discounts, yield and
other fees and charges (including any interest expense) related to any Receivables Facility and (v) any expense resulting from the discounting of Indebtedness in connection with the application of recapitalization accounting or, if applicable,
acquisition accounting); plus 
 (2) consolidated capitalized interest of such Person and its Restricted Subsidiaries for such period,
whether paid or accrued; less 
 (3) interest income of such Person and its Restricted Subsidiaries for such period. 

  
 8 

 For purposes of this definition, interest on a Finance Lease Obligation shall be deemed to
accrue at an interest rate reasonably determined by the Issuer to be the rate of interest implicit in such Finance Lease Obligation in accordance with GAAP. 

“Consolidated Net Income” means, with respect to any Person for any period, the aggregate of the Net Income, of such Person
and its Restricted Subsidiaries for such period, on a consolidated basis, and otherwise determined in accordance with GAAP; provided, however, that, without duplication, 

(1) any after-tax effect of extraordinary, non-recurring or
unusual gains or losses, including costs of and payments of legal settlements, fines, judgments or orders (less all fees and expenses relating thereto) or expenses, severance, relocation costs, Public Company Costs, integration costs, pre-opening, opening, consolidation and closing costs for facilities (including stores and distribution centers), expenses related to any reconstruction, decommissioning, recommissioning or reconfiguration of fixed
assets for alternative uses, signing, retention or completion bonuses, executive recruiting costs, transition costs, costs incurred in connection with acquisitions after the Issue Date (including integration costs), consulting fees and curtailments
or modifications to pension and post-retirement employee benefit plans shall be excluded, 
 (2) the Net Income for such period shall not
include the cumulative effect of a change in accounting principles during such period, 
 (3) any net
after-tax gains, charges or losses with respect to disposed, abandoned, closed or discontinued operations (other than assets held for sale) and any accretion or accrual of discounted liabilities and with
respect to facilities, stores or distribution centers that have been closed during such period, shall be excluded, 
 (4) any after-tax effect of gains or losses (less all fees and expenses relating thereto) attributable to asset dispositions (including asset retirement costs) or returned surplus assets of any employee pension benefit plan
other than in the ordinary course of business shall be excluded, 
 (5) the Net Income for such period of any Person that is not a
Subsidiary, or is an Unrestricted Subsidiary, or that is accounted for by the equity method of accounting, shall be excluded; provided that Consolidated Net Income of the Issuer shall be increased by the amount of dividends or distributions
or other payments that are actually paid in cash (or to the extent converted into cash) to the referent Person or a Restricted Subsidiary thereof in respect of such period by such Person, 

(6) solely for the purpose of determining the amount available for Restricted Payments under Section 4.04(a)(3)(A),
the Net Income for such period of any Restricted Subsidiary (other than any Guarantor) shall be excluded to the extent that the declaration or payment of dividends or similar distributions by that Restricted Subsidiary of its Net Income is not at
the date of determination permitted without any prior governmental approval (which has not been obtained) or, directly or indirectly, by the operation of the terms of its charter or any agreement, instrument, judgment, decree, order, statute, rule
or governmental regulation applicable to that Restricted Subsidiary or its stockholders, unless such restriction with respect to the payment of dividends or similar distributions has been legally waived; provided that Consolidated Net Income
of the Issuer shall be increased by the amount of dividends or other distributions or other payments actually paid in cash (or to the extent converted into cash) to the Issuer or a Restricted Subsidiary thereof in respect of such period, to the
extent not already included therein, 

  
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 (7) effects of fair value adjustments (including the effects of such adjustments pushed down
to the Issuer and its Restricted Subsidiaries) in the merchandise inventory, property and equipment, goodwill, intangible assets, deferred revenue, deferred rent, deferred franchise fees and debt line items in such Person’s consolidated
financial statements pursuant to GAAP resulting from the application of acquisition accounting in relation to any consummated acquisition and the amortization or write-off or removal of revenue otherwise
recognizable of any amounts thereof, net of taxes, shall be excluded or added back in the case of lost revenue, 
 (8) any after-tax effect of income (loss) from the early extinguishment or conversion of Indebtedness or Hedging Obligations or other derivative instruments shall be excluded, 

(9) any impairment charge or asset write-up, write-off or
write-down, in each case, pursuant to GAAP and the amortization of intangibles arising pursuant to GAAP shall be excluded, 
 (10) any non-cash compensation charge or expense, including any such charge or expense arising from the grant of stock appreciation or similar rights, stock options, restricted stock or other equity incentive programs shall
be excluded, 
 (11) any fees and expenses incurred during such period, or any amortization or
write-off thereof for such period in connection with any acquisition, Investment, Asset Sale, issuance or repayment of Indebtedness, issuance of Equity Interests, refinancing transaction (including the
Refinancing Transactions) or amendment or modification of any debt instrument (in each case, including any such transaction consummated prior to the Issue Date and any such transaction undertaken but not completed) and any charges or non-recurring merger costs incurred during such period as a result of any such transaction shall be excluded, 

(12) any net gain or loss resulting from currency translation gains or losses related to currency remeasurements of Indebtedness (including any
net loss or gain resulting from hedge agreements for currency exchange risk) and any foreign currency translation gains or losses shall be excluded, 

(13) the excess of (i) GAAP rent expense over (ii) actual cash rent paid, including the benefit of lease incentives shall be excluded
and the excess of (i) actual cash rent paid, including the benefit of lease incentives, over (ii) GAAP rent expense shall be included (in each case during such period due to the use of straight line rent for GAAP purposes), and 

(14) any unrealized net gains and losses resulting from Hedging Obligations and the application of Statement of Financial Accounting Standards
No. 133 shall be excluded. 
 In addition, to the extent not already included in the Net Income of such Person and its Restricted
Subsidiaries, notwithstanding anything to the contrary in the foregoing, Consolidated Net Income shall include the amount of proceeds received from business interruption insurance and reimbursements of any expenses and charges that are covered by
indemnification or other reimbursement provisions in connection with any Permitted Investment or any sale, conveyance, transfer or other disposition of assets permitted under this Indenture. 

  
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 Notwithstanding the foregoing, for the purpose of Section 4.04
hereof only (other than Section 4.04(a)(3)(D) hereof), there shall be excluded from Consolidated Net Income any income arising from any sale or other disposition of Restricted Investments made by the Issuer and its
Restricted Subsidiaries, any repurchases and redemptions of Restricted Investments from the Issuer and its Restricted Subsidiaries, any repayments of loans and advances which constitute Restricted Investments by the Issuer or any of its Restricted
Subsidiaries, any sale of the stock of an Unrestricted Subsidiary or any distribution or dividend from an Unrestricted Subsidiary, in each case only to the extent such amounts increase the amount of Restricted Payments permitted under
Section 4.04(a)(3)(D). 
 “Consolidated Secured Debt Ratio” means, as of any date of
determination, the ratio of (1) Consolidated Total Indebtedness of the Issuer and its Restricted Subsidiaries that is secured by Liens as of the end of the most recent fiscal quarter for which internal financial statements are available
immediately preceding the date on which such event for which such calculation is being made shall occur to (2) the Issuer’s EBITDA for the most recently ended four full fiscal quarters for which internal financial statements are available
immediately preceding the date on which such event for which such calculation is being made shall occur, in each case with such pro forma adjustments to Consolidated Total Indebtedness, Cash Equivalents and EBITDA as are appropriate and
consistent with the pro forma adjustment provisions set forth in the definition of “Fixed Charge Coverage Ratio.” 

“Consolidated Total Assets” means, at any date, all amounts that would, in conformity with GAAP, be set forth opposite the
caption “total assets” (or like caption) on a consolidated balance sheet of the Issuer and its Subsidiaries at such date. 

“Consolidated Total Debt Ratio” means, as of any date of determination, the ratio of (1) Consolidated Total Indebtedness
of the Issuer and its Restricted Subsidiaries as of the end of the most recent fiscal quarter for which internal financial statements are available immediately preceding the date on which such event for which such calculation is being made shall
occur to (2) the Issuer’s EBITDA for the most recently ended four full fiscal quarters for which internal financial statements are available immediately preceding the date on which such event for which such calculation is being made shall
occur, in each case with such pro forma adjustments to Consolidated Total Indebtedness, Cash Equivalents and EBITDA as are appropriate and consistent with the pro forma effect and adjustment provisions set forth in the definition of
“Fixed Charge Coverage Ratio.” 
 “Consolidated Total Indebtedness” means, as at any date of determination, an
amount equal to (x) the sum of (1) the aggregate amount of all outstanding Indebtedness of the Issuer and its Restricted Subsidiaries on a consolidated basis consisting of Indebtedness for borrowed money, Obligations in respect of Finance
Lease Obligations and debt obligations evidenced by promissory notes and similar instruments (and excluding, for the avoidance of doubt, all undrawn amounts under letters of credit and all obligations relating to Receivables Facilities) and
(2) the aggregate amount of all outstanding Disqualified Stock of the Issuer and all Preferred Stock of its Restricted Subsidiaries on a consolidated basis, with the amount of such Disqualified Stock and Preferred Stock equal to the greater of
their respective voluntary or involuntary liquidation preferences and maximum fixed repurchase prices, in each case determined on a consolidated basis in accordance with GAAP, less unrestricted cash and Cash Equivalents included on the consolidated
balance sheet of the Issuer and any Restricted Subsidiaries as of such date (it being understood that any cash proceeds of any new Indebtedness then being incurred shall not be netted from the numerator of the applicable ratio for purposes of
calculating such ratio); provided that Indebtedness of the Issuer and its Restricted Subsidiaries under any revolving credit facility as at any date of determination shall be determined using the Average Monthly Balance of such Indebtedness
for the most recently ended four fiscal quarters for which internal financial statements are available as of such date of determination (the “Reference Period”); and provided, further, that Consolidated Total
Indebtedness shall not include Indebtedness in respect of (A) any letter of credit, except to the extent of obligations in respect of drawn standby letters of credit which have not been reimbursed within three Business Days and (B) Hedging
Obligations existing on the Issue Date or otherwise permitted by Section 4.03(b)(x). For purposes hereof, (a) the “maximum fixed repurchase price” of any Disqualified

  
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Stock or Preferred Stock that does not have a fixed repurchase price shall be calculated in accordance with the terms of such Disqualified Stock or Preferred Stock as if such Disqualified Stock
or Preferred Stock were purchased on any date on which Consolidated Total Indebtedness shall be required to be determined pursuant to this Indenture, and if such price is based upon, or measured by, the Fair Market Value of such Disqualified Stock
or Preferred Stock, such Fair Market Value shall be determined reasonably and in good faith by the Issuer, (b) “Average Monthly Balance” means, with respect to any Indebtedness incurred by the Issuer or its Restricted Subsidiaries
under a revolving credit facility, the quotient of (x) the sum of each Individual Monthly Balance for each fiscal month ended on or prior to such date of determination and included in the Reference Period divided by (y) 12, and (c)
“Individual Monthly Balance” means, with respect to any Indebtedness incurred by the Issuer or its Restricted Subsidiaries under a revolving credit facility during any fiscal month of the Issuer, the quotient of (x) the sum of
the aggregate outstanding principal amount of all such Indebtedness at the end of each day of such fiscal month divided by (y) the number of days in such fiscal month. 

“Contingent Obligations” means, with respect to any Person, any obligation of such Person guaranteeing any leases, dividends
or other obligations that do not constitute Indebtedness (“primary obligations”) of any other Person (the “primary obligor”) in any manner, whether directly or indirectly, including, without limitation, any
obligation of such Person, whether or not contingent, 
 (1) to purchase any such primary obligation or any property constituting direct or
indirect security therefor; 
 (2) to advance or supply funds: 

(a) for the purchase or payment of any such primary obligation; or 

(b) to maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency of
the primary obligor; or 
 (3) to purchase property, securities or services primarily for the purpose of assuring the owner of any such
primary obligation of the ability of the primary obligor to make payment of such primary obligation against loss in respect thereof. 

“Credit Facilities” means, with respect to the Issuer or any of its Restricted Subsidiaries, one or more debt facilities,
including the Senior Credit Facilities and any other financing arrangements (including, without limitation, commercial paper facilities, note purchase agreements or indentures) providing for revolving credit loans, term loans, letters of credit,
bank guarantees, notes, debt securities or other indebtedness for borrowed money, including any mortgages, guarantees, collateral documents, instruments and agreements executed in connection therewith, and any amendments, supplements, modifications,
extensions, renewals, restatements or refundings thereof, in whole or in part, and any debt facilities, credit facilities, commercial paper facilities, note purchase agreements, indentures or other financing arrangements that replace, refund,
supplement or refinance any part of the loans, notes, credit facilities, commitments or other indebtedness thereunder, including any such replacement, refunding, supplemental or refinancing facility, arrangement or indenture that increases the
amount permitted to be borrowed or issued thereunder or alters the maturity thereof. 
 “Debt Documents” means this
Indenture, the Security Documents and the Intercreditor Agreements. 

  
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 “Default” means any event that is, or with the passage of time or the
giving of notice or both would be, an Event of Default; provided that any Default that results solely from the taking of an action that would have been permitted but for the continuation of a previous Default will be deemed to be cured if
such previous Default is cured prior to becoming an Event of Default. 
 “Depositary” means, with respect to the Securities
issuable or issued in whole or in part in global form, the Person specified in Section 2.04 hereof as the Depositary with respect to the Securities, and any and all successors thereto appointed as depositary hereunder and
having become such pursuant to the applicable provision of this Indenture. 
 “Designated
Non-cash Consideration” means the fair market value of non-cash consideration received by the Issuer or a Restricted Subsidiary in connection with an Asset Sale
that is so designated as Designated Non-cash Consideration pursuant to an Officer’s Certificate, setting forth the basis of such valuation, less the amount of Cash Equivalents received in connection with
a subsequent sale, redemption, repurchase of, or collection or payment on, such Designated Non-cash Consideration. 

“Designated Preferred Stock” means Preferred Stock of the Issuer, any Restricted Subsidiary or any direct or indirect Parent
Company thereof (in each case other than Disqualified Stock) that is issued for cash (other than to a Restricted Subsidiary or an employee stock ownership plan or trust established by the Issuer or any of its Subsidiaries) and is so designated as
Designated Preferred Stock, pursuant to an Officer’s Certificate, on the issuance date thereof, the cash proceeds of which are excluded from the calculation set forth in Section 4.04(a)(3). 

“Designated Revolving Commitments” means any commitments to make loans or extend credit on a revolving basis to the Issuer or
any Restricted Subsidiary by any Person other than the Issuer or any Restricted Subsidiary that have been designated in an Officer’s Certificate delivered to the Trustee as “Designated Revolving Commitments” until such time as the
Issuer subsequently delivers an Officer’s Certificate to the Trustee to the effect that such commitments will no longer constitute “Designated Revolving Commitments”; provided that during such time, such Designated Revolving
Commitments will be deemed an incurrence of Indebtedness on such date and will be deemed outstanding for purposes of calculating the Fixed Charge Coverage Ratio, Consolidated Total Debt Ratio, Consolidated Secured Debt Ratio and the availability of
any baskets hereunder. 
 “Disqualified Stock” means, with respect to any Person, any Capital Stock of such Person which,
by its terms, or by the terms of any security into which it is convertible or for which it is redeemable or exchangeable, or upon the happening of any event, matures or is mandatorily redeemable (other than solely as a result of a change of control
or asset sale) pursuant to a sinking fund obligation or otherwise or is redeemable at the option of the holder thereof (other than solely as a result of a change of control or asset sale), in whole or in part, in each case prior to the date 91 days
after the earlier of the Maturity Date of the Securities or the date the Securities are no longer outstanding; provided, however, that if such Capital Stock is issued to any current or former employee or to any plan for the benefit of
employees, directors, officers, members of management or consultants of the Issuer or its Subsidiaries or by any such plan to such employees, directors, officers, members of management or consultants, such Capital Stock shall not constitute
Disqualified Stock solely because it may be required to be repurchased by the Issuer or its Subsidiaries in order to satisfy applicable statutory or regulatory obligations or as a result of such employee’s, director’s, officer’s,
management member’s or consultant’s termination, death or disability. 
 “Domestic Subsidiary” means a Subsidiary
incorporated or organized under the laws of the United States of America, any State thereof or the District of Columbia. 

  
 13 

 “EBITDA” means, with respect to any Person for any period, the Consolidated
Net Income of such Person for such period: 
 (1) increased (without duplication) by: 

(a) provision for taxes based on income or profits or capital, including, without limitation, state, franchise, property and
similar taxes and foreign withholding taxes and foreign unreimbursed value added taxes (including, in each case, penalties and interest related to such taxes or arising from tax examinations) of or with respect to such Person paid or accrued during
such period deducted (and not added back) in computing Consolidated Net Income (including the amount treated as having been paid by such Persons pursuant to Section 4.04(b)(xiii)(B)); plus 

(b) Fixed Charges of such Person for such period plus bank fees and costs of surety bonds in connection with financing
activities, plus amounts excluded from Consolidated Interest Expense as set forth in clauses (i), (ii), (iii) and (iv) in the definition thereof, to the extent the same were deducted (and not added back) in calculating such Consolidated
Net Income; plus 
 (c) Consolidated Depreciation and Amortization Expense of such Person for such period to the
extent the same was deducted (and not added back) in computing Consolidated Net Income; plus 
 (d) any expenses or
charges (other than depreciation or amortization expense) related to any Equity Offering, Permitted Investment, acquisition, disposition, recapitalization or the incurrence of Indebtedness permitted to be incurred by this Indenture (including a
refinancing thereof) (whether or not successful), including (i) such fees, expenses or charges related to the offering of the Securities and any Senior Credit Facility, (ii) any amendment or other modification of the Securities or any
Senior Credit Facility and (iii) commissions, discounts, yield and other fees and charges (including any interest expense related to any Receivables Facility), in each case, deducted (and not added back) in computing Consolidated Net Income;
plus 
 (e) the amount of any restructuring costs, charges, accruals, reserves or expenses attributable to the
undertaking and/or implementation of cost savings initiatives, operating expense reductions, business optimization and other restructuring costs, charges, accruals, reserves and expenses (including, without limitation, inventory optimization
programs, software development costs, costs related to entry into new markets and consulting fees); plus 
 (f) any
other non-cash charges, including (i) any write offs or write downs, (ii) equity based awards compensation expense, (iii) losses on sales, disposals or abandonment of, or any impairment charges
or asset write off related to, intangible assets, long-lived assets and investments in debt and equity securities, (iv) all losses from investments recorded using the equity method and (v) other
non-cash charges, non-cash expenses or non-cash losses reducing Consolidated Net Income for such period (provided that if
any such non-cash charges represent an accrual or reserve for potential cash items in any future period, the cash payment in respect thereof in such future period shall be subtracted from EBITDA to such
extent, and excluding amortization of a prepaid cash item that was paid in a prior period); plus 

  
 14 

 (g) the amount of any minority interest expense consisting of Subsidiary
income attributable to minority equity interests of third parties in any non-Wholly-Owned Subsidiary deducted (and not added back) in such period in calculating Consolidated Net Income; plus 

(h) the amount of (x) cost savings and operating expense reductions projected by the Issuer in good faith to be realized
as a result of specified actions taken or with respect to which substantial steps have been taken or, or committed or expected to be taken (in each case, whether or not actually taken within such period) within 24 months after the Issue Date
(calculated on a pro forma basis as though such cost savings and operating expense reductions had been realized on the first day of such period and as if such cost savings and operating expense reductions were realized during the entirety of
such period), net of the amount of actual benefits realized during such period from such actions; provided that such cost savings are reasonably identifiable and factually supportable (which adjustments may be incremental to pro forma adjustments
made pursuant to the definition of “Fixed Charge Coverage Ratio”) and (y) cost savings and operating expense reductions related to mergers and other business combinations, acquisitions, divestitures, restructurings, cost savings
initiatives, contract modifications or renegotiations and other similar transactions or initiatives consummated after the Issue Date that are projected by the Issuer in good faith to be realized as a result of specified actions taken or with respect
to which substantial steps have been taken or committed or expected to be taken (in each case, whether or not actually taken within such period) within 24 months after a merger or other business combination, acquisition, divestiture, restructuring,
cost savings initiative, contract modification or renegotiation or other transaction or initiative is consummated (calculated on a pro forma basis as though such cost savings and operating expense reductions had been realized on the first day
of such period and as if such cost savings and operating expense reductions were realized during the entirety of such period), net of the amount of actual benefits realized during such period from such actions; provided that such cost savings are
reasonably identifiable and factually supportable (which adjustments may be incremental to pro forma adjustments made pursuant to the definition of “Fixed Charge Coverage Ratio”); plus 

(i) the amount of loss on sale of receivables and related assets to the Receivables Subsidiary in connection with a Receivables
Facility; plus 
 (j) any costs or expense incurred by the Issuer or a Restricted Subsidiary pursuant to any
management equity plan or stock option plan or any other management or employee benefit plan or agreement or any stock subscription or shareholder agreement, to the extent that such cost or expenses are funded with cash proceeds contributed to the
capital of the Issuer or net cash proceeds of an issuance of Equity Interest of the Issuer (other than Disqualified Stock) solely to the extent that such net cash proceeds are excluded from the calculation set forth in Section 4.04(a)(3);
plus 
 (k) any net loss from disposed or discontinued operations; plus 

(l) cash receipts (or any netting arrangements resulting in reduced cash expenditures) not representing EBITDA or Net Income in
any period to the extent non-cash gains relating to such income were deducted in the calculation of EBITDA pursuant to clause (2) below for any previous period and not added back, 

  
 15 

 (2) decreased (without duplication) by: 

(a) non-cash gains increasing Consolidated Net Income of such Person for such period,
excluding any non-cash gains to the extent they represent the reversal of an accrual or reserve for a potential cash item that reduced EBITDA in any prior period and any
non-cash gains with respect to cash actually received in a prior period so long as such cash did not increase EBITDA in such prior period, plus 

(b) any net income from disposed or discontinued operations; and 

(3) increased or decreased by (without duplication), as applicable, any adjustments resulting from the application of ASC Topic Number 460
(Guarantees). 
 “EMU” means economic and monetary union as contemplated in the Treaty on European Union. 

“Equity Interests” means Capital Stock and all warrants, options or other rights to acquire Capital Stock, but excluding any
debt security that is convertible into, or exchangeable for, Capital Stock. 
 “Equity Offering” means any public or
private sale of common stock or Preferred Stock of the Issuer or any of its direct or indirect Parent Companies (excluding Disqualified Stock), other than: 

(1) public offerings with respect to the Issuer’s or any direct or indirect Parent Company’s common stock registered on Form S-8; and 
 (2) issuances to any Subsidiary of the Issuer. 

“euro” means the single currency of participating member states of the EMU. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC promulgated
thereunder. 
 “Excluded Subsidiary” means (a) any Domestic Subsidiary that is not a Wholly-Owned Subsidiary,
(b) any Immaterial Subsidiary, (c) any Domestic Subsidiary that is prohibited by law, regulation or contractual obligations from providing a guarantee under the Senior Credit Facilities or that would require a governmental (including
regulatory) consent, approval, license or authorization to provide such guarantee; (d) any not-for-profit Subsidiary, (e) any captive insurance Subsidiaries,
(f) any special purpose entities used for securitization facilities, (g) any Foreign Subsidiary, (h) any Domestic Subsidiary substantially all of the assets of which consist of Capital Stock of Foreign Subsidiaries or that is treated
as a disregarded entity for U.S. federal income tax purposes that holds the equity of one or more Foreign Subsidiaries, (i) any direct or indirect Domestic Subsidiary of a Foreign Subsidiary or Domestic Subsidiary substantially all of the
assets of which consist of Capital Stock of Foreign Subsidiaries or that is treated as a disregarded entity for U.S. federal income tax purposes that holds the equity of one or more Foreign Subsidiaries and (j) any other Domestic Subsidiary
with respect to which the burden or cost or of making it a Guarantor shall outweigh the benefits to be afforded thereby (as reasonably determined by the Issuer). 

“Existing Notes” means the Company’s 6.125% Senior Notes due 2023, 6.625% Senior Notes due 2026 and Existing Secured
Notes. 

  
 16 

 “Existing Secured Notes” means the Company’s Senior Secured First Lien
Floating Rate Notes due 2025. 
 “Fair Market Value” means the value that would be paid by a buyer to an unaffiliated
seller, determined in good faith by senior management of the Company; provided, that if such value is in excess of $25.0 million, it shall be determined in good faith by the Board of Directors of the Company (unless otherwise provided in
this Indenture) and evidenced by a board resolution. 
 “Finance Lease Obligations” means, at the time any determination
thereof is to be made, an obligation that is required to be accounted for as a capital lease (and, for the avoidance of doubt, not a straight-line or operating lease) on both the balance sheet and income statement for financial reporting purposes in
accordance with GAAP, including, without limitation, Accounting Standards Codification 842 and related accounting rules and regulations, as such may be amended or re-codified from time to time, which
obligation effectively transfers control of the underlying asset and constitutes an in-substance financed purchase of an asset; provided that that the amount of any Finance Lease Obligation shall be the
amount thereof accounted for as a liability in accordance with GAAP; and provided, further, and for avoidance of doubt, the term “Finance Lease Obligation” does not include obligations under any operating leases that do not
effectively transfer control of the underlying asset and do not represent an in-substance financed purchase of an asset under GAAP, including, without limitation, Accounting Standards Codification 842 and
related accounting rules and regulations, as such may be amended or re-codified from time to time, notwithstanding that GAAP and such accounting rules and regulations, such as Accounting Standards Codification
842, may require that such obligations be recognized on the balance sheet of such Person as a lease liability (along with the related right-of-use asset). 

“First Lien” means a first-priority Lien on the Collateral, subject to the Pari Intercreditor Agreement and the ABL
Intercreditor Agreement. 
 “First Lien Controlling Secured Parties” means the “Controlling Secured Parties,” as
defined in the Pari Intercreditor Agreement. 
 “Fixed Charge Coverage Ratio” means, with respect to any Person for any
period, the ratio of EBITDA of such Person for such period to the Fixed Charges of such Person for such period. In the event that the Issuer or any Restricted Subsidiary incurs, assumes, guarantees, repurchases, redeems, retires or extinguishes any
Indebtedness (other than Indebtedness incurred or repaid under any revolving credit facility unless such Indebtedness has been permanently repaid and has not been replaced) or issues, repurchases or redeems Disqualified Stock or Preferred Stock
subsequent to the commencement of the period for which the Fixed Charge Coverage Ratio is being calculated but prior to or simultaneously with the event for which the calculation of the Fixed Charge Coverage Ratio is made (the “Fixed Charge
Coverage Ratio Calculation Date”), then the Fixed Charge Coverage Ratio shall be calculated giving pro forma effect to such incurrence, assumption, guarantee, repurchase, redemption, retirement or extinguishment of Indebtedness, or
such issuance, repurchase or redemption of Disqualified Stock or Preferred Stock, as if the same had occurred at the beginning of the applicable four-quarter period. 

For purposes of making the computation referred to above, Investments, acquisitions, dispositions, amalgamations, mergers, consolidations and
discontinued operations (as determined in accordance with GAAP) and any operational changes that the Issuer or any of its Restricted Subsidiaries has determined to make or has made during the four-quarter reference period or subsequent to such
reference period and on or prior to or simultaneously with the Fixed Charge Coverage Ratio Calculation Date shall be calculated on a pro forma basis assuming that all such Investments, acquisitions, dispositions, amalgamations, mergers,
consolidations, discontinued operations and operational changes 

  
 17 

 
(and the change in any associated fixed charge obligations and the change in EBITDA resulting therefrom) had occurred on the first day of the four-quarter reference period. If since the beginning
of such period any Person that subsequently became a Restricted Subsidiary or was merged, amalgamated or consolidated with or into the Issuer or any of its Restricted Subsidiaries since the beginning of such period shall have made any Investment,
acquisition, disposition, amalgamation, merger, consolidation, discontinued operation or operational change that would have required adjustment pursuant to this definition, then the Fixed Charge Coverage Ratio shall be calculated giving pro forma
effect thereto for such period as if such Investment, acquisition, disposition, discontinued operation, merger, amalgamation, consolidation or operational change had occurred at the beginning of the applicable four-quarter period. 

For purposes of this definition, whenever pro forma effect is to be given to an Investment, acquisition, disposition, amalgamation,
merger, consolidation, discontinued operation or operational change, the pro forma calculations shall be made in good faith by a responsible financial or accounting officer of the Issuer (and may include, for the avoidance of doubt,
(a) cost savings, product margin synergies (including increased share of shelf), operating expense reductions and other operating improvements and product cost reductions, synergies or cost savings resulting from such Investment, acquisition,
disposition, amalgamation, merger, consolidation or discontinued operation, which is being given pro forma effect that have been or are expected to be realized and for which the actions necessary to realize such cost savings, product margin
synergies (including increased share of shelf), operating expense reductions and other operating improvements and product cost reductions, synergies or cost savings are taken, committed to be taken or with respect to which substantial steps have
been taken or are expected to be taken no later than 24 months after the date of any such Investment, acquisition, disposition, amalgamation, merger, consolidation, discontinued operation or operational change and (b) adjustments of the nature
used in connection with the calculation of “Adjusted EBITDA” as set forth in note 9 to “Summary—Summary Historical Consolidated Financial and Other Data” of the Offering Memorandum). 

If any Indebtedness bears a floating rate of interest and is being given pro forma effect, the interest on such Indebtedness shall be
calculated as if the rate in effect on the Fixed Charge Coverage Ratio Calculation Date had been the applicable rate for the entire period (taking into account any Hedging Obligations applicable to such Indebtedness). Interest on a Finance Lease
Obligation shall be deemed to accrue at an interest rate reasonably determined by a responsible financial or accounting officer of the Issuer to be the rate of interest implicit in such Finance Lease Obligation in accordance with GAAP. Interest on
Indebtedness that may optionally be determined at an interest rate based upon a factor of a prime or similar rate, a eurocurrency interbank offered rate, or other rate, shall be deemed to have been based upon the rate actually chosen, or, if none,
then based upon such optional rate chosen as the Issuer may designate. Interest on any Indebtedness under a revolving credit facility computed on a pro forma basis shall be computed based upon the average daily balance of such indebtedness
during the applicable period. 
 For purposes of this definition, any amount in a currency other than U.S. dollars will be converted to U.S.
dollars based on the average exchange rate for such currency for the most recent twelve month period immediately prior to the date of determination in a manner consistent with that used in calculating EBITDA for the applicable period. 

“Fixed Charges” means, with respect to any Person for any period, the sum, without duplication, of: 

(1) Consolidated Interest Expense of such Person for such period; 

  
 18 

 (2) all cash dividends or other distributions paid (excluding items eliminated in
consolidation) on any series of Preferred Stock during such period; and 
 (3) all cash dividends or other distributions paid (excluding
items eliminated in consolidation) on any series of Disqualified Stock during such period. 
 “Foreign Subsidiary” means,
with respect to any Person (1) (A) any Restricted Subsidiary of such Person that is not organized or existing under the laws of the United States, any state thereof or the District of Columbia and (B) any Restricted Subsidiary of such Foreign
Subsidiary, and (2) any FSHCO Subsidiary of such Person. 
 “FSHCO Subsidiary” means, with respect to any Person, any
Restricted Subsidiary of such Person substantially all of whose assets consist, directly or indirectly, of Equity Interests and/or Indebtedness of one or more Foreign Subsidiaries, and any other assets incidental thereto. 

“GAAP” means generally accepted accounting principles in the United States which are in effect on the Issue Date, except for
any reports required to be delivered under Section 4.02, which shall be prepared in accordance with GAAP in effect on the date thereof. For purposes of this Indenture, the term “consolidated” with respect
to any Person means such Person consolidated with its Restricted Subsidiaries and does not include any Unrestricted Subsidiary. 

“Government Securities” means securities that are: 

(1) direct obligations of the United States of America for the timely payment of which its full faith and credit is pledged; or 

(2) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United States of America, the timely
payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States of America, 
 which, in either case, are not
callable or redeemable at the option of the issuers thereof, and shall also include a depository receipt issued by a bank (as defined in Section 3(a)(2) of the Securities Act), as custodian with respect to any such Government Securities or a
specific payment of principal of or interest on any such Government Securities held by such custodian for the account of the holder of such depository receipt; provided that (except as required by law) such custodian is not authorized to make
any deduction from the amount payable to the holder of such depository receipt from any amount received by the custodian in respect of the Government Securities or the specific payment of principal of or interest on the Government Securities
evidenced by such depository receipt. 
 “Grantor Supplement” means a supplement to the Security Agreement in substantially
the form of Exhibit H attached to the Security Agreement. 
 “guarantee” means a guarantee (other
than by endorsement of negotiable instruments for collection in the ordinary course of business), direct or indirect, in any manner (including letters of credit and reimbursement agreements in respect thereof), of all or any part of any Indebtedness
or other obligations. 
 “Guarantee” means the guarantee by any Guarantor of the Issuer’s Obligations under this
Indenture and the Securities. 

  
 19 

 “Guarantor” means each Restricted Subsidiary that Guarantees the Securities
in accordance with the terms of this Indenture. On the Issue Date, the Guarantors consist of: (i) Am-Source, LLC, a Rhode Island limited liability company, (ii) Amscan Inc., a New York corporation,
(iii) Anagram Eden Prairie Property Holdings LLC, a Delaware limited liability company, (iv) Trisar, Inc., a California corporation, (v) Party City Corporation, a Delaware corporation, (vi) Amscan NM Land, LLC, a Delaware limited
liability company, (vii) Amscan Purple Sage, LLC, a Delaware limited liability company, (viii) Party Horizon Inc., a Delaware corporation, and (ix) Amscan Custom Injection Molding, LLC, a Delaware limited liability company. 

“Hedging Obligations” means, with respect to any Person, the obligations of such Person under any interest rate swap
agreement, interest rate cap agreement, interest rate collar agreement, commodity swap agreement, commodity cap agreement, commodity collar agreement, foreign exchange contract, currency swap agreement or similar agreement providing for the transfer
or mitigation of interest rate, commodity price or currency risks either generally or under specific contingencies (including, for the avoidance of doubt, under all “Hedge Agreements” as defined in the ABL Facility). 

“Holdco” means Party City Holdco Inc., a Delaware corporation. 

“Holder” or “Holders” means the Person(s) in whose name a Security is registered on the registrar’s
books. 
 “Immaterial Subsidiaries” means, as of any date, any Subsidiary of the Issuer (a) having Consolidated Total
Assets in an amount of less than 5.0% of Consolidated Total Assets of the Issuer and its Subsidiaries and (b) contributing less than 5.0% to consolidated revenues of the Issuer and its Subsidiaries, in each case, for the most recently ended
four full fiscal quarters for which internal financial statements are available; provided, however, that the Consolidated Total Assets (as so determined) and revenue (as so determined) of all Immaterial Subsidiaries shall not exceed 5.0% of
Consolidated Total Assets of the Issuer and its Subsidiaries or 5.0% of the consolidated revenues of the Issuer and its Subsidiaries for the most recently ended four full fiscal quarters for which internal financial statements are available, as the
case may be. 
 “Indebtedness” means, with respect to any Person, without duplication: 

(1) any indebtedness (including principal and premium) of such Person, whether or not contingent: 

(a) in respect of borrowed money; 

(b) evidenced by bonds, notes, debentures or similar instruments or letters of credit or bankers’ acceptances (or, without
duplication, reimbursement agreements in respect thereof); 
 (c) representing the balance deferred and unpaid of the
purchase price of any property (including Finance Lease Obligations), except (i) any such balance that constitutes an obligation in respect of a commercial letter of credit, a trade payable or similar obligation, in each case accrued in the
ordinary course of business, (ii) any earn-out obligations until such obligation becomes a liability on the balance sheet of such Person in accordance with GAAP and is not paid after becoming due and
payable and (iii) any such obligations under ERISA or liabilities associated with customer prepayments; or 

  
 20 

 (d) representing any Hedging Obligations; 

if and to the extent that any of the foregoing Indebtedness (other than letters of credit (other than commercial letters of credit) and Hedging
Obligations) would appear as a liability upon a balance sheet (excluding the footnotes thereto) of such Person prepared in accordance with GAAP; provided, that Indebtedness of any direct or indirect parent of the Issuer appearing upon the
balance sheet of the Issuer solely by reason of pushdown accounting under GAAP shall be excluded; 
 (1) to the extent not otherwise
included, any obligation by such Person to be liable for, or to pay, as obligor, guarantor or otherwise, on the obligations of the type referred to in clause (1) of a third Person (whether or not such items would appear upon the balance sheet
of such obligor or guarantor), other than by endorsement of negotiable instruments for collection in the ordinary course of business; and 

(2) to the extent not otherwise included, the obligations of the type referred to in clause (1) of a third Person secured by a Lien on any
asset owned by such first Person, whether or not such Indebtedness is assumed by such first Person; provided, however, that the amount of such Indebtedness will be the lesser of: (i) the Fair Market Value of such asset at such
date of determination, and (ii) the amount of such Indebtedness of such other Person; 
 provided, however, that notwithstanding the
foregoing, Indebtedness shall be deemed not to include (1) Contingent Obligations incurred in the ordinary course of business and (2) deferred or prepaid revenues. 

Notwithstanding anything in this Indenture to the contrary, Indebtedness shall not include, and shall be calculated without giving effect to,
the effects of Accounting Standards Codification Topic 815 and related interpretations to the extent such effects would otherwise increase or decrease an amount of Indebtedness for any purpose under this Indenture as a result of accounting for any
embedded derivatives created by the terms of such Indebtedness; and any such amounts that would have constituted Indebtedness under this Indenture but for the application of this sentence shall not be deemed an incurrence of Indebtedness under this
Indenture. 
 “Indenture” means this Indenture as amended or supplemented from time to time. 

“Independent Assets or Operations” means, with respect to any Parent Company, that Parent Company’s total assets,
revenues, income from continuing operations before income taxes and cash flows from operating activities (excluding in each case amounts related to its investment in the Issuer and the Restricted Subsidiaries), determined in accordance with GAAP and
as shown on the most recent balance sheet of such Parent Company, is more than 3.00% of such Parent Company’s corresponding consolidated amount. 

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

“Intercreditor Agreements” means, collectively, (a) the Pari Intercreditor Agreement, (b) the ABL Intercreditor
Agreement and (c) any additional or replacement intercreditor agreement entered into by the Collateral Trustee pursuant to Article 11, each as amended, restated, modified or supplemented from time to time in accordance
with the terms of such intercreditor agreement. 

  
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 “Intra-Company Agreements” means (a) the services agreement for the
provision of corporate services by Holdco or its affiliates to the Company, (b) the product purchase agreement for the purchases of products from the Company by Holdco or its affiliates and (c) the intellectual property license agreement
among Holdco, its affiliates, and the Company, in each case, as amended from time to time. 
 “Investment Grade Rating”
means a rating equal to or higher than Baa3 (or the equivalent) by Moody’s and BBB- (or the equivalent) by S&P, or, in either case, an equivalent rating by any other Rating Agency. 

“Investment Grade Securities” means: 

(1) securities issued or directly and fully guaranteed or insured by the United States government or any agency or instrumentality thereof
(other than Cash Equivalents); 
 (2) securities or instruments with an Investment Grade Rating, but excluding any debt securities or
instruments constituting loans or advances among the Issuer and its Subsidiaries; 
 (3) investments in any fund that invests exclusively in
investments of the type described in clauses (1) and (2), which fund may also hold immaterial amounts of cash pending investment or distribution; and 

(4) corresponding instruments in countries other than the United States customarily utilized for high quality investments, as determined in the
good faith judgment of senior management of the Company. 
 “Investments” means, with respect to any Person, all
investments by such Person in other Persons (including Affiliates) in the form of loans (including guarantees), advances or capital contributions (excluding accounts receivable, credit card and debit card receivables, trade credit, advances to
customers, commission, travel and similar advances to officers, directors, distributors, consultants and employees, in each case made in the ordinary course of business), purchases or other acquisitions for consideration of Indebtedness, Equity
Interests or other securities issued by any other Person and investments that are required by GAAP to be classified on the balance sheet (excluding the footnotes thereto) of the Issuer in the same manner as the other investments included in this
definition to the extent such transactions involve the transfer of cash or other property. The amount of any Investment shall be deemed to be the amount actually invested, without adjustment for subsequent increases or decreases in value or any
write-downs or write-offs, but giving effect to any repayments thereof in the form of loans and any return on capital or return on Investment in the case of equity Investments (whether as a distribution, dividend, redemption or sale but not in
excess of the amount of such Investment). For purposes of the definition of “Unrestricted Subsidiary” and Section 4.04: 

(1) “Investments” shall include the portion (proportionate to the Issuer’s equity interest in such Subsidiary) of the Fair
Market Value of the net assets of a Subsidiary of the Issuer at the time that such Subsidiary is designated an Unrestricted Subsidiary; provided, however, that upon a redesignation of such Subsidiary as a Restricted Subsidiary, the
Issuer shall be deemed to continue to have a permanent “Investment” in an Unrestricted Subsidiary in an amount (if positive) equal to: 

(a) the Issuer’s “Investment” in such Subsidiary at the time of such redesignation; less 

  
 22 

 (b) the portion (proportionate to the Issuer’s equity interest in such
Subsidiary) of the Fair Market Value of the net assets of such Subsidiary at the time of such redesignation; and 
 (2) any property
transferred to or from an Unrestricted Subsidiary shall be valued at its Fair Market Value at the time of such transfer, in each case as determined in good faith by the Issuer. 

“Issue Date” means February 19, 2021. 

“Issuer” means the party named as such in the preamble and successors thereto. 

“Junior Lien Indebtedness” means any Indebtedness of the Issuer or any Guarantor that is secured by a Lien on the Collateral
on a basis that is junior to the Liens securing the Securities and the Guarantees. 
 “Legal Holiday” means a Saturday, a
Sunday or a day on which commercial banking institutions are not required to be open in the State of New York or in the State at the place of payment. If a payment date at a place of payment is on a Legal Holiday, payment shall be made at that place
on the next succeeding Business Day, and no interest shall accrue on such payment for the intervening period. 
 “Lien”
means, with respect to any asset, any mortgage, lien, deed of trust, hypothecation, pledge, charge, security interest or encumbrance of any kind in respect of such asset, whether or not filed, recorded or otherwise perfected under applicable law
(including any conditional sale or other title retention agreement), any lease in the nature thereof; provided that in no event shall an operating lease be deemed to constitute a Lien. 

“Limited Condition Acquisition” means any acquisition or similar Investment whose consummation is not conditioned on the
availability of, or on obtaining, third-party financing. 
 “Limited Condition Transaction” means (i) any Limited
Condition Acquisition and/or (ii) any redemption or repayment of Indebtedness requiring irrevocable advance notice. 

“Maturity Date” means February 15, 2026. 

“Moody’s” means Moody’s Investors Service, Inc. and any successor to its rating agency business. 

“Net Income” means, with respect to any Person, the net income (loss) of such Person, determined in accordance with GAAP and
before any reduction in respect of Preferred Stock dividends. 
 “Net Proceeds” means the aggregate cash proceeds received
by the Issuer or any of its Restricted Subsidiaries in respect of any Asset Sale, including, without limitation, any cash received in respect of or upon the sale or other disposition of any Designated Non-cash
Consideration received in any Asset Sale, net of the direct costs relating to such Asset Sale and the sale or disposition of such Designated Non-cash Consideration, including legal, accounting and investment
banking fees, payments made in order to obtain a necessary consent or required by applicable law, and brokerage and sales commissions, all dividends, distributions or other payments required to be made to minority interest holders in Restricted
Subsidiaries that are not Guarantors as a result of any such Asset Sale by such Restricted Subsidiary, the amount of any purchase price or similar adjustment claimed by any Person to be owed by the Issuer or any Restricted Subsidiary as a result of
such Asset Sale, until such time as such claim shall have been settled or otherwise finally resolved, or paid or payable by the Issuer or any 

  
 23 

 
Restricted Subsidiary, in either case, in respect of such Asset Sale, any relocation expenses incurred as a result thereof, other fees and expenses, including title and recordation expenses,
taxes paid or payable as a result thereof or any transactions occurring or deemed to occur to effectuate a payment under this Indenture (including taxes that are or would be imposed on the distribution or repatriation of any such Net Proceeds)
(after taking into account any available tax credits or deductions and any tax sharing arrangements directly relating to such Asset Sale), amounts required to be applied to the repayment of principal, premium, if any, and interest on Indebtedness
(other than Indebtedness under the Debt Documents and Subordinated Indebtedness) secured by a Lien on the assets disposed of required to be paid as a result of such transaction and any deduction of appropriate amounts to be provided by the Issuer or
any of its Restricted Subsidiaries as a reserve in accordance with GAAP against any liabilities associated with the asset disposed of in such transaction and retained by the Issuer or any of its Restricted Subsidiaries after such sale or other
disposition thereof, including pension and other post-employment benefit liabilities and liabilities related to environmental matters or against any indemnification obligations associated with such transaction. 

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

“Notes Priority Collateral” means “Term Loan / Notes First Lien Collateral,” as defined in the ABL Intercreditor
Agreement. 
 “Notes Proceeds Account” means one or more Deposit Accounts or Securities Accounts (as defined in the New
York UCC) into which there may be deposited proceeds of sales or dispositions of Notes Priority Collateral (to the extent such proceeds constitute Notes Priority Collateral). 

“Obligations” means any principal, accrued but unpaid interest (including any interest accruing subsequent to the filing of a
petition in bankruptcy, reorganization or similar proceeding at the rate provided for in the documentation with respect thereto, whether or not such interest is an allowed claim under applicable state, federal or foreign law), penalties, fees,
indemnifications, reimbursements (including reimbursement obligations with respect to letters of credit and banker’s acceptances), damages and other liabilities, and guarantees of payment of such principal, interest, penalties, fees,
indemnifications, reimbursements, damages and other liabilities, payable under the documentation governing any Indebtedness. 

“Offering Memorandum” means the offering memorandum relating to the offering of the Original Securities, dated
February 9, 2021. 
 “Officer” means the Chairman of the Board, the Chief Executive Officer, the Chief Financial
Officer, the President, any Executive Vice President, Senior Vice President or Vice President, the Treasurer or the Secretary of the Issuer. 

“Officer’s Certificate” means a certificate signed on behalf of the Issuer by an Officer of the Issuer, who must be the
principal executive officer, the principal financial officer or the principal accounting officer of the Issuer, that meets the requirements set forth in this Indenture and is delivered to the Trustee. 

“Opinion of Counsel” means a written opinion from legal counsel who is reasonably acceptable to the Trustee, which meets the
requirements set forth in this Indenture. The counsel may be an employee of or counsel to the Issuer. 

  
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 “Parent Company” means any Person so long as such Person directly or
indirectly holds 100.0% of the total voting power of the Capital Stock of the Issuer, and at the time such Person acquired such voting power, no Person and no group (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the
Exchange Act or any successor provision), including any such group acting for the purpose of acquiring, holding or disposing of securities (within the meaning of Rule 13d-5(b)(1) under the Exchange Act),
shall have beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act, or any successor provisions), directly or indirectly, of 50.0% or more of the total voting power of the Voting
Stock of such Person. 
 “Pari Intercreditor Agreement” means that certain Pari Passu Intercreditor Agreement, dated as of
July 30, 2020, by and between Ankura Trust Company, LLC, as collateral trustee, Deutsche Bank AG New York Branch, as term loan agent, the Collateral Trustee, as additional collateral agent and additional authorized representative (pursuant to
Joinder No. 1 to Pari Passu Intercreditor Agreement, dated as of the Issue Date), and, from time to time, any other representative or agent of each class of the secured parties party thereto, and each of the Issuer and the Guarantors from time
to time party thereto, as such agreement may be amended, restated, amended and restated, supplemented or otherwise modified from time to time in accordance therewith and with the terms of this Indenture. 

“Pari Passu Indebtedness” means Indebtedness that ranks equally in right of payment to the Securities, in the case of the
Issuer, or the Guarantees, in the case of any Guarantor (without giving effect to collateral arrangements). 
 “Pari Passu Lien
Indebtedness” means any Additional Securities and any other Indebtedness that is Pari Passu Indebtedness and that is secured by a Lien on the Collateral that has equal priority as the Liens securing the Securities and the Guarantees with
respect to the Collateral and is not secured by any other assets; provided that, in each case, an authorized representative of the holders of such Indebtedness (other than any Additional Securities) shall have executed a joinder to the
Security Documents and the Intercreditor Agreements in the forms provided therein. 
 “Paying Agent” means an office or
agency maintained by the Issuer pursuant to the terms of this Indenture, where Securities may be presented for payment. 

“Permitted Asset Swap” means the substantially concurrent purchase and sale or exchange of Related Business Assets or a
combination of Related Business Assets and Cash Equivalents between the Issuer or any of its Restricted Subsidiaries and another Person; provided that any Cash Equivalents received must be applied in accordance with
Section 4.06. 
 “Permitted Investments” means: 

(1) any Investment in the Issuer or any of its Restricted Subsidiaries; 

(2) any Investment in cash and Cash Equivalents or Investment Grade Securities and Investments that were Cash Equivalents or Investment Grade
Securities when made; 
 (3) any Investment by the Issuer or any of its Restricted Subsidiaries in a Person (including, to the extent
constituting an Investment, in assets of a Person that represent substantially all of its assets or a division, business unit or product line, including research and development and related assets in respect of any product) that is engaged directly
or through entities that will be Restricted Subsidiaries in a Similar Business if as a result of such Investment: 

  
 25 

 (a) such Person becomes a Restricted Subsidiary; or 

(b) such Person, in one transaction or a series of related transactions, is merged, amalgamated or consolidated with or into,
or transfers or conveys substantially all of its assets to, or is liquidated into, the Issuer or a Restricted Subsidiary, 
 and, in each case, any
Investment held by such Person; provided that such Investment was not acquired by such Person in contemplation of such acquisition, merger, consolidation or transfer; 

(4) any Investment in securities or other assets not constituting cash, Cash Equivalents or Investment Grade Securities and received in
connection with an Asset Sale made pursuant to Section 4.06(a) or any other disposition of assets not constituting an Asset Sale; 

(5) any Investment existing on, or made pursuant to binding commitments existing on, the Issue Date and any extension, modification,
replacement, renewal or reinvestments of any such Investments existing or committed on the Issue Date (other than reimbursements of Investments in the Issuer or any Subsidiary); provided that the amount of any such Investment may be increased
(x) as required by the terms of such Investment or commitment as in existence on the Issue Date or (y) as otherwise permitted under this Indenture; 

(6) any Investment acquired by the Issuer or any of its Restricted Subsidiaries: 

(a) in exchange for any other Investment or accounts receivable held by the Issuer or any such Restricted Subsidiary in
connection with or as a result of a bankruptcy, workout, reorganization or recapitalization of, or settlement of delinquent accounts and disputes with or judgments against, the issuer of such other Investment or accounts receivable; 

(b) as a result of a foreclosure by the Issuer or any of its Restricted Subsidiaries with respect to any secured Investment or
other transfer of title with respect to any secured Investment in default; 
 (c) as a result of the settlement, compromise
or resolution of litigation, arbitration or other disputes with Persons who are not Affiliates; or 
 (d) in settlement of
debts created in the ordinary course of business; 
 (7) Hedging Obligations permitted under Section 4.03(b)(x);

 (8) Investments the payment for which consists of Equity Interests (exclusive of Disqualified Stock) of the Issuer, or any of its direct
or indirect Parent Companies; provided, however, that such Equity Interests will not increase the amount available for Restricted Payments under Section 4.04(a)(3); 

(9) guarantees (including Guarantees) of Indebtedness of the Issuer or any Restricted Subsidiary permitted under
Section 4.03, performance guarantees and Contingent Obligations in the ordinary course of business and the creation of liens on the assets of the Issuer or any of its Restricted Subsidiaries in compliance with
Section 4.12, including, without limitation, any guarantee or other obligation issued or incurred under the Senior Credit Facilities in connection with any letter of credit issued for the account of the Issuer or any of its
Subsidiaries (including with respect to the issuance of, or payments in respect of drawings under, such letters of credit); 

  
 26 

 (10) any transaction to the extent it constitutes an Investment that is permitted and made
in accordance with the provisions of Section 4.07(b) (except transactions described in clauses (ii), (iv) and (vii) thereof); 

(11) Investments consisting of or to finance purchases and acquisitions of inventory, supplies, materials, services or equipment or purchases
of contract rights or licenses or leases of intellectual property; 
 (12) Investments having an aggregate Fair Market Value, taken together
with all other Investments made pursuant to this clause (12) that are at that time outstanding (without giving effect to the sale of an Unrestricted Subsidiary to the extent the proceeds of such sale do not consist of, or have not been
subsequently sold or transferred for, cash or marketable securities), not to exceed, at any one time outstanding, the greater of (x) $75.0 million and (y) 54.0% of EBITDA of the Issuer for the most recently ended four consecutive fiscal
quarters for which internal financial statements are available (calculated on a pro forma basis); provided, however, that no Investments in Unrestricted Subsidiaries shall be permitted under this clause (12); 

(13) Investments relating to a Receivables Subsidiary that, in the good faith determination of the Issuer, are necessary or advisable to effect
any Receivables Facility; 
 (14) loans and advances to, or guarantees of Indebtedness of, officers, directors, employees, consultants and
members of management of the Issuer, any of its Subsidiaries or any direct or indirect parent of the Issuer not in excess of $5.0 million outstanding at any one time, in the aggregate (calculated without regard to write-downs or write-offs
thereof); 
 (15) loans and advances to officers, directors, employees, consultants and members of management for business-related travel
expenses, moving expenses and other similar expenses, in each case incurred in the ordinary course of business or consistent with past practices or to fund such Person’s purchase of Equity Interests of the Issuer or any direct or indirect
Parent Company thereof; 
 (16) Investments consisting of licensing or contribution of intellectual property pursuant to joint marketing
arrangements with other Persons; 
 (17) Investments in prepaid expenses, negotiable instruments held for collection and lease, utility and
workers compensation, performance and similar deposits entered into as a result of the operations of the business in the ordinary course; 

(18) Investments in any Subsidiary or any joint venture in connection with intercompany cash management arrangements or related activities
arising in the ordinary course of business; 
 (19) Investments in the ordinary course of business consisting of Uniform Commercial Code
Article 3 endorsements for collection or deposit and Article 4 customary trade arrangements with customers consistent with past practices; 

(20) Investments in joint ventures in an aggregate amount not to exceed the greater of (x) $40.0 million and (y) 10.0% of EBITDA of the
Issuer for the most recently ended four consecutive fiscal quarters for which internal financial statements are available (calculated on a pro forma basis) (with the fair market value of each Investment being measured at the time
made and without giving effect to subsequent changes in value) outstanding at any one time; provided, however, that no Investments in Unrestricted Subsidiaries shall be permitted under this clause (20); 

  
 27 

 (21) Investments in the Securities and the related Guarantees; 

(22) any loan or loans made by the Issuer or any of its Restricted Subsidiaries to a franchisee in the ordinary course of business;
provided that the aggregate principal amount of all loans made pursuant to this clause (22) shall not exceed $15.0 million outstanding at any time; and 

(23) guarantees of leases (other than capital leases) or of other obligations not constituting Indebtedness, in each case in the ordinary
course of business. 
 “Permitted Liens” means, with respect to any Person: 

(1) (a) (i) pledges, deposits or security by such Person under workmen’s compensation laws, unemployment insurance, employers’
health tax and other social security laws or similar legislation or regulations, health, disability or other employee benefits or property and deposits securing liability to insurance carriers under insurance or self-insurance arrangements in
respect of such obligations and (ii) pledges and deposits and other Liens securing liability for reimbursement or indemnification obligations of (including obligations in respect of letters of credit or bank guarantees for the benefit of)
insurance carriers providing property, casualty or liability insurance to the Issuer or any Subsidiary; or (b) Liens, pledges and deposits in connection with bids, tenders, contracts (other than for Indebtedness for borrowed money) or leases,
statutory obligations, surety, customs, bid and appeal bonds, performance and return of money bonds, bids, leases, government contracts, trade contracts, agreements with utilities, performance and completion guarantees and other obligations of a
like nature (including letters of credit in lieu of any such items or to support the issuance thereof) incurred in the ordinary course of business, including those incurred to secure health, safety and environmental obligations in the ordinary
course of business and obligations in respect of letters of credit or bank guarantees that have been posted to support payment of the items described in this clause (1); 

(2) Liens imposed by law, such as landlord’s, carriers’, warehousemen’s, materialmen’s, repairmen’s, construction and
mechanics’ Liens, (i) for sums not yet overdue for a period of more than 30 days, (ii) being contested in good faith by appropriate actions or other Liens arising out of judgments or awards against such Person with respect to which
such Person shall then be proceeding with an appeal or other proceedings for review if adequate reserves with respect thereto are maintained on the books of such Person in accordance with GAAP or (iii) with respect to which the failure to make
payment could not reasonably be expected to have a material adverse effect; 
 (3) Liens for taxes, assessments or other governmental charges
(i) not yet overdue for a period of more than 30 days, (ii) which are being contested in good faith by appropriate actions diligently conducted, if adequate reserves with respect thereto are maintained on the books of such Person in
accordance with GAAP, (iii) for property taxes on property that the Issuer or one of its Subsidiaries has determined to abandon if the sole recourse for such tax, assessment, charge, levy or claim is to such property or (iv) with respect
to which the failure to make payment could not reasonably be expected to have a material adverse effect; 
 (4) Liens in favor of issuers of
performance, surety, bid, indemnity, warranty, release, appeal or similar bonds or with respect to other regulatory requirements or letters of credit or bankers’ acceptances issued, and completion guarantees provided for, in each case pursuant
to the request of and for the account of such Person in the ordinary course of its business or consistent with past practice prior to the Issue Date; 

  
 28 

 (5) minor survey exceptions, minor encumbrances, ground leases, easements or reservations
of, or rights of others for, licenses, rights-of-way, servitudes, sewers, electric lines, drains, telegraph and telephone and cable television lines, gas and oil
pipelines and other similar purposes, or zoning, building codes or other restrictions (including, without limitation, minor defects or irregularities in title and similar encumbrances) as to the use of real properties or Liens incidental to the
conduct of the business of such Person or to the ownership of its properties which were not incurred in connection with Indebtedness and which do not in the aggregate materially impair their use in the operation of the business of such Person; 

(6) Liens securing Indebtedness permitted to be incurred pursuant to clauses (iv), (xiii) or (xviii) of
Section 4.03(b); provided that (a) Liens securing Obligations relating to any Indebtedness permitted to be incurred pursuant to clause (xiii) relate only to Obligations relating to Refinancing Indebtedness
that (x) is secured by Liens on the same assets as the assets that secured the Indebtedness being refinanced or (y) extends, replaces, refunds, refinances, renews or defeases Indebtedness incurred or Disqualified Stock or Preferred Stock
issued under clause (iii) (solely to the extent such Indebtedness was secured by a lien prior to such refinancing) of Section 4.03(b), and (b) Liens securing Indebtedness permitted to be incurred pursuant to clause
(xviii) of Section 4.03(b) extend only to the assets of Foreign Subsidiaries; 
 (7) Liens existing on the
Issue Date (excluding Liens under the Senior Credit Facilities) and Liens securing the Existing Secured Notes pursuant to the First Lien Pledge and Security Agreement, dated as of July 30, 2020, by and among the Issuer and the Guarantors, as
grantors, and Ankura Trust Company, LLC, as collateral trustee, as amended as of the Issue Date; 
 (8) Liens existing on property or shares
of stock of a Person at the time such Person becomes a Subsidiary in accordance with the provisions of this Indenture; provided, however, such Liens are not created or incurred in connection with, or in contemplation of, such other Person
becoming such a Subsidiary; provided, further, however, that such Liens may not extend to any other property owned by the Issuer or any of its Restricted Subsidiaries; 

(9) Liens existing on property at the time the Issuer or a Restricted Subsidiary acquired the property, including any acquisition by means of a
merger, amalgamation or consolidation with or into the Issuer or any of its Restricted Subsidiaries; provided, however, that such Liens are not created or incurred in connection with, or in contemplation of, such acquisition, merger,
amalgamation or consolidation; provided, further, however, that the Liens may not extend to any other property owned by the Issuer or any of its Restricted Subsidiaries; 

(10) Liens securing Indebtedness or other obligations of the Issuer or a Restricted Subsidiary owing to the Issuer or another Restricted
Subsidiary permitted to be incurred in accordance with Section 4.03; 
 (11) Liens securing Hedging Obligations and
Obligations with respect to Cash Management Services so long as the related Indebtedness is permitted to be incurred under this Indenture; 

(12) Liens on specific items of inventory or other goods and proceeds of any Person securing such Person’s obligations in respect of
bankers’ acceptances, a bank guarantee or letters of credit issued or created for the account of such Person to facilitate the purchase, shipment or storage of such inventory or other goods; 

  
 29 

 (13) leases, subleases, licenses or sublicenses, grants or permits (including with respect
to intellectual property and software) granted to others in the ordinary course of business which do not materially interfere with the ordinary conduct of the business of the Issuer or any of its Restricted Subsidiaries and the customary rights
reserved or vested in any Person by the terms of any lease, sublease, license, sublicense, grant or permit, or to require annual or periodic payments as a condition to the continuance thereof; 

(14) Liens arising from Uniform Commercial Code (or equivalent statutes) financing statement filings regarding operating leases, consignments
or accounts in connection with any transaction otherwise permitted under this Indenture; 
 (15) Liens in favor of the Issuer or any
Guarantor; 
 (16) Liens on equipment of the Issuer or any of its Restricted Subsidiaries granted in the ordinary course of business to the
Issuer’s clients; 
 (17) Liens on accounts receivable and related assets incurred in connection with a Receivables Facility; 

(18) Liens to secure any modification, refinancing, refunding, extension, renewal or replacement (or successive refinancing, refunding,
extensions, renewals or replacements) as a whole, or in part, of any Indebtedness secured by any Lien referred to in clauses (6), (7), (8), (9), this clause (18) and clause (38) hereof; provided, however, that
(a) such new Lien shall be limited to all or part of the same property that secured the original Lien (plus improvements, accessions, proceeds or dividends or distributions in respect thereof and after-acquired property) and proceeds and
products thereof, (b) such new Lien shall have the same or junior Lien priorities as the prior Lien, and (c) the Indebtedness secured by such Lien at such time is not increased to any amount greater than the sum of (i) the outstanding
principal amount or, if greater, committed amount of the Indebtedness described under clauses (6), (7), (8), (9), this clause (18) and clause (38) hereof at the time the original Lien became a Permitted Lien under this Indenture, and
(ii) an amount necessary to pay any fees (including original issue discount, upfront fees or similar fees) and expenses, including premiums (including tender premiums and accrued and unpaid interest), penalties or similar amounts, related to
such modification, refinancing, refunding, extension, renewal or replacement; 
 (19) deposits made or other security provided to secure
liabilities to insurance carriers under insurance or self-insurance arrangements in the ordinary course of business; 
 (20) Liens securing
judgments for the payment of money not constituting an Event of Default under Section 6.01(e) so long as such Liens are, adequately bonded and any appropriate legal proceedings that may have been duly initiated for the
review of such judgment have not been finally terminated or the period within which such proceedings may be initiated has not expired; 

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

  
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 (22) Liens (i) of a collection bank arising under
Section 4-210 of the Uniform Commercial Code on items in the course of collection, (ii) attaching to commodity trading accounts or other commodity brokerage accounts incurred in the ordinary course
of business, and (iii) in favor of banking institutions arising as a matter of law encumbering deposits (including the right of set-off) and which are within the general parameters customary in the
banking industry; 
 (23) Liens deemed to exist in connection with Investments in repurchase agreements or other Cash Equivalents permitted
under Section 4.03; provided that such Liens do not extend to any assets other than those that are the subject of such repurchase agreement or other Cash Equivalent; 

(24) Liens encumbering reasonable customary initial deposits and margin deposits and similar Liens attaching to commodity trading accounts or
other brokerage accounts incurred in the ordinary course of business and not for speculative purposes; 
 (25) Liens that are contractual
rights of set-off (i) relating to the establishment of depository relations with banks not given in connection with the issuance of Indebtedness, (ii) relating to pooled deposit or sweep accounts of
the Issuer or any of its Restricted Subsidiaries to permit satisfaction of overdraft or similar obligations incurred in the ordinary course of business of the Issuer and its Restricted Subsidiaries or (iii) relating to purchase orders and other
agreements entered into with customers of the Issuer or any of its Restricted Subsidiaries in the ordinary course of business; 
 (26) Liens
solely on any cash earnest money deposits made by the Issuer or any of its Restricted Subsidiaries in connection with any letter of intent or purchase agreement permitted under this Indenture; 

(27) the rights reserved or vested in any Person by the terms of any lease, license, franchise, grant or permit held by the Issuer or any of
its Restricted Subsidiaries or by a statutory provision, to terminate any such lease, license, franchise, grant or permit, or to require annual or periodic payments as a condition to the continuance thereof; 

(28) restrictive covenants affecting the use to which real property may be put; provided, however, that the covenants are
complied with; 
 (29) security given to a public utility or any municipality or governmental authority when required by such utility or
authority in connection with the operations of that Person in the ordinary course of business; 
 (30) zoning
by-laws and other land use restrictions, including, without limitation, site plan agreements, development agreements and contract zoning agreements; 

(31) Liens arising out of conditional sale, title retention, consignment or similar arrangements for sale of goods entered into by the Issuer
or any Restricted Subsidiary in the ordinary course of business; 
 (32) (i) customary transfer restrictions and purchase options in joint
venture and similar agreements, (ii) Liens on Equity Interests in joint ventures securing obligations of such joint ventures and (iii) customary rights of first refusal and tag, drag and similar rights in joint venture agreements entered
into in the ordinary course of business; 

  
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 (33) (i) the prior rights of consignees and their lenders under consignment arrangements
entered into in the ordinary course of business, (ii) Liens arising out of conditional sale, title retention or similar arrangements for the sale of goods in the ordinary course of business and (iii) Liens arising by operation of law under
Article 2 of the Uniform Commercial Code; 
 (34) Liens securing the Securities issued on the Issue Date and Guarantees of such Securities;

 (35) Liens on the assets of Foreign Subsidiaries securing Indebtedness permitted to be incurred by Foreign Subsidiaries under this
Indenture; 
 (36) Liens securing obligations not to exceed $65.0 million at any one time outstanding; 

(37) Liens securing obligations in respect of (x) Indebtedness and other obligations permitted to be incurred under any Credit Facilities,
including any letter of credit facility relating thereto, that was permitted by the terms of this Indenture to be incurred pursuant to clause (i)(A), (i)(B) and (xiii) (in the case of clause (xiii), only to the extent that such
Indebtedness extends, replaces, refunds, refinances, renews or defeases Indebtedness originally incurred pursuant to Credit Facilities as permitted under clause (i)(B) of Section 4.03(b) or any
Refinancing Indebtedness in respect thereof) of Section 4.03(b) and (y) obligations of the Issuer or any Guarantor in respect of any Bank Products or Cash Management Services provided by any lender party to any Credit
Facility or any affiliate of such lender (or any Person that was a lender or an affiliate of a lender at the time the applicable agreements pursuant to which such Bank Products or Cash Management Services are provided were entered into); 

(38) Liens incurred to secure Obligations in respect of any Indebtedness permitted to be incurred pursuant to
Section 4.03; provided that, with respect to Liens securing Obligations permitted under this clause (38), at the time of incurrence and after giving pro forma effect thereto (or in the case of
Indebtedness under Designated Revolving Commitments, on the date such Designated Revolving Commitments are established after giving pro forma effect to the incurrence of the entire committed amount of the Indebtedness thereunder, in which
case such committed amount under such Designated Revolving Commitments may thereafter be borrowed and reborrowed, in whole or in part, from time to time, without further compliance with this clause), the Consolidated Secured Debt Ratio would be no
greater than 4.25 to 1.00; 
 (39) Liens on cash and Cash Equivalents that are earmarked to be used to defease, redeem, satisfy or discharge
Indebtedness; provided that (a) such cash and/or Cash Equivalents are deposited into an account from which payment is to be made, directly or indirectly, to the Person or Persons holding the Indebtedness that is to be defeased, redeemed,
satisfied or discharged, (b) such Liens extend solely to the account in which such cash and/or Cash Equivalents are deposited and are solely in favor of the Person or Persons holding the Indebtedness (or any agent or trustee for such Person or
Persons) that is to be defeased, redeemed, satisfied or discharged, and (c) the defeasance, redemption, satisfaction or discharge of such Indebtedness is expressly permitted under this Indenture; 

(40) Liens on any (a) escrow or similar account, and all right, title and interest therein, established for the purpose of escrowing the
proceeds of Indebtedness of the Issuer or any of its Restricted Subsidiaries pending application of such proceeds, (b) all cash, cash equivalents and securities (including securities entitlements) deposited or held in such account, including
amounts deposited therein to pay interest, accreted original issue discount, premium, penalties, fees and expenses payable upon release of, or the redemption or prepayment of such Indebtedness upon termination of, such escrow or arrangement, and
(c) all right, title and interest in the escrow or similar agreement governing such account and the application of all property deposited or held in such account, including the right to receive such property; 

  
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 (41) purported Liens evidenced by the filing of precautionary Uniform Commercial Code
financing statements relating solely to operating leases of personal property or consignment or bailee arrangements entered into in the ordinary course of business; and 

(42) Liens securing Indebtedness incurred pursuant to Section 4.03(b)(xxiii) or any Refinancing Indebtedness in
respect thereof in connection with a Sale and Lease-Back Transaction. 
 For purposes of this definition, the term “Indebtedness”
shall be deemed to include interest on such Indebtedness. 
 “Person” means any individual, corporation, limited liability
company, partnership, joint venture, association, joint stock company, trust, unincorporated organization, government or any agency or political subdivision thereof or any other entity. 

“Preferred Stock” means any Equity Interest with preferential rights of payment of dividends or upon liquidation,
dissolution, or winding up. 
 “Public Company Costs” shall mean costs relating to compliance with the Sarbanes-Oxley Act
of 2002, as amended, and other expenses arising out of or incidental to the Issuer’s or its Subsidiaries status as a reporting company, including costs, fees and expenses (including legal, accounting and other professional fees) relating to
compliance with provisions of the Securities Act and the Exchange Act, directors’ compensation, fees and expense reimbursement, shareholder meetings and reports to shareholders, directors’ and officers’ insurance and other executive
costs, legal and other professional fees, and listing fees in each case incurred or accrued prior to the Issue Date. 
 “Rating
Agencies” means Moody’s and S&P or if Moody’s or S&P or both shall not make a rating publicly available, a nationally recognized statistical rating agency or agencies, as the case may be. 

“Receivables Facility” means any of one or more receivables financing facilities as amended, supplemented, modified,
extended, renewed, restated or refunded from time to time, the Obligations of which are non-recourse (except for customary representations, warranties, covenants and indemnities made in connection with such
facilities) to the Issuer or any of its Restricted Subsidiaries (other than a Receivables Subsidiary) pursuant to which the Issuer or any of its Restricted Subsidiaries sells its accounts receivable to either (a) a Person that is not a
Restricted Subsidiary or (b) a Receivables Subsidiary that in turn sells its accounts receivable to a Person that is not a Restricted Subsidiary. 

“Receivables Fees” means distributions or payments made directly or by means of discounts with respect to any accounts
receivable or participation interest therein issued or sold in connection with, and other fees paid to a Person that is not a Restricted Subsidiary in connection with, any Receivables Facility. 

“Receivables Subsidiary” means any Subsidiary formed for the purpose of, and that solely engages only in one or more
Receivables Facilities and other activities reasonably related thereto. 

  
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 “Refinancing Transactions” means (a) the issuance and sale of the
Original Securities and the use of proceeds thereof to repay and terminate the Issuer’s term loan facility under the Term Loan Credit Agreement and to pay related fees and expenses, (b) the entry into the ABL Facility and the replacement
of the credit facilities provided under the ABL credit agreement, dated as of August 19, 2015, among the Issuer, the other borrowers party thereto, the subsidiaries of the Issuer party thereto from time to time, the lenders party thereto from
time to time, JPMorgan Chase Bank, N.A., as administrative agent and collateral agent, and the other agents party thereto, and (c) each agreement entered into and each transaction consummated in connection with, or in furtherance of, the items
described in the foregoing clauses (a) and (b). 
 “Related Business Assets” means assets (other than cash or Cash
Equivalents) used or useful in a Similar Business; provided that any assets received by the Issuer or a Restricted Subsidiary in exchange for assets transferred by the Issuer or a Restricted Subsidiary shall not be deemed to be Related
Business Assets if they consist of securities of a Person, unless upon receipt of the securities of such Person, such Person would become a Restricted Subsidiary. 

“Restricted Investment” means an Investment other than a Permitted Investment. 

“Restricted Subsidiary” means, at any time, any direct or indirect Subsidiary of the Issuer (including any Foreign
Subsidiary) that is not then an Unrestricted Subsidiary; provided, however, that upon the occurrence of an Unrestricted Subsidiary ceasing to be an Unrestricted Subsidiary, such Subsidiary shall be included in the definition of
“Restricted Subsidiary.” 
 “S&P” means S&P Global Ratings and any successor to its rating agency
business. 
 “Sale and Lease-Back Transaction” means any arrangement providing for the leasing by the Issuer or any of its
Restricted Subsidiaries of any real or tangible personal property, which property has been or is to be sold or transferred by the Issuer or such Restricted Subsidiary to a third Person in contemplation of such leasing. 

“SEC” means the U.S. Securities and Exchange Commission. 

“Secured Indebtedness” means any Indebtedness of the Issuer or any of its Restricted Subsidiaries, as applicable, secured by
a Lien. 
 “Secured Parties” has the meaning set forth in the Security Agreement. 

“Securities” has the meaning given to such term in the preamble. 

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations of the SEC promulgated
thereunder. 
 “Security Agreement” means that certain First Lien Pledge and Security Agreement, dated as of the Issue
Date, by and among the Issuer and the Guarantors, as grantors, and the Collateral Trustee, as amended, restated, amended and restated, supplemented, renewed, replaced, or otherwise modified, in whole or in part, from time to time, in accordance with
its terms, the form of which is attached as Exhibit D hereto. 

  
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 “Security Documents” means the Security Agreement, and any one or more
additional security agreements, pledge agreements, intellectual property security agreements, collateral assignments, mortgages, deeds of covenants, assignments of earnings and insurances, share pledges, share charges, collateral agency agreements,
deeds of trust or other grants or transfers for security executed and delivered by the Issuer or the Guarantors to be entered into on the Issue Date for such Issuer or Guarantor, creating, or purporting to create, a Lien upon all or a portion of the
Collateral in favor of the Collateral Trustee for the benefit of the Secured Parties, in each case as amended, restated, amended and restated, supplemented, renewed, replaced or otherwise modified, in whole or part, from time to time, in accordance
with its terms. 
 “Security Register” means the register of Securities, maintained by the Registrar, pursuant to
Section 2.04 hereof. 
 “Senior Credit Facilities” means (1) the ABL Facility, (2) any
Credit Facility designated by the Issuer as a “Credit Agreement” under the Pari Intercreditor Agreement (including any Credit Facility refinancing the Term Loan Credit Agreement after such agreement has been terminated), (3) any Credit
Facility designated by the Issuer as “Term Loan Obligations” under the ABL Intercreditor Agreement (other than the Securities and any Additional Securities), and (4) if designated by the Issuer to be included in the definition of
“Senior Credit Facility,” one or more (i) debt facilities or commercial paper facilities, providing for revolving credit loans, term loans, receivables financing (including through the sale of receivables to lenders or to special
purpose entities formed to borrower from lenders against such receivables) or letters of credit, (ii) debt securities, indentures or other forms of debt financing (including convertible or exchangeable debt instruments or bank guarantees or
bankers’ acceptances) or (iii) instruments or agreements evidencing any other Indebtedness, in each case, as amended, restated, amended and restated, supplemented, waived, renewed, refunded, replaced, restructured, repaid, refinanced or
otherwise modified in whole or in part from time to time. 
 “Significant Subsidiary” means any Restricted Subsidiary that
would be a “significant subsidiary” as defined in Article 1, Rule 1-02 of Regulation S-X, promulgated pursuant to the Securities Act, as such regulation
is in effect on the Issue Date. 
 “Similar Business” means any business conducted by the Issuer and its Restricted
Subsidiaries on the Issue Date or any business that is a reasonable extension, development or expansion of any of the foregoing or is similar, reasonably related, incidental or ancillary thereto (including, for the avoidance of doubt, any sourcing
companies created in connection with any of the foregoing). 
 “Standard Securitization Undertakings” means
representations, warranties, covenants, indemnities and guarantees of performance entered into by the Issuer or any Subsidiary of the Issuer which the Issuer has determined in good faith to be customary in a Receivables Facility including, without
limitation, those relating to the servicing of the assets of a Receivables Subsidiary. 
 “Subordinated Indebtedness”
means, with respect to the Securities, 
 (1) any Indebtedness of the Issuer which is by its terms subordinated in right of payment to the
Securities, and 
 (2) any Indebtedness of any Guarantor which is by its terms subordinated in right of payment to the Guarantee of such
entity of the Securities. 

  
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 “Subsidiary” means, with respect to any Person: 

(1) any corporation, association, or other business entity (other than a partnership, joint venture, limited liability company or similar
entity) of which more than 50% of the total voting power of shares of Capital Stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at the time of determination
owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of that Person or a combination thereof or is consolidated under GAAP with such Person at such time; and 

(2) any partnership, joint venture, limited liability company or similar entity of which 

(x) more than 50% of the capital accounts, distribution rights, total equity and voting interests or general or limited
partnership interests, as applicable, are owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of that Person or a combination thereof whether in the form of membership, general, special or limited
partnership or otherwise, and 
 (y) such Person or any Restricted Subsidiary of such Person is a controlling general partner
or otherwise controls such entity. 
 “Term Loan Credit Agreement” means that certain Term Loan Credit Agreement, dated as
of August 19, 2015, among Holdings, the Issuer, Party City Corporation, a Delaware corporation, the lenders from time to time party thereto, Deutsche Bank AG New York Branch, as administrative agent, and the other parties thereto, as
refinanced, amended, restated, amended and restated, extended, supplemented, replaced or otherwise modified from time to time (including any such refinancing after the original Term Loan Credit Agreement has been terminated that is designated by the
Issuer as a “Credit Agreement” under the Pari Intercreditor Agreement). 
 “Treasury Rate” means, as of any
redemption date, the yield to maturity as of such redemption date of United States Treasury securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15 that has become publicly available
at least two Business Days prior to the redemption date (or, if such Statistical Release is no longer published, any publicly available source of similar market data)) most nearly equal to the period from the redemption date to August 15, 2023;
provided, however, that if the period from the redemption date to August 15, 2023 is less than one year, the weekly average yield on actually traded United States Treasury securities adjusted to a constant maturity of one year
will be used. 
 “Trust Indenture Act” means the Trust Indenture Act of 1939, as amended (15 U.S.C. §§
77aaa-77bbbb). 
 “Trust Officer” means: 

(1) any officer within the corporate trust department of the Trustee, including any vice president, assistant vice president, trust officer or
any other officer of the Trustee who customarily performs functions similar to those performed by the Persons who at the time shall be such officers, respectively, or to whom any corporate trust matter is referred because of such Person’s
knowledge of and familiarity with the particular subject, and 
 (2) who shall have direct responsibility for the administration of this
Indenture. 
 “Trustee” means the party named as such in the preamble until a successor replaces it and, thereafter, means
the successor. 

  
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 “Unrestricted Subsidiary” means: 

(1) any Subsidiary of the Issuer which at the time of determination is an Unrestricted Subsidiary (as designated by the Issuer, as provided
below); and 
 (2) any Subsidiary of an Unrestricted Subsidiary. 

As of the Issue Date, the Anagram Issuers and their Subsidiaries shall be Unrestricted Subsidiaries hereunder. 

The Issuer may designate any Subsidiary of the Issuer (including any existing Subsidiary and any newly acquired or newly formed Subsidiary) to
be an Unrestricted Subsidiary unless such Subsidiary or any of its Subsidiaries owns any Equity Interests or Indebtedness of, or owns or holds any Lien on, any property of, the Issuer or any Subsidiary of the Issuer (other than solely any Subsidiary
of the Subsidiary to be so designated); provided that 
 (1) any Unrestricted Subsidiary must be an entity of which the Equity
Interests entitled to cast at least a majority of the votes that may be cast by all Equity Interests having ordinary voting power for the election of directors or Persons performing a similar function are owned, directly or indirectly, by the
Issuer; 
 (2) such designation complies with and may be made using capacity under Section 4.04; and 

(3) each of: 
 (a)
the Subsidiary to be so designated; and 
 (b) its Subsidiaries 

has not at the time of designation, and does not thereafter, create, incur, issue, assume, guarantee or otherwise become directly or indirectly liable with
respect to any Indebtedness pursuant to which the lender has recourse to any of the assets of the Issuer or any Restricted Subsidiary. 

The Issuer may designate any Unrestricted Subsidiary to be a Restricted Subsidiary; provided that, immediately after giving effect to
such designation, (i) no Default shall have occurred and be continuing and (ii) the Issuer could incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Ratio test in Section 4.03(a).

 Any such designation by the Issuer shall be notified by the Issuer to the Trustee by promptly filing with the Trustee a copy of the
resolution of the board of directors of the Issuer or any committee thereof giving effect to such designation and an Officer’s Certificate certifying that such designation complied with the foregoing provisions. 

“Voting Stock” of any Person as of any date means the Capital Stock of such Person that is at the time entitled to vote in
the election of the board of directors of such Person. 

  
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 “Weighted Average Life to Maturity” means, when applied to any
Indebtedness, Disqualified Stock or Preferred Stock, as the case may be, at any date, the quotient obtained by dividing: 
 (1) the sum of
the products of the number of years from the date of determination to the date of each successive scheduled principal payment of such Indebtedness or redemption or similar payment with respect to such Disqualified Stock or Preferred Stock multiplied
by the amount of such payment; by 
 (2) the sum of all such payments; 

provided, that for purposes of determining the Weighted Average Life to Maturity of any Indebtedness that is being extended, replaced, refunded,
refinanced, renewed or defeased (the “Applicable Indebtedness”), the effects of any amortization or prepayments made on such Applicable Indebtedness prior to the date of the applicable extension, replacement, refunding, refinancing,
renewal or defeasance shall be disregarded. 
 “Wholly-Owned Subsidiary” of any Person means a Subsidiary of such Person,
100% of the outstanding Equity Interests of which (other than directors’ qualifying shares and shares issued to foreign nationals as required under applicable law) shall at the time be directly or indirectly owned by such Person or by one or
more Wholly-Owned Subsidiaries of such Person or by such Person and one or more Wholly-Owned Subsidiaries of such Person. 

  
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 SECTION 1.02 Other Definitions. 

 

			
	 Term
	  	 Defined in Section

	 “Acceptable Commitment”
	  	 4.06(b)

	 “Affiliate Transaction”
	  	 4.07(a)

	 “Appendix”
	  	 2.01

	 “Applicable Premium Deficit”
	  	 8.01(1)(b)

	 “Asset Sale Offer”
	  	 4.06(c)

	 “Authentication Order”
	  	 2.03

	 “Change of Control Offer”
	  	 4.08(a)

	 “Change of Control Payment”
	  	 4.08(a)

	 “Change of Control Payment Date”
	  	 4.08(b)(ii)

	 “Clearstream”
	  	 Appendix A

	 “covenant defeasance option”
	  	 8.01(2)

	 “Covenant Suspension Event”
	  	 4.16(a)

	 “Declined Excess Proceeds”
	  	 4.06(c)

	 “Definitive Security”
	  	 Appendix A

	 “Depository”
	  	 Appendix A

	 “DTC”
	  	 1.04(h)

	 “Euroclear”
	  	 Appendix A

	 “Event of Default”
	  	 6.01

	 “Excess Proceeds”
	  	 4.06(c)

	 “Global Securities”
	  	 Appendix A

	 “Global Securities Legend”
	  	 Appendix A

	 “Guaranteed Obligations”
	  	 10.01(a)

	 “Holdings”
	  	 Preamble

	 “IAI”
	  	 Appendix A

	 “incur”
	  	 4.03(a)

	 “LCT Election”
	  	 1.05

	 “LCT Test Date”
	  	 1.05

	 “legal defeasance option”
	  	 8.01(b)

	 “Original Securities”
	  	 Preamble

	 “protected purchaser”
	  	 2.08

	 “QIB”
	  	 Appendix A

	 “Refinancing Indebtedness”
	  	 4.03(b)(xiii)

	 “Refunding Capital Stock”
	  	 4.04(b)(ii)

	 “Registrar”
	  	 2.04(a)

	 “Regulation S”
	  	 Appendix A

	 “Regulation S Global Securities”
	  	 Appendix A

	 “Regulation S Permanent Global Security”
	  	 Appendix A

	 “Regulation S Temporary Global Security”
	  	 Appendix A

	 “Restricted Payments”
	  	 4.04(a)

	 “Restricted Period”
	  	 Appendix A

	 “Restricted Security Legend”
	  	 Appendix A

	 “Reversion Date”
	  	 4.16(a)

	 “Rule 144A”
	  	 Appendix A

	 “Rule 144A Global Securities”
	  	 Appendix A

	 “Rule 144A Securities”
	  	 Appendix A

	 “Rule 501”
	  	 Appendix A

	 “Securities Custodian”
	  	 Appendix A

  
 39 

			
	 Term
	  	 Defined in Section

	 “Successor Company”
	  	 5.01(a)(i)

	 “Successor Person”
	  	 5.01(b)(i)

	 “Suspended Covenants”
	  	 4.16(a)

	 “Suspension Period”
	  	 4.16(a)

	 “Tax Group”
	  	 4.04(b)(xiii)(B)

	 “Transfer Restricted Securities”
	  	 Appendix A

	 “Treasury Capital Stock”
	  	 4.04(b)(ii)

	 “Unrestricted Definitive Security”
	  	 Appendix A

	 “Unrestricted Global Security”
	  	 Appendix A

 SECTION 1.03 Rules of Construction. Unless the context otherwise requires: 

(a) a term has the meaning assigned to it; 

(b) an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP; 

(c) “or” is not exclusive; 

(d) “including” means including without limitation; 

(e) words in the singular include the plural and words in the plural include the singular; 

(f) unsecured Indebtedness shall not be deemed to be subordinate or junior to Secured Indebtedness merely by virtue of its nature as unsecured
Indebtedness, and senior Indebtedness shall not be deemed to be subordinate or junior to any other senior Indebtedness merely by virtue of its junior priority with respect to the same collateral; 

(g) “$” and “U.S. dollars” each refer to United States dollars, or such other money of the United States of America that at
the time of payment is legal tender for payment of public and private debts; 
 (h) “consolidated” means, with respect to any
Person, such Person consolidated with its Restricted Subsidiaries, and shall not include any Unrestricted Subsidiary, but the interest of such Person in an Unrestricted Subsidiary shall be accounted for as an Investment; 

(i) “will” shall be interpreted to express a command; 

(j) provisions apply to successive events and transactions; 

(k) unless the context otherwise requires, any reference to an “Appendix,” “Article,” “Section,”
“clause,” “Schedule” or “Exhibit” refers to an Appendix, Article, Section, clause, Schedule or Exhibit, as the case may be, of this Indenture; 

(l) the words “herein,” “hereof” and other words of similar import refer to this Indenture as a whole and not any
particular Article, Section, clause or other subdivision; 

  
 40 

 (m) references to sections of, or rules under the Securities Act, the Exchange Act shall be
deemed to include substitute, replacement or successor sections or rules adopted by the SEC from time to time; 
 (n) unless otherwise
provided, references to agreements and other instruments shall be deemed to include all amendments and other modifications to such agreements or instruments, but only to the extent such amendments and other modifications are not prohibited by the
terms of this Indenture; and 
 (o) this Indenture is not qualified under the Trust Indenture Act, and the Trust Indenture Act shall not
apply to or in any way govern the terms of this Indenture, including Section 316(b) thereof. No provisions of the Trust Indenture Act are incorporated into this Indenture, other than as referenced for the limited purpose set forth in
Section 7.09 hereof. 
 SECTION 1.04 Acts of Holders. 

(a) Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by
Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by an agent duly appointed in writing. Except as herein otherwise expressly provided, such action shall become
effective when such instrument or instruments or record or both are delivered to the Trustee and, where it is hereby expressly required, to the Issuer. Proof of execution of any such instrument or of a writing appointing any such agent, or the
holding by any Person of a Security, shall be sufficient for any purpose of this Indenture and (subject to Section 7.01) conclusive in favor of the Trustee and the Issuer, if made in the manner provided in this
Section 1.04. 
 (b) The fact and date of the execution by any Person of any such instrument or writing may be
proved by the affidavit of a witness of such execution or by the certificate of any notary public or other officer authorized by law to take acknowledgements of deeds, certifying that the individual signing such instrument or writing acknowledged to
him the execution thereof. Where such execution is by or on behalf of any legal entity other than an individual, such certificate or affidavit shall also constitute proof of the authority of the Person executing the same. The fact and date of the
execution of any such instrument or writing, or the authority of the Person executing the same, may also be proved in any other manner that the Trustee deems sufficient. 

(c) The ownership of Securities shall be proved by the Security Register. 

(d) Any request, demand, authorization, direction, notice, consent, waiver or other action by the Holder of any Security shall bind every
future Holder of the same Security and the Holder of every Security issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof, in respect of any action taken, suffered or omitted by the Trustee or the Issuer in
reliance thereon, whether or not notation of such action is made upon such Security. 
 (e) The Issuer may, at its option, set a record date
for purposes of determining the identity of Holders entitled to give any request, demand, authorization, direction, notice, consent, waiver or take any other act, or to vote or consent to any action by vote or consent authorized or permitted to be
given or taken by Holders, but the Issuer shall have no obligation to do so. 

  
 41 

 (f) Without limiting the foregoing, a Holder entitled to take any action hereunder with
regard to any particular Security may do so with regard to all or any part of the principal amount of such Security or by one or more duly appointed agents, each of which may do so pursuant to such appointment with regard to all or any part of such
principal amount. Any notice given or action taken by a Holder or its agents with regard to different parts of such principal amount pursuant to this paragraph shall have the same effect as if given or taken by separate Holders of each such
different part. 
 (g) Without limiting the generality of the foregoing, a Holder, including the Depositary, may make, give or take, by a
proxy or proxies duly appointed in writing, any request, demand, authorization, direction, notice, consent, waiver or other action provided in this Indenture to be made, given or taken by Holders, and the Depositary may provide its proxy to the
beneficial owners of interests in any such Global Security through such Depositary’s standing instructions and customary practices. 

(h) The Issuer may fix a record date for the purpose of determining the Persons who are beneficial owners of interests in any Global Security
held by The Depository Trust Company (“DTC”) entitled under the procedures of such Depositary to make, give or take, by a proxy or proxies duly appointed in writing, any request, demand, authorization, direction, notice, consent,
waiver or other action provided in this Indenture to be made, given or taken by Holders. If such a record date is fixed, the Holders on such record date or their duly appointed proxy or proxies, and only such Persons, shall be entitled to make, give
or take such request, demand, authorization, direction, notice, consent, waiver or other action, whether or not such Holders remain Holders after such record date. 

SECTION 1.05 Limited Condition Transaction. When calculating the availability under any basket or ratio under this Indenture or
compliance with any provision of this Indenture in connection with any Limited Condition Transaction and any actions or transactions related thereto, in each case, at the option of the Issuer (the Issuer’s election to exercise such option, an
“LCT Election”), the date of determination for availability under any such basket or ratio and whether any such action or transaction is permitted (or any requirement or condition therefor is complied with or satisfied (including as
to the absence of any continuing Default or Event of Default)) under this Indenture shall be deemed to be the date (the “LCT Test Date”) the definitive agreements for such Limited Condition Transaction are entered into (which in the
case of any irrevocable prepayment, redemption or offer to purchase Indebtedness may be the date of the notice of prepayment or redemption or transmittal of offer to purchase), and if, after giving pro forma effect to the Limited Condition
Transaction and any actions or transactions related thereto (including acquisitions, Investments, the incurrence or issuance of Indebtedness, Disqualified Stock or Preferred Stock and the use of proceeds thereof, the incurrence of Liens, repayments
and Restricted Payments) and any related pro forma adjustments, the Issuer or any of its Restricted Subsidiaries would have been permitted to take such actions or consummate such transactions on the relevant LCT Test Date in compliance with such
ratio, test or basket (and any related requirements and conditions), such ratio, test or basket (and any related requirements and conditions) shall be deemed to have been complied with (or satisfied) for all purposes (in the case of Indebtedness,
for example, whether such Indebtedness is committed, issued or incurred at the LCT Test Date or at any time thereafter); provided that (a) if financial statements for one or more subsequent fiscal quarters shall have become available, the
Issuer may elect, in its sole discretion, to re-determine all such ratios, tests or baskets on the basis of such financial statements, in which case, such date of redetermination shall thereafter be deemed to
be the applicable LCT Test Date for purposes of such ratios, tests or baskets, and (b) except as contemplated in the foregoing clause (a), compliance with such ratios, tests or baskets (and any related requirements and conditions) shall not be
determined or tested at any time after the applicable LCT Test Date for such Limited Condition Transaction and any actions or transactions related thereto (including acquisitions, Investments, the incurrence or issuance of Indebtedness, Disqualified
Stock or Preferred Stock and the use of proceeds thereof, the incurrence of Liens, repayments and Restricted Payments). 

  
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 For the avoidance of doubt, if the Issuer has made an LCT Election, (1) if any of the
ratios, tests or baskets for which compliance was determined or tested as of the LCT Test Date would at any time after the LCT Test Date have been exceeded or otherwise failed to have been complied with as a result of fluctuations in any such ratio,
test or basket, including due to fluctuations in EBITDA or Consolidated Total Assets of the Issuer or the Person subject to such Limited Condition Transaction, such baskets, tests or ratios will not be deemed to have been exceeded or failed to have
been complied with as a result of such fluctuations, (2) if any related requirements and conditions (including as to the absence of any continuing Default or Event of Default) for which compliance or satisfaction was determined or tested as of
the LCT Test Date would at any time after the LCT Test Date not have been complied with or satisfied (including due to the occurrence or continuation of an Default or Event of Default), such requirements and conditions will not be deemed to have
been failed to be complied with or satisfied (and such Default or Event of Default shall be deemed not to have occurred or be continuing), and (3) in calculating the availability under any ratio, test or basket in connection with any action or
transaction unrelated to such Limited Condition Transaction following the relevant LCT Test Date and prior to the earlier of the date on which such Limited Condition Transaction is consummated or the date that the definitive agreement or date for
redemption, purchase or repayment specified in an irrevocable notice for such Limited Condition Transaction is terminated, expires or passes, as applicable, without consummation of such Limited Condition Transaction, any such ratio, test or basket
shall be determined or tested giving pro forma effect to such Limited Condition Transaction and the other transactions in connection therewith (including the incurrence of Indebtedness and the use of proceeds thereof). 

ARTICLE 2 
 THE
SECURITIES 
 SECTION 2.01 Amount of Securities. The aggregate principal amount of Original Securities which may be
authenticated and delivered under this Indenture on the Issue Date is $750,000,000. 
 The Issuer may from time to time after the Issue Date
issue Additional Securities under this Indenture in an unlimited principal amount, so long as (i) the incurrence of the Indebtedness represented by such Additional Securities is at such time permitted by Section 4.03
and (ii) such Additional Securities are issued in compliance with the other applicable provisions of this Indenture. With respect to any Additional Securities issued after the Issue Date (except for Securities authenticated and delivered upon
registration of transfer of, or in exchange for, or in lieu of, other Securities pursuant to Section 2.07, 2.08, 2.09, 2.10, 3.06, 3.08, 4.08(c) or
Appendix A (the “Appendix”)), there shall be (a) established in or pursuant to a resolution of the board of directors of the Issuer and (b) (i) set forth or determined in the manner provided in an
Officer’s Certificate or (ii) established in one or more indentures supplemental hereto, prior to the issuance of such Additional Securities: 

(1) the aggregate principal amount of such Additional Securities to be authenticated and delivered under this Indenture; 

(2) the issue price and issuance date of such Additional Securities, including the date from which interest on such Additional Securities shall
accrue; and 
 (3) if applicable, that such Additional Securities shall be issuable in whole or in part in the form of one or more Global
Securities and, in such case, the respective depositaries for such Global Securities, the form of any legend or legends which shall be borne by such Global Securities in addition to or in lieu of those set forth in
Exhibit A hereto and any circumstances in addition to or in lieu of those set forth in Section 2.2 of the Appendix in which any such Global Security may be exchanged in whole or in part for
Additional Securities registered, or any transfer of such Global Security in whole or in part may be registered, in the name or names of Persons other than the Depositary for such Global Security or a nominee thereof. 

  
 43 

 If any of the terms of any Additional Securities are established by action taken pursuant to
a resolution of the board of directors of the Issuer, a copy of an appropriate record of such action shall be certified by the Secretary or any Assistant Secretary of the Issuer and delivered to the Trustee at or prior to the delivery of the
Officer’s Certificate or the indenture supplemental hereto setting forth the terms of the Additional Securities. 
 The Issuer may
designate the maturity date, interest rate and optional redemption provisions applicable to each series of Additional Securities, which may differ from the maturity date, interest rate and optional redemption provisions applicable to the Original
Securities. Additional Securities that differ with respect to maturity date, interest rate, optional redemption provisions or otherwise from the Original Securities will constitute a different series of Securities from the Original Securities.
Additional Securities that have the same maturity date, interest rate and optional redemption provisions as the Original Securities will be treated as the same series as the Original Securities unless otherwise designated by the Issuer. 

The Securities, including any Additional Securities, shall be treated as a single class for all purposes under this Indenture, including,
without limitation, waivers, amendments, redemptions and offers to purchase; provided, however, a separate CUSIP or ISIN will be issued for Additional Securities, unless the Original Securities and Additional Securities are fungible for U.S.
federal income tax purposes. 
 SECTION 2.02 Form and Dating. Provisions relating to the Securities are set forth in the
Appendix, which is hereby incorporated into and expressly made a part of this Indenture. The (i) Original Securities and the Trustee’s certificate of authentication and (ii) any Additional Securities and the Trustee’s certificate
of authentication shall each be substantially in the form of Exhibit A hereto, which is hereby incorporated in and expressly made a part of this Indenture. The Securities may have notations, legends or endorsements required
by law, stock exchange rule, agreements to which the Issuer or any Guarantor is subject, if any, or usage (provided that any such notation, legend or endorsement is in a form acceptable to the Issuer). Each Security shall be dated the date of
its authentication. The Securities shall be issuable only in registered form without interest coupons and in minimum denominations of $2,000 and any integral multiples of $1,000 in excess thereof. 

SECTION 2.03 Execution and Authentication. On the Issue Date, the Trustee shall authenticate and make available for delivery upon
a written order of the Issuer signed by one Officer (an “Authentication Order”) Original Securities for original issue on the Issue Date in an aggregate principal amount of $750,000,000. In addition, subject to the terms of this
Indenture, the Trustee shall upon receipt of an Authentication Order authenticate and deliver Additional Securities issued after the Issue Date in an aggregate principal amount to be determined at the time of issuance and specified therein. Such
Authentication Order shall specify the amount of the Securities to be authenticated, the date on which the original issue of Securities is to be authenticated, and the registered holder of each of the Securities and delivery instructions.
Notwithstanding anything to the contrary in this Indenture or the Appendix, any issuance of Additional Securities after the Issue Date shall be in a principal amount of at least $2,000 and integral multiples of $1,000 in excess of $2,000. It is
understood that, notwithstanding anything to the contrary in this Indenture, only an Authentication Order and an Officer’s Certificate and not an Opinion of Counsel is required for the Trustee to authenticate such Original Securities. 

  
 44 

 One Officer shall sign the Securities for the Issuer by manual, facsimile or PDF signature.

 If an Officer whose signature is on a Security no longer holds that office at the time the Trustee authenticates the Security, the
Security shall be valid nevertheless. 
 A Security shall not be entitled to any benefit under this Indenture or valid until an authorized
signatory of the Trustee manually signs the certificate of authentication on the Security. The signature shall be conclusive evidence that the Security has been authenticated under this Indenture. 

The Trustee may appoint one or more authenticating agents (an “Authenticating Agent”) reasonably acceptable to the Issuer to
authenticate the Securities. Unless limited by the terms of such appointment, an Authenticating Agent may authenticate Securities whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes
authentication by such agent. An Authenticating Agent has the same rights as any Registrar, Paying Agent or agent for service of notices and demands. 

SECTION 2.04 Registrar and Paying Agent. 

(a) The Issuer shall maintain (i) an office or agency where Securities may be presented for registration of transfer or for exchange (the
“Registrar”) and (ii) a Paying Agent. The Registrar shall keep a register of the Securities and of their transfer and exchange. The Issuer may have one or more co-registrars and one or
more additional paying agents. The term “Registrar” includes any co-registrars. The term “Paying Agent” includes the Paying Agent and any additional paying agents. The Issuer initially
appoints the Trustee as Registrar, Paying Agent and the Securities Custodian with respect to the Global Securities. The Issuer initially appoints DTC to act as Depositary with respect to the Global Securities. 

(b) The Issuer shall enter into an appropriate agency agreement with any Registrar or Paying Agent not a party to this Indenture. The agreement
shall implement the provisions of this Indenture that relate to such agent. The Issuer shall notify the Trustee in writing of the name and address of any such agent. If the Issuer fails to maintain a Registrar or Paying Agent, the Trustee shall act
as such and shall be entitled to appropriate compensation therefor pursuant to Section 7.06. 
 (c) The Issuer may
remove any Registrar or Paying Agent upon written notice to such Registrar or Paying Agent and to the Trustee and without prior notice to any Holder; provided, however, that no such removal shall become effective until (i) if applicable,
acceptance of an appointment by a successor as evidenced by an appropriate agreement entered into by the Issuer and such successor Registrar or Paying Agent, as the case may be, and delivered to the Trustee or (ii) notification to the Trustee
that the Trustee shall serve as Registrar or Paying Agent until the appointment of a successor in accordance with clause (i) above. The Registrar or Paying Agent may resign at any time upon written notice to the Issuer and the Trustee;
provided, however, that the Trustee may resign as Paying Agent or Registrar only if the Trustee also resigns as Trustee in accordance with Section 7.07. 

SECTION 2.05 Paying Agent to Hold Money in Trust. Prior to or on each due date of the principal of and interest on any Security,
the Issuer shall deposit with a Paying Agent a sum sufficient to pay such principal and interest when so becoming due. The Issuer shall require each Paying Agent (other than the Trustee) to agree in writing that a Paying Agent shall hold in trust
for the benefit of Holders or the Trustee all money held by a Paying Agent for the payment of principal of and interest on the Securities, and shall notify the Trustee in writing of any default by the Issuer in making any such payment. The Issuer at
any time may require a Paying Agent to pay all money held by it to the Trustee and to account for any funds disbursed by such Paying Agent. Upon complying with this Section, a Paying Agent shall have no further liability for the money delivered to
the Trustee. Upon any bankruptcy or reorganization proceedings relating to the Issuer, the Trustee shall serve as Paying Agent for the Securities. 

  
 45 

 SECTION 2.06 Holder Lists. The Trustee shall preserve in as current a form as is
reasonably practicable the most recent list available to it of the names and addresses of Holders. If the Trustee is not the Registrar, the Issuer shall furnish, or cause the Registrar to furnish, to the Trustee, in writing at least five Business
Days before each interest payment date and at such other times as the Trustee may request in writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of Holders. 

SECTION 2.07 Transfer and Exchange. The Securities shall be issued in registered form and shall be transferable only upon the
surrender of a Security for registration of transfer and in compliance with the Appendix. When a Security is presented to the Registrar with a request to register a transfer, the Registrar shall register the transfer as requested if its requirements
therefor are met. When Securities are presented to the Registrar with a request to exchange them for an equal principal amount of Securities of other denominations, the Registrar shall make the exchange as requested if the same requirements are met.
To permit registration of transfers and exchanges, the Issuer shall execute and the Trustee shall authenticate Securities at the Registrar’s request. The Issuer may require payment of a sum sufficient to pay all taxes, assessments or other
governmental charges in connection with any transfer or exchange pursuant to this Section. The Issuer shall not be required to make, and the Registrar need not register, transfers or exchanges of any Securities (i) selected for redemption
(except, in the case of Securities to be redeemed in part, the portion thereof not to be redeemed) (ii) for a period of 15 days before the mailing of a notice of redemption of Securities to be redeemed or (iii) between a regular record
date and the next succeeding interest payment date. 
 Prior to the due presentation for registration of transfer of any Security, the
Issuer, the Guarantors, the Trustee, the Paying Agent and the Registrar may deem and treat the Person in whose name a Security is registered as the absolute owner of such Security for the purpose of receiving payment of principal of and interest on
such Security and for all other purposes whatsoever, whether or not such Security is overdue, and none of the Issuer, any Guarantor, the Trustee, the Paying Agent or the Registrar shall be affected by notice to the contrary. 

Any Holder of a beneficial interest in a Global Security shall, by acceptance of such beneficial interest, agree that transfers of beneficial
interests in such Global Security may be effected only through a book-entry system maintained by (a) the Holder of such Global Security (or its agent) or (b) any Holder of a beneficial interest in such Global Security, and that ownership
of a beneficial interest in such Global Security shall be required to be reflected in a book entry. 
 All Securities issued upon any
transfer or exchange pursuant to the terms of this Indenture shall evidence the same debt and shall be entitled to the same benefits under this Indenture as the Securities surrendered upon such transfer or exchange. 

SECTION 2.08 Replacement Securities. If a mutilated Security is surrendered to the Registrar or if the Holder of a Security claims
that the Security has been lost, destroyed or wrongfully taken, the Issuer shall issue and the Trustee shall authenticate a replacement Security if the requirements of Section 8-405 of the New York UCC
are met, such that the Holder (a) satisfies the Issuer or the Trustee within a reasonable time after such Holder has notice of such loss, destruction or wrongful taking and the Registrar does not register a transfer prior to receiving such
notification, (b) makes such request to the 

  
 46 

 
Issuer or the Trustee prior to the Security being acquired by a protected purchaser as defined in Section 8-303 of the New York UCC (a “protected
purchaser”) and (c) satisfies any other reasonable requirements of the Trustee. Such Holder shall furnish an indemnity bond sufficient in the judgment of (i) the Trustee to protect the Trustee or (ii) the Issuer to protect the
Issuer, the Trustee, a Paying Agent and the Registrar from any loss that any of them may suffer if a Security is replaced. The Issuer and the Trustee may charge the Holder for their expenses in replacing a Security (including without limitation,
attorneys’ fees and disbursements in replacing such Security). In the event any such mutilated, lost, destroyed or wrongfully taken Security has become or is about to become due and payable, the Issuer in its discretion may pay such Security
instead of issuing a new Security in replacement thereof. 
 Every replacement Security is an additional obligation of the Issuer. 

The provisions of this Section 2.08 are exclusive and shall preclude (to the extent lawful) all other rights and
remedies with respect to the replacement or payment of mutilated, lost, destroyed or wrongfully taken Securities. 
 SECTION 2.09
Outstanding Securities. Securities outstanding at any time are all Securities authenticated by the Trustee except for those canceled by it, those delivered to it for cancellation, those paid pursuant to Section 2.08 and those described
in this Section as not outstanding. Subject to Section 12.04, a Security does not cease to be outstanding because the Issuer or an Affiliate of the Issuer holds the Security. 

If a Security is replaced pursuant to Section 2.08, it ceases to be outstanding unless the Trustee and the Issuer
receive proof satisfactory to them that the replaced Security is held by a protected purchaser. 
 If a Paying Agent segregates and holds in
trust, in accordance with this Indenture, on a redemption date or Maturity Date or any date of purchase pursuant to an offer to purchase money sufficient to pay all principal and interest payable on that date with respect to the Securities (or
portions thereof) to be redeemed, maturing or purchased, as the case may be, and no Paying Agent is prohibited from paying such money to the Holders on that date pursuant to the terms of this Indenture, then on and after that date such Securities
(or portions thereof) cease to be outstanding and interest on them ceases to accrue. 
 SECTION 2.10 Temporary Securities. In
the event that Definitive Securities are to be issued under the terms of this Indenture, until such Definitive Securities are ready for delivery, the Issuer may prepare and the Trustee shall authenticate temporary Securities. Temporary Securities
shall be substantially in the form of Definitive Securities but may have variations that the Issuer considers appropriate for temporary Securities. Without unreasonable delay, the Issuer shall prepare and the Trustee shall authenticate Definitive
Securities and make them available for delivery in exchange for temporary Securities upon surrender of such temporary Securities at the office or agency of the Issuer, without charge to the Holder. Until such exchange, temporary Securities shall be
entitled to the same rights, benefits and privileges as Definitive Securities. 
 SECTION 2.11 Cancellation. The Issuer at any
time may deliver Securities to the Trustee for cancellation. The Registrar and each Paying Agent shall forward to the Trustee any Securities surrendered to them for registration of transfer, exchange or payment. The Trustee, or at the direction of
the Trustee, the Registrar or the Paying Agent and no one else shall cancel all Securities surrendered for registration of transfer, exchange, payment or cancellation and shall dispose of canceled Securities in accordance with its customary
procedures (subject to the record retention requirement of the Exchange Act). The Issuer may not issue new Securities to replace Securities it has redeemed, paid or delivered to the Trustee for cancellation. The Trustee shall not authenticate
Securities in place of canceled Securities other than pursuant to the terms of this Indenture. 

  
 47 

 SECTION 2.12 Defaulted Interest. If the Issuer defaults in a payment of interest
on the Securities, the Issuer shall pay the defaulted interest then borne by the Securities (plus interest on such defaulted interest to the extent lawful) in cash and in any lawful manner. The Issuer may pay the defaulted interest to the Persons
who are Holders on a subsequent special record date. The Issuer shall fix or cause to be fixed any such special record date and payment and shall promptly mail or cause to be sent, or otherwise deliver in accordance with the procedures of DTC, to
each affected Holder and the Trustee a notice that states the special record date, the payment date and the amount of defaulted interest to be paid. 

SECTION 2.13 CUSIP Numbers, ISINs, etc. The Issuer in issuing the Securities may use CUSIP numbers, ISINs and “Common
Code” numbers (if then generally in use) and, if so, the Trustee shall use CUSIP numbers, ISINs and “Common Code” numbers in notices of redemption as a convenience to Holders; provided, however, that any such notice may state
that no representation is made as to the correctness of such numbers, either as printed on the Securities or as contained in any notice of a redemption that reliance may be placed only on the other identification numbers printed on the Securities
and that any such redemption shall not be affected by any defect in or omission of such numbers. The Issuer shall promptly advise the Trustee in writing of any change in the CUSIP numbers, ISINs and “Common Code” numbers. 

SECTION 2.14 Calculation of Principal Amount of Securities. The aggregate principal amount of the Securities, at any date of
determination, shall be the principal amount of the Securities outstanding at such date of determination. With respect to any matter requiring consent, waiver, approval or other action of the Holders of a specified percentage of the principal amount
of all the Securities, such percentage shall be calculated, on the relevant date of determination, by dividing (a) the principal amount, as of such date of determination, of Securities, the Holders of which have so consented, by (b) the
aggregate principal amount, as of such date of determination, of the Securities then outstanding, in each case, as determined in accordance with the preceding sentence, Section 2.09 and Section 12.04 of this Indenture. Any such calculation
made pursuant to this Section 2.14 shall be made by the Issuer and delivered to the Trustee pursuant to an Officer’s Certificate. 

ARTICLE 3 

REDEMPTION 

SECTION 3.01 Redemption. The Securities may be redeemed, in whole, or from time to time in part, subject to the conditions and at
the redemption prices set forth in Section 3.09 hereof, together with accrued and unpaid interest to, but excluding, the redemption date. 

SECTION 3.02 Applicability of Article. Redemption of Securities at the election of the Issuer or otherwise, as permitted or
required by any provision of this Indenture, shall be made in accordance with such provision and this Article. 
 SECTION 3.03
Notices to Trustee. If the Issuer elects to redeem Securities pursuant to the optional redemption provisions of Section 3.09 hereof, it shall notify the Trustee in writing of (i) the paragraph or subparagraph of such Security and
the Section of this Indenture pursuant to which the redemption shall occur, (ii) the redemption date, (iii) the principal amount of Securities to be redeemed and (iv) the redemption price. The Issuer shall give notice to the
Trustee provided for in this 

  
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paragraph at least two (2) Business Days (or such shorter period as shall be acceptable to the Trustee) before notice of redemption is required to be delivered or mailed to Holders pursuant
to Section 3.05 but not more than 60 days before a redemption date if the redemption is pursuant to Section 3.09 hereof; provided, that notice may be given more than 60 days prior to a redemption date if the notice is
(i) issued in connection with Section 8.01 or (ii) conditioned upon satisfaction (or waiver by the Issuer in its sole discretion) of one or more conditions precedent and any or all such conditions shall not have been satisfied (or
waived by the Issuer in its sole discretion). Such notice shall be accompanied by an Officer’s Certificate from the Issuer to the effect that such redemption will comply with the conditions herein. Any such notice may be canceled at any time
prior to notice of such redemption being sent to any Holder and shall thereby be void and of no effect. 
 SECTION 3.04 Selection of
Securities to Be Redeemed. In the case of any partial redemption or purchase, the Trustee shall select the Securities to be redeemed or purchased on a pro rata basis to the extent practicable or, to the extent that selection on a pro rata basis
is not practicable, by lot or such other method as the Trustee shall deem fair and appropriate and otherwise in accordance with the procedures of DTC; provided that no Securities of $2,000 or less shall be redeemed or purchased in part and
all redemptions or purchases shall be made in increments of $1,000. The Trustee shall make the selection from outstanding Securities not previously called for redemption. The Trustee may select for redemption portions of the principal of Securities
that have denominations larger than $2,000. Provisions of this Indenture that apply to Securities called for redemption also apply to portions of Securities called for redemption. The Trustee shall notify the Issuer promptly of the Securities or
portions of Securities to be redeemed. 
 After the redemption date, upon surrender of the Security to be redeemed in part only, a new
Security or Securities in principal amount equal to the unredeemed portion of the original Security representing the same Indebtedness to the extent not redeemed shall be issued in the name of the Holder of the Securities upon cancellation of the
Original Security (or appropriate book entries shall be made to reflect such partial redemption). 
 SECTION 3.05 Notice of Optional
Redemption. 
 (a) At least 10 days but not more than 60 days before a redemption date pursuant to the optional redemption provisions of
Section 3.09 hereof, the Issuer shall send electronically, mail or cause to be mailed by first-class mail a notice of redemption to each Holder whose Securities are to be redeemed (except that such notice of redemption may
be mailed more than 60 days prior to a redemption date if the notice is (i) issued in connection with Section 8.01 or (ii) conditioned upon satisfaction (or waiver by the Issuer in its sole discretion) of one or
more conditions precedent and any or all such conditions shall not have been satisfied (or waived by the Issuer in its sole discretion)). 

Any such notice shall identify the Securities to be redeemed and shall state: 

(i) the redemption date; 

(ii) the redemption price and the amount of accrued and unpaid interest to the redemption date; 

(iii) the paragraph or subparagraph of the Securities and/or Section of this Indenture pursuant to which the Securities
called for redemption are being redeemed; 
 (iv) the name and address of the Paying Agent; 

  
 49 

 (v) that Securities called for redemption must be surrendered to the Paying
Agent to collect the redemption price, plus accrued interest; 
 (vi) if fewer than all the outstanding Securities are to be
redeemed, the principal amounts of the particular Securities to be redeemed, the aggregate principal amount of Securities to be redeemed and the aggregate principal amount of Securities to be outstanding after such partial redemption; 

(vii) any condition to such redemption; 

(viii) that, unless the Issuer defaults in making such redemption payment or the Paying Agent is prohibited from making such
payment pursuant to the terms of this Indenture, interest on Securities (or portion thereof) called for redemption ceases to accrue on and after the redemption date; 

(ix) the CUSIP number, ISIN and/or “Common Code” number, if any, printed on the Securities being redeemed; and 

(x) that no representation is made as to the correctness or accuracy of the CUSIP number or ISIN and/or “Common Code”
number, if any, listed in such notice or printed on the Securities. 
 (b) At the Issuer’s written request, the Trustee shall give the
notice of redemption in the Issuer’s name and at the Issuer’s expense. In such event, the Issuer shall provide the Trustee with the information required by this Section at least 2 Business Days (or such shorter period as shall be
acceptable to the Trustee) prior to the date such notice is to be provided to Holders. 
 (c) Notice of any redemption of Securities
described above may be given prior to such redemption, and any such redemption or notice may, at the Issuer’s sole discretion, be subject to one or more conditions precedent, and any notice of redemption made in connection with a related
transaction or event may, at the Issuer’s discretion, be given prior to the completion or the occurrence thereof. Any such notice may provide that redemptions made pursuant to different provisions will have different redemption dates. In
addition, if such redemption is subject to satisfaction of one or more conditions precedent, such notice shall state that, in the Issuer’s sole discretion, the redemption date may be delayed until such time (including more than 60 days after
the date the notice of redemption was mailed or delivered, including by electronic transmission) as any or all such conditions shall be satisfied (or waived by the Issuer in its sole discretion), or that such redemption may not occur and such notice
may be rescinded in the event that any or all such conditions shall not have been satisfied (or waived, in the Issuer’s sole discretion) by the redemption date, or by the redemption date as so delayed, or that such notice may be rescinded at
any time in the Issuer’s discretion if in the good faith judgment of the Issuer any or all of such conditions will not be satisfied. If any such condition precedent has not been satisfied, the Issuer shall provide written notice to the Trustee
prior to the close of business on the Business Day immediately prior to the redemption date (or such shorter period as may be acceptable to the Trustee). Upon receipt of such notice, the notice of redemption shall be rescinded or delayed, and the
redemption of the Securities shall be rescinded or delayed as provided in such notice. Upon receipt, the Trustee shall deliver such notice to each Holder. In addition, the Issuer may provide in such notice that payment of the redemption price and
performance of the Issuer’s obligations with respect to such redemption may be performed by another Person. 

  
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 SECTION 3.06 Effect of Notice of Redemption. Once notice of redemption is mailed
or sent in accordance with Section 3.05, Securities called for redemption become due and payable on the redemption date and at the redemption price stated in the notice (except as described in Section 3.05). Upon surrender to the Paying
Agent, such Securities shall be paid at the redemption price stated in the notice, plus accrued interest, to, but not including, the redemption date; provided, however, that if the redemption date is after a regular record date and on or
prior to the interest payment date, the accrued interest shall be payable to the Holder of the redeemed Securities registered on the relevant record date. The notice, if mailed in a manner herein provided, shall be conclusively presumed to have been
given, whether or not the Holder receives such notice. Failure to give notice or any defect in the notice to any Holder shall not affect the validity of the notice to any other Holder. 

SECTION 3.07 Deposit of Redemption Price. With respect to any Securities, prior to 11:00 a.m., New York City time, on the
redemption date, the Issuer shall deposit with the Paying Agent money sufficient to pay the redemption price of and accrued interest on all Securities or portions thereof to be redeemed on that date other than Securities or portions of Securities
called for redemption that have been delivered by the Issuer to the Trustee for cancellation. On and after the redemption date, interest shall cease to accrue on Securities or portions thereof called for redemption so long as the Issuer has
deposited with the Paying Agent funds sufficient to pay the principal of, plus accrued and unpaid interest on, the Securities to be redeemed, unless the Paying Agent is prohibited from making such payment pursuant to the terms of this Indenture or
applicable law. If a Security is redeemed on or after a record date but on or prior to the related interest payment date, then any accrued and unpaid interest to the redemption date shall be paid on the relevant interest payment date to the Person
in whose name such Security was registered at the close of business on such record date. 
 SECTION 3.08 Securities Redeemed in
Part. Upon surrender of a Security that is redeemed in part, the Issuer shall execute and the Trustee shall authenticate for the Holder (at the Issuer’s expense) a new Security equal in principal amount to the unredeemed portion of the
Security surrendered; provided that no Securities of $2,000 or less shall be redeemed in part and all redemptions shall be made in increments of $1,000. It is understood that, notwithstanding anything in this Indenture to the contrary, only
an Authentication Order and not an Opinion of Counsel or Officer’s Certificate is required for the Trustee to authenticate such new Security. 

SECTION 3.09 Optional Redemption. 

(a) On August 15, 2023 or thereafter, the Issuer may redeem the Securities, at its option, in whole at any time or in part from time to
time, upon notice in accordance with Section 3.05, at the following redemption prices (expressed as a percentage of the principal amount of the Securities to be redeemed), plus accrued and unpaid interest thereon to, but
not including, the applicable redemption date (subject to the right of the Holders of record on the relevant record date to receive interest due on the relevant interest payment date that is on or prior to the redemption date), if redeemed during
the 12-month period commencing on August 15 of each of the years set forth below: 
  

					
	 Year
	  	Redemption Price	 
	 2023
	  	 	104.375	% 
	 2024
	  	 	102.188	% 
	 2025 and thereafter
	  	 	100.000	% 

  
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 (b) At any time prior to August 15, 2023, the Issuer may redeem all or a part of the
Securities, at its option, at any time or from time to time, upon notice in accordance with Section 3.05 of this Indenture or otherwise delivered in accordance with the procedures of DTC, at a redemption price equal to 100%
of the principal amount of the Securities redeemed plus the Applicable Premium as of, and accrued and unpaid interest to, but not including, the applicable redemption date (subject to the right of the Holders of record on the relevant record date to
receive interest due on the relevant interest payment date that is on or prior to the redemption date). 
 (c) At any time and from time to
time on or prior to August 15, 2023, the Issuer may, at its option, on one or more occasions, upon notice in accordance with Section 3.05, redeem up to 40% of the aggregate principal amount of the Securities (including
the aggregate principal amount of any Additional Securities, if applicable) with the net cash proceeds of one or more Equity Offerings by the Issuer at a redemption price equal to 108.750% of the aggregate principal amount thereof, plus accrued and
unpaid interest thereon to, but not including, the applicable redemption date, subject to the right of Holders of record on the relevant record date to receive interest due on the relevant interest payment date, with the aggregate principal amount
of Securities so redeemed not to exceed an amount equal to the net cash proceeds from one or more Equity Offerings or a contribution to the Issuer’s common equity capital made from the net cash proceeds of one or more Equity Offerings;
provided, however, that at least 50% of the sum of the aggregate principal amount of the Original Securities issued and any Additional Securities, if applicable, issued after the Issue Date must remain outstanding immediately after the
occurrence of each such redemption; provided, further, that each such redemption shall occur within 180 days after the date on which any such Equity Offering is consummated upon not less than 10 nor more than 60 days’ notice
mailed to each Holder of Securities being redeemed and otherwise in accordance with the redemption procedures set forth herein. 
 (d) At any
time and from time to time prior to August 15, 2023, the Issuer may at its option redeem during each 12-month period commencing with the Issue Date up to 10% of the aggregate principal amount of the
Securities issued hereunder (including the aggregate principal amount of any Additional Securities, if applicable) upon notice in accordance with Section 3.05 at a redemption price of 103% of the aggregate principal amount
of the Securities redeemed, plus accrued and unpaid interest, if any, to but not including the redemption date (subject to the right of the Holders of record on the relevant record date to receive interest due on the relevant interest payment date
that is on or prior to the redemption date). 
 (e) Notwithstanding the foregoing, in connection with any Change of Control Offer, Asset Sale
Offer or other tender offer, in each case, for all of the Securities, if Holders of not less than 90.0% in aggregate principal amount of the outstanding Securities validly tender and do not withdraw such Securities in such Change of Control Offer,
Asset Sale Offer or other tender offer and the Company, or any other Person making such Change of Control Offer or Asset Sale Offer in lieu of the Company as described above, purchases all of the Securities validly tendered and not validly withdrawn
by such Holders, the Company or such other Person will have the right, upon not less than 10 nor more than 60 days’ prior notice, given not more than 30 days following such purchase pursuant to the Change of Control Offer, Asset Sale Offer or
other tender offer, as applicable, to redeem all Securities that remain outstanding following such purchase at a redemption price in cash equal to the applicable Change of Control Payment, Asset Sale Offer price or other tender offer price plus, to
the extent not included in the Change of Control Offer, Asset Sale Offer or other tender offer payment, accrued and unpaid interest, if any, to, but not including, the redemption date (subject to the right of Holders of record on the relevant record
date to receive interest due on an interest payment date that is on or prior to the redemption date). 

  
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 ARTICLE 4 

COVENANTS 

SECTION 4.01 Payment of Securities. The Issuer shall promptly pay the principal of, premium, if any, and interest on the
Securities on the dates and in the manner provided in the Securities and in this Indenture. An installment of principal or interest shall be considered paid on the date due if on such date the Trustee or the Paying Agent holds as of 11:00 a.m., New
York City time, money sufficient to pay all principal and interest then due and the Trustee or the Paying Agent, as the case may be, is not prohibited from paying such money to the Holders on that date pursuant to the terms of this Indenture. 

The Issuer shall pay interest on overdue principal at the rate specified therefor in the Securities, and it shall pay interest on overdue
installments of interest at the same rate borne by the Securities to the extent lawful. 
 SECTION 4.02 Reports and Other
Information. 
 (a) So long as any Securities are outstanding, the Issuer will furnish to the Trustee within 15 days after each of the
periods set forth below: 
 (i) within 90 days after the end of each fiscal year, annual reports containing substantially all
of the information that would have been required to be contained in an Annual Report on Form 10-K under the Exchange Act of the Issuer, or any successor or comparable form, containing the information required
to be contained therein, or required in such successor or comparable form as if the Issuer had been a reporting company under the Exchange Act for such period, including a “Management’s Discussion and Analysis of Financial Condition and
Results of Operations” with respect to the periods presented and a report on the annual financial statements by the Issuer’s independent registered public accounting firm; 

(ii) within 45 days after the end of each of the first three fiscal quarters of each fiscal year, quarterly reports containing
substantially all of the information that would have been required to be contained in a Quarterly Report on Form 10-Q of the Issuer containing all quarterly information that would be required to be contained
in Form 10-Q, or any successor or comparable form as if the Issuer had been a reporting company under the Exchange Act for such period, including a “Management’s Discussion and Analysis of Financial
Condition and Results of Operations,” subject to normal year-end adjustments and the absence of footnotes; and 

(iii) promptly from time to time after the occurrence of an event required to be therein reported, such other reports on Form 8-K, or any successor or comparable form as if the Issuer had been a reporting company under the Exchange Act for such period; provided, however, that no such report or information will be required to be so
furnished if the Issuer determines in good faith that such event is not material to the Holders of the Securities or the business, assets, operations or financial condition of the Issuer and its Restricted Subsidiaries, taken as a whole; 

 

  
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 in each case, in a manner that complies in all material respects with the requirements specified in such
form; provided that the Issuer shall make available such information to securities analysts and prospective purchasers of Securities, in addition to providing such information to the Trustee and the Holders of the Securities, including by
posting such information on a password protected online data system requiring user identification or the website of the Issuer or any of its Parent Companies (which may be password protected so long as the password is made promptly available by the
Issuer to the Trustee, the Holders of the Securities and such prospective purchasers upon request); provided, further, that such reports required pursuant to clauses (i), (ii) and (iii) above (a) shall not be required to comply with
Section 302, Section 404 or 906 of the Sarbanes-Oxley Act of 2002, as amended, or related Items 307 and 308 of Regulation S-K promulgated by the SEC, or Item 10(e) of Regulation S-K (with respect to any non-GAAP financial measures contained therein), (b) shall not be required to comply with Items 402, 403, 406 and 407 of Regulation S-K promulgated by the SEC, (c) shall not be required to comply with Rule 3-10 or Rule 3-16 of Regulation S-X promulgated by the SEC and (d) shall not be required to include any exhibits that would have been required to be filed pursuant to Item 601 of Regulation S-K
promulgated by the SEC. The Trustee shall have no obligation whatsoever to determine whether or not such information has been posted. In addition, to the extent not satisfied by the foregoing, the Issuer will agree that, for so long as any
Securities are outstanding, it will furnish to Holders and to securities analysts and prospective investors, upon their request, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act. 

(b) If the Issuer has designated any of its Subsidiaries as an Unrestricted Subsidiary and if any such Unrestricted Subsidiary or group of
Unrestricted Subsidiaries, if taken together as one Subsidiary, would constitute a Significant Subsidiary of the Issuer, then the annual and quarterly information required above shall include a presentation of selected financial metrics (in the
Issuer’s sole discretion) of such Unrestricted Subsidiaries as a group in the “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” Notwithstanding the foregoing, the annual and quarterly
information required pursuant to Section 4.02(a) shall include a presentation of total revenues, Adjusted EBITDA and total assets of Anagram Holdings, LLC and its subsidiaries on a consolidated basis, together with a
reconciliation of Adjusted EBITDA to consolidated net income or operating income of Anagram Holdings, LLC, which presentation shall be substantially consistent with the presentation of such financial information in the Offering Memorandum (as
determined by the Issuer in its sole discretion). 
 (c) Notwithstanding the foregoing, the Issuer may satisfy its obligations under this
Section 4.02 with respect to information relating to the Issuer by furnishing information relating to any parent entity of the Issuer; provided that if and so long as such Parent Company has Independent Assets or
Operations, the same is accompanied by consolidating financial information (which need not be audited) that explains in reasonable detail the differences between the financial information relating to such parent, on the one hand, and the financial
information relating to the Issuer and the Restricted Subsidiaries on a stand-alone basis, on the other hand. 
 (d) Delivery of such
reports, information and documents to the Trustee is for informational purposes only and the Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained
therein, including the Issuer’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officer’s Certificates with respect thereto). The Trustee shall have no responsibility for the
filing, timeliness or content of such reports. Additionally, the Trustee shall not be obligated to monitor or confirm, on a continuing basis or otherwise, the Issuer’s compliance with the covenants or with respect to any reports or other
documents filed with the SEC or EDGAR or any website or data site under this Indenture. 

  
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 (e) Notwithstanding anything herein to the contrary, the Issuer will not be deemed to have
failed to comply with any of its obligations hereunder for purposes of Section 6.01(c) until 120 days after the receipt of the written notice delivered thereunder. To the extent any information is not provided within the
time periods specified in this Section 4.02 and such information is subsequently provided, the Issuer will be deemed to have satisfied its obligations with respect thereto at such time, and any Default with respect thereto
shall be deemed to have been cured. 
 (f) Notwithstanding anything to the contrary set forth above, if the Issuer (or any direct or indirect
parent of the Issuer) has made available through EDGAR or SEC filings the reports and information described in the preceding paragraphs with respect to Issuer (or, if applicable, any direct or indirect parent of the Issuer), the Issuer shall be
deemed to be in compliance with the provisions of this Section 4.02. 
 SECTION 4.03 Limitation on
Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred Stock. 
 (a) The Issuer shall not, and shall not permit any
of its Restricted Subsidiaries to, directly or indirectly, create, incur, issue, assume, guarantee or otherwise become directly or indirectly liable, contingently or otherwise (collectively, “incur” and collectively, an
“incurrence”) with respect to any Indebtedness (including Acquired Indebtedness) and the Issuer shall not issue any shares of Disqualified Stock and shall not permit any Restricted Subsidiary to issue any shares of Disqualified
Stock or Preferred Stock; provided, however, that the Issuer may incur Indebtedness (including Acquired Indebtedness) or issue shares of Disqualified Stock, and any of its Restricted Subsidiaries may incur Indebtedness (including Acquired
Indebtedness), issue shares of Disqualified Stock and issue shares of Preferred Stock, if the Fixed Charge Coverage Ratio on a consolidated basis for the Issuer and its Restricted Subsidiaries’ most recently ended four fiscal quarters for which
internal financial statements are available immediately preceding the date on which such additional Indebtedness is incurred or such Disqualified Stock or Preferred Stock is issued would have been at least 2.00 to 1.00, determined on a pro forma
basis (including a pro forma application of the net proceeds therefrom), as if the additional Indebtedness had been incurred, or the Disqualified Stock or Preferred Stock had been issued, as the case may be, and the application of the
proceeds therefrom had occurred at the beginning of such four-quarter period (or, in the case of Indebtedness under Designated Revolving Commitments, on the date such Designated Revolving Commitments are established after giving pro forma
effect to the incurrence of the entire committed amount of Indebtedness thereunder, in which case such committed amount under such Designated Revolving Commitments may thereafter be borrowed and reborrowed, in whole or in part, from time to time,
without further compliance with this proviso); provided that the amount of Indebtedness (including Acquired Indebtedness), Disqualified Stock and Preferred Stock that may be incurred or issued, as applicable, pursuant to the foregoing by
Restricted Subsidiaries that are not Guarantors shall not exceed the greater of (x) $25.0 million and (y) 18.0% of EBITDA of the Issuer for the most recently ended four consecutive fiscal quarters for which internal financial statements are
available (calculated on a pro forma basis), at any one time outstanding. 
 (b) Section 4.03(a) shall not
apply to: 
 (i) Indebtedness incurred pursuant to any Credit Facilities by the Issuer or any Restricted Subsidiary;
provided that immediately after giving effect to any such incurrence, the aggregate principal amount of all Indebtedness incurred under this clause (i) and then outstanding does not exceed the sum of (A) $750.0 million and
(B) such other amount so long as, after giving pro forma effect to such Indebtedness and the intended use of proceeds thereof (together with any other pro forma adjustments), the Consolidated Secured Debt Ratio of the Issuer and
its Restricted Subsidiaries for the most recently ended four fiscal quarters for which internal financial statements are available 

  
 55 

 
immediately preceding the date on which such Indebtedness is incurred (or, in the case of Indebtedness under Designated Revolving Commitments, on the date such Designated Revolving Commitments
are established after giving pro forma effect to the incurrence of the entire committed amount of the Indebtedness thereunder, in which case such committed amount under such Designated Revolving Commitments may thereafter be borrowed and
reborrowed, in whole or in part, from time to time, without further compliance with this proviso) would be equal to or less than 4.25 to 1.00 on a pro forma basis; provided that solely for purposes of determining the amount that may be
incurred under this clause (i)(B), any Indebtedness then being incurred under this clause (i)(B) on such date that is unsecured shall nevertheless be deemed (together with any Indebtedness outstanding under clause (xiii) below to the extent
that such Indebtedness extends, replaces, refunds, refinances, renews or defeases unsecured Indebtedness originally incurred pursuant to this clause (i)(B) that was not subsequently otherwise classified or reclassified) to be secured at the time of
incurrence and thereafter (for so long as such Indebtedness is outstanding under this clause (i)(B) or (xiii) unless otherwise classified or reclassified, in which case it shall no longer be deemed to be secured); 

(ii) the incurrence by the Issuer and any Guarantor of Indebtedness represented by the Securities (including any Guarantee)
(other than any Additional Securities); 
 (iii) Indebtedness of the Issuer and its Restricted Subsidiaries in existence on
the Issue Date (other than Indebtedness described in clauses (i) and (ii) of this Section 4.03(b)); 

(iv) (x) Indebtedness (including Finance Lease Obligations) incurred or Disqualified Stock issued by the Issuer or any
Restricted Subsidiary and Preferred Stock issued by any Restricted Subsidiary, to finance the purchase, lease, replacement or improvement of property (real or personal) or equipment, whether through the direct purchase of assets or the Capital Stock
of any Person owning such assets and (y) any Indebtedness incurred or Disqualified Stock or Preferred Stock issued to refund, refinance or replace any other Indebtedness incurred or Disqualified Stock or Preferred Stock issued pursuant to this
clause (iv); provided that the aggregate amount of Indebtedness incurred and Disqualified Stock and Preferred Stock issued pursuant to clauses (x) and (y) of this clause (iv) does not exceed the greater of (1)
$65.0 million and (2) 20.0% of EBITDA of the Issuer for the most recently ended four consecutive fiscal quarters for which internal financial statements are available (calculated on a pro forma basis), at any one time outstanding; 

(v) Indebtedness incurred by the Issuer or any of its Restricted Subsidiaries constituting reimbursement obligations with
respect to letters of credit, bank guarantees, bankers acceptances, warehouse receipts or similar instruments issued in the ordinary course of business, including, without limitation, letters of credit in respect of workers’ compensation
claims, health, disability or other employee benefits or property, casualty or liability insurance or self-insurance, unemployment insurance or other social security legislation or other Indebtedness with respect to reimbursement type obligations
regarding workers’ compensation claims; provided, however, that upon the drawing of such letters of credit or the incurrence of such Indebtedness, such obligations are reimbursed within 30 Business Days following such drawing or
incurrence; 

  
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 (vi) Indebtedness arising from agreements of the Issuer or Restricted
Subsidiaries providing for customary indemnification, adjustments of purchase price, earnouts or similar obligations, in each case, incurred or assumed in connection with the acquisition or disposition of any business, assets or a Subsidiary and not
to exceed $5.0 million at any one time outstanding; provided that (in the case of a disposition) the maximum liability of the Issuer and its Restricted Subsidiaries in respect of all such Indebtedness shall at no time exceed the gross
proceeds, including the Fair Market Value of non-cash proceeds (measured at the time received and without giving effect to any subsequent changes in value), actually received by the Issuer and its Restricted
Subsidiaries in connection with such disposition; 
 (vii) Indebtedness of the Issuer to a Restricted Subsidiary; provided
that any such Indebtedness owing to a Restricted Subsidiary that is not a Guarantor is expressly subordinated in right of payment to the Securities; provided, further, that any subsequent issuance or transfer of any Capital
Stock or any other event which results in any Restricted Subsidiary ceasing to be a Restricted Subsidiary or any other subsequent transfer of any such Indebtedness (except to the Issuer or another Restricted Subsidiary or any pledge of such
Indebtedness constituting a Permitted Lien) shall be deemed, in each case, to be an incurrence of such Indebtedness not permitted by this clause (vii); 

(viii) Indebtedness of a Restricted Subsidiary to the Issuer or another Restricted Subsidiary; provided that if a
Guarantor incurs such Indebtedness to a Restricted Subsidiary that is not a Guarantor, such Indebtedness is expressly subordinated in right of payment to the Guarantee of the Securities of such Guarantor; provided, further, that
any subsequent issuance or transfer of any Capital Stock or any other event which results in any such Restricted Subsidiary ceasing to be a Restricted Subsidiary or any subsequent transfer of any such Indebtedness (except to the Issuer or another
Restricted Subsidiary or any pledge of such Indebtedness constituting a Permitted Lien) shall be deemed, in each case, to be an incurrence of such Indebtedness not permitted by this clause (viii); 

(ix) shares of Preferred Stock of a Restricted Subsidiary issued to the Issuer or another Restricted Subsidiary; provided
that any subsequent issuance or transfer of any Capital Stock or any other event which results in any such Restricted Subsidiary ceasing to be a Restricted Subsidiary or any other subsequent transfer of any such shares of Preferred Stock (except
to the Issuer or another of its Restricted Subsidiaries) shall be deemed in each case to be an issuance of such shares of Preferred Stock not permitted by this clause (ix); 

(x) (x) Hedging Obligations (excluding Hedging Obligations entered into for speculative purposes), and (y) Indebtedness in
respect of any Bank Products or Cash Management Services in the ordinary course of business; 
 (xi) obligations (including
reimbursement obligations with respect to letters of credit, bank guarantees or other similar instruments) in respect of performance, bid, appeal and surety bonds and performance and completion guarantees or obligations in respect of letters of
credit related thereto provided by the Issuer or any of its Restricted Subsidiaries in the ordinary course of business or consistent with past practice or industry practices; 

  
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 (xii) Indebtedness or Disqualified Stock of the Issuer and Indebtedness,
Disqualified Stock or Preferred Stock of any Restricted Subsidiary not otherwise permitted hereunder in an aggregate principal amount or liquidation preference, which when aggregated with the principal amount and liquidation preference of all other
Indebtedness, Disqualified Stock and Preferred Stock then outstanding and incurred or issued, as applicable, pursuant to this clause (xii), does not at any one time outstanding exceed the greater of (x) $100.0 million and (y) 51.0% of
EBITDA of the Issuer for the most recently ended four consecutive fiscal quarters for which internal financial statements are available (calculated on a pro forma basis) (it being understood that any Indebtedness incurred or Disqualified
Stock or Preferred Stock issued pursuant to this clause (xii) shall cease to be deemed incurred, issued or outstanding for purposes of this clause (xii) but shall be deemed incurred or issued for the purposes of
Section 4.03(a) from and after the first date on which the Issuer or such Restricted Subsidiary could have incurred such Indebtedness or issued such Disqualified Stock or Preferred Stock under
Section 4.03(a) without reliance on this clause (xii)); 
 (xiii) the incurrence by the Issuer
or any Restricted Subsidiary of Indebtedness or issuance of Disqualified Stock or the issuance by any Restricted Subsidiary of Preferred Stock which serves to extend, replace, refund, refinance, renew or defease any Indebtedness incurred (including
any Designated Revolving Commitments thereunder) or Disqualified Stock or Preferred Stock issued as permitted under Section 4.03(a) and clauses (i)(B), (ii), (iii), this clause (xiii) and clauses (xiv) and
(xxv) of this Section 4.03(b) or any Indebtedness incurred or Disqualified Stock or Preferred Stock issued to so extend, replace, refund, refinance or renew such Indebtedness, Disqualified Stock or Preferred Stock
including additional Indebtedness incurred or Disqualified Stock or Preferred Stock issued to pay premiums (including tender premiums), penalties and similar amounts, defeasance costs and fees and expenses (including original issue discount, upfront
fees or similar fees) in connection therewith (the “Refinancing Indebtedness”) prior to its respective maturity; provided, however, that such Refinancing Indebtedness: 

(1) has a Weighted Average Life to Maturity at the time such Refinancing Indebtedness is incurred or issued which is not less
than the remaining Weighted Average Life to Maturity of the Indebtedness, Disqualified Stock or Preferred Stock being extended, replaced, refunded, refinanced, renewed or defeased (or requires no or nominal payments in cash prior to the date that is
91 days after the Maturity Date of the Securities); 
 (2) to the extent such Refinancing Indebtedness extends, replaces,
refunds, refinances, renews or defeases (x) Indebtedness subordinated to or pari passu with the Securities or any Guarantee thereof, such Refinancing Indebtedness is subordinated to or pari passu with the Securities or the
Guarantee at least to the same extent as the Indebtedness being extended, replaced, refunded, refinanced, renewed or defeased or (y) Disqualified Stock or Preferred Stock, such Refinancing Indebtedness must be Disqualified Stock or Preferred
Stock, respectively; 
 (3) shall not include (x) Indebtedness, Disqualified Stock or Preferred Stock of a Subsidiary of
the Issuer that is not a Guarantor that refinances Indebtedness, Disqualified Stock or Preferred Stock of the Issuer, (y) Indebtedness, Disqualified Stock or Preferred Stock of a Subsidiary of the Issuer that is not a Guarantor that refinances
Indebtedness, Disqualified Stock or Preferred Stock of a Guarantor or (z) Indebtedness, Disqualified Stock or Preferred Stock of the Issuer or a Restricted Subsidiary that refinances Indebtedness, Disqualified Stock or Preferred Stock of an
Unrestricted Subsidiary; and 

  
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 (4) any Refinancing Indebtedness incurred under this
Section 4.03(b)(xiii) shall not be secured by any Liens other than Liens on the property or assets already securing the Indebtedness being refinanced hereunder, and any such new Liens and such Refinancing Indebtedness shall
be subject to the same Lien priorities as the existing Indebtedness being refinanced; 
 and provided, further, that
subclause (1) of this clause (xiii) will not apply to any extension, replacement, refunding, refinancing, renewal or defeasance of any Indebtedness outstanding under any Credit Facility incurred under clause (i) of this
Section 4.03(b); 
 (xiv) Indebtedness, Disqualified Stock or Preferred Stock of (x) the
Issuer or a Restricted Subsidiary incurred or issued to finance an acquisition, merger, consolidation or amalgamation or (y) Persons that are acquired by the Issuer or any Restricted Subsidiary or merged into or amalgamated or consolidated with
or into the Issuer or a Restricted Subsidiary in accordance with the terms of this Indenture or that is assumed by the Issuer or any Restricted Subsidiary in connection with such acquisition; provided that after giving pro forma effect
to such acquisition, merger, amalgamation or consolidation, either: 
 (1) the Issuer would be permitted to incur at least
$1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Ratio test set forth in the first sentence of this covenant; 

(2) the Fixed Charge Coverage Ratio of the Issuer and the Restricted Subsidiaries for the Issuer’s most recently ended
four fiscal quarters for which internal financial statements are available immediately preceding the date on which such Indebtedness is incurred (or in the case of Indebtedness under Designated Revolving Commitments, on the date such Designated
Revolving Commitments are established after giving pro forma effect to the incurrence of the entire committed amount of the Indebtedness thereunder, in which case such committed amount under such Designated Revolving Commitments may
thereafter be borrowed and reborrowed, in whole or in part, from time to time, without further compliance with this subclause), is equal to or greater than immediately prior to such acquisition, merger, amalgamation or consolidation; 

(3) the Consolidated Total Debt Ratio of the Issuer and the Restricted Subsidiaries for the Issuer’s most recently ended
four fiscal quarters for which internal financial statements are available immediately preceding the date on which such Indebtedness is incurred would be no greater than either (i) 6.00 to 1.00 or (ii) the Consolidated Total Debt Ratio
immediately prior to such acquisition, merger, amalgamation or consolidation; provided that the amount of Indebtedness (including Acquired Indebtedness), Disqualified Stock and Preferred Stock that may be incurred or issued, as applicable,
pursuant to this clause (3) by Restricted Subsidiaries that are not Guarantors shall not exceed the greater of (x) $25.0 million and (y) 18.0% of EBITDA of the Issuer for the most recently ended four consecutive fiscal quarters for which
internal financial statements are available (calculated on a pro forma basis), at any one time outstanding; 

  
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 (4) in the case of Secured Indebtedness, the Consolidated Secured Debt Ratio
of the Issuer for the Issuer’s most recently ended four fiscal quarters for which internal financial statements are available preceding the date on which such Secured Indebtedness is incurred (or in the case of Indebtedness under Designated
Revolving Commitments, on the date such Designated Revolving Commitments are established after giving pro forma effect to the incurrence of the entire committed amount of the Indebtedness thereunder, in which case such committed amount under
such Designated Revolving Commitments may thereafter be borrowed and reborrowed, in whole or in part, from time to time, without further compliance with this subclause) would be no greater than either (i) 4.25 to 1.00 or (ii) the Consolidated
Secured Debt Ratio immediately prior to such acquisition, merger, amalgamation or consolidation; or 
 (5) the total amount
of all such Indebtedness, Disqualified Stock or Preferred Stock incurred or issued to finance all such acquisitions, mergers, consolidations or amalgamations under this clause (5) does not exceed the greater of (i) $10.0 million and (ii)
2.5% of EBITDA of the Issuer for the most recently ended four consecutive fiscal quarters for which internal financial statements are available (calculated on a pro forma basis); 

(xv) Indebtedness (1) arising from the honoring by a bank or other financial institution of a check, draft or similar
instrument drawn against insufficient funds in the ordinary course of business; provided that such Indebtedness is extinguished within five Business Days of its incurrence and (2) Indebtedness in respect of any agreement to provide cash
management services, including treasury, depository, overdraft, credit or debit card, electronic funds transfer and other cash management arrangements entered into in the ordinary course of business; 

(xvi) Indebtedness of the Issuer or any of its Restricted Subsidiaries supported by a letter of credit or bank guarantee issued
pursuant to any Credit Facility, in a principal amount not in excess of the stated amount of such letter of credit or bank guarantee; 

(xvii) (1) any guarantee by the Issuer or a Restricted Subsidiary of Indebtedness or other obligations of any Restricted
Subsidiary so long as the incurrence of such Indebtedness incurred by such Restricted Subsidiary is permitted under the terms of this Indenture, or (2) any guarantee by a Restricted Subsidiary of Indebtedness of the Issuer; provided that
such guarantee is incurred in accordance with Section 4.11; 
 (xviii) Indebtedness of Foreign
Subsidiaries of the Issuer incurred not to exceed, together with any other Indebtedness incurred under this clause (xviii) at any one time outstanding, the greater of (1) $25.0 million and (2) 10.0% of the Consolidated Total Assets of
Foreign Subsidiaries of the Issuer as of the most recently ended fiscal period for which internal financial statements are available (it being understood that any Indebtedness incurred pursuant to this clause (xviii) shall cease to be deemed
incurred or outstanding for purposes of this clause (xviii) but shall be deemed incurred for the purposes of Section 4.03(a) from and after the first date on which the applicable Foreign Subsidiary could have incurred
such Indebtedness under Section 4.03(a) without reliance on this clause (xviii)); 

  
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 (xix) Indebtedness of the Issuer or any of its Restricted Subsidiaries
consisting of (i) the financing of insurance premiums or (ii) take-or-pay obligations contained in supply arrangements, in each case incurred in the ordinary
course of business; 
 (xx) Indebtedness consisting of Indebtedness issued by the Issuer or any of its Restricted
Subsidiaries to future, present or former employee, officer, director, member of management or consultant (or the estate, heirs, family members, spouse, former spouse, domestic partner or former domestic partner of any of the foregoing), or any
direct or indirect parent thereof, in each case to finance the purchase or redemption of Equity Interests of the Issuer, a Restricted Subsidiary or any of their direct or indirect Parent Companies to the extent described in Section 4.04(b)(iv);

 (xxi) Indebtedness incurred by a Receivables Subsidiary in a Receivables Facility that is not recourse to the Issuer or
any Restricted Subsidiary other than the Receivables Subsidiary (except for Standard Securitization Undertakings); 
 (xxii)
the incurrence of Indebtedness attributable to (but not incurred to finance) the exercise of appraisal rights or the settlement of any claims or actions (whether actual, contingent or potential) with respect to any acquisition (by merger,
consolidation or amalgamation or otherwise) in accordance with the terms of this Indenture; 
 (xxiii) the incurrence of
Indebtedness arising out of any Sale and Lease-Back Transaction with respect to property built or acquired by the Issuer or any Restricted Subsidiary after the Issue Date incurred in the ordinary course of business or consistent with industry
practice; 
 (xxiv) Indebtedness of the Issuer or any Restricted Subsidiary to the extent that the net proceeds thereof are
promptly deposited with (a) the Trustee to satisfy and discharge the Securities (including any accrued and unpaid interest) in accordance with the terms of this Indenture or (b) the trustee, agent or other Person acting in a similar
capacity with respect to any Indebtedness to satisfy and discharge such Indebtedness in accordance with the terms thereof; 

(xxv) Indebtedness (including Acquired Indebtedness) or Disqualified Stock of the Issuer or the incurrence or issuance of
Indebtedness (including Acquired Indebtedness), Disqualified Stock or Preferred Stock by any Restricted Subsidiary, so long as the Consolidated Total Debt Ratio of the Issuer for the Issuer’s most recently ended four fiscal quarters for which
internal financial statements are available preceding the date on which such additional Indebtedness, Disqualified Stock or Preferred Stock is incurred or issued (or in the case of Indebtedness under Designated Revolving Commitments, on the date
such Designated Revolving Commitments are established after giving pro forma effect to the incurrence of the entire committed amount of the Indebtedness thereunder, in which case such committed amount under such Designated Revolving
Commitments may thereafter be borrowed and reborrowed, in whole or in part, from time to time, without further compliance with this clause) would be no greater than 6.00 to 1.00, in each case determined on a pro forma basis
(including a pro  

  
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forma application of the net proceeds therefrom); provided that the amount of Indebtedness (including Acquired Indebtedness), Disqualified Stock and Preferred Stock that may be
incurred or issued, as applicable, pursuant to the foregoing by Restricted Subsidiaries that are not Guarantors shall not exceed the greater of (x) $25.0 million and (y) 18.0% of EBITDA of the Issuer for the most recently ended four consecutive
fiscal quarters for which internal financial statements are available (calculated on a pro forma basis), at any one time outstanding; and 

(xxvi) to the extent constituting Indebtedness, all premiums (if any), interest (including post-petition interest), fees,
expenses, charges and additional or contingent interest on obligations described in clauses (i) through (xxv) above. 
 (c) For
purposes of determining compliance with this Section 4.03, 
 (i) in the event that an item of
Indebtedness, Disqualified Stock or Preferred Stock (or any portion thereof) at any time, whether at the time of incurrence or issuance or upon the application of all or a portion of the proceeds thereof or subsequently, meets the criteria of more
than one of the categories of permitted Indebtedness, Disqualified Stock or Preferred Stock described in clauses (b)(i) through (xxiv) above or is entitled to be incurred pursuant to Section 4.03(a), such item of
Indebtedness, Disqualified Stock or Preferred Stock, in whole or in part, shall be divided and classified or later re-divided and reclassified on one or more occasions among one or more of such clauses (b)(i)
through (xxiv) or Section 4.03(a); provided that all Indebtedness outstanding under the ABL Facility on the Issue Date will at all times be deemed to be outstanding in reliance on
Section 4.03(b)(i); 
 (ii) the Issuer is entitled to divide and classify an item of Indebtedness,
Disqualified Stock or Preferred Stock in more than one of the types of Indebtedness, Disqualified Stock or Preferred Stock described in Sections 4.03(a) and 4.03(b), subject to the proviso to
Section 4.03(c)(i); and 
 (iii) the principal amount of Indebtedness outstanding under any clause
of this Section 4.03 will be determined after giving effect to the application of proceeds of any such Indebtedness to refinance any such other Indebtedness. 

Accrual of interest or dividends, the accretion of accreted value, the accretion or amortization of original issue discount, and the payment of
interest or dividends in the form of additional Indebtedness, Disqualified Stock or Preferred Stock, as the case may be, of the same class, accretion or amortization of original issue discount or liquidation preference and increases in the amount of
Indebtedness outstanding solely as a result of fluctuations in the exchange rate of currencies will not be deemed to be an incurrence of Indebtedness or an issuance of Disqualified Stock or Preferred Stock for purposes of this
Section 4.03. Guarantees of, or obligations in respect of letters of credit relating to, Indebtedness which is otherwise included in the determination of a particular amount of Indebtedness shall not be included in the
determination of such amount of Indebtedness; provided that the incurrence of the Indebtedness represented by such guarantee or letter of credit, as the case may be, was in compliance with this Section 4.03. Any
Refinancing Indebtedness and any Indebtedness, Disqualified Stock and Preferred Stock permitted to be incurred or issued to refinance Indebtedness, Disqualified Stock or Preferred Stock incurred or issued pursuant to
Section 4.03(b)(i), Section 4.03(b)(xii) and Section 4.03(b)(xviii) above shall be permitted to include additional Indebtedness, Disqualified Stock or Preferred Stock
incurred to pay premiums (including tender premiums), penalties and similar amounts, 

  
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defeasance costs, accrued interest and dividends, underwriting costs and fees and expenses (including original issue discount, upfront fees or similar fees) in connection with such refinancing,
including with respect to such new Indebtedness, Disqualified Stock or Preferred Stock (and with respect to Indebtedness under Designated Revolving Commitments, will be permitted to include an amount equal to any unutilized Designated Revolving
Commitments being refinanced, extended, replaced, refunded, renewed or defeased to the extent permanently terminated at the time of incurrence of such Refinancing Indebtedness). 

For purposes of determining compliance with any U.S. dollar-denominated restriction on the incurrence of Indebtedness or issuance of
Disqualified Stock or Preferred Stock, the U.S. dollar-equivalent principal amount or liquidation preference, as applicable, of Indebtedness, Disqualified Stock or Preferred Stock denominated in a foreign currency shall be calculated based on the
relevant currency exchange rate in effect on the date such Indebtedness was incurred, in the case of term debt, or first committed or first incurred (whichever yields the lower U.S. dollar equivalent), in the case of revolving credit debt;
provided that if such Indebtedness is incurred or Disqualified Stock or Preferred Stock is issued, to extend, replace, refund, refinance, renew or defease other Indebtedness, Disqualified Stock or Preferred Stock, as applicable, denominated
in a foreign currency, and such extension, replacement, refunding, refinancing, renewal or defeasance would cause the applicable U.S. dollar-denominated restriction to be exceeded if calculated at the relevant currency exchange rate in effect on the
date of such extension, replacement, refunding, refinancing, renewal or defeasance, such U.S. dollar-denominated restriction shall be deemed not to have been exceeded so long as the principal amount or liquidation preference, as applicable, of such
Refinancing Indebtedness, Disqualified Stock or Preferred Stock does not exceed (x) the principal amount or liquidation preference, as applicable, of such Indebtedness, Disqualified Stock or Preferred Stock, as applicable, being extended
replaced, refunded, refinanced, renewed or defeased plus (y) the aggregate amount of fees, underwriting discounts, premiums (including tender premiums) and other costs and expenses (including original issue discount, upfront fees or
similar fees) incurred in connection with such refinancing (and, with respect to Indebtedness under Designated Revolving Commitments, will be permitted to include an amount equal to any unutilized Designated Revolving Commitments being refinanced,
extended, replaced, refunded, renewed or defeased to the extent permanently terminated at the time of incurrence of such Refinancing Indebtedness). 

The principal amount of any Indebtedness, Disqualified Stock or Preferred Stock incurred to refinance other Indebtedness, if incurred in a
different currency from the Indebtedness, Disqualified Stock or Preferred Stock, as applicable, being refinanced, shall be calculated based on the currency exchange rate applicable to the currencies in which such respective Indebtedness,
Disqualified Stock or Preferred Stock is denominated that is in effect on the date of such refinancing. 
 The Issuer shall not, and shall
not permit any Guarantor to, directly or indirectly, incur any Indebtedness (including Acquired Indebtedness) that is contractually subordinated or junior in right of payment to any Indebtedness of the Issuer or such Guarantor, as the case may be,
unless such Indebtedness is expressly subordinated in right of payment to the Securities or such Guarantor’s Guarantee to the extent and in the same manner as such Indebtedness is subordinated to other Indebtedness of the Issuer or such
Guarantor, as the case may be. 
 For purposes of this Indenture, Indebtedness that is unsecured is not deemed to be subordinated or junior
to Secured Indebtedness merely because it is unsecured, and senior indebtedness is not deemed to be subordinated or junior to any other senior indebtedness merely because it has a junior priority lien with respect to the same collateral or because
it is secured by different collateral or issued or guaranteed by other obligors. 

  
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 SECTION 4.04 Limitation on Restricted Payments. 

(a) The Issuer shall not, and shall not permit any of the Restricted Subsidiaries to, directly or indirectly (all such payments and other
actions set forth in clauses (i) through (iv) below being collectively referred to as “Restricted Payments”): 

(i) declare or pay any dividend or make any other payment or any distribution on account of the Issuer’s or any of its
Restricted Subsidiaries’ Equity Interests (in each case, solely in such Person’s capacity as holder of such Equity Interests), including any dividend or distribution payable in connection with any merger or consolidation (other than:
(A) dividends or distributions by the Issuer payable solely in Equity Interests (other than Disqualified Stock) of the Issuer or in options, warrants or other rights to purchase such Equity Interests (other than Disqualified Stock); or
(B) dividends or distributions by a Restricted Subsidiary so long as, in the case of any dividend or distribution payable on or in respect of any class or series of securities issued by a Restricted Subsidiary other than a Wholly-Owned
Subsidiary, the Issuer or a Restricted Subsidiary receives at least its pro rata share of such dividend or distribution in accordance with its Equity Interests in such class or series of securities); 

(ii) purchase, redeem, defease or otherwise acquire or retire for value any Equity Interests of the Issuer or any direct or
indirect parent of the Issuer, including in connection with any merger or consolidation, in each case held by Persons other than the Issuer or a Restricted Subsidiary; 

(iii) make any principal payment on, or redeem, repurchase, defease or otherwise acquire or retire for value, in each case
prior to any scheduled repayment, sinking fund payment or maturity, any Junior Lien Indebtedness, unsecured Pari Passu Indebtedness or Subordinated Indebtedness of the Issuer or any Restricted Subsidiary, other than (A) Indebtedness permitted
under clauses (vii) and (viii) of Section 4.03(b); or (B) the payment, redemption, repurchase, defeasance, acquisition or retirement for value of Junior Lien Indebtedness, unsecured Pari Passu Indebtedness or
Subordinated Indebtedness, with respect to the satisfaction of a sinking fund obligation, principal installment or final maturity, in each case due within one year of the date of such payment, redemption, repurchase, defeasance, acquisition or
retirement; or 
 (iv) make any Restricted Investment, 

unless, at the time of such Restricted Payment: 

(1) no Default or Event of Default will have occurred and be continuing or would occur as a consequence thereof; 

(2) immediately after giving effect to any such Restricted Payment, on a pro forma basis, the Issuer could incur $1.00
of additional Indebtedness under Section 4.03(a); and 
 (3) such Restricted Payment, together with
the aggregate amount of all other Restricted Payments made by the Issuer and its Restricted Subsidiaries after the Issue Date (including Restricted Payments permitted by clauses (i) or (vi)(c) of Section 4.04(b) but
excluding all other Restricted Payments permitted by Section 4.04(b) hereof), is less than the sum of (without duplication): 

  
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 (A) 50% of the Consolidated Net Income of the Issuer for the period (taken
as one accounting period) beginning on October 1, 2020 to the end of the Issuer’s most recently ended fiscal quarter for which internal financial statements are available at the time of such Restricted Payment, or, in the case such
Consolidated Net Income for such period is a deficit, minus 100% of such deficit; plus 
 (B) 100% of the aggregate
net cash proceeds and the Fair Market Value, as determined in good faith by the Issuer, of marketable securities or other property received by the Issuer since October 1, 2020 from the issue or sale of:(i) (A) Equity Interests of the
Issuer, including Treasury Capital Stock (as defined below), but excluding cash proceeds and the fair market value, as determined in good faith by the Issuer, of marketable securities or other property received from the sale of: (x) Equity
Interests to any future, present or former employee, officer, director, member of management or consultant (or the estate, heirs, family members, spouse, former spouse, domestic partner or former domestic partner of any of the foregoing) of the
Issuer, any direct or indirect Parent Company of the Issuer and the Issuer’s Subsidiaries since October 1, 2020 to the extent such amounts have been applied to Restricted Payments made in accordance with clause (iv) of
Section 4.04(b) hereof and (y) Designated Preferred Stock; and (B) to the extent such net cash proceeds are actually contributed to the Issuer, Equity Interests of the Issuer’s direct or indirect Parent
Companies (excluding contributions of the proceeds from the sale of Designated Preferred Stock of such companies or contributions to the extent such amounts have been applied to Restricted Payments made in accordance with clause (iv) of
Section 4.04(b) hereof); or (ii) debt securities of the Issuer that have been converted into or exchanged for Equity Interests of the Issuer or its direct or indirect Parent Companies; provided, however, that this clause (B)
shall not include the proceeds from (X) Refunding Capital Stock (as defined below), (Y) Equity Interests or convertible debt securities of the Issuer sold to a Restricted Subsidiary or (Z) Disqualified Stock or debt securities that have
been converted into Disqualified Stock; plus 
 (C) 100% of the aggregate amount of cash and the Fair Market Value, as
determined in good faith by the Issuer, of marketable securities or other property contributed to the capital of the Issuer following October 1, 2020 other than by a Restricted Subsidiary; plus 

(D) 100% of the aggregate amount received in cash and the Fair Market Value, as determined in good faith by the Issuer, of
marketable securities or other property received by means of: 
 (A) the sale or other disposition (other than to the Issuer
or a Restricted Subsidiary) of Restricted Investments made by the Issuer or its Restricted Subsidiaries and repurchases and redemptions of such Restricted Investments from the Issuer or its Restricted Subsidiaries and repayments of loans or
advances, and releases of guarantees, which constitute Restricted Investments by the Issuer or its Restricted Subsidiaries, in each case since October 1, 2020; or 

(B) the sale (other than to the Issuer or a Restricted Subsidiary) of the stock of an Unrestricted Subsidiary or a
dividend or distribution from an Unrestricted Subsidiary (other than in each case to the extent the Investment in such Unrestricted Subsidiary was made by the Issuer or a Restricted Subsidiary pursuant to clause (vii) of
Section 4.04(b) hereof or to the extent such Investment constituted a Permitted Investment), in each case, after October 1, 2020; plus 

  
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 (E) in the case of the redesignation of an Unrestricted Subsidiary as a
Restricted Subsidiary or the merger, amalgamation or consolidation of an Unrestricted Subsidiary into the Issuer or a Restricted Subsidiary or the transfer of all or substantially all of the assets of an Unrestricted Subsidiary to the Issuer or a
Restricted Subsidiary after the Issue Date, the Fair Market Value of the Investment of the Issuer or the Restricted Subsidiary in such Unrestricted Subsidiary (or the assets transferred), as determined by the Issuer in good faith or, if such Fair
Market Value may exceed $50.0 million, by the board of directors of the Issuer, a copy of the resolution of which with respect thereto will be delivered to the Trustee at the time of the redesignation of such Unrestricted Subsidiary as a
Restricted Subsidiary or at the time of such merger, amalgamation, consolidation or transfer of assets other than to the extent the Investment in such Unrestricted Subsidiary was made by the Issuer or a Restricted Subsidiary pursuant to
clause (vii) of Section 4.04(b) hereof or to the extent such Investment constituted a Permitted Investment; plus 

(F) 100% of the aggregate amount of Declined Excess Proceeds; plus 

(G) an amount equal to the greater of (i) $25.0 million and (ii) 6.0% of EBITDA of the Issuer for the most recently ended
four consecutive fiscal quarters for which internal financial statements are available (calculated on a pro forma basis). 

(b) Section 4.04(a) shall not prohibit: 

(i) the payment of any dividend or distribution or the consummation of any irrevocable redemption within 60 days after the date
of declaration of the dividend or other distribution or giving of the redemption notice, as the case may be, if at the date of declaration or distribution such dividend, distribution or redemption payment would have complied with the provisions of
this Indenture; 
 (ii) (A) the redemption, repurchase, retirement or other acquisition of any Equity Interests
(“Treasury Capital Stock”) or Junior Lien Indebtedness, unsecured Pari Passu Indebtedness or Subordinated Indebtedness of the Issuer, any direct or indirect parent of the Issuer or any Restricted Subsidiary in exchange for, or out
of the proceeds of, the substantially concurrent sale or issuance (other than to a Restricted Subsidiary) of, Equity Interests of the Issuer or any direct or indirect Parent Company of the Issuer to the extent contributed to the Issuer (in each
case, other than any Disqualified Stock) (“Refunding Capital Stock”), 
 (B) the declaration and payment of
dividends on Treasury Capital Stock out of the proceeds of the substantially concurrent sale or issuance (other than to a Subsidiary of the Issuer or to an employee stock ownership plan or any trust established by the Issuer or any of its
Subsidiaries) of Refunding Capital Stock, and 
 (C) if immediately prior to the retirement of Treasury Capital Stock, the
declaration and payment of dividends thereon was permitted under clause (vi) of this Section 4.04(b), the declaration and payment of dividends on the Refunding Capital Stock (other than Refunding Capital Stock the
proceeds of which were used to redeem, 

  
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repurchase, retire or otherwise acquire any Equity Interests of any direct or indirect Parent Company of the Issuer) in an aggregate amount per year no greater than the aggregate amount of
dividends per annum that were declarable and payable on such Treasury Capital Stock immediately prior to such retirement; 

(iii) the principal payment on, redemption, repurchase, defeasance, exchange or other acquisition or retirement of (a) any
Junior Lien Indebtedness, unsecured Pari Passu Indebtedness, Subordinated Indebtedness or Disqualified Stock which constitutes Acquired Indebtedness (other than Acquired Indebtedness incurred (x) to provide all or any portion of the funds
utilized to consummate the transaction or series of related transactions pursuant to which such Person became a Restricted Subsidiary or was otherwise acquired by the Issuer or a Restricted Subsidiary or (y) otherwise in connection with or
contemplation of such acquisition), (b) Junior Lien Indebtedness, unsecured Pari Passu Indebtedness or Subordinated Indebtedness of the Issuer or a Guarantor made by exchange for, or out of the proceeds of, the substantially concurrent sale of, new
Indebtedness of the Issuer or a Guarantor or Disqualified Stock of the Issuer (or a direct or indirect parent of the Issuer) or a Guarantor, (c) Disqualified Stock of the Issuer or a Guarantor made by exchange for, or out of the proceeds of the
substantially concurrent sale of, Disqualified Stock of the Issuer or a Guarantor or (d) Disqualified Stock of a Restricted Subsidiary that is not a Guarantor made by exchange for, or out of proceeds of the substantially concurrent sale of,
Disqualified Stock of a Restricted Subsidiary that is not a Guarantor, that, in the case of clauses (b), (c) and (d), is incurred or issued, as applicable, in compliance with Section 4.03 so long as: 

(A) the principal amount (or accreted value, if applicable) of such new Indebtedness or the liquidation preference of such new
Disqualified Stock does not exceed the principal amount of (or accreted value, if applicable), plus any accrued and unpaid interest on, the Indebtedness or the liquidation preference of, plus any accrued and unpaid dividends on, the
Disqualified Stock being so repaid, repurchased, redeemed, defeased, exchanged, acquired or retired for value, plus the amount of any premium (including tender premium), penalty or similar amount required to be paid under the terms of the
instrument governing the Indebtedness or Disqualified Stock being so repaid, repurchased, redeemed, defeased, exchanged, acquired or retired, any tender premiums, plus any defeasance costs and any fees and expenses (including original issue
discount, upfront or similar fees) incurred in connection therewith; 
 (B) to the extent such new Indebtedness is secured,
the Liens securing such new Indebtedness have a Lien priority junior to the Liens securing the Securities; 
 (C) if the
Indebtedness being repaid, repurchased, redeemed, defeased, exchanged, acquired or retired for value is Subordinated Indebtedness, such new Indebtedness is subordinated to the Securities or the applicable Guarantee at least to the same extent as
such Subordinated Indebtedness so repaid, repurchased, redeemed, defeased, exchanged, acquired or retired for value; 

  
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 (D) such new Indebtedness or Disqualified Stock has a final scheduled
maturity date equal to or later than the final scheduled maturity date of the Indebtedness or Disqualified Stock being so repaid, repurchased, redeemed, defeased, exchanged, acquired or retired (or, if earlier, a date that is at least 91 days after
the Maturity Date of the Securities); and 
 (E) such new Indebtedness or Disqualified Stock has a Weighted Average Life to
Maturity at the time incurred equal to or greater than the remaining Weighted Average Life to Maturity of the Indebtedness or Disqualified Stock being so repaid, repurchased, redeemed, defeased, exchanged, acquired or retired (or requires no or
nominal payments in cash prior to the date that is 91 days after the Maturity Date of the Securities); 
 (iv) a Restricted
Payment to pay for the repurchase, retirement or other acquisition for value of Equity Interests (other than Disqualified Stock) of the Issuer or any of its direct or indirect Parent Companies held by any future, present or former employee, officer,
director, member of management or consultant (or the estate, heirs, family members, spouse, former spouse, domestic partner or former domestic partner of any of the foregoing) of the Issuer, any of its Subsidiaries or any of its direct or indirect
Parent Companies, pursuant to any management equity plan or stock option plan or any other management or employee benefit plan or other agreement or arrangement; provided, however, that the aggregate Restricted Payments made under this
clause (iv) do not exceed $10.0 million in any calendar year with unused amounts in any calendar year being carried over to succeeding calendar years subject to a maximum (without giving effect to the following proviso) of
$20.0 million in any calendar year; provided, further, that such amount in any calendar year may be increased by an amount not to exceed: 

(A) the cash proceeds from the sale of Equity Interests (other than Disqualified Stock) of the Issuer and, to the extent
contributed to the Issuer, Equity Interests of any of the Issuer’s direct or indirect Parent Companies, in each case to any future, present or former employee, officer, director, member of management or consultant (or the estate, heirs, family
members, spouse, former spouse, domestic partner or former domestic partner of any of the foregoing) of the Issuer, any of its Subsidiaries or any of its direct or indirect Parent Companies after the Issue Date, to the extent the cash proceeds from
the sale of such Equity Interests have not otherwise been applied to the payment of Restricted Payments by virtue of Section 4.04(a)(3) hereof; plus, in respect of any sale of Equity Interests in connection with an exercise of stock
options, an amount equal to the amount required to by withheld by the Issuer or any of its direct or indirect Parent Companies in connection with such exercise under applicable law to the extent such amount is repaid to the Issuer or its direct or
indirect Parent Company, as applicable, constituted a Restricted Payment and has not otherwise been applied to the payment of Restricted Payments by virtue of Section 4.04(a)(3) hereof; plus 

(B) the cash proceeds of key man life insurance policies received by the Issuer or its Restricted Subsidiaries or any of its
direct or indirect Parent Companies after the Issue Date; less 
 (C) the amount of any Restricted Payments
previously made with the cash proceeds described in clauses (A) and (B) of this clause (iv); 

  
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 provided, further, that cancellation of Indebtedness owing to the Issuer or
any of its Restricted Subsidiaries from any future, present or former employee, officer, director, member of management or consultant (or the estate, heirs, family members, spouse, former spouse, domestic partner or former domestic partner of any of
the foregoing) of the Issuer, any of the Issuer’s direct or indirect Parent Companies or any of the Issuer’s Restricted Subsidiaries in connection with a repurchase of Equity Interests of the Issuer or any of its direct or indirect Parent
Companies will not be deemed to constitute a Restricted Payment for purposes of this covenant or any other provision of this Indenture; 

(v) the declaration and payment of dividends or distributions to holders of any class or series of Disqualified Stock of the
Issuer or any of its Restricted Subsidiaries or any class or series of Preferred Stock of any Restricted Subsidiary issued or incurred in accordance with Section 4.03 hereof to the extent such dividends are included in the
definition of “Fixed Charges”; 
 (vi) (a) the declaration and payment of dividends to holders of any class or
series of Designated Preferred Stock (other than Disqualified Stock) issued by the Issuer or any of its Restricted Subsidiaries after the Issue Date; (b) the declaration and payment of dividends or distributions to a direct or indirect Parent
Company of the Issuer, the proceeds of which will be used to fund the payment of dividends to holders of any class or series of Designated Preferred Stock (other than Disqualified Stock) of such Parent Company issued after the Issue Date;
provided that the amount of dividends paid pursuant to this clause (b) shall not exceed the aggregate amount. of cash actually contributed to the Issuer from the sale of such Designated Preferred Stock; or (c) the declaration and
payment of dividends on Refunding Capital Stock that is Preferred Stock in excess of the dividends declarable and payable thereon pursuant to clause (ii) of this Section 4.04(b); provided, however, in the case of each of (a),
(b) and (c) of this clause (vi), that for the most recently ended four full fiscal quarters for which internal financial statements are available immediately preceding the date of issuance of such Designated Preferred Stock or the declaration
of such dividends on Refunding Capital Stock that is Preferred Stock, after giving effect to such issuance or declaration on a pro forma basis, the Issuer and its Restricted Subsidiaries on a consolidated basis would have had a Fixed Charge Coverage
Ratio of at least 2.00 to 1.00; 
 (vii) Investments in Unrestricted Subsidiaries having an aggregate Fair Market Value,
taken together with all other Investments made pursuant to this clause (vii) that are at the time outstanding, without giving effect to the sale of an Unrestricted Subsidiary to the extent the proceeds of such sale do not consist of, or have
not been subsequently sold or transferred for, cash or marketable securities, not to exceed $1.0 million in any fiscal year (with the Fair Market Value of each Investment being measured at the time made and without giving effect to subsequent
changes in value), with unused amounts in any fiscal year not being carried over to succeeding fiscal years; 
 (viii)
redemptions, repurchases, retirements or other acquisitions of Equity Interests deemed to occur (a) upon exercise of stock options or warrants if such Equity Interests represent a portion of the exercise price of such options or warrants and
(b) in connection with the withholding portion of the Equity Interests granted or awarded to any future, present or former employee, officer, director, member of management or consultant (or the estate, heirs, family members, spouse, former
spouse, domestic partner or former domestic partner of any of the foregoing) of the Issuer, any direct or indirect Parent Company of the Issuer or any Subsidiary of the Issuer to pay for the taxes payable by such Persons upon such grant or award;

  
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 (ix) (A) Restricted Payments in an aggregate amount taken together with all
other Restricted Payments made pursuant to this clause (ix)(A) (in the case of Restricted Investments, at the time outstanding (with the Fair Market Value of each Investment being measured at the time made and without giving effect to
subsequent changes in value)) not to exceed the greater of (x) $25.0 million and (y) 18.0% of EBITDA of the Issuer for the most recently ended four consecutive fiscal quarters for which internal financial statements are available (calculated on
a pro forma basis); and (B) any Restricted Payments, so long as, after giving pro forma effect to the payment of any such Restricted Payments, the Consolidated Total Debt Ratio shall be no greater than 4.00 to 1.00; 

(x) distributions or payments of Receivables Fees; 

(xi) any Restricted Payments made in connection with the Refinancing Transactions or to fund the fees and expenses related
thereto or amounts owed to Affiliates (including dividends to any direct or indirect Parent Company of the Issuer to permit payment by such Parent Company of such amounts), in each case with respect to any Restricted Payment to or owed to an
Affiliate, to the extent permitted by Section 4.07; 
 (xii) the repurchase, redemption or other
acquisition or retirement for value of any Junior Lien Indebtedness, unsecured Pari Passu Indebtedness or Subordinated Indebtedness pursuant to the provisions similar to those described under Sections 4.06 and 4.08;
provided that all Securities tendered by Holders in connection with a Change of Control Offer or Asset Sale Offer, as applicable, have been repurchased, redeemed or acquired for value; 

(xiii) the declaration and payment of dividends or distributions by the Issuer or a Restricted Subsidiary to, or the making of
loans or advances to, any of their respective direct or indirect Parent Companies in amounts required for any direct or indirect Parent Companies to pay, in each case without duplication, 

(A) franchise and similar taxes and other fees and expenses required to maintain their corporate existence; 

(B) for any taxable period in which the Issuer and/or any of its Subsidiaries is a member of a consolidated, combined or
similar income tax group of which a direct or indirect parent of the Issuer is the common parent (a “Tax Group”), consolidated tax liabilities of such Tax Group that are attributable to the taxable income of the Issuer and/or its
Subsidiaries; provided that, for each taxable period, the amount of such payments made in respect of such taxable period in the aggregate shall not exceed the lesser of (1) the amount that the Issuer and the Subsidiaries would have been
required to pay in respect of federal, foreign, state and local income taxes in the aggregate if such entities were corporations paying taxes separately from any Tax Group on a standalone basis (it being understood and agreed that if the Issuer or
any Subsidiary pays any such federal, foreign, state or local income taxes directly to such taxing authority, that 

  
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a Restricted Payment in duplication of such amount shall not be permitted to be made pursuant to this clause (B)) and (2) the amount of income taxes actually paid by such Tax Group in
respect of such taxable period; provided, further, that any permitted payment made pursuant to this clause (B) with respect to any taxes of any Unrestricted Subsidiary for any taxable period shall be limited to the amount
actually paid with respect to such period by such Unrestricted Subsidiary to the Issuer or its Restricted Subsidiaries for the purposes of paying such consolidated, combined or similar taxes; 

(C) customary salary, bonus, severance and other benefits payable to, and indemnities provided on behalf of, officers,
directors, employees and consultants of any direct or indirect Parent Company of the Issuer and any payroll, social security or similar taxes thereof to the extent such salaries, bonuses, severance, indemnification, obligations and other benefits
are attributable to the ownership or operation of the Issuer and its Restricted Subsidiaries; 
 (D) interest and/or
principal on Indebtedness the proceeds of which have been contributed to the Issuer or any Restricted Subsidiary and that has been guaranteed by, or is otherwise, considered Indebtedness of, the Issuer incurred in accordance with
Section 4.03; 
 (E) general corporate operating and overhead costs and expenses of any direct or
indirect Parent Company of the Issuer to the extent such costs and expenses are attributable to the ownership or operation of the Issuer and its Restricted Subsidiaries; 

(F) fees and expenses other than to Affiliates of the Issuer related to any equity or debt offering of such Parent Company
(whether or not successful); and 
 (G) to the extent constituting Restricted Payments, amounts that would be permitted to
be paid by the Issuer or its Restricted Subsidiaries under Section 4.07(b) (other than Section 4.07(b)(ii)(A)); 

(H) payments to finance any Investment permitted to be made pursuant to this Section 4.04;
provided that (i) such Restricted Payment shall be made substantially concurrently with the closing of such Investment, (ii) such parent shall, promptly following the closing thereof, cause (A) all property acquired (whether
assets or Equity Interests) to be contributed to the Issuer or a Restricted Subsidiary or (B) the merger, consolidation or sale of all or substantially all assets (to the extent permitted pursuant to Section 5.01) of
the Person formed or acquired into the Issuer or a Restricted Subsidiary in order to consummate such acquisition or Investment, (iii) such direct or indirect Parent Company and its Affiliates (other than the Issuer or a Restricted Subsidiary)
receives no consideration or other payment in connection with such transaction except to the extent the Issuer or a Restricted Subsidiary could have given such consideration or made such payment in compliance with this Indenture, (iv) any
property received by the Issuer shall not increase amounts available for Restricted Payments pursuant to Section 4.04(a)(3)(C) hereof and (v) such 

  
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Investment shall be deemed to be made by the Issuer or such Restricted Subsidiary pursuant to another provision of this Section 4.04 (other than pursuant to
clause (xiii) of this Section 4.04(b)) or pursuant to the definition of “Permitted Investments”; 

(xiv) cash payments in lieu of the issuance of fractional shares in connection with the exercise of warrants, options or other
securities convertible into or exchangeable for Capital Stock of the Issuer, any of its Restricted Subsidiaries or any direct or indirect Parent Company of the Issuer; provided that any such cash payment shall not be for the purpose of
evading the limitation of this Section 4.04; 
 (xv) payments and distributions to dissenting
stockholders of Restricted Subsidiaries pursuant to applicable law, pursuant to or in connection with a consolidation, amalgamation, merger or transfer of all or substantially all of the assets of any Restricted Subsidiary that complies with the
terms of this Indenture or any other transaction that complies with the terms of this Indenture; 
 (xvi) the payment of
dividends, other distributions and other amounts by the Issuer to, or the making of loans to, any Parent Company in the amount required for such parent to, if applicable, pay amounts equal to amounts required for any Parent Company, if applicable,
to pay interest and/or principal (including AHYDO “catch-up payments”) on Indebtedness, the proceeds of which have been permanently contributed to the Issuer or any Restricted Subsidiary and that has
been guaranteed by, or is otherwise considered Indebtedness of, the Issuer or any Restricted Subsidiary incurred in accordance with this Indenture; provided that the proceeds contributed to the Issuer or such Restricted Subsidiary shall not
increase amounts available for Restricted Payments pursuant to Section 4.04(a)(3) above; provided, further, that the aggregate amount of such dividends, distributions, loans and other amounts shall not exceed the
amount of cash actually contributed to the Issuer for the incurrence of such Indebtedness; and 
 (xvii) the redemption,
repurchase, defeasance, other acquisition or retirement for value of any Junior Lien Indebtedness or unsecured Pari Passu Indebtedness of the Issuer or any Restricted Subsidiary (1) up to an aggregate principal amount, together with all prior
redemptions, repurchases, defeasances, acquisitions or retirements pursuant to this clause (1), not to exceed $40.0 million or (2) so long as (A) the Issuer has at least $200.0 million of consolidated unrestricted cash and Cash
Equivalents as of the most recently ended fiscal period for which internal financial statements are available and (B) no amounts are outstanding under the ABL Facility as of such date of redemption, repurchase, defeasance, acquisition or
retirement; 
 provided, however, that at the time of, and after giving effect to, any Restricted Payment permitted under clauses (ix) and
(xvii) of Section 4.04(b) in respect of a Restricted Payment, no Default or Event of Default shall have occurred and be continuing or would occur as a consequence thereof. 

For purposes of determining compliance with this Section 4.04, in the event that a proposed Restricted Payment (or a
portion thereof) meets the criteria of clauses (i) through (xvii) above and/or one or more of the clauses contained in the definition of “Permitted Investments,” or is entitled to be made pursuant to
Section 4.04(a), the Issuer will be entitled to divide or classify or later divide or reclassify (based on circumstances existing on the date of such reclassification) such Restricted Payment (or a portion thereof) between
such clauses (i) through (xvii) and Section 4.04(a) and/or one or more of the clauses contained in the definition of “Permitted Investments,” in any manner that otherwise complies with this
Section 4.04. 

  
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 As of the Issue Date, except for the Anagram Issuers and their Subsidiaries, all of the
Issuer’s Subsidiaries will be Restricted Subsidiaries. The Issuer shall not permit any Unrestricted Subsidiary to become a Restricted Subsidiary except pursuant to the second to last sentence of the definition of “Unrestricted
Subsidiary.” For purposes of designating any Restricted Subsidiary as an Unrestricted Subsidiary, all outstanding Investments by the Issuer and its Restricted Subsidiaries (except to the extent repaid) in the Subsidiary so designated shall be
deemed to be Investments in an amount determined as set forth in the last sentence of the definition of “Investments.” Such designation shall only be permitted if a Restricted Payment or Permitted Investment in such amount would be
permitted at such time, and if such Subsidiary otherwise meets the definition of an Unrestricted Subsidiary. Unrestricted Subsidiaries shall not be subject to any of the restrictive covenants set forth in this Indenture. 

For the avoidance of doubt, this Section 4.04 shall not restrict the making of any AHYDO “catch-up payment” with respect to, and required by the terms of, any Indebtedness of the Issuer or any of its Restricted Subsidiaries permitted to be incurred under the terms of this Indenture. 

SECTION 4.05 Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries. The Issuer shall not, and shall not permit
any of its Restricted Subsidiaries that are not Guarantors to, directly or indirectly, create or otherwise cause or suffer to exist or become effective any consensual encumbrance or consensual restriction on the ability of any such Restricted
Subsidiary to: 
 (a) (i) pay dividends or make any other distributions to the Issuer or any of its Restricted Subsidiaries that is a
Guarantor on its Capital Stock or with respect to any other interest or participation in, or measured by, its profits; or (ii) pay any Indebtedness owed to the Issuer, in the case of a Restricted Subsidiary that is not a Guarantor, to any
Restricted Subsidiary that is a Guarantor; 
 (b) make loans or advances to the Issuer or, in the case of a Restricted Subsidiary that is not
a Guarantor, to any Restricted Subsidiary that is a Guarantor; or 
 (c) sell, lease or transfer any of its properties or assets to the
Issuer or, in the case of a Restricted Subsidiary that is not a Guarantor, to any Restricted Subsidiary that is a Guarantor; 
 (d) except in
each case for such encumbrances or restrictions existing under or by reason of: 
 (1) contractual encumbrances or
restrictions in effect on the Issue Date, including pursuant to the Senior Credit Facilities and the Existing Notes and the related documentation; 

(2) this Indenture, the Securities, the related Guarantees, the Pari Intercreditor Agreement, the ABL Intercreditor Agreement
and the Security Documents; 
 (3) purchase money obligations for property acquired and Finance Lease Obligations in the
ordinary course of business that impose restrictions of the nature discussed in clause (c) above on the property or assets so acquired; 

(4) applicable law or any applicable rule, regulation or order; 

  
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 (5) any agreement or other instrument of a Person acquired by the Issuer or
any of its Restricted Subsidiaries in existence at the time of such acquisition (but not created in contemplation thereof), which encumbrance or restriction is not applicable to any Person, or the properties or assets of any Person, other than the
Person so acquired and its Subsidiaries, or the property or assets of the Person so acquired and its Subsidiaries; 
 (6)
contracts or agreements for the sale of assets, including any restrictions with respect to a Subsidiary of the Issuer pursuant to an agreement that has been entered into for the sale or disposition of all or substantially all of the Capital Stock or
assets of such Subsidiary; 
 (7) Secured Indebtedness otherwise permitted to be incurred pursuant to
Sections 4.03 and 4.12 that apply to the assets securing such Indebtedness and/or the Restricted Subsidiaries incurring or guaranteeing such Indebtedness; 

(8) restrictions on cash or other deposits or net worth imposed by customers under contracts entered into in the ordinary
course of business; 
 (9) other Indebtedness, Disqualified Stock or Preferred Stock of Foreign Subsidiaries permitted to be
incurred or issued subsequent to the Issue Date pursuant to the provisions of Section 4.03; 
 (10)
customary provisions in any joint venture agreement and other similar agreement entered into in the ordinary course of business; 

(11) customary provisions contained in leases, subleases, licenses or sublicenses, Equity Interests or asset sale agreements
and other similar agreements, in each case, entered into in the ordinary course of business; 
 (12) any encumbrances or
restrictions of the type referred to in Sections 4.05(a), (b) and (c) above imposed by any amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or
refinancings of the contracts, instruments or obligations referred to in clauses (1) through (11) above; provided that such amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or
refinancings are, in the good faith judgment of the Issuer, no more restrictive in any material respect with respect to such encumbrances and other restrictions taken as a whole than those prior to such amendment, modification, restatement, renewal,
increase, supplement, refunding, replacement or refinancing; 
 (13) any agreement or instrument relating to any
Indebtedness, Disqualified Stock or Preferred Stock permitted to be incurred or issued subsequent to the Issue Date pursuant to Section 4.03 that contains encumbrances and other restrictions that either (x) are not
materially more disadvantageous, taken as a whole, to the Holders than is customary in comparable financings for similarly situated issuers or as otherwise in effect on the Issue Date, or (y) either (i) the Issuer determines that such
encumbrance or restriction will not adversely affect, in any material respect, the Issuer’s ability to make principal and interest payments on the Securities as and when they come due or (ii) such encumbrances and restrictions apply only
during the continuance of a default in respect of a payment or financial maintenance covenant relating to such Indebtedness, in each case, in the good faith judgment of the Issuer; 

  
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 (14) customary provisions restricting assignment of any agreement entered
into in the ordinary course of business; 
 (15) customary restrictions and conditions contained in any agreement relating to
the sale, transfer, lease or other disposition of any asset permitted under Section 4.06 pending the consummation of such sale, transfer, lease or other disposition; 

(16) customary restrictions and conditions contained in the document relating to any Lien so long as (i) such Lien is a
Permitted Lien and such restrictions or conditions relate only to the specific asset subject to such Lien and (ii) such restrictions and conditions are not created for the purpose of avoiding the restrictions imposed by this clause (16);

 (17) restrictions created in connection with any Receivables Facility that in the good faith determination of the Issuer
are necessary or advisable to effect such Receivables Facility; and 
 (18) agreements entered into in connection with a Sale
and Lease-Back Transaction entered into in the ordinary course of business or consistent with industry practice. 
 For purposes of
determining compliance with this Section 4.05, (1) the priority of any Preferred Stock in receiving dividends or liquidating distributions prior to dividends or liquidating distributions being paid on common stock shall not
be deemed a restriction on the ability to make distributions on Capital Stock and (2) the subordination of loans or advances made to the Issuer or a Restricted Subsidiary to other Indebtedness incurred by the Issuer or any such Restricted
Subsidiary shall not be deemed a restriction on the ability to make loans or advances. 
 SECTION 4.06 Asset Sales. 

(a) The Issuer shall not, and shall not permit any of its Restricted Subsidiaries to, consummate an Asset Sale, unless: 

(i) the Issuer or such Restricted Subsidiary, as the case may be, receives consideration at the time of such Asset Sale at
least equal to the Fair Market Value (as determined in good faith by the Issuer) of the assets sold or otherwise disposed of; and 

(ii) except in the case of a Permitted Asset Swap, at least 75% of the consideration therefor received by the Issuer or such
Restricted Subsidiary, as the case may be, calculated on a cumulative basis, is in the form of Cash Equivalents; provided that the amount of: 

(a) any liabilities (as shown on the Issuer’s or such Restricted Subsidiary’s most recent balance sheet or in the
footnotes thereto or, if incurred or increased subsequent to the date of such balance sheet, such liabilities that would have been shown on the Issuer’s or such Restricted Subsidiary’s balance sheet or in the footnotes thereto if such
incurrence or increase had taken place on 

  
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or prior to the date of such balance sheet, as determined by the Issuer), contingent or otherwise, of the Issuer or such Restricted Subsidiary, other than liabilities that are by their terms
subordinated to the Securities, that are assumed by the transferee of any such assets or that are otherwise cancelled or terminated in connection with the transaction with such transferee and for which the Issuer and all of its Restricted
Subsidiaries have been validly released by all creditors in writing, 
 (b) any securities, notes or other obligations or
assets received by the Issuer or such Restricted Subsidiary from such transferee that are converted by the Issuer or such Restricted Subsidiary into Cash Equivalents (to the extent of the Cash Equivalents received) within 180 days following the
closing of such Asset Sale, and 
 (c) any Designated Non-cash Consideration
received by the Issuer or such Restricted Subsidiary in such Asset Sale having an aggregate fair market value, taken together with all other Designated Non-cash Consideration received pursuant to this clause
(c) that is at that time outstanding, not to exceed the greater of (x) $40.0 million and (y) 14.0% of EBITDA of the Issuer for the most recently ended four consecutive fiscal quarters for which internal financial statements are available
(calculated on a pro forma basis) at the time of the receipt of such Designated Non-cash Consideration, with the fair market value of each item of Designated
Non-cash Consideration being measured at the time received and without giving effect to subsequent changes in value, 

shall be deemed to be Cash Equivalents for the purposes of this Section 4.06(a). 

(b) Within 450 days after the receipt of any Net Proceeds of any Asset Sale, the Issuer or such Restricted Subsidiary, at its option, may apply
the Net Proceeds from such Asset Sale: 
 (i) to repurchase the Securities on a pro rata basis pursuant to an offer to all
Holders at a purchase price equal to 100% of the principal amount thereof, plus accrued and unpaid interest to, but excluding, the date of purchase, or pursuant to a notice of redemption issued in compliance with
Section 3.09 of this Indenture; 
 (ii) in respect of any Asset Sale involving Notes Priority
Collateral or Equity Interests of a Restricted Subsidiary that owns, directly or indirectly, any Notes Priority Collateral, to repurchase, prepay, redeem or repay Indebtedness that is secured by a Lien on the same Notes Priority Collateral on a pari
passu basis (including, for the avoidance of doubt, any Refinancing Indebtedness in respect thereof); provided that the Issuer or such Restricted Subsidiary, as applicable, shall equally and ratably reduce obligations under the Securities;

 (iii) in respect of any Asset Sale involving ABL Facility Priority Collateral or Equity Interests of a Restricted
Subsidiary that owns, directly or indirectly, any ABL Facility Priority Collateral, to repurchase, prepay, redeem or repay Indebtedness under the ABL Facility and to reduce commitments thereunder (including, for the avoidance of doubt, any
Refinancing Indebtedness in respect thereof); 

  
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 (iv) in respect of any Asset Sale involving Collateral or Equity Interests
of a Restricted Subsidiary that owns, directly or indirectly, any Collateral, to make (a) an Investment in any one or more businesses; provided that such Investment in any business is in the form of the acquisition of Capital Stock and
results in the Issuer or any of its Restricted Subsidiaries, as the case may be, owning an amount of the Capital Stock of such business such that it constitutes a Restricted Subsidiary, (b) capital expenditures or (c) acquisitions of other
properties or assets that, in the case of (a), (b) or (c), constitute or are in respect of (x) Notes Priority Collateral in the case of an Asset Sale of Notes Priority Collateral and (y) ABL Facility Priority Collateral or Notes Priority
Collateral in the case of an Asset Sale of ABL Facility Priority Collateral, which replace the businesses, properties and/or other assets that are the subject of such Asset Sale and are thereupon with their acquisition added to the Collateral
securing the Securities; 
 (v) in respect of any Asset Sale not involving Collateral or Equity Interests of a Restricted
Subsidiary that owns, directly or indirectly, any Collateral, to repurchase, prepay, redeem or repay Indebtedness of a Restricted Subsidiary which is not a Guarantor, including Indebtedness guaranteed by such Restricted Subsidiary (other than
Indebtedness owed to the Company or a Restricted Subsidiary) or Indebtedness of the Issuer or any Guarantor that is secured by a Lien or that is senior unsecured Indebtedness; 

(vi) in respect of any Asset Sale not involving Collateral or Equity Interests of a Restricted Subsidiary that owns, directly
or indirectly, any Collateral, to make (a) an Investment in any one or more businesses; provided that such Investment in any business is in the form of the acquisition of Capital Stock and results in the Issuer or any of its Restricted
Subsidiaries, as the case may be, owning an amount of the Capital Stock of such business such that it constitutes a Restricted Subsidiary, (b) capital expenditures or (c) acquisitions of other properties or assets that, in the case of each
of (a) and (c), replace the businesses, properties and/or other assets that are the subject of such Asset Sale; or 

(vii) any combination of the foregoing; 

provided that, in the case of clauses (iv) and (vi) above, a binding commitment shall be treated as a permitted application of the Net Proceeds
from the date of such commitment so long as the Issuer or such other Restricted Subsidiary enters into such commitment with the good faith expectation that such Net Proceeds will be applied to satisfy such commitment within the later of such 450th day and 180 days of such commitment (an “Acceptable Commitment”); provided, further, that if an Acceptable Commitment is later cancelled or terminated for any reason
before such Net Proceeds are applied and after such 450th day, then such Net Proceeds shall constitute Excess Proceeds (as defined below). 

If an Event of Default has occurred and is continuing, the Company or the applicable Guarantor shall, pending the final application of any Net
Proceeds, deposit such Net Proceeds in a Notes Proceeds Account in which the Collateral Trustee (subject to the terms of the Intercreditor Agreements) has a perfected security interest for the benefit of the Secured Parties in accordance with the
applicable Lien priorities described in the Intercreditor Agreements. 
 (c) Any Net Proceeds from any Asset Sale that are not invested or
applied as provided and within the time period set forth in Section 4.06(b) (it being understood that any portion of such Net Proceeds used to make an offer to purchase Securities, as described in clause (i) of
Section 4.06(b), shall be deemed to have been invested or applied whether or not such offer is accepted) will be deemed to constitute “Excess Proceeds.” When the aggregate amount of Excess Proceeds exceeds

  
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$25.0 million, the Issuer shall make an offer (an “Asset Sale Offer”) to all Holders of the Securities and, at the option of the Issuer, to (i) in the case of Excess
Proceeds of an Asset Sale involving Collateral or Equity Interests of a Restricted Subsidiary that owns, directly or indirectly, any Collateral, any holders of Pari Passu Lien Indebtedness and (ii) in the case of Excess Proceeds of an Asset
Sale not involving Collateral or Equity Interests of a Restricted Subsidiary that owns, directly or indirectly, any Collateral, any holders of Pari Passu Indebtedness, in each case to purchase the maximum aggregate principal amount of the Securities
that is at least $2,000 and an integral multiple of $1,000 in excess thereof and any Pari Passu Lien Indebtedness or Pari Passu Indebtedness, as the case may be, that may be purchased out of the Excess Proceeds at an offer price in cash in an amount
equal to 100% of the principal amount thereof, or 100% of the accreted value thereof, if less, plus accrued and unpaid interest (or, in respect of any such Pari Passu Lien Indebtedness or Pari Passu Indebtedness, as the case may be, such lesser
price, if any, as may be provided for by the terms of such Indebtedness) to, but not including, the date fixed for the closing of such offer, in accordance with the procedures set forth in this Indenture. The Issuer will commence an Asset Sale Offer
with respect to Excess Proceeds within thirty Business Days after the date that Excess Proceeds exceed $25.0 million by mailing the notice required pursuant to the terms of this Indenture, with a copy to the Trustee, or otherwise delivered in
accordance with the procedures of DTC. 
 To the extent that the aggregate amount of Securities and Pari Passu Lien Indebtedness or Pari
Passu Indebtedness, as the case may be, tendered pursuant to an Asset Sale Offer is less than the Excess Proceeds used to make such Asset Sale Offer, the Issuer may use any remaining Excess Proceeds for general corporate purposes, subject to
compliance with other covenants contained in this Indenture (any such remaining Excess Proceeds amount, “Declined Excess Proceeds”). If the aggregate principal amount of Securities and Pari Passu Lien Indebtedness or Pari Passu
Indebtedness, as the case may be, surrendered in an Asset Sale Offer exceeds the amount of Excess Proceeds, the Trustee shall select the Securities to be purchased in the manner described in Section 3.04. Selection of such
Pari Passu Lien Indebtedness or Pari Passu Indebtedness will be made pursuant to the terms of such Indebtedness. Upon completion of any such Asset Sale Offer, the amount of Excess Proceeds used to make such Asset Sale Offer shall be reset to zero
(regardless of whether there are any remaining Excess Proceeds upon such completion). 
 Pending the final application of any Net Proceeds
pursuant to this Section 4.06, the holder of such Net Proceeds may apply such Net Proceeds temporarily to reduce Indebtedness outstanding under a revolving credit facility or otherwise invest such Net Proceeds in any manner
not prohibited by this Indenture. 
 The Issuer shall comply with the requirements of
Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent such laws or regulations are applicable in connection with the repurchase of the Securities
pursuant to an Asset Sale Offer. To the extent that the provisions of any securities laws or regulations conflict with the provisions of this Indenture, the Issuer shall comply with the applicable securities laws and regulations and shall not be
deemed to have breached its obligations described in this Indenture by virtue thereof. 
 Notwithstanding any other provisions of this
Section 4.06, to the extent that any or all of the Net Proceeds of any Asset Sale by a Foreign Subsidiary is (x) prohibited or delayed by applicable local law, (y) restricted by applicable organizational documents
or any agreement or (z) subject to other onerous organizational or administrative impediments from being repatriated to the United States, the portion of such Net Proceeds so affected will not be required to be applied in compliance with this
covenant, and such amounts may be retained by the applicable Foreign Subsidiary so long, but only so long, as the applicable local law will not permit repatriation to the Issuer or a Guarantor (the Issuer hereby agreeing to use commercially
reasonable efforts (as determined in the Issuer’s reasonable business 

  
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judgment) to otherwise cause the Foreign Subsidiary to within one year following the date on which the respective payment would otherwise have been required, promptly take all actions reasonably
required by the applicable local law to permit such repatriation to the Issuer or a Guarantor), and if within one year following the date on which the respective payment would otherwise have been required, such repatriation of any of such affected
Net Proceeds is permitted under the applicable local law, an amount equal to such amount of Net Proceeds so permitted to be repatriated will be promptly (and in any event no later than ten (10) Business Days after such repatriation is
permitted) applied (net of any taxes, costs or expenses that would be payable or reserved against if such amounts were actually repatriated whether or not they are repatriated) in compliance with this covenant. The
non-application of any prepayment amounts as a consequence of the foregoing provisions will not, for the avoidance of doubt, constitute a Default or an Event of Default. For the avoidance of doubt, nothing in
this Indenture shall be construed to require any Subsidiary to repatriate cash. 
 SECTION 4.07 Transactions with Affiliates.

 (a) The Issuer shall not, and shall not permit any of its Restricted Subsidiaries to, make any payment to, or sell, lease, transfer or
otherwise dispose of any of its properties or assets to, or purchase any property or assets from, or enter into or make or amend any transaction, contract, agreement, understanding, loan, advance or guarantee with, or for the benefit of, any
Affiliate of the Issuer (each of the foregoing, an “Affiliate Transaction”) involving aggregate payments or consideration in excess of $15.0 million, unless: 

(i) such Affiliate Transaction is on terms that are not materially less favorable to the Issuer or its relevant Restricted
Subsidiary than those that would have been obtained in a comparable transaction by the Issuer or such Restricted Subsidiary with an unrelated Person on an arm’s-length basis or, if in the good faith
judgment of the board of directors no comparable transaction is available with which to compare such Affiliate Transaction, such Affiliate Transaction is otherwise fair to the Issuer or such Restricted Subsidiary from a financial point of view; and

 (ii) the Issuer delivers to the Trustee with respect to any Affiliate Transaction or series of related Affiliate
Transactions involving aggregate payments or consideration in excess of $50.0 million, a resolution adopted by the majority of the board of directors of the Issuer approving such Affiliate Transaction and set forth in an Officer’s
Certificate certifying that such Affiliate Transaction complies with clause (i) above. 
 (b) Section 4.07(a)
shall not apply to the following: 
 (i) transactions between or among the Issuer or any of its Restricted Subsidiaries, or
an entity that becomes a Restricted Subsidiary as a result of such transaction, and any merger, consolidation or amalgamation of the Issuer and any direct parent of the Issuer; provided that such merger, consolidation or amalgamation of the
Issuer is otherwise in compliance with the terms of this Indenture; 
 (ii) (A) Restricted Payments permitted by
Section 4.04 and (B) Investments constituting Permitted Investments; 

  
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 (iii) the payment of reasonable and customary fees and reimbursement of
expenses and compensation paid to, and indemnities provided on behalf of or for the benefit of, future, present or former employee, officer, director, member of management or consultant (or the estate, heirs, family members, spouse, former spouse,
domestic partner or former domestic partner of any of the foregoing) of the Issuer, any of its direct or indirect Parent Companies or any of its Restricted Subsidiaries; 

(iv) transactions in which the Issuer or any of its Restricted Subsidiaries, as the case may be, delivers to the Trustee a
letter from an Independent Financial Advisor stating that such transaction is fair to the Issuer or such Restricted Subsidiary from a financial point of view or stating that the terms are not materially less favorable, when taken as a whole, to the
Issuer or its relevant Restricted Subsidiary than those that would have been obtained in a comparable transaction by the Issuer or such Restricted Subsidiary with an unrelated Person on an arm’s-length
basis; 
 (v) any agreement as in effect as of the Issue Date, or any amendment thereto or replacement thereof (so long as
any such amendment or replacement is not disadvantageous in any material respect in the good faith judgment of the Issuer to the Holders when taken as a whole as compared to the applicable agreement as in effect on the Issue Date), or any
transaction contemplated thereby as determined in good faith by the Issuer; 
 (vi) (A) transactions with customers, clients,
suppliers, contractors, or purchasers or sellers of goods or services, or transactions otherwise relating to the purchase or sale of goods or services, in each case in the ordinary course of business or that are consistent with past practice and
otherwise in compliance with the terms of this Indenture which are fair to the Issuer and its Restricted Subsidiaries, in the reasonable determination of the board of directors of the Issuer, or are on terms at least as favorable as would reasonably
have been obtained at such time from an unaffiliated party or (B) transactions with joint ventures or Unrestricted Subsidiaries entered into in the ordinary course of business and consistent with past practice or industry norms; 

(vii) sales of accounts receivable, or participations therein, in connection with any Receivables Facility; 

(viii) payments by the Issuer or any of its Restricted Subsidiaries made for any financial advisory, consulting, financing,
underwriting or placement services or in respect of other investment banking activities, including, without limitation, in connection with acquisitions or divestitures which payments are approved by a majority of the disinterested board of directors
of the Issuer in good faith or are otherwise permitted by this Indenture; 
 (ix) payments or loans (or cancellation of
loans) or advances to employees, officers, directors, members of management or consultants (or the estate, heirs, family members, spouse, former spouse, domestic partner or former domestic partner of any of the foregoing) of the Issuer, any of its
direct or indirect Parent Companies or any of its Restricted Subsidiaries and employment agreements, severance arrangements, stock option plans and other similar arrangements with such employees, officers, directors, members of management or
consultants (or the estate, heirs, family members, spouse, former spouse, domestic partner or former domestic partner of any of the foregoing) which, in each case, are approved by a majority of the board of directors of the Issuer, in good faith;

  
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 (x) the Refinancing Transactions, the payment of all fees and expenses
relating to the Refinancing Transactions and the use of proceeds of the Refinancing Transactions; 
 (xi) any contribution to
the capital of the Issuer or any Restricted Subsidiary; 
 (xii) the issuance of securities or other payments, awards or
grants in cash, securities or otherwise pursuant to, or the funding of, employment arrangements, stock option and stock ownership plans or similar employee benefit plans approved by a majority of the board of directors of the Issuer in good faith;

 (xiii) transactions undertaken in good faith (as certified by a responsible financial or accounting officer of the Issuer
in an Officer’s Certificate) for the purposes of improving the consolidated tax efficiency of the Issuer and its Subsidiaries and not for the purpose of circumventing any covenant set forth in this Indenture; 

(xiv) payments and other transactions in respect of Indebtedness of the Issuer and its Subsidiaries held by Affiliates so long
as such Affiliates are treated no more favorably than any non-Affiliate holders of such Indebtedness; 

(xv) transactions with a Person that is an Affiliate of the Issuer (other than an Unrestricted Subsidiary) solely because the
Issuer or any Restricted Subsidiary owns Equity Interests in such Person; and 
 (xvi) transactions pursuant to or required
by the Intra-Company Agreements. 
 SECTION 4.08 Change of Control. 

(a) Upon the occurrence of a Change of Control after the Issue Date, unless the Issuer has previously or concurrently sent a redemption notice
with respect to all the outstanding Securities as described in Article 3 hereto, the Issuer will make an offer to purchase all of the Securities pursuant to the offer described below (the “Change of Control
Offer”) at a price in cash (the “Change of Control Payment”) equal to 101% of the aggregate principal amount thereof plus accrued and unpaid interest to, but not including, the date of purchase, subject to the right of
Holders of record of the Securities on the relevant record date to receive interest due on the relevant interest payment date. 
 (b) Within
60 days following any Change of Control, the Issuer will send notice of such Change of Control Offer electronically or by first-class mail, with a copy to the Trustee, to each Holder of Securities to the registered address of such Holder or
otherwise in accordance with the procedures of DTC, with the following information: 
 (i) that a Change of Control Offer is
being made pursuant to this Section 4.08, and that all Securities properly tendered pursuant to such Change of Control Offer will be accepted for payment by the Issuer at a repurchase price in cash equal to 101% of the
principal amount thereof, plus accrued and unpaid interest to, but not including, the date of repurchase, subject to the right of Holders of record of the Securities on the relevant record date to receive interest due on the relevant interest
payment date; 

  
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 (ii) the purchase price and the purchase date, which shall be no earlier
than 10 days nor later than 60 days from the date such notice is mailed or otherwise delivered (the “Change of Control Payment Date”), subject to the extension (in the case where such notice was mailed or otherwise delivered prior
to the occurrence of the Change of Control) in the event that occurrence of the Change of Control is delayed; 
 (iii) that
any Security not properly tendered will remain outstanding and continue to accrue interest; 
 (iv) that unless the Issuer
defaults in the payment of the Change of Control Payment, all Securities accepted for payment pursuant to the Change of Control Offer will cease to accrue interest on the Change of Control Payment Date; 

(v) if such notice is delivered prior to the occurrence of a Change of Control, stating that the Change of Control Offer is
conditional on the occurrence of such Change of Control; 
 (vi) that Holders electing to have any Securities purchased
pursuant to a Change of Control Offer will be required to surrender such Securities, with the form entitled “Option of Holder to Elect Purchase” on the reverse of such Securities completed, to the Paying Agent specified in the notice at
the address specified in the notice prior to the close of business on the third Business Day preceding the Change of Control Payment Date; 

(vii) that Holders will be entitled to withdraw their tendered Securities and their election to require the Issuer to purchase
such Securities; provided that the Paying Agent receives, not later than the close of business on the second Business Day prior to the Change of Control Payment Date, facsimile transmission or letter setting forth the name of the Holder of
the Securities, the principal amount of Securities tendered for purchase, and a statement that such Securities is withdrawing its tendered Securities and its election to have such Securities purchased; 

(viii) that if the Issuer is redeeming less than all of the Securities, the Holders of the remaining Securities will be issued
new Securities and such new Securities will be equal in principal amount to the unpurchased portion of the Securities surrendered. The unpurchased portion of the Securities must be equal to $2,000 or an integral multiple of $1,000 in excess of
$2,000; 
 (ix) if such notice is delivered prior to the occurrence of a Change of Control, stating that the Change of
Control Offer is conditional on the occurrence of such Change of Control and shall describe each such condition, and, if applicable, shall state that, in the Issuer’s discretion, the Change of Control Payment Date may be delayed until such time
as any or all such conditions shall be satisfied, or that such repurchase may not occur and such notice may be rescinded in the event that any or all such conditions shall not have been satisfied by the Change of Control Payment Date, or by the
Change of Control Payment Date as so delayed; and 
 (x) the other instructions, as determined by the Issuer, consistent with
this Section 4.08, that a Holder must follow. 

  
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 Securities repurchased by the Issuer pursuant to a Change of Control Offer will have the
status of Securities issued but not outstanding or will be retired and cancelled at the option of the Issuer. Securities purchased by a third party pursuant to the preceding paragraph will have the status of Securities issued and outstanding. 

The notice, if mailed in a manner herein provided, shall be conclusively presumed to have been given, whether or not the Holder receives such
notice. If (a) the notice is mailed in a manner herein provided and (b) any Holder fails to receive such notice or a Holder receives such notice but it is defective, such Holder’s failure to receive such notice or such defect shall
not affect the validity of the proceedings for the purchase of the Securities as to all other Holders that properly received such notice without defect. 

The Issuer shall comply with the requirements of Rule 14e-1 under the Exchange Act and any other
securities laws and regulations thereunder to the extent such laws or regulations are applicable in connection with the repurchase by the Issuer of Securities pursuant to a Change of Control Offer. To the extent that the provisions of any securities
laws or regulations conflict with the provisions of this Indenture, the Issuer will comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations described in this Indenture by virtue thereof.

 (c) On the Change of Control Payment Date, the Issuer shall, to the extent permitted by law, 

(1) accept for payment all Securities issued by it or portions thereof properly tendered pursuant to the Change of Control
Offer; 
 (2) deposit with the Paying Agent an amount equal to the aggregate Change of Control Payment in respect of all
Securities or portions thereof so tendered; and 
 (3) deliver, or cause to be delivered, to the Trustee for cancellation the
Securities so accepted together with an Officer’s Certificate to the Trustee stating that such Securities or portions thereof have been tendered to and purchased by the Issuer. 

(d) The Issuer shall not be required to make a Change of Control Offer following a Change of Control if a third party makes the Change of
Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Indenture applicable to a Change of Control Offer made by the Issuer and purchases all Securities validly tendered and not withdrawn under
such Change of Control Offer. Notwithstanding anything to the contrary herein, a Change of Control Offer may be made in advance of a Change of Control, conditional upon such Change of Control, if a definitive agreement is in place for the Change of
Control at the time of making of the Change of Control Offer. 
 (e) Other than as specifically provided in this
Section 4.08, any purchase pursuant to this Section 4.08 shall be made pursuant to the provisions of Sections 3.04, 3.07 and 3.08 hereof. 

(f) The Issuer’s obligations to make an offer to repurchase the Securities as a result of a Change of Control under this
Section 4.08 may be waived or modified with the written consent of the Holders of a majority in principal amount of the Securities. 

  
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 SECTION 4.09 Compliance Certificate. 

(a) The Issuer shall deliver to the Trustee within 120 days after the end of each fiscal year of the Issuer, beginning with the fiscal year
ending on or about December 31, 2021, a certificate (the signer of which shall be the principal executive officer, the principal financial officer or the principal accounting officer of the Issuer) stating that in the course of the performance
by the signer of the signer’s duties as an Officer of the Issuer the signer would normally have knowledge of any Default and whether or not the signer knows of any Default that occurred during such period. If the signer does, the certificate
shall describe the Default, its status and the action the Issuer is taking or proposes to take with respect thereto. 
 (b) Together with the
delivery of each officer’s certificate delivered pursuant to Section 4.09(a) hereof, the Issuer shall deliver to the Collateral Trustee a Perfection Certificate Supplement (as defined in the Security Agreement), either
confirming that there has been no change in the information contained in the Perfection Certificate (as defined in the Security Agreement) delivered on the Issue Date, or the date on which the most recent Perfection Certificate Supplement was
delivered to the Collateral Trustee, or identifying changes to such information previously disclosed. 
 (c) The Issuer shall deliver to the
Trustee, within 20 Business Days after any Officer of the Issuer becomes aware of any Default or Event of Default, an Officer’s Certificate specifying such Default or Event of Default and what action the Issuer is taking or propose to take with
respect thereto. 
 SECTION 4.10 Further Instruments and Acts. Upon request of the Trustee, the Issuer shall execute and deliver
such further instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the purpose of this Indenture. 

SECTION 4.11 Limitation on Guarantees of Indebtedness by Restricted Subsidiaries. The Issuer shall not permit any of its
Wholly-Owned Subsidiaries that are Restricted Subsidiaries (and non-Wholly-Owned Subsidiaries if such non-Wholly-Owned Subsidiaries guarantee Capital Markets
Indebtedness of the Issuer or any Guarantor), other than a Guarantor or an Excluded Subsidiary, to guarantee the payment of (i) any Indebtedness (including, for the avoidance of doubt, commitments in respect thereof) of the Issuer or any other
Guarantor under any Senior Credit Facilities or (ii) Capital Markets Indebtedness of the Issuer or any Guarantor, in each case, having an aggregate principal amount outstanding in excess of $25.0 million unless: 

(1) such Restricted Subsidiary within 45 days executes and delivers a supplemental indenture to this Indenture, the form of which is attached
as Exhibit C hereto, providing for a Guarantee by such Restricted Subsidiary, except that with respect to a guarantee of Indebtedness of the Issuer or any Guarantor, if such Indebtedness is by its express terms subordinated in right of
payment to the Securities or such Guarantor’s Guarantee, any such guarantee by such Restricted Subsidiary with respect to such Indebtedness shall be subordinated in right of payment to such Guarantee substantially to the same extent as such
Indebtedness is subordinated to the Securities; and 
 (2) such Restricted Subsidiary waives and shall not in any manner whatsoever claim or
take the benefit or advantage of, any rights of reimbursement, indemnity or subrogation or any other rights against the Issuer or any other Restricted Subsidiary as a result of any payment by such Restricted Subsidiary under its Guarantee, 

provided that this Section 4.11 shall not be applicable to any guarantee of any Restricted Subsidiary that existed at the time such Person became
a Restricted Subsidiary and was not incurred in connection with, or in contemplation of, such Person becoming a Restricted Subsidiary. 

  
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 Each Guarantee will be limited, to the extent enforceable, to an amount not to exceed the
maximum amount that can be guaranteed by that Restricted Subsidiary without rendering the Guarantee, as it relates to such Restricted Subsidiary, voidable under applicable law relating to fraudulent conveyance or fraudulent transfer or similar laws
affecting the rights of creditors generally. 
 The Issuer may elect, in its sole discretion, to cause any Subsidiary that is not otherwise
required to be a Guarantor to become a Guarantor, in which case, such Subsidiary will not be required to comply with clause (1) or (2) of this Section 4.11 and such Guarantee may be released at any time in the
Issuer’s sole discretion; provided that at the time of such release, no Default or Event of Default shall have occurred and be continuing or would occur as consequences thereof. 

Each Guarantee shall be released in accordance with Section 10.02(b) or (c), as applicable. 

SECTION 4.12 Liens. The Issuer shall not, and shall not permit any Restricted Subsidiary to, directly or indirectly, create,
incur, assume or suffer to exist any Lien (except Permitted Liens) that secures obligations under any Indebtedness or any related guarantee, on any asset or property of the Issuer or any Restricted Subsidiary, or any income or profits therefrom, or
assign or convey any right to receive income therefrom. 
 The expansion of Liens by virtue of accrual of interest, the accretion of
accreted value, the payment of interest or dividends in the form of additional Indebtedness, amortization of original issue discount and increases in the amount of Indebtedness outstanding solely as a result of fluctuations in the exchange rate of
currencies will not be deemed to be an incurrence of Liens for purposes of this Section 4.12. 
 SECTION 4.13
Maintenance of Office or Agency. 
 (a) The Issuer shall maintain an office or agency (which may be an office of the Trustee or an
affiliate of the Trustee or Registrar) where Securities may be surrendered for registration of transfer or for exchange and where notices and demands to or upon the Issuer in respect of the Securities and this Indenture may be served. The Issuer
shall give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the Issuer shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with
the address thereof, such presentations, surrenders, notices and demands may be made or served at the corporate trust office of the Trustee as set forth in Section 12.01; provided that no service of legal process may
be made against the Issuer at any office of the Trustee. 
 (b) The Issuer may also from time to time designate one or more other offices or
agencies where the Securities may be presented or surrendered for any or all such purposes and may from time to time rescind such designations; provided, however, that no such designation or rescission shall in any manner relieve the Issuer
of its obligation to maintain an office or agency for such purposes. The Issuer shall give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency. 

(c) The Issuer hereby designates the corporate trust office of the Trustee or its agent as such office or agency of the Issuer in accordance
with Section 2.04. 
 SECTION 4.14 Intra-Company Agreements. The Intra-Company Agreements shall remain
in full force and effect (except as otherwise terminated in accordance with their respective terms), and the Issuer will adhere to all terms and provisions thereof in all material respects, in each case pursuant to the terms of such Intra-Company
Agreements. 

  
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 SECTION 4.15 Permitted Activities of Holdings. Holdings shall not
(a) incur, directly or indirectly, any Indebtedness for borrowed money other than guarantees of Indebtedness under the ABL Facility by the borrowers and their subsidiaries parties thereto and permitted thereunder; (b) create or suffer to
exist any Lien upon any property or assets now owned or hereafter acquired by it other than the Liens created under the Collateral Documents (as defined in the ABL Credit Agreement) to which it is a party or any other Lien created in connection with
the ABL Facility and Liens in the ordinary course of business of Holdings conducted in accordance with this Section 4.15 (other than in respect of Indebtedness); (c) engage in any business activity or own any material
assets other than (i) holding 100.0% of the Capital Stock of the Issuer and, indirectly, any other subsidiary, (ii) performing its obligations under the ABL Facility, Liens (including the granting of Liens) and guarantees permitted
thereunder, (iii) issuing its own Capital Stock, (iv) filing tax reports and paying taxes in the ordinary course (and contesting any taxes); (v) preparing reports to governmental authorities and to its shareholders; (vi) holding
director and shareholder meetings, preparing corporate records and other corporate activities required to maintain its separate corporate structure or to comply with applicable law; (vii) holding Cash Equivalents and other assets received in
connection with Restricted Payments or Investments made by the Issuer and its Subsidiaries or contributions to, or proceeds from the issuance of, issuances of Capital Stock of Holdings, in each case, pending the application thereof in a manner not
prohibited by the ABL Facility; (ix) providing indemnification for its officers, directors or members of management; (x) participating in tax, accounting and other administrative matters; (xi) the performance of its obligations under
the other documents, agreements and Investments contemplated by the ABL Facility and (xii) activities incidental to the foregoing; (d) consolidate with or merge with or into, or convey, transfer or lease all or substantially all its assets
to, any Person; provided that so long as no Default or Event of Default exists or would result therefrom, Holdings may merge with any other Person (other than the Issuer and any of its Subsidiaries) so long as (i) Holdings shall be the
continuing or surviving Person or (ii) if the Person formed by or surviving any such merger or consolidation is not Holdings, (A) the successor Holdings shall expressly assume all the obligations of Holdings under this Indenture and the
Securities pursuant to supplemental indentures or other documents or instruments; (B) such successor shall be an entity organized under the laws of the United States, any state thereof or the District of Columbia and (C) the Issuer shall
deliver a certificate of a responsible officer with respect to the satisfaction of the conditions under clauses (A) and (B) hereof; provided, further, that if the conditions set forth in the preceding proviso are satisfied, the
successor Holdings will succeed to, and be substituted for, Holdings under this Indenture; or (e) fail to hold itself out to the public as a legal entity separate and distinct from all other Persons. 

SECTION 4.16 Termination and Suspension of Certain Covenants. 

(a) If, on any date following the Issue Date, (i) the Securities have Investment Grade Ratings from both Rating Agencies and (ii) no
Default has occurred and is continuing under this Indenture (the occurrence of the events described in the foregoing clauses (i) and (ii) being collectively referred to as a “Covenant Suspension Event”) then, beginning on
that day and continuing at all times thereafter until the Reversion Date, as defined below, the Issuer and its Restricted Subsidiaries shall not be subject to Sections 4.03, 4.04, 4.05, 4.06, 4.07, 4.08, 4.11 and clause (iv) of
Section 5.01(a) of this Indenture (collectively, the “Suspended Covenants”). In the event that the Issuer and the Restricted Subsidiaries are not subject to the Suspended Covenants under this Indenture for any period of time as
a result of the foregoing, and on any subsequent date (the “Reversion Date”) one or both of the Rating Agencies withdraw their Investment Grade Rating or downgrade the rating assigned to the Securities below an Investment Grade
Rating, then the Issuer and the Restricted Subsidiaries will thereafter again be subject to the Suspended Covenants under this Indenture with respect to future events. The period of time beginning on the day of a Covenant Suspension Event and ending
on a Reversion Date is referred to herein as the “Suspension Period.” 

  
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 On each Reversion Date, all Indebtedness incurred, or Disqualified Stock or Preferred Stock
issued, during the Suspension Period shall be classified as having been incurred or issued pursuant to Section 4.03(b)(iii). Calculations made after the Reversion Date of the amount available to be made as Restricted Payments under
Section 4.04 shall be made as though Section 4.04 had been in effect prior to, but not during, the Suspension Period. No Default or Event of Default will be deemed to have occurred on the Reversion Date (or thereafter) under any Suspended
Covenant solely as a result of any actions taken by the Issuer or the Restricted Subsidiaries, or events occurring, during the Suspension Period. On and after each Reversion Date, the Issuer and its Subsidiaries will be permitted to consummate the
transactions contemplated by any contract entered into during the Suspension Period so long as such contract and such consummation would have been permitted during such Suspension Period. 

(b) For purposes of Section 4.05, on the Reversion Date, any contractual encumbrances or restrictions of the type specified in clause (a),
(b) or (c) of Section 4.05 entered into during the Suspension Period, will be deemed to have been in effect on the Issue Date, so that they are permitted under clause (1) of Section 4.05. 

(c) For purposes of Section 4.06, on the Reversion Date, the unutilized Excess Proceeds amount will be reset to zero. 

(d) For purposes of Section 4.07, any Affiliate Transaction entered into after the Reversion Date pursuant to a contract, agreement, loan,
advance or guaranty with, or for the benefit of, any Affiliate of the Issuer entered into during the Suspension Period will be deemed to have been in effect as of the Issue Date for purposes of Section 4.07(b)(v). 

(e) During a Suspension Period, the Issuer may not designate any of its Subsidiaries as Unrestricted Subsidiaries pursuant to the third
sentence of the definition of “Unrestricted Subsidiaries”. 
 (f) The Issuer shall deliver promptly to the Trustee an
Officer’s Certificate notifying it of the occurrence of any Covenant Suspension Event or any Reversion Date. The Trustee shall have no independent obligation to determine if a Suspension Period has commenced or terminated, to notify the Holders
regarding the same or to determine the consequences thereof. 
 ARTICLE 5 

SUCCESSOR COMPANY 

SECTION 5.01 Merger, Consolidation or Sale of All or Substantially All Assets. 

(a) The Issuer shall not consolidate or merge with or into or wind up into (whether or not the Issuer is the surviving corporation), or sell,
assign, transfer, lease, convey or otherwise dispose of all or substantially all of its properties or assets, in one or more related transactions, to any Person unless: 

(i) the Issuer is the surviving Person or the Person formed by or surviving any such consolidation or merger (if other than the
Issuer) or to which such sale, assignment, transfer, lease, conveyance or other disposition will have been made is a corporation, partnership or limited liability company organized or existing under the laws of the jurisdiction of organization of
the Issuer or the laws of the United States, any state thereof, the District of Columbia (the Issuer or such Person, as the case may be, being herein called the “Successor Company”); provided that in the case where the
Successor Company is not a corporation, a co-obligor of the Securities is a corporation; 

  
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 (ii) the Successor Company, if other than the Issuer, expressly assumes all
the obligations of the Issuer under this Indenture, the Securities, the Security Documents and the Intercreditor Agreements pursuant to supplemental indentures or other documents or instruments; 

(iii) immediately after such transaction, no Default shall have occurred and be continuing; 

(iv) immediately after giving pro forma effect to such transaction and any related financing transactions, as if such
transactions had occurred at the beginning of the applicable four-quarter period, either: 
 (A) the Successor Company would
be permitted to incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Ratio test set forth in Section 4.03(a); or 

(B) the Fixed Charge Coverage Ratio for the Successor Company and its Restricted Subsidiaries would be equal to or greater
than the Fixed Charge Coverage Ratio for the Issuer and its Restricted Subsidiaries immediately prior to such transaction; 

(v) each Guarantor, unless it is the other party to the transactions described above, in which case
Section 5.01(b)(i)(B) shall apply, shall have by supplemental indenture confirmed that its Guarantee shall apply to such Person’s obligations under this Indenture and the Securities; and 

(vi) the Successor Company shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each
stating that such consolidation, merger or transfer and such supplemental indentures, if any, comply with this Indenture. 
 The Successor
Company (if other than the Issuer) shall succeed to, and be substituted for the Issuer, as the case may be, under this Indenture and the Securities, and in such event the Issuer will automatically be released and discharged from its obligation under
this Indenture and the Securities. Notwithstanding the foregoing clauses (iii), (iv) and (vi) of Section 5.01(a) (which shall not apply to the following): (A) any Restricted Subsidiary may consolidate with or
merge with or into or wind up into or sell, assign, transfer, lease, convey or otherwise dispose of all or part of its properties and assets to the Issuer, and (B) the Issuer may consolidate with or merge with or into or wind up into an
Affiliate of the Issuer solely for the purpose of reincorporating the Issuer in a State of the United States, so long as the amount of Indebtedness of the Issuer and its Restricted Subsidiaries is not increased thereby. 

(b) No Guarantor shall, and the Issuer shall not permit any Guarantor to, consolidate or merge with or into or wind up into (whether or not the
Issuer or Guarantor is the surviving corporation), or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of its properties or assets in one or more related transactions to, any Person unless: 

  
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 (i) (A) such Guarantor is the surviving Person or the Person formed by or
surviving any such consolidation or merger (if other than such Guarantor) or to which such sale, assignment, transfer, lease, conveyance or other disposition shall have been made is a corporation, partnership or limited liability company organized
or existing under the laws of the jurisdiction of organization of such Guarantor, as the case may be, or the laws of the United States, any state thereof, the District of Columbia or any territory thereof (such Guarantor or such Person, as the case
may be, being herein called the “Successor Person” ), (B) the Successor Person (if other than such Guarantor) expressly assumes all the obligations of such Guarantor under this Indenture and such Guarantor’s Guarantee pursuant
to a supplemental indenture or other documents or instruments, (C) immediately after such transaction, no Default exists, and (D) the Successor Person shall have delivered to the Trustee an Officer’s Certificate and an Opinion of
Counsel, each stating that such consolidation, merger or transfer and such supplemental indentures, if any, comply with this Indenture; or 

(ii) the transaction is otherwise permitted by this Indenture, including in compliance with clauses (i) and (ii) of
Section 4.06(a) hereof. 
 Except as otherwise provided in this Indenture, the Successor Person (if other than
such Guarantor) will succeed to, and be substituted for, such Guarantor under this Indenture and such Guarantor’s Guarantee, and such Guarantor will automatically be released and discharged from its obligations under this Indenture and such
Guarantor’s Guarantee. Notwithstanding the foregoing, (1) a Guarantor may consolidate with or merge with or into or wind up into or sell, assign, transfer, lease, convey or otherwise dispose of all or part of its properties and assets to
another Guarantor or the Issuer and (2) a Guarantor may consolidate with or merge with or into or wind up or convert into an Affiliate incorporated solely for the purpose of reincorporating such Guarantor in another state of the United States
or the District of Columbia so long as the amount of Indebtedness of the Guarantor is not increased thereby. 
 Clauses (iii) and
(iv) of Section 5.01(a) shall not apply to a sale, assignment, transfer, conveyance or other disposition of assets between or among the Issuer and the Restricted Subsidiaries. 

SECTION 5.02 Successor Corporation Substituted. 

Upon any consolidation or merger, or any sale, assignment, transfer, lease, conveyance or other disposition of all or substantially all of the
assets of the Issuer in accordance with Section 5.01 hereof, the successor corporation formed by such consolidation or into or with which the Issuer is merged or to which such sale, assignment, transfer, lease, conveyance
or other disposition is made shall succeed to, and be substituted for (so that from and after the date of such consolidation, merger, sale, lease, conveyance or other disposition, the provisions of this Indenture referring to the Issuer shall refer
instead to the successor corporation and not to the Issuer), and may exercise every right and power of the Issuer under this Indenture with the same effect as if such Successor Person had been named as the Issuer herein; provided that the
predecessor Issuer shall not be relieved from the obligation to pay the principal of and interest on the Securities except in the case of a sale, assignment, transfer, lease, conveyance or other disposition of all of the Issuer’s assets that
meets the requirements of Section 5.01 hereof. 

  
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 ARTICLE 6 

DEFAULTS AND REMEDIES 

SECTION 6.01 Events of Default. An “Event of Default” with respect to the Securities occurs if: 

(a) there is a default in payment when due and payable, upon redemption, acceleration or otherwise, of principal of, or premium, if any, on the
Securities; 
 (b) there is a default for 30 days or more in the payment when due of interest on or with respect to the Securities; 

(c) Issuer or any Guarantor fails for 30 days after receipt of written notice given by the Trustee or the Holders of not less than 30% in
principal amount of the Securities (with a copy to the Trustee) to comply with any of its obligations, covenants or agreements (other than a default referred to in clauses (a) and (b) above) contained in this Indenture, the Securities, the
Security Documents, the Pari Intercreditor Agreement or the ABL Intercreditor Agreement; 
 (d) there is a default under any mortgage,
indenture or instrument under which there is issued or by which there is secured or evidenced any Indebtedness for money borrowed by the Issuer or any of its Restricted Subsidiaries or the payment of which is guaranteed by the Issuer or any of its
Restricted Subsidiaries, other than Indebtedness owed to the Issuer or a Restricted Subsidiary, whether such Indebtedness or guarantee now exists or is created after the issuance of the Securities, if both: 

(i) such default either results from the failure to pay any principal of such Indebtedness at its stated maturity (after giving
effect to any applicable grace periods) or relates to an obligation other than the obligation to pay principal of any such Indebtedness at its stated maturity and results in the holder or holders of such Indebtedness causing such Indebtedness to
become due prior to its stated maturity; and 
 (ii) the principal amount of such Indebtedness, together with the principal
amount of any other such indebtedness in default for failure to pay any principal at its stated maturity (after giving effect to any applicable grace periods), or the maturity of which has been so accelerated, aggregate $75.0 million or more at
any one time outstanding; 
 (e) Issuer or any Significant Subsidiary, or any group of Restricted Subsidiaries that, taken together (as of
the latest audited consolidated financial statements for the Issuer), would constitute a Significant Subsidiary, fails to pay final judgments aggregating in excess of $75.0 million (net of amounts covered by insurance policies issued by
insurance companies), which final judgments remain unpaid, undischarged, unwaived and unstayed for a period of more than 60 days after such judgment becomes final, and in the event such judgment is covered by insurance, an enforcement proceeding has
been commenced by any creditor upon such judgment or decree which is not promptly stayed; 
 (f) the Issuer or any of its Restricted
Subsidiaries that is a Significant Subsidiary or any group of Restricted Subsidiaries that, taken together (as of the latest audited consolidated financial statements for the Issuer), would constitute a Significant Subsidiary, pursuant to or within
the meaning of any Bankruptcy Law: 

  
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 (i) commences a voluntary case; 

(ii) consents to the entry of an order for relief against it in an involuntary case; 

(iii) consents to the appointment of a custodian of it or for all or substantially all of its property; or 

(iv) makes a general assignment for the benefit of its creditors or takes any comparable action under any foreign laws relating
to insolvency; 
 (g) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: 

(i) is for relief against the Issuer or any of its Restricted Subsidiaries that is a Significant Subsidiary or any group of
Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary, in a proceeding in which the Issuer or any such Restricted Subsidiaries that is a Significant Subsidiary or any group of Restricted Subsidiaries that, taken
together (as of the latest audited consolidated financial statements for the Issuer), would constitute a Significant Subsidiary, is to be adjudicated bankrupt or insolvent; 

(ii) appoints a receiver, liquidator, assignee, trustee, sequestrator or other similar official of the Issuer or any of its
Restricted Subsidiaries that is a Significant Subsidiary or any group of Restricted Subsidiaries that, taken together (as of the latest audited consolidated financial statements for the Issuer), would constitute a Significant Subsidiary, or for all
or substantially all of the property of the Issuer or any of its Restricted Subsidiaries that is a Significant Subsidiary or any group of Restricted Subsidiaries that, taken together (as of the latest audited consolidated financial statements for
the Issuer), would constitute a Significant Subsidiary; or 
 (iii) orders the winding up or liquidation of the Issuer or any
of its Restricted Subsidiaries that is a Significant Subsidiary or any group of Restricted Subsidiaries that, taken together (as of the latest audited consolidated financial statements for the Issuer), would constitute a Significant Subsidiary; 

and the order or decree remains unstayed and in effect for 60 consecutive days; 

(h) the Guarantee of any Significant Subsidiary, or any group of Restricted Subsidiaries that, taken together (as of the latest audited
consolidated financial statements for the Issuer), would constitute a Significant Subsidiary, shall for any reason cease to be in full force and effect (except as contemplated by the terms thereof) or any responsible officer of any Guarantor that is
a Significant Subsidiary, or any group of Restricted Subsidiaries that, taken together (as of the latest audited consolidated financial statements for the Issuer), would constitute a Significant Subsidiary, as the case may be, denies that it has any
further liability under its or their Guarantee(s) or gives notice to such effect, other than by reason of the termination of this Indenture or the release of any such Guarantee in accordance with this Indenture; or 

 

  
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 (i) except (a) as expressly permitted by this Indenture, the Intercreditor Agreements
and the applicable Security Documents, (b) for the satisfaction in full of all obligations under this Indenture or the release of any such security interest in accordance with the terms of this Indenture, the Intercreditor Agreements or the
applicable Security Documents, (c) to the extent that any loss of perfection or priority results from the failure of the Collateral Trustee to maintain possession of certificates actually delivered to it representing securities pledged under
the Security Documents or to authorize any Guarantor or the Issuer to file Uniform Commercial Code amendments relating to any Guarantor’s or Issuer’s change of name or jurisdiction of formation after having received prior written notice by
the Issuer of the same, if any material provision of the Security Documents or the Guarantees shall for any reason cease to be in full force and effect and such default continues for 30 days or the Issuer shall so assert, or any security interest
created, or purported to be created, by any of the Security Documents shall cease to be enforceable with respect to any material portion of the Collateral covered or purported to be covered thereby and such default continues for 30 days. 

In the event of any Event of Default specified in clause 6.01(d) above, such Event of Default and all consequences thereof (excluding any
resulting payment default, other than as a result of acceleration of the Securities) shall be annulled, waived and rescinded, automatically and without any action by the Trustee or the Holders, if within 30 days after such Event of Default arose:

 (1) the Indebtedness or guarantee that is the basis for such Event of Default has been discharged; or 

(2) the requisite number of holders thereof have rescinded or waived the acceleration, notice or action (as the case may be)
giving rise to such Event of Default; or 
 (3) the default that is the basis for such Event of Default has been cured,
waived or is no longer continuing. 
 SECTION 6.02 Acceleration. If any Event of Default (other than an Event of Default
specified in clause (f) or (g) of Section 6.01 hereof with respect to the Issuer) occurs and is continuing under this Indenture, the Trustee or the Holders of at least 30% in principal amount of the then total
outstanding Securities by notice to the Issuer (with a copy to the Trustee if from the Holders) may declare the principal, premium, if any, and accrued but unpaid interest and any other monetary obligations on all the then outstanding Securities to
be due and payable immediately. Upon the effectiveness of such declaration, such principal and interest shall be due and payable immediately. 

Notwithstanding the foregoing, if an Event of Default specified in Section 6.01(f) or (g) hereof with
respect to the Issuer occurs, the principal of, premium, if any, and accrued but unpaid interest on all Securities will ipso facto become due and payable immediately without any declaration or other act on the part of the Trustee or any
Holders. 
 The Holders of a majority in aggregate principal amount of the then outstanding Securities by written notice to the Trustee
(with a copy to the Issuer, provided that any rescission under this Section 6.02 shall be valid and binding notwithstanding the failure to provide a copy of such notice to the Issuer) may on behalf of all of the
Holders rescind an acceleration and its consequences: 
 (1) if the rescission would not conflict with any judgment or
decree; 
 (2) if all existing Events of Default have been cured, waived, annulled or rescinded except nonpayment of
principal or interest that has become due solely because of the acceleration; 

  
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 (3) to the extent the payment of such interest is lawful, interest on
overdue installments of interest and overdue principal, which has become due otherwise than by such declaration of acceleration, has been paid; and 

(4) if the Issuer has paid the Trustee its reasonable compensation and reimbursed the Trustee for its expenses, disbursements
and advances. 
 SECTION 6.03 Other Remedies. If an Event of Default with respect to the Securities occurs and is continuing,
the Trustee may pursue any available remedy at law or in equity to collect the payment of principal of or interest on the Securities or to enforce the performance of any provision of the Securities or this Indenture. 

The Trustee may maintain a proceeding even if it does not possess any of the Securities or does not produce any of them in the proceeding. A
delay or omission by the Trustee or any Holder in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. No remedy is exclusive of any
other remedy. To the extent permitted by law, all available remedies are cumulative. 
 SECTION 6.04 Waiver of Past Defaults.
The Holders of not less than a majority in principal amount of the then outstanding Securities by written notice to the Trustee (with a copy to the Issuer, provided that any waiver under this Section 6.04 shall be valid and binding
notwithstanding the failure to provide a copy of such notice to the Issuer) may on the behalf of all Holders waive an existing Default or Event of Default and its consequences except a continuing Default or Event of Default in the payment of
interest on, premium, if any, or the principal of any Security held by a non-consenting Holder. When a Default or Event of Default is so waived, it is deemed cured and the Issuer, the Trustee and the Holders
will be restored to their former positions and rights under this Indenture, but no such waiver shall extend to any subsequent or other Default or impair any consequent right. 

SECTION 6.05 Control by Majority. The Holders of a majority in principal amount of the then outstanding Securities may direct the
time, method and place of conducting any proceeding for any remedy available to the Trustee or of exercising any trust or power conferred on the Trustee. However, the Trustee may refuse to follow any direction that conflicts with law or this
Indenture or, subject to Section 7.01, that the Trustee determines is unduly prejudicial to the rights of any other Holder (it being understood that the Trustee does not have an affirmative duty to ascertain whether or not such directions are
unduly prejudicial to such Holder) or that would involve the Trustee in personal liability. Prior to taking any action under this Indenture, the Trustee shall be entitled to indemnification satisfactory to it in its sole discretion against all
losses and expenses caused by taking or not taking such action. 
 SECTION 6.06 Limitation on Suits. 

(a) Except to enforce the right to receive payment of principal, premium (if any) or interest when due, no Holder may pursue any remedy with
respect to this Indenture or the Securities unless: 
 (i) such Holder has previously given the Trustee written notice that
an Event of Default is continuing; 
 (ii) Holders of at least 30% in principal amount of the total outstanding Securities
have requested the Trustee, in writing, to pursue the remedy; 

  
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 (iii) Holders of the Securities have offered the Trustee security or
indemnity reasonably satisfactory to it against any loss, liability or expense; 
 (iv) the Trustee has not complied with
such request within 60 days after the receipt thereof and the offer of security or indemnity; and 
 (v) Holders of a
majority in principal amount of the total outstanding Securities have not given the Trustee a written direction inconsistent with such request within such 60-day period. 

(b) A Holder may not use this Indenture to prejudice the rights of another Holder or to obtain a preference or priority over another Holder (it
being understood that the Trustee does not have an affirmative duty to ascertain whether or not such actions or forbearances are unduly prejudicial to such Holders). 

SECTION 6.07 Rights of the Holders to Receive Payment. Notwithstanding any other provision of this Indenture, the right of any
Holder to receive payment of principal of and interest on the Securities held by such Holder, on or after the respective due dates expressed or provided for in the Securities, or to bring suit for the enforcement of any such payment on or after such
respective dates, shall not be impaired or affected without the consent of such Holder. 
 SECTION 6.08 Collection Suit by
Trustee. If an Event of Default specified in Section 6.01(a) or (b) occurs and is continuing with respect to Securities, the Trustee may recover judgment in its own name and as trustee of an express trust against the Issuer or any
other obligor on the Securities for the whole amount then due and owing (together with interest on overdue principal and (to the extent lawful) on any unpaid interest at the rate provided for in such Securities) and the amounts provided for in
Section 7.06. 
 SECTION 6.09 Trustee May File Proofs of Claim. The Trustee may file such proofs of claim and other papers
or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for reasonable compensation, expenses disbursements and advances of the Trustee (including counsel, accountants, experts or such other
professionals as the Trustee deems necessary, advisable or appropriate)) and the Holders of Securities then outstanding allowed in any judicial proceedings relative to the Issuer or any Guarantor, its creditors or its property, shall be entitled to
participate as a member, voting or otherwise, of any official committee of creditors appointed in such matters and, unless prohibited by law or applicable regulations, may vote on behalf of the Holders in any election of a trustee in bankruptcy or
other Person performing similar functions, and any custodian in any such judicial proceeding is hereby authorized by each Holder to make payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly
to the Holders, to pay to the Trustee any amount due it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and its counsel, and any other amounts due the Trustee under Section 7.06. 

SECTION 6.10 Priorities. If the Trustee collects any money or property pursuant to this Article 6, it shall pay out the money
or property in the following order: 
 FIRST: to the Trustee (acting in any capacity hereunder) and Collateral Trustee for amounts due under
Section 7.06; 

  
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 SECOND: to the Holders for amounts due and unpaid on the Securities for principal, premium,
if any, and interest, ratably, without preference or priority of any kind, according to the amounts due and payable on the Securities for principal and interest, respectively; and 

THIRD: to the Issuer or to whosoever may be lawfully entitled to receive the same, or as a court of competent jurisdiction may direct. 

The Trustee may fix a record date and payment date for any payment to the Holders pursuant to this Section. At least 15 days before such
record date, the Trustee shall send to each Holder and the Issuer a notice that states the record date, the payment date and amount to be paid. 

SECTION 6.11 Undertaking for Costs. In any suit for the enforcement of any right or remedy under this Indenture or in any suit
against the Trustee for any action taken or omitted by it as Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess
reasonable costs, including reasonable attorneys’ fees and expenses, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section does not apply
to a suit by the Trustee, a suit by a Holder pursuant to Section 6.07 or a suit by Holders of more than 10% in principal amount of the Securities. 

SECTION 6.12 Waiver of Stay or Extension Laws. Neither the Issuer nor any Guarantor (to the extent it may lawfully do so) shall at
any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance of this
Indenture; and the Issuer and each Guarantor (to the extent that it may lawfully do so) hereby expressly waive all benefit or advantage of any such law, and shall not hinder, delay or impede the execution of any power herein granted to the Trustee,
but shall suffer and permit the execution of every such power as though no such law had been enacted. 
 ARTICLE 7 

TRUSTEE 

SECTION 7.01 Duties of Trustee. 

(a) If an Event of Default has occurred and is continuing, the Trustee shall exercise the rights and powers vested in it by this Indenture and
use the same degree of care and skill in their exercise as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs. 

(b) Except during the continuance of an Event of Default: 

(i) the Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture and no
implied covenants or obligations shall be read into this Indenture against the Trustee (it being agreed that the permissive right of the Trustee to do things enumerated in this Indenture shall not be construed as a duty); and 

 

  
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 (ii) in the absence of negligence, willful misconduct or bad faith on its
part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture. The
Trustee shall be under no duty to make any investigation as to any statement contained in any such instance, but may accept the same as conclusive evidence of the truth and accuracy of such statement or the correctness of such opinions. However, in
the case of certificates or opinions required by any provision hereof to be provided to it, the Trustee shall examine the certificates and opinions to determine whether or not they conform to the requirements of this Indenture (but need not confirm
or investigate the accuracy of mathematical calculations or other facts stated therein). 
 (c) The Trustee may not be relieved from
liability for its own negligent action, its own negligent failure to act or its own willful misconduct, except that: 
 (i)
this paragraph does not limit the effect of paragraph (b) of this Section; 
 (ii) the Trustee shall not be liable for
any error of judgment made in good faith by a Trust Officer unless it is proved that the Trustee was negligent in ascertaining the pertinent facts; 

(iii) the Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a
direction received by it pursuant to Section 6.05; and 
 (iv) no provision of this Indenture, the
Securities, the Intercreditor Agreements or the Security Documents shall require the Trustee to expend or risk its own funds or otherwise incur financial liability in the performance of any of its duties hereunder or in the exercise of any of its
rights or powers. 
 (d) Every provision of this Indenture that in any way relates to the Trustee is subject to paragraphs (a), (b) and
(c) of this Section. 
 (e) The Trustee shall not be liable for interest or investment income on any money received by it except as the
Trustee may agree in writing with the Issuer. 
 (f) Money held in trust by the Trustee need not be segregated from other funds except to the
extent required by law. 
 (g) Every provision of this Indenture relating to the conduct or affecting the liability of or affording
protection to the Trustee shall be subject to the provisions of this Section. 
 (h) Unless otherwise specifically provided in this
Indenture, any demand, request, direction or notice from the Issuer will be sufficient if signed by an Officer of the Issuer. 

SECTION 7.02 Rights of Trustee. 

(a) The Trustee may conclusively rely on any document believed by it to be genuine and to have been signed or presented by the proper person.
The Trustee need not investigate any fact or matter stated in the document. 

  
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 (b) Before the Trustee acts or refrains from acting, it may require an Officer’s
Certificate or an Opinion of Counsel or both. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on the Officer’s Certificate or Opinion of Counsel. 

(c) The Trustee may act through its attorneys and agents and shall not be responsible for the misconduct or negligence of any attorney or agent
appointed with due care. 
 (d) The Trustee shall not be liable for any action it takes or omits to take in good faith which it believes to
be authorized or within its rights or powers conferred upon it by this Indenture; provided, however, that the Trustee’s conduct does not constitute negligence, willful misconduct or bad faith as determined by a nonappealable order of a
court of competent jurisdiction. 
 (e) The Trustee may consult with counsel of its own selection and the advice or opinion of counsel with
respect to legal matters relating to this Indenture and the Securities shall be full and complete authorization and protection from liability in respect of any action taken, omitted or suffered by it hereunder in good faith and in accordance with
the advice or opinion of such counsel. 
 (f) The Trustee shall not be bound to make any investigation into the facts or matters stated in
any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, bond, debenture, note or other paper or document unless requested in writing to do so by the Holders of not less than a majority in
principal amount of the Securities at the time outstanding, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further
inquiry or investigation, it shall be entitled to examine the books, records and premises of the Issuer, personally or by agent or attorney, at the expense of the Issuer and shall incur no liability of any kind by reason of such inquiry or
investigation. 
 (g) The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the
request or direction of any of the Holders pursuant to this Indenture, unless such Holders shall have offered to the Trustee security or indemnity satisfactory to the Trustee against the costs, expenses and liabilities which might be incurred by it
in compliance with such request or direction. 
 (h) The rights, privileges, protections, immunities and benefits given to the Trustee,
including its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and other Person employed to act hereunder. 

(i) The Trustee shall not be liable for any action taken or omitted by it in good faith at the direction of the Holders of not less than a
majority in principal amount of the outstanding Securities as to the time, method and place of conducting any proceedings for any remedy available to the Trustee or the exercising of any power conferred by this Indenture. 

(j) Any action taken, or omitted to be taken, by the Trustee in good faith pursuant to this Indenture upon the request or authority or consent
of any person who, at the time of making such request or giving such authority or consent, is the Holder of any Security shall be conclusive and binding upon future Holders of Securities and upon Securities executed and delivered in exchange
therefor or in place thereof. 
 (k) In no event shall the Trustee be responsible or liable for special, indirect, punitive or consequential
loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action. 

  
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 (l) The Trustee shall not be required to give any bond or surety in respect of the
performance of its powers and duties hereunder. 
 (m) The Trustee may request that the Issuer deliver a certificate setting forth the names
of individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture, the Securities and the Security Documents. 

(n) The Trustee shall not be deemed to have knowledge of any fact or matter unless such fact or matter is known to a Trust Officer of the
Trustee. 
 (o) The permissive rights of the Trustee under this Indenture and the Security Documents shall not be construed as duties. 

(p) Each of the above described rights (a) through (o) hereof shall inure to the benefit of and be enforceable by the Collateral Trustee
hereunder and under the Intercreditor Agreements and the Security Documents. 
 SECTION 7.03 Individual Rights of Trustee. The
Trustee in its individual or any other capacity may become the owner or pledgee of Securities and may otherwise deal with the Issuer or their Affiliates with the same rights it would have if it were not Trustee. Any Paying Agent or Registrar may do
the same with like rights. However, the Trustee must comply with Sections 7.09 and 7.10. 

SECTION 7.04 Trustee’s Disclaimer. The Trustee shall not be responsible for and makes no representation as to
the validity or adequacy of this Indenture, any Guarantee or other Security Documents or the Securities, it shall not be accountable for the Issuer’s use of the proceeds from the Securities, and it shall not be responsible for any statement of
the Issuer or any Guarantor in this Indenture or in any document issued in connection with the sale of the Securities or in the Securities other than the Trustee’s or its agent’s certificate of authentication. The Trustee shall not be
charged with knowledge of any Default or Event of Default unless either (a) a Trust Officer shall have actual knowledge thereof or (b) the Trustee shall have received written notice thereof in accordance with
Section 12.01 hereof from the Issuer, any Guarantor or any Holder. In accepting the trust hereby created, the Trustee acts solely as Trustee for the Holders and not in its individual capacity and all persons, including
without limitation the Holders of Securities and the Issuer having any claim against the Trustee arising from this Indenture shall look only to the funds and accounts held by the Trustee hereunder for payment. 

SECTION 7.05 Notice of Defaults. If a Default occurs and is continuing and if it is actually known to a Trust Officer of the
Trustee, the Trustee shall send to each Holder notice of the Default within the earlier of 90 days after it occurs or 30 days after it is actually known to a Trust Officer or written notice of it is received by the Trustee, or promptly after
discovery or obtaining notice if such discovery is made or notice is received more than 90 days after the Default occurs. Except in the case of a Default in the payment of principal of, premium (if any) or interest on any Security, the Trustee may
withhold the notice if and so long as it in good faith determines that withholding the notice is in the interests of the Holders. 
  

  
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 SECTION 7.06 Compensation and Indemnity. The Issuer shall pay to the Trustee
(acting in any capacity hereunder) and the Collateral Trustee from time to time such compensation for its services as shall be agreed in writing between the Issuer and the Trustee and the Collateral Trustee. The Trustee and the Collateral
Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Issuer shall reimburse the Trustee and the Collateral Trustee, as applicable, upon request for all reasonable out-of-pocket expenses incurred or made by it, including costs of collection, in addition to the compensation for its services, except any such disbursements, advances or
expenses as may be attributable to its gross negligence, willful misconduct or bad faith as determined by a final nonappealable order of a court of competent jurisdiction. Such expenses shall include the reasonable compensation and expenses,
disbursements and advances of the Trustee and the Collateral Trustee’s agents, counsel, accountants and experts. The Issuer and each Guarantor, jointly and severally, shall indemnify the Trustee (acting in any capacity hereunder) and the
Collateral Trustee against any and all loss, liability, claim, damage or expense (including reasonable attorneys’ fees and expenses) incurred by it arising out of or in connection with the acceptance or administration of this trust and the
performance of its duties under this Indenture, including the costs and expenses of enforcing this Indenture or Guarantee against the Issuer or a Guarantor (including this Section 7.06) and defending itself against or
investigating any claim (whether asserted by the Issuer, any Guarantor, any Holder or any other Person). The obligation to pay such amounts shall survive the payment in full or defeasance of the Securities or the removal or resignation of the
Trustee or the Collateral Trustee. The Trustee and the Collateral Trustee shall notify the Issuer of any claim for which they may seek indemnity promptly upon obtaining actual knowledge thereof; provided, however, that any failure to so
notify the Issuer shall not relieve the Issuer or any Guarantor of its indemnity obligations hereunder. The Issuer shall defend the claim and the indemnified party shall provide reasonable cooperation at the Issuer’s expense in the defense.
Such indemnified parties may have separate counsel and the Issuer and the Guarantors, as applicable, shall pay the fees and expenses of such counsel; provided, however, that the Issuer shall not be required to pay such fees and expenses if
the Issuer assumes such indemnified parties’ defense and, in such indemnified parties’ reasonable judgment, there is no conflict of interest between the Issuer and the Guarantors, as applicable, and such parties in connection with such
defense; provided, further, that the Issuer shall be required to pay the reasonable fees and expenses of such counsel in evaluating such conflict. The Issuer need not reimburse any expense or indemnify against any loss, liability or expense
incurred by an indemnified party through such party’s own willful misconduct, gross negligence or bad faith as finally determined by a final nonappealable order of a court of competent jurisdiction. 

To secure the Issuer’s and the Guarantors’ payment obligations in this Section, the Trustee and the Collateral Trustee shall have a
Lien prior to the Securities on all money or property held or collected by the Trustee and the Collateral Trustee other than money or property held in trust to pay principal of and interest on particular Securities pursuant to
Article 8 hereof or otherwise. 
 The Issuer’s and the Guarantors’ payment obligations pursuant to this
Section shall survive the satisfaction or discharge of this Indenture, any rejection or termination of this Indenture under any Bankruptcy Law or the resignation or removal of the Trustee or the Collateral Trustee. Without prejudice to any
other rights available to the Trustee or the Collateral Trustee under applicable law, when the Trustee or the Collateral Trustee incurs expenses after the occurrence of a Default specified in Section 6.01(f) or
(g) with respect to the Issuer, the expenses are intended to constitute expenses of administration under the Bankruptcy Law. 

No provision of this Indenture shall require the Trustee or the Collateral Trustee to expend or risk its own funds or otherwise incur any
financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if adequate indemnity against such risk or liability is not assured to its satisfaction. 

  
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 SECTION 7.07 Replacement of Trustee or Collateral Trustee. 

(a) A resignation or removal of the Trustee or Collateral Trustee and appointment of a successor Trustee or Collateral Trustee, as applicable
will become effective only upon the applicable successor Trustee or Collateral Trustee’s acceptance of appointment as provided in this Section 7.07. 

(b) The Trustee or Collateral Trustee, as applicable, may resign in writing at any time and be discharged from the trust hereby created by so
notifying the Issuer. The Holders of a majority in aggregate principal amount of the then outstanding Securities may remove the Trustee or Collateral Trustee, as applicable, by so notifying the Trustee or Collateral Trustee, as applicable, and the
Issuer in writing, and may appoint a successor Trustee or Collateral Trustee, as applicable. The Issuer shall remove the Trustee or Collateral Trustee if: 

(i) the Trustee or Collateral Trustee, as applicable, fails to comply with Section 7.09; 

(ii) the Trustee or Collateral Trustee, as applicable, is adjudged bankrupt or insolvent, or an order for relief is entered
with respect to the Trustee or Collateral Trustee under any Bankruptcy Law; 
 (iii) a receiver or other public officer takes
charge of the Trustee or Collateral Trustee, as applicable, or its property; or 
 (iv) the Trustee or Collateral Trustee, as
applicable, otherwise becomes incapable of acting. 
 (c) If the Trustee or Collateral Trustee resigns, is removed by the Issuer or by the
Holders of a majority in principal amount of the Securities and such Holders do not reasonably promptly appoint a successor Trustee or Collateral Trustee, as applicable, or if a vacancy exists in the office of Trustee or Collateral Trustee, as
applicable, for any reason (the Trustee or Collateral Trustee, as applicable, in any such event being referred to herein as the retiring Trustee or retiring Collateral Trustee, as applicable), the Issuer shall promptly appoint a successor Trustee or
Collateral Trustee, as applicable. 
 (d) A successor Trustee or Collateral Trustee, as applicable, shall deliver a written acceptance of its
appointment to the retiring Trustee or Collateral Trustee, as applicable, and to the Issuer. Thereupon the resignation or removal of the retiring Trustee or Collateral Trustee, as applicable, shall become effective, and the successor Trustee or
Collateral Trustee, as applicable, shall have all the rights, powers and duties of the Trustee or Collateral Trustee, as applicable, under this Indenture. The successor Trustee or Collateral Trustee, as applicable, shall mail a notice of its
succession to the Holders. The retiring Trustee or Collateral Trustee, as applicable, shall promptly transfer all property held by it as Trustee or Collateral Trustee, as applicable, to the successor Trustee or Collateral Trustee, as applicable,
subject to the Lien provided for in Section 7.06. The retiring Trustee or Collateral Trustee, as applicable, shall have no responsibility or liability for any action or inaction of a successor Trustee. 

(e) If a successor Trustee or Collateral Trustee, as applicable, does not take office within 60 days after the retiring Trustee or Collateral
Trustee, as applicable, resigns or is removed, the retiring Trustee or Collateral Trustee, as applicable, or the Holders of at least 10% in aggregate principal amount of the then outstanding Securities may petition at the expense of the Issuer any
court of competent jurisdiction for the appointment of a successor Trustee or Collateral Trustee, as applicable. 
 (f) If the Trustee or
Collateral Trustee, as applicable, fails to comply with Section 7.09, any Holder who has been a bona fide holder of a Security for at least six months may petition any court of competent jurisdiction for the removal of the
Trustee or Collateral Trustee, as applicable, and the appointment of a successor Trustee or Collateral Trustee, as applicable. 

  
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 (g) Notwithstanding the replacement of the Trustee or Collateral Trustee, as applicable,
pursuant to this Section, the Issuer’s obligations under Section 7.06 shall continue for the benefit of the retiring Trustee or retiring Collateral Trustee, as applicable. 

SECTION 7.08 Successor Trustee or Collateral Trustee by Merger. If the Trustee or Collateral Trustee consolidates with, merges or
converts into, or transfers all or substantially all its corporate trust business or assets to, another corporation, limited liability company or banking association, the resulting, surviving or transferee corporation without any further act shall
be the successor Trustee or Collateral Trustee, as applicable. 
 In case at the time such successor or successors by merger, conversion or
consolidation to the Trustee shall succeed to the trusts created by this Indenture and any of the Securities shall have been authenticated but not delivered, any such successor to the Trustee may adopt the certificate of authentication of any
predecessor trustee, and deliver such Securities so authenticated; and in case at that time any of the Securities shall not have been authenticated, any successor to the Trustee may authenticate such Securities either in the name of any predecessor
hereunder or in the name of the successor to the Trustee; and in all such cases such certificates shall have the full force which it is anywhere in the Securities or in this Indenture provided that the certificate of the Trustee shall have. 

SECTION 7.09 Eligibility; Disqualification. The Trustee, any Paying Agent, any Registrar, any Authenticating Agent, the Collateral
Trustee or any other agent of the Issuer or of the Trustee, in its individual or any other capacity, may become the owner or pledgee of Securities and may otherwise deal with the Issuer with the same rights it would have if it were not the Trustee,
Paying Agent, Registrar, Authenticating Agent, Collateral Trustee or such other agent; provided that, if the Trustee acquires any conflicting interest (as such term is defined in the Trust Indenture Act), it must eliminate such conflict
within 90 days or resign as Trustee. 
 SECTION 7.10 Preferential Collection of Claims Against the Issuer. The Trustee shall
comply with Section 311(a) of the Trust Indenture Act, excluding any creditor relationship listed in Section 311(b) of the Trust Indenture Act. A Trustee who has resigned or been removed shall be subject to Section 311(a) of the Trust
Indenture Act to the extent indicated. 
 ARTICLE 8 

DISCHARGE OF INDENTURE; DEFEASANCE 

SECTION 8.01 Discharge of Liability on Securities; Defeasance. This Indenture shall be discharged and shall cease to be of further
effect as to all outstanding Securities when either: 
 (1) (a) all Securities theretofore authenticated and delivered, except lost, stolen
or destroyed Securities which have been replaced or paid and Securities for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Issuer and thereafter repaid to the Issuer or discharged from trust, have
been delivered to the Trustee for cancellation; or 
  

  
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 (b) (i) all Securities not theretofore delivered to the Trustee for
cancellation have become due and payable by reason of the making of a notice of redemption or otherwise, will become due and payable within one year or are to be called for redemption within one year under arrangements satisfactory to the Trustee
for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Issuer and the Issuer or any Guarantor have irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust solely for the benefit
of the Holders of the Securities, cash in U.S. dollars, Government Securities, or a combination thereof, in such amounts as will be sufficient without consideration of any reinvestment of interest to pay and discharge the entire indebtedness as
determined by the Issuer on the Securities not theretofore delivered to the Trustee for cancellation for principal, premium, if any, and accrued interest to, but not including, the date of maturity or redemption; (ii) the Issuer and/or the
Guarantors have paid or caused to be paid all sums payable by it under this Indenture; and (iii) the Issuer has delivered irrevocable instructions to the Trustee to apply the deposited money toward the payment of the Securities at maturity or
the redemption date, as the case may be; provided that upon any redemption that requires the payment of the Applicable Premium, the amount deposited shall be sufficient for purposes of this Indenture to the extent that an amount is deposited
with the Trustee equal to the Applicable Premium calculated as of the date of deposit, with any deficit as of the date of redemption (any such amount, the “Applicable Premium Deficit”) only required to be deposited with the Trustee
on or prior to the date of redemption. Any Applicable Premium Deficit shall be set forth in an Officer’s Certificate delivered to the Trustee simultaneously with the deposit of such Applicable Premium Deficit that confirms that such Applicable
Premium Deficit shall be applied toward such redemption; 
 (c) In addition, the Issuer must deliver an Officer’s
Certificate and an Opinion of Counsel to the Trustee stating that all conditions precedent to satisfaction and discharge have been satisfied. 

(2) Subject to Section 8.02, the Issuer may, at its option and at any time, elect to discharge (i) all of its
obligations under the Securities and this Indenture (“legal defeasance option”) or (ii) its obligations under Sections 4.02, 4.03, 4.04, 4.05, 4.06, 4.07,
4.08, 4.09, 4.11, 4.12, 4.14 and 4.15 for the benefit of the Holders and the operation of Section 5.01 and Sections 6.01(c), 6.01(d),
6.01(e), 6.01(f) (with respect to Significant Subsidiaries of the Issuer only), 6.01(g) (with respect to Significant Subsidiaries of the Issuer only), 6.01(h) and 6.01(i) (“covenant defeasance
option”) for the benefit of the Holders. The Issuer may exercise its legal defeasance option notwithstanding its prior exercise of its covenant defeasance option. In the event that the Issuer terminates all of its obligations under the
Securities and this Indenture by exercising its legal defeasance option or its covenant defeasance option, the obligations of each Guarantor under its Guarantee of the Securities shall be terminated simultaneously with the termination of such
obligations so long as no Securities are then outstanding. 
 (3) If the Issuer exercises its legal defeasance option, payment of the
Securities so defeased may not be accelerated because of an Event of Default. If the Issuer exercises its covenant defeasance option, payment of the Securities so defeased may not be accelerated because of an Event of Default specified in
Sections 6.01(c), 6.01(d), 6.01(e), 6.01(f) (with respect to Significant Subsidiaries of the Issuer only), 6.01(g) (with respect to Significant Subsidiaries of the Issuer only), 6.01(h),
6.01(i) or because of the failure of the Issuer to comply with subclause (a)(iv) of Section 5.01. 

(4) Upon satisfaction of the conditions set forth herein and upon request of the Issuer, the Trustee shall acknowledge in writing the discharge
of those obligations that the Issuer terminates. 

  
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 (5) Notwithstanding clause (2)(i) above, the Issuer’s obligations in
Sections 2.04, 2.05, 2.06, 2.07, 2.08, 2.09, 2.10, 4.13, 7.06, 7.07 and in this Article 8 shall survive until the Securities have been
paid in full. Thereafter, the Issuer’s obligations in Sections 7.06, 8.05 and 8.06 shall survive such satisfaction and discharge. 

SECTION 8.02 Conditions to Defeasance. 

(a) The Issuer may exercise its legal defeasance option or its covenant defeasance option, in each case, with respect to the Securities only
if: 
 (i) the Issuer shall irrevocably deposit with the Trustee, in trust, for the benefit of the Holders of the Securities,
cash in U.S. dollars, Government Securities, or a combination thereof, in such amounts as will be sufficient, in the opinion of a nationally recognized firm of independent public accountants, investment bank or appraisal firm, to pay the principal
of, premium, if any, and interest due on the Securities on the stated Maturity Date or on the redemption date, as the case may be, of such principal, premium, if any, or interest on such Securities (provided that if such redemption is made as
provided under Paragraph 5 of the form of Securities set forth in Exhibit A hereto, (x) the amount of cash in U.S. dollars, Government Securities, or a combination thereof, that the Issuer must irrevocably deposit or cause to be
deposited will be determined using an assumed Applicable Premium calculated as of the date of such deposit and (y) the Issuer must irrevocably deposit or cause to be deposited additional money in trust on the redemption date as necessary to pay
the Applicable Premium as determined on such date), and the Issuer must specify whether such Securities are being defeased to maturity or to a particular redemption date; 

(ii) in the case of the exercise of a legal defeasance option, the Issuer shall have delivered to the Trustee an Opinion of
Counsel confirming that, subject to customary assumptions and exclusions, (a) the Issuer has received from, or there has been published by, the United States Internal Revenue Service a ruling, or (b) since the issuance of the Securities,
there has been a change in the applicable U.S. federal income tax law, in either case to the effect that, and based thereon such Opinion of Counsel shall confirm that, subject to customary assumptions and exclusions, the beneficial owners of the
Securities will not recognize income, gain or loss for U.S. federal income tax purposes, as applicable, as a result of such exercise of a legal defeasance option and will be subject to U.S. federal income tax on the same amounts, in the same manner
and at the same times as would have been the case if such exercise of a legal defeasance option had not occurred; 
 (iii) in
the case of exercise of a covenant defeasance option, the Issuer shall have delivered to the Trustee an Opinion of Counsel confirming that, subject to customary assumptions and exclusions, the beneficial owners of the Securities will not recognize
income, gain or loss for U.S. federal income tax purposes as a result of such exercise of a covenant defeasance option and will be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would have been
the case if such exercise of a covenant defeasance option had not occurred; 
 (iv) no Default (other than that resulting
from borrowing funds to be applied to make such deposit and the granting of Liens in connection therewith) shall have occurred and be continuing on the date of such deposit; 

  
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 (v) such exercise of a legal defeasance option or exercise of a covenant
defeasance option shall not result in a breach or violation of, or constitute a default under the Senior Credit Facilities or any other material agreement or instrument (other than this Indenture) to which the Issuer or any Guarantor is a party or
by which the Issuer or any Guarantor is bound (other than that resulting from any borrowing of funds to be applied to make the deposit required to effect such exercise of a legal defeasance option or exercise of a covenant defeasance option and any
similar and simultaneous deposit relating to other Indebtedness, and, in each case, the granting of Liens in connection therewith); 

(vi) the Issuer shall have delivered to the Trustee an Officer’s Certificate stating that the deposit was not made by the
Issuer with the intent of defeating, hindering, delaying or defrauding any creditors of the Issuer or any Guarantor or others; and 

(vii) the Issuer shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel (which Opinion of
Counsel may be subject to customary assumptions and exclusions) each stating that all conditions precedent provided for or relating to the exercise of a legal defeasance option or the exercise of a covenant defeasance option, as the case may be,
have been complied with. 
 Notwithstanding the foregoing, an Opinion of Counsel required by the immediately preceding paragraph with
respect to legal defeasance need not be delivered if all of the Securities not theretofore delivered to the Trustee for cancellation (x) have become due and payable or (y) will become due and payable within one year or are to be called for
redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Issuer. 

(b) Before or after a deposit, the Issuer may make arrangements satisfactory to the Trustee for the redemption of such Securities at a future
date in accordance with Article 3. 
 SECTION 8.03 Application of Trust Money. The Trustee shall hold
in trust money or Government Securities (including proceeds thereof) deposited with it pursuant to this Article 8. It shall apply the deposited money and the money from Government Securities through each Paying Agent and in accordance with this
Indenture to the payment of principal of and interest on the Securities so discharged or defeased. 
 SECTION 8.04 Repayment to
Issuer. Each of the Trustee and each Paying Agent shall promptly turn over to the Issuer upon written request any money or Government Securities held by it as provided in this Article 8 which, in the written opinion of a nationally
recognized firm of independent public accountants delivered to the Trustee (which delivery shall only be required if Government Securities have been so deposited), are in excess of the amount thereof which would then be required to be deposited to
effect an equivalent discharge or defeasance in accordance with this Article 8. 
 Subject to any applicable abandoned property law,
the Trustee and each Paying Agent shall pay to the Issuer upon written request any money held by them for the payment of principal or interest that remains unclaimed for two years, and, thereafter, Holders entitled to the money must look to the
Issuer for payment as general creditors, and the Trustee and each Paying Agent shall have no further liability with respect to such monies. 

  
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 SECTION 8.05 Indemnity for Government Securities. The Issuer shall pay and shall
indemnify the Trustee against any tax, fee or other charge imposed on or assessed against deposited Government Securities or the principal and interest received on such Government Securities. 

SECTION 8.06 Reinstatement. If the Trustee or any Paying Agent is unable to apply any money or Government Securities in accordance
with this Article 8 by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the Issuer’s obligations under this
Indenture and the Securities so discharged or defeased shall be revived and reinstated as though no deposit had occurred pursuant to this Article 8 until such time as the Trustee or any Paying Agent is permitted to apply all such money or
Government Securities in accordance with this Article 8; provided, however, that, if the Issuer has made any payment of principal of or interest on, any such Securities because of the reinstatement of its obligations, the Issuer shall be
subrogated to the rights of the Holders of such Securities to receive such payment from the money or Government Securities held by the Trustee or any Paying Agent. 

ARTICLE 9 

AMENDMENTS AND WAIVERS 

SECTION 9.01 Without Consent of the Holders. The Issuer, the Guarantors (with respect to a Guarantee or this Indenture to which it
is a party), the Trustee and/or the Collateral Trustee may amend or supplement this Indenture, any Guarantee, the Securities, the Intercreditor Agreements and any Security Document without the consent of any Holder: 

(i) to cure any ambiguity, omission, mistake, defect or inconsistency, as provided to the Trustee in an Officer’s
Certificate; 
 (ii) to provide for uncertificated Securities of such series in addition to or in place of certificated
Securities; 
 (iii) to comply with the covenant relating to mergers, consolidations and sales of assets; 

(iv) to provide for the assumption of the Issuer’s or any Guarantor’s obligations to the Holders in a transaction
that complies with this Indenture; 
 (v) to make any change that would provide any additional rights or benefits to the
Holders or that does not adversely affect the legal rights under this Indenture of any such Holder in any material respect; 

(vi) to add covenants for the benefit of the Holders or to surrender any right or power conferred upon the Issuer or any
Guarantor; 
 (vii) to evidence and provide for the acceptance and appointment under this Indenture or the Intercreditor
Agreements of a successor Trustee or successor Collateral Trustee thereunder pursuant to the requirements thereof or to provide for the accession by the Trustee or the Collateral Trustee, as applicable, to this Indenture, the Intercreditor
Agreements or any Security Document; 

  
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 (viii) to allow any Restricted Subsidiary to provide a Guarantee and execute
a supplemental indenture and/or to release a Guarantor in accordance with the terms of this Indenture, the Intercreditor Agreements or the Security Documents; 

(ix) to conform the text of this Indenture, the Guarantees or the Securities to any provision of the Offering Memorandum under
the caption “Description of Notes” to the extent that such provision in the “Description of Notes” was intended to be a verbatim recitation of a provision of this Indenture, the Guarantees or the Securities; 

(x) to make certain changes to this Indenture to provide for the issuance of Additional Securities; 

(xi) to make any amendment to the provisions of this Indenture relating to the transfer and legending of Securities as
permitted by this Indenture, including, without limitation to facilitate the issuance and administration of the Securities; provided, however, that (i) compliance with this Indenture as so amended would not result in Securities being
transferred in violation of the Securities Act or any applicable securities law and (ii) such amendment does not materially and adversely affect the rights of Holders to transfer Securities; 

(xii) (A) to enter into additional or supplemental Security Documents or otherwise add additional parties or Collateral to
further secure the Securities or any Guarantees or any other Obligations under this Indenture or (B) to make, complete or confirm any grant of Collateral permitted or required by this Indenture or any of the Security Documents or any release,
termination or discharge of Collateral that becomes effective as set forth in this Indenture or any of the Security Documents; 

(xiii) to confirm and evidence the release of the Collateral from the Lien, or the subordination of Liens with respect to the
Collateral, pursuant to this Indenture, the Security Documents, the Intercreditor Agreements when permitted or required by the Security Documents, this Indenture or the Intercreditor Agreements, as the case may be; 

(xiv) in the case of the Security Documents, to mortgage, pledge, hypothecate or grant a security interest in favor of the
Collateral Trustee for the benefit of the Secured Parties or in favor of lenders under the ABL Facility or the holders of the Existing Secured Notes, in any property which is required by the Security Documents, the ABL Facility or the Existing
Secured Notes (each, as in effect on the Issue Date) to be mortgaged, pledged or hypothecated, or in which a Lien is required to be granted to the Collateral Trustee, or to the extent necessary to grant a security interest in the Collateral for the
benefit of any Person; provided that the granting of such security interest is not prohibited by this Indenture or the Intercreditor Agreement; or 

(xv) to add any Pari Passu Lien Indebtedness or Obligations in connection with any Senior Credit Facilities, to the extent
permitted under this Indenture, the Intercreditor Agreements or the Security Documents on the terms set forth therein and in accordance with the terms of this Indenture. 

After an amendment under this Section 9.01 becomes effective, the Issuer shall mail or otherwise send in accordance
with the procedures of the Depositary to the Holders a notice briefly describing such amendment. The failure to give such notice to all Holders, or any defect therein, shall not impair or affect the validity of an amendment under this
Section 9.01. 

  
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 SECTION 9.02 With Consent of the Holders. Notwithstanding Section 9.01 of
this Indenture, the Issuer, the Guarantors, the Trustee and the Collateral Trustee may amend or supplement this Indenture, the Securities, the Guarantees, the Intercreditor Agreements and any Security Document with the written consent of the Holders
of at least a majority in principal amount of the Securities then outstanding voting as a single class (including consents obtained in connection with a purchase of, tender offer or exchange offer for, the Securities), and, subject to
Sections 6.04 and 6.07, any existing Default or Event of Default (other than a Default or Event of Default in the payment of the principal of, premium, if any, or interest on the Securities, except a payment default resulting from an
acceleration that has been rescinded) or compliance with any provision of this Indenture, the Securities, the Security Documents, the Intercreditor Agreements or the Guarantees, the Intercreditor Agreements and any other Security Document may be
waived with the consent of the Holders of a majority in aggregate principal amount of the then outstanding Securities (including Additional Securities, if any) voting as a single class (including consents obtained in connection with the purchase of,
or tender offer or exchange offer for, Securities), other than the Securities beneficially owned by the Issuer or its Affiliates. Section 2.09 and Section 12.04 shall determine which Securities are considered to be “outstanding”
for the purposes of this Section 9.02. However, without the consent of each Holder of an outstanding Security affected, an amendment or waiver may not, with respect to any Securities held by a
non-consenting Holder: 
 (i) reduce the principal amount of such Securities whose
Holders must consent to an amendment, supplement or waiver; 
 (ii) reduce the principal of or change the fixed final
maturity of any such Security or alter or waive the provisions with respect to the redemption of such Securities (other than provisions relating to Sections 4.06 and 4.08); provided, that any amendment to the
notice requirements may be made with the consent of the Holders of a majority in aggregate principal amount of then outstanding Securities prior to giving of any notice; 

(iii) reduce the rate of or change the time for payment of interest on any Security; 

(iv) waive a Default in the payment of principal of or premium, if any, or interest on the Securities, except a rescission of
acceleration of the Securities by the Holders of at least a majority in aggregate principal amount of the Securities and a waiver of the payment default that resulted from such acceleration, or in respect of a covenant or provision contained in this
Indenture or any Guarantee which cannot be amended or modified without the consent of all affected Holders; 
 (v) make any
Security payable in money other than that stated in such Security; 
 (vi) make any change in the provisions of this
Indenture relating to waivers of past Defaults; 
 (vii) make any change to this Section 9.02 that
is materially adverse to the Holders; 

  
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 (viii) impair the contractual right under this Indenture of any Holder to
receive payment of principal of, premium, if any, and interest on such Holder’s Securities on or after the due dates therefor or to institute suit for the enforcement of any payment on or with respect to such Holder’s Securities; 

(ix) make any change to or modify the ranking of the Securities that would adversely affect the Holders; or 

(x) except as expressly permitted by this Indenture, modify the Guarantees of any Significant Subsidiary, or any group of
Restricted Subsidiaries that, taken together (as of the latest audited consolidated financial statements for the Issuer), would constitute a Significant Subsidiary, in any manner adverse to the Holders. 

It shall not be necessary for the consent of the Holders under this Section 9.02 to approve the particular form of
any proposed amendment, but it shall be sufficient if such consent approves the substance thereof. 
 After an amendment under this
Section 9.02 becomes effective, the Issuer shall promptly mail or otherwise send in accordance with the procedures of the Depositary to the Holders a notice briefly describing such amendment. The failure to give such notice
to all Holders, or any defect therein, shall not impair or affect the validity of an amendment under this Section 9.02. 

Notwithstanding anything herein to the contrary, without the consent of the Holders of at least 66 2/3% in principal amount of the Securities
then outstanding, no amendment, supplement or waiver may release all or substantially all of the Collateral other than in accordance with this Indenture, the Intercreditor Agreements and the Security Documents. 

SECTION 9.03 Revocation and Effect of Consents and Waivers. 

(a) A consent to an amendment or a waiver by a Holder of a Security shall bind the Holder and every subsequent Holder of that Security or
portion of the Security that evidences the same debt as the consenting Holder’s Security, even if notation of the consent or waiver is not made on the Security. However, any such Holder or subsequent Holder may revoke the consent or waiver as
to such Holder’s Security or portion of the Security if the Trustee receives written notice of revocation delivered in accordance with Section 12.01 before the date on which the Trustee receives an Officer’s
Certificate from the Issuer certifying that the requisite principal amount of Securities have consented. After an amendment or waiver becomes effective, it shall bind every Holder. An amendment or waiver becomes effective upon the (i) receipt
by the Issuer or the Trustee of consents by the Holders of the requisite principal amount of securities, (ii) satisfaction of conditions to effectiveness as set forth in this Indenture and any indenture supplemental hereto containing such
amendment or waiver and (iii) execution of such amendment or waiver (or supplemental indenture) by the Issuer and the Trustee. 
 (b)
The Issuer may, but shall not be obligated to, fix a record date for the purpose of determining the Holders entitled to give their consent or take any other action described above or required or permitted to be taken pursuant to this Indenture. If a
record date is fixed, then notwithstanding the immediately preceding paragraph, those Persons who were Holders at such record date (or their duly designated proxies), and only those Persons, shall be entitled to give such consent or to revoke any
consent previously given or to take any such action, whether or not such Persons continue to be Holders after such record date. No such consent shall be valid or effective for more than 120 days after such record date. 

  
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 SECTION 9.04 Notation on or Exchange of Securities. If an amendment, supplement
or waiver changes the terms of a Security, the Issuer may require the Holder to deliver it to the Trustee. The Trustee may place a notation on the Security regarding the changed terms and return it to the Holder. Alternatively, if the Issuer so
determines, the Issuer in exchange for the Security shall issue and the Trustee shall authenticate a new Security that reflects the changed terms. Failure to make a notation or to issue a new Security shall not affect the validity of such amendment,
supplement or waiver. 
 SECTION 9.05 Trustee to Sign Amendments. The Trustee or the Collateral Trustee, as applicable, shall
sign any amendment, supplement or waiver authorized pursuant to this Article 9 if the amendment does not adversely affect the rights, duties, liabilities or immunities of the Trustee or the Collateral Trustee, as the case may be. If it does,
the Trustee or the Collateral Trustee, as the case may be, may but need not sign it. In signing such amendment, the Trustee or the Collateral Trustee, as applicable shall be entitled to receive indemnity reasonably satisfactory to it and shall be
provided with, and (subject to Section 7.01) shall be fully protected in conclusively relying upon, an Officer’s Certificate and an Opinion of Counsel stating that such amendment, supplement or waiver is authorized or
permitted by this Indenture and that such amendment, supplement or waiver is the legal, valid and binding obligation of the Issuer and the Guarantors, enforceable against them in accordance with its terms, subject to customary exceptions, and
complies with the provisions hereof. Notwithstanding the foregoing, no Opinion of Counsel shall be required for the Trustee or the Collateral Trustee, as applicable, to execute any supplement to this Indenture, the form of which is attached as
Exhibit C hereto, solely to add a new Guarantor under this Indenture, or the Grantor Supplement. 
 SECTION 9.06 Payment for
Consent. Neither the Issuer nor any Affiliate of the Issuer shall, directly or indirectly, pay or cause to be paid any consideration, whether by way of interest, fee or otherwise, to any Holder for or as an inducement to any consent, waiver or
amendment of any of the terms or provisions of this Indenture or the Securities unless such consideration is offered to all Holders and is paid to all Holders that so consent, waive or agree to amend in the time frame set forth in solicitation
documents relating to such consent, waiver or agreement; provided that this covenant shall not be breached if consents, waivers or amendments are sought in connection with an exchange offer for all of the Securities where participation in
such exchange offer is limited to holders who are “qualified institutional buyers,” within the meaning of Rule 144A, or non-U.S. persons, within the meaning of Regulation S. 

SECTION 9.07 Additional Voting Terms; Calculation of Principal Amount. Except as otherwise set forth herein, all Securities issued
under this Indenture shall vote and consent separately on all matters as to which any of such Securities may vote. Determinations as to whether Holders of the requisite aggregate principal amount of Securities have concurred in any direction, waiver
or consent shall be made in accordance with this Article 9 and Section 2.14. 

ARTICLE 10 

GUARANTEES 

SECTION 10.01 Guarantees. 

(a) Each Guarantor hereby jointly and severally, irrevocably and unconditionally guarantees on a senior secured basis, as a primary obligor and
not merely as a surety, to each Holder and the Trustee (acting in any capacity hereunder) and their successors and assigns (i) the full and punctual payment when due, whether at maturity, by acceleration, by redemption or otherwise, of all
obligations of the Issuer under this Indenture (including obligations to the Trustee) and the Securities, whether for 

  
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payment of principal of, premium, if any, or interest on the Securities and all other monetary obligations of the Issuer under this Indenture and the Securities and (ii) the full and
punctual performance within applicable grace periods of all other obligations of the Issuer whether for fees, expenses, indemnification or otherwise under this Indenture and the Securities, on the terms set forth in this Indenture by executing this
Indenture. 
 On the Issue Date, the Guarantors will jointly and severally irrevocably and unconditionally guarantee on a senior basis the
Securities (“Guaranteed Obligations”) by executing this Indenture. Each Guarantor further agrees that the Guaranteed Obligations may be extended or renewed, in whole or in part, without notice or further assent from each such
Guarantor, and that each such Guarantor shall remain bound under this Article 10 notwithstanding any extension or renewal of any Guaranteed Obligation. 

(b) Each Guarantor waives presentation to, demand of payment from and protest to the Issuer of any of the Guaranteed Obligations and also
waives notice of protest for nonpayment. Each Guarantor waives notice of any default under the Securities or the Guaranteed Obligations. 

(c) Each Guarantor further agrees that its Guarantee herein constitutes a guarantee of payment, performance and compliance when due (and not a
guarantee of collection) and waives any right to require that any resort be had by any Holder or the Trustee to any security held for payment of the Guaranteed Obligations. 

(d) Except as expressly set forth in Sections 8.01(2), 10.02 and 10.06, the obligations of each
Guarantor hereunder shall not be subject to any reduction, limitation, impairment or termination for any reason, including any claim of waiver, release, surrender, alteration or compromise, and shall not be subject to any defense of setoff,
counterclaim, recoupment or termination whatsoever or by reason of the invalidity, illegality or unenforceability of the Guaranteed Obligations or otherwise. 

(e) Subject to Section 10.02 hereof, each Guarantor agrees that its Guarantee shall remain in full force and effect
until payment in full of all the Guaranteed Obligations. Each Guarantor further agrees that its Guarantee herein shall continue to be effective or be reinstated, as the case may be, if at any time payment, or any part thereof, of principal of or
interest on any Guaranteed Obligation is rescinded or must otherwise be restored by any Holder or the Trustee upon the bankruptcy or reorganization of the Issuer or otherwise. 

(f) In furtherance of the foregoing and not in limitation of any other right which any Holder or the Trustee has at law or in equity against
any Guarantor by virtue hereof, upon the failure of the Issuer to pay the principal of or interest on any Guaranteed Obligation when and as the same shall become due, whether at maturity, by acceleration, by redemption or otherwise, or to perform or
comply with any other Guaranteed Obligation, each Guarantor hereby promises to and shall, upon receipt of written demand by the Trustee, forthwith pay, or cause to be paid, in cash, to the Trustee an amount equal to the sum of (i) the unpaid
principal amount of such Guaranteed Obligations, (ii) accrued and unpaid interest on such Guaranteed Obligations (but only to the extent not prohibited by applicable law) and (iii) all other monetary obligations of the Issuer to the
Trustee. 
 (g) Each Guarantor agrees that it shall not be entitled to any right of subrogation in relation to the Trustee in respect of any
Guaranteed Obligations guaranteed hereby until payment in full of all Guaranteed Obligations. Each Guarantor further agrees that, as between it, on the one hand, and the Trustee, on the other hand, (i) the maturity of the Guaranteed Obligations
guaranteed hereby may be accelerated as provided in Article 6 for the purposes of any Guarantee herein, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the Guaranteed
Obligations guaranteed hereby, and (ii) in the event of any declaration of acceleration of such Guaranteed Obligations as provided in Article 6, such Guaranteed Obligations (whether or not due and payable) shall
forthwith become due and payable by such Guarantor for the purposes of this Section 10.01. 

  
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 (h) Each Guarantor also agrees to pay any and all costs and expenses (including reasonable
attorneys’ fees and expenses) incurred by the Trustee or any Holder in enforcing any rights under this Section 10.01. 

Upon request of the Trustee, each Guarantor shall promptly execute and deliver such further instruments and do such further acts as may be
reasonably necessary or proper to carry out more effectively the purpose of this Indenture. 
 SECTION 10.02 Limitation on
Liability. 
 (a) Each Guarantor, and by its acceptance of Securities, each Holder, hereby confirms that it is the intention of all such
parties that the Guarantee of such Guarantor not constitute a fraudulent transfer or conveyance for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal or state law to the
extent applicable to any Guarantee. To effectuate the foregoing intention, the Trustee, the Holders and the Guarantors hereby irrevocably agree that, any term or provision of this Indenture to the contrary notwithstanding, the maximum aggregate
amount of the Guaranteed Obligations guaranteed hereunder by any Guarantor shall not exceed the maximum amount that can be hereby guaranteed without rendering this Indenture, as it relates to such Guarantor, voidable under applicable law relating to
fraudulent conveyance or fraudulent transfer or similar laws affecting the rights of creditors generally. Each Guarantor that makes a payment under its Guarantee shall be entitled upon payment in full of all Guaranteed Obligations under this
Indenture to a contribution from each other Guarantor in an amount equal to such other Guarantor’s pro rata portion of such payment based on the respective net assets of all the Guarantors at the time of such payment determined in
accordance with GAAP. 
 (b) A Guarantee as to any Guarantor shall be automatically and unconditionally released and discharged upon: 

(i) (a) any sale, exchange, disposition or transfer (including through consolidation, merger or otherwise) of (x) the
Capital Stock of such Guarantor, after which the applicable Guarantor is no longer a Restricted Subsidiary, or (y) all or substantially all the assets of such Guarantor, which sale, exchange, disposition or transfer in each case is made in
compliance with Section 4.06(a)(i) and (ii); (b) the permitted designation of any Restricted Subsidiary that is a Guarantor as an Unrestricted Subsidiary; (c) upon the consolidation or merger of any Guarantor
with and into the Issuer or another Guarantor that is the surviving Person in such consolidation or merger, or upon the liquidation of such Guarantor following the transfer of all of its assets to the Issuer or another Guarantor; or (d) the
Issuer exercising its legal defeasance option or covenant defeasance option as described under Article 8 or the Issuer’s obligations under this Indenture being discharged in accordance with the terms of this Indenture;
and 
 (ii) the Issuer delivering to the Trustee an Officer’s Certificate of such Guarantor or the Issuer and an Opinion
of Counsel, each stating that all conditions precedent provided for in this Indenture relating to such transaction have been complied with. 

  
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 (c) The Issuer will have the right, upon delivery of an Officer’s Certificate to the
Trustee, to cause any Guarantor that has not guaranteed any Indebtedness of the Issuer or any Guarantor, and is not otherwise required by the applicable terms of this Indenture to provide a Guarantee (all as certified pursuant to such Officer’s
Certificate), to be unconditionally released and discharged from all obligations under its Guarantee, and such Guarantee will thereupon automatically and unconditionally terminate and be discharged and of no further force or effect; provided
that at the time of such release, no Event of Default shall have occurred and be continuing or would occur as consequences thereof (as certified pursuant to such Officer’s Certificate). 

SECTION 10.03 Successors and Assigns. This Article 10 shall be binding upon each Guarantor and its successors and assigns and
shall inure to the benefit of the successors and assigns of the Trustee and the Holders and, in the event of any transfer or assignment of rights by any Holder or the Trustee, the rights and privileges conferred upon that party in this Indenture and
in the Securities shall automatically extend to and be vested in such transferee or assignee, all subject to the terms and conditions of this Indenture. 

SECTION 10.04 No Waiver. Neither a failure nor a delay on the part of either the Trustee or the Holders in exercising any right,
power or privilege under this Article 10 shall operate as a waiver thereof, nor shall a single or partial exercise thereof preclude any other or further exercise of any right, power or privilege. The rights, remedies and benefits of the Trustee
and the Holders herein expressly specified are cumulative and not exclusive of any other rights, remedies or benefits which either may have under this Article 10 at law, in equity, by statute or otherwise. 

SECTION 10.05 Modification. No modification, amendment or waiver of any provision of this Article 10, nor the consent to any
departure by any Guarantor therefrom, shall in any event be effective unless the same shall be in writing and signed by the Trustee, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which
given. No notice to or demand on any Guarantor in any case shall entitle such Guarantor to any other or further notice or demand in the same, similar or other circumstances. 

SECTION 10.06 Execution of Supplemental Indenture for Future Guarantors. Each Subsidiary and other Person which is required to
become a Guarantor pursuant to Section 4.11 or the first sentence of Section 10.01(a) after the Issue Date shall promptly (i) execute and deliver to the Trustee a supplemental indenture in the form of Exhibit C hereto pursuant to
which such Subsidiary or other Person shall become a Guarantor under this Article 10 and shall guarantee the Guaranteed Obligations and (ii) execute and deliver to the Collateral Trustee a Grantor Supplement pursuant to which such
Guarantor shall, subject to applicable legal limitations, be subject to the terms of the applicable Security Documents. Concurrently with the execution and delivery of such supplemental indenture, the Issuer shall deliver to the Trustee an
Officer’s Certificate to the effect that such supplemental indenture has been duly authorized, executed and delivered by such Subsidiary or other Person and that, subject to the application of bankruptcy, insolvency, moratorium, fraudulent
conveyance or transfer and other similar laws relating to creditors’ rights generally and to the principles of equity, whether considered in a proceeding at law or in equity, the Guarantee of such Guarantor is a valid and binding obligation of
such Guarantor, enforceable against such Guarantor in accordance with its terms. 
 SECTION 10.07 Evidence of Guarantee. To
evidence its Guarantee set forth in this Article 10, each Guarantor hereby agrees that this Indenture shall be executed on behalf of such Guarantor by an Officer or person holding an equivalent title. Each Guarantor hereby agrees that its
Guarantee set forth in this Article 10 shall remain in full force and effect notwithstanding the absence of the endorsement of any notation of such Guarantee on the Securities. If an Officer whose signature is on this Indenture no longer
holds that office at the time the Trustee authenticates the Security, the Guarantees shall be valid nevertheless. The delivery of any Security by the Trustee, after the authentication thereof hereunder, shall constitute due delivery of the Guarantee
set forth in this Indenture on behalf of the Guarantors. 

  
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 SECTION 10.08 Benefits Acknowledged. Each Guarantor acknowledges that it will
receive direct and indirect benefits from the financing arrangements contemplated by this Indenture and that the guarantee and waivers made by it pursuant to its Guarantee are knowingly made in contemplation of such benefits. 

ARTICLE 11 

SECURITY 

SECTION 11.01 Security Interests. The due and punctual payment of the principal of, premium (if any), and interest on, the
Securities and the Guarantees when and as the same shall be due and payable, whether on an interest payment date, at maturity, by acceleration, repurchase, redemption or otherwise, and interest on the overdue principal of, premium (if any), and
interest on, the Securities and performance of all other Secured Obligations (as defined in the Security Agreement) of the Issuer and the Guarantors, according to the terms hereunder, the Guarantees and under the Security Documents, are secured by
the security interests granted in the Collateral as provided in the applicable Security Documents. Each Holder, by its acceptance of any Securities, consents and agrees (1) to the terms of the Security Documents and the Intercreditor Agreements
(including, in each case, without limitation, the provisions providing for foreclosure and release of Collateral), as the same may be in effect or may be amended from time to time in accordance with their terms, (2) to the ranking of the Liens
provided for in the Intercreditor Agreements, and that it will take no actions contrary to the provisions of the Intercreditor Agreements and (3) to the appointment of Ankura Trust Company, LLC as Trustee and Collateral Trustee under this
Indenture and as Collateral Trustee under the Security Documents and the Intercreditor Agreements. Each Holder and the Trustee authorizes and directs the Collateral Trustee to enter into the Intercreditor Agreements and each Security Document, as
collateral trustee for the Secured Parties, and to perform its respective obligations and exercise its rights thereunder in accordance therewith. The Issuer and the Guarantors consent and agree to be bound by the terms of the applicable Security
Documents, as the same may be in effect from time to time, and agree to perform their respective obligations thereunder in accordance therewith. The Issuer will deliver to the Trustee copies of all documents delivered to the Collateral Trustee
pursuant to the Security Documents, and will do or cause to be done, at the Issuer’s sole cost and expense, all such acts and things as may be required by the provisions of the Intercreditor Agreements and the Security Documents, to assure and
confirm to the Collateral Trustee the security interest in the Collateral contemplated by the Security Documents and the Intercreditor Agreements or any part thereof, as from time to time constituted, so as to render the same available for the
security and benefit of this Indenture and of the Secured Parties according to the intent and purposes herein expressed. The Issuer hereby agrees that the Collateral Trustee shall hold the Collateral in trust for the benefit of all Secured Parties
pursuant to the Security Documents. 
 SECTION 11.02 Intercreditor Agreements. Notwithstanding anything herein to the contrary,
the priority of the lien and security interest granted to the Collateral Trustee pursuant to the applicable Security Documents and the exercise of any right or remedy by the Trustee or Collateral Trustee hereunder and thereunder with respect to the
Collateral are subject to the provisions of the Intercreditor Agreements. The Issuer and each Guarantor consents to, and agrees to be bound by, the terms of the Intercreditor Agreements, to the extent it is a party thereto, as the same may be in
effect from time to time. In the event of any conflict between the terms of the Intercreditor Agreements on the one hand and this Indenture on the other, with respect to lien priority or rights and remedies in connection with the Collateral, the
terms of the Intercreditor Agreements, shall govern. 

  
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 SECTION 11.03 Further Assurances. The Issuer and the Guarantors shall promptly
execute and deliver, or cause to be promptly executed and delivered, to the Collateral Trustee such documents, agreements and instruments, and will take or cause to be taken such further actions (including the filing and recording of financing
statements and continuations thereof, termination statements, notices of assignments, fixture filings, mortgages, deeds of trust, security agreements and other documents or instruments and such other actions or deliveries of the type required
pursuant to the Security Documents), as may be required by the Security Documents or any applicable law or which the Collateral Trustee may, from time to time, reasonably request to carry out the terms and conditions of this Indenture and the
Security Documents and to ensure perfection and priority of the Liens created or intended to be created by the Security Documents (to the extent required herein or therein), all at the expense of the Issuer and the Guarantors. 

SECTION 11.04 Impairment of Security Interests. Neither the Issuer nor any of its Restricted Subsidiaries will (i) take or
omit to take any action which would materially adversely affect or impair the Liens granted in favor of the Secured Parties with respect to the Collateral (it being understood that the incurrence of Permitted Liens shall under no circumstances be
deemed to materially impair the Liens with respect to the Collateral), except that (x) the Issuer and its Restricted Subsidiaries may amend, restate, supplement or otherwise modify any Security Documents for the purposes of granting Permitted
Liens, or (y) the Collateral may be discharged and released in accordance with this Indenture, the applicable Security Documents or the Intercreditor Agreements, (ii) grant any Person, or permit any Person to retain (other than the
Collateral Trustee or any agent of a Secured Party), any Liens on the Collateral, other than Permitted Liens or (iii) enter into any agreement that requires the proceeds received from any sale of Collateral to be applied to repay, redeem,
defease or otherwise acquire or retire any Indebtedness of any Person in a manner that conflicts with this Indenture, the Guarantees, the Intercreditor Agreements or the Security Documents, as applicable. 

SECTION 11.05 Maintenance of Collateral; Collateral Trustee Obligations. 

(a) The Collateral Trustee shall have no obligation whatsoever to the Trustee or any of the Holders to assure that the Issuer and the
Guarantors comply with their obligations under this Section 11.05. In addition, the Collateral Trustee shall have no obligation whatsoever to the Trustee or any of the Holders to assure that the Collateral exists or is
owned by any Issuer or Guarantor or is cared for, protected, or insured or has been encumbered, Collateral Trustee’s Liens have been properly or sufficiently or lawfully created, perfected, protected, maintained or enforced or are entitled to
any particular priority, or to determine whether all of the property constituting Collateral intended to be subject to the Lien and security interest of the Security Documents has been properly and completely listed or delivered, as the case may be,
or the genuineness, validity, marketability or sufficiency thereof or title thereto, or to exercise at all or in any particular manner or under any duty of care (other than the duty to use reasonable care with respect to any Collateral in its
possession), disclosure, or to continue exercising, any of the rights, authorities, and powers granted or available to the Collateral Trustee pursuant to this Indenture, any Security Document or the Intercreditor Agreements other than pursuant to
the instructions of the Holders of a majority in aggregate principal amount of the Securities or as otherwise provided in the Security Documents. The Collateral Trustee shall have the right at any time to seek instructions from the Holders with
respect to the administration of this Indenture, the Security Documents, and the Intercreditor Agreements. 

  
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 (b) The parties hereto and the Holders hereby agree and acknowledge that neither the
Collateral Trustee nor the Trustee shall assume, be responsible for or otherwise be obligated for any liabilities, claims, causes of action, suits, losses, allegations, requests, demands, penalties, fines, settlements, damages (including foreseeable
and unforeseeable), judgments, expenses and costs (including but not limited to, any remediation, corrective action, response, removal or remedial action, or investigation, operations and maintenance or monitoring costs, for personal injury or
property damages, real or personal) of any kind whatsoever, pursuant to any environmental law as a result of this Indenture, the Intercreditor Agreements, the other Security Documents or any actions taken pursuant hereto or thereto. Further, the
parties hereto and the Holders hereby agree and acknowledge that in the exercise of its rights under this Indenture, the Intercreditor Agreements, if any, and the other Security Documents, the Collateral Trustee may hold or obtain indicia of
ownership primarily to protect the security interest of the Collateral Trustee in the Collateral and that any such actions taken by the Collateral Trustee shall not be construed as or otherwise constitute any participation in the management of such
Collateral. 
 SECTION 11.06 Release of Liens in Respect of the Obligations. 

(a) The Collateral Trustee’s Liens upon the Collateral will no longer secure the Obligations under this Indenture, and the right of the
Holders of Securities and such Obligations to the benefits and proceeds of the Collateral Trustee’s Liens on the Collateral will terminate and be automatically released upon the occurrence of any of the following: 

(1) pursuant to (A) the Pari Intercreditor Agreement in connection with the exercise of remedies by the Applicable Collateral Agent (as
defined in the Pari Intercreditor Agreement) in respect of the Collateral, during the continuation of an event of default under the relevant debt instruments in accordance with the written instructions of the First Lien Controlling Secured Parties
at such time or (B) the ABL Intercreditor Agreement in connection with the exercise of remedies by the ABL Facility Security Agent (as defined in the ABL Intercreditor Agreement) in accordance with the terms of the ABL Intercreditor Agreement,
during the continuation of an event of default under the relevant debt instruments; 
 (2) the satisfaction and discharge of this Indenture
as set forth in Article 8 hereof; 
 (3) in whole or in part, with the consent of the Holders of the requisite
percentage of Securities in accordance with the provisions of Article 9 hereof; 
 (4) the sale, transfer or other
disposition of Collateral permitted under Section 4.06 hereof; 
 (5) in the case of a Guarantor that is released
from its Guarantee hereunder pursuant to the terms of this Indenture, the release of the property and assets, and Equity Interests, of such Guarantor; 

(6) the property or asset is or becomes Excluded Assets (as defined in the Security Agreement); 

(7) a legal defeasance or covenant defeasance under Article 8 hereof; 

(8) automatically without any action by the Collateral Trustee, if the Lien granted in favor of the Indebtedness that gave rise to the
obligation to grant the Lien over such Collateral is released; 

  
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 (9) in the event that the owner thereof is properly designated as an Unrestricted Subsidiary
in accordance with the terms hereof; 
 (10) as otherwise permitted in accordance with this Indenture; 

(11) in the case of any lease or other agreement or contract that is Collateral, upon termination of such lease, agreement or contract; and

 (12) with respect to Collateral that is Capital Stock, upon the dissolution or liquidation of the issuer of that Capital Stock in a
transaction that is not prohibited by this Indenture. 
 (b) The Collateral Trustee shall execute, upon request and at the Issuer’s
expense, any documents, instruments, agreements or filings reasonably requested by the Issuer or any Guarantor to evidence such release of such Collateral; provided that if the Collateral Trustee is required to execute any such documents,
instruments, agreements or filings, the Collateral Trustee shall be fully protected in relying upon an Officer’s Certificate in connection with any such release stating that such release of Collateral is permitted to be released under this
Indenture, the Intercreditor Agreements and/or the Security Documents, as applicable, and that all conditions precedent to such release in such documents have been complied with. 

SECTION 11.07 The Collateral Trustee. 

(a) The Collateral Trustee will hold (directly or through co-trustees or agents), and is directed by
each Holder to so hold, and will be entitled to enforce, on behalf of the Holders, all Liens on the Collateral created by the Security Documents for their benefit and the benefit of the other Secured Parties, subject to the provisions of the
Intercreditor Agreements. Neither the Issuer nor any of its Affiliates may serve as Collateral Trustee. 
 (b) Except as provided in this
Indenture and the Security Documents, the Collateral Trustee will not be obligated: 
 (1) to act upon directions purported to be delivered
to it by any Person; 
 (2) to foreclose upon or otherwise enforce any Lien; or 

(3) to take any other action whatsoever with regard to any or all of the Security Documents, the Liens created thereby or the Collateral. 

SECTION 11.08 Co-Collateral Trustee. At any time or times it shall be necessary or prudent
in order to conform to any law of any jurisdiction in which any of the Collateral shall be located, or the Collateral Trustee shall be advised by counsel, satisfactory to it, that it is reasonably necessary in the interest of the Secured Parties, or
the First Lien Controlling Secured Parties shall in writing so request the Collateral Trustee, or the Collateral Trustee shall deem it desirable for its own protection in the performance of its duties hereunder, the Collateral Trustee and the Issuer
shall, at the reasonable request of the Collateral Trustee, execute and deliver all instruments and agreements necessary or proper to constitute another bank or trust company, or one or more persons approved by the Collateral Trustee (or the First
Lien Controlling Secured Parties, as the case may be) and the Issuer, either to act as co-Collateral Trustee or co-Collateral Trustees of all or any of the Collateral,
jointly with the Collateral Trustee originally named herein or any successor or successors, or to act as separate collateral trustee or collateral trustees of any such property. In case an Event of Default shall have occurred and be continuing, the
Collateral Trustee may act under the foregoing provisions of this Section 11.08 without the consent of the Issuer, and each Holder hereby appoints the Collateral Trustee as its trustee and attorney to act under the
foregoing provisions of this Section 11.08 in such case. 

  
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 SECTION 11.09 New Guarantors; After-Acquired Property. 

(a) Following the acquisition by the Issuer or any Guarantor of any assets that constitute Collateral, the Issuer, as soon as reasonably
practicable after such property’s acquisition or such property becoming an asset that constitutes Collateral and in no event after 60 days after such acquisition (or such later date as the Issuer may reasonably request and agreed upon in
writing by the Collateral Trustee), shall, and shall cause each Guarantor to, and each such Guarantor shall do or cause to be done all acts and things that may be required by applicable law or the Security Documents or as may be reasonably requested
by the Collateral Trustee to perfect and maintain the perfection and priority of the Collateral Trustee’s Liens on the Collateral, for the benefit of the Secured Parties, in each case, as contemplated by, and with the Lien priority required
hereunder and under, the applicable Intercreditor Agreement and the Security Documents, all at the Issuers’ sole expense. 
 (b)
Following a Restricted Subsidiary (including a newly created one) becoming a Guarantor, the Issuer shall as soon as reasonably practicable after such Restricted Subsidiary becomes a Guarantor pursuant to Section 10.06 cause
all of such Restricted Subsidiary’s assets that constitute Collateral to be subjected to a Lien securing the Secured Obligations (as defined in the Security Agreement) subject to the terms and conditions set forth in the Security Agreement, and
shall do or cause to be done all acts and things that may be required pursuant to the Security Agreement or by applicable law or as may be reasonably requested by the Collateral Trustee to assure and confirm that the Collateral Trustee holds, for
the benefit of the Secured Parties enforceable and perfected Liens upon all of the Collateral, in each case, as contemplated by, and with the Lien priority required under, the Intercreditor Agreement and the Security Documents, all at the
Issuer’s sole expense. 
 (c) The Issuer shall from time to time promptly pay all financing and continuation statement recording and/or
filing fee, charges and stamp and similar taxes relating to this Indenture, the Security Documents and any amendments thereto. 

SECTION 11.10 Designation under the Pari Intercreditor Agreement. The Issuer and its Restricted Subsidiaries hereby agree not to
designate any future credit agreement as the “Credit Agreement” for purposes of the Pari Intercreditor Agreement unless such future credit agreement evidences Indebtedness in an aggregate principal amount of at least $100.0 million
and does not constitute Capital Markets Indebtedness. 
 ARTICLE 12 

MISCELLANEOUS 

SECTION 12.01 Notices. 

(a) Any notice or communication by the Issuer, any Guarantor or the Trustee to the others is duly given if in writing and delivered in person,
via facsimile, electronic mail or other electronic transmission, mailed by first-class mail (registered or certified, return receipt requested) or overnight air courier guaranteeing next day delivery, to the addressed as follows: 

  
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 if to the Issuer or a Guarantor: 

Party City Holdings Inc. 
 80
Grasslands Road 
 Elmsford, NY 10523 

Attn:      Todd Vogensen 

Email:    tvogensen@partycity.com 

With a copy to: 
 Skadden, Arps,
Slate, Meagher & Flom LLP 
 One Manhattan West 

New York, New York 10001 

Attn:      James Eric Ivester 

    Shana Elberg 

    Sarah Ward 

    Andrea Nicolas 

if to the Trustee: 
 Ankura
Trust Company, LLC, as Trustee and Collateral Trustee 
 140 Sherman Street, Fourth Floor 

Fairfield, CT 06824 
 Attention:
Lisa Price 
 Email: lisa.price@ankura.com 

Facsimile: 475-282-3450 

The Issuer, any Guarantor or the Trustee by notice to the others may designate additional or different addresses for subsequent notices or
communications. 
 All notices and communications (other than those sent to Holders, Trustee and Collateral Trustee) will be deemed to have
been duly given: at the time delivered by hand, if personally delivered; five calendar days after being deposited in the mail, first-class, postage prepaid, if mailed; when receipt acknowledged, if transmitted by facsimile; and the next Business Day
after timely delivery to the courier, if sent by overnight air courier guaranteeing next day delivery. All notices given by publication or electronic delivery will be deemed given on the first date on which publication or electronic delivery is
made. Notices given in accordance with the procedures of the DTC will be deemed given on the date sent to the DTC. Any notice or communication delivered to the Trustee or the Collateral Trustee shall be deemed effective upon actual receipt thereof.

 (b) Any notice or communication mailed to a Holder shall be mailed, first class mail (certified or registered, return receipt requested),
by overnight air courier guaranteeing next day delivery or sent electronically to the Holder at the Holder’s address as it appears on the registration books of the Registrar and shall be sufficiently given if so mailed or sent within the time
prescribed. 
 (c) Failure to deliver a notice or communication to a Holder or any defect in it shall not affect its sufficiency with respect
to other Holders. If a notice or communication is mailed or otherwise delivered in the manner provided above, it is duly given, whether or not the addressee receives it. 

  
 118 

 (d) Notwithstanding any other provision of this Indenture or any Security, where this
Indenture or any Security provides for notice of any event (including any notice of redemption) to a Holder of a Global Security (whether by mail or otherwise), such notice shall be sufficiently given if given to the Depositary for such Security (or
its designee) pursuant to the standing instructions from the Depositary (or its designee), including by electronic mail in accordance with accepted practices at the Depositary. 

SECTION 12.02 Certificate and Opinion as to Conditions Precedent. Upon any request or application by the Issuer to the Trustee to
take or refrain from taking any action under this Indenture, the Issuer shall furnish to the Trustee: 
 (a) an Officer’s Certificate in
form reasonably satisfactory to the Trustee stating that, in the opinion of the signers, all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with; and 

(b) an Opinion of Counsel in form reasonably satisfactory to the Trustee stating that, in the opinion of such counsel, all such conditions
precedent have been complied with. 
 SECTION 12.03 Statements Required in Certificate or Opinion. Each certificate or opinion
with respect to compliance with a covenant or condition provided for in this Indenture (other than pursuant to Section 4.09 hereof) shall include: 

(a) a statement that the individual making such certificate or opinion has read such covenant or condition; 

(b) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such
certificate or opinion are based; 
 (c) a statement that, in the opinion of such individual, he or she has made such examination or
investigation as is necessary to enable him or her to express an informed opinion as to whether or not such covenant or condition has been complied with (and, in the case of an Opinion of Counsel, may be limited to reliance on an Officer’s
Certificate as to matters of fact); and 
 (d) a statement as to whether or not, in the opinion of such individual, such covenant or
condition has been complied with; provided, however, that with respect to matters of fact an Opinion of Counsel may rely on an Officer’s Certificate or certificates of public officials. 

SECTION 12.04 When Securities Disregarded. In determining whether the Holders of the required principal amount of Securities have
concurred in any direction, waiver or consent, Securities owned by the Issuer, any Guarantor or by any Person directly or indirectly controlling or controlled by or under direct or indirect common control with the Issuer or any Guarantor shall be
disregarded and deemed not to be outstanding, except that, for the purpose of determining whether the Trustee shall be protected in relying on any such direction, waiver or consent, only Securities which a Trust Officer of the Trustee actually knows
are so owned shall be so disregarded. Securities so owned which have been pledged in good faith shall not be disregarded if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right to deliver any such direction, waiver or
consent with respect to the Securities and that the pledgee is not the Issuer, any Guarantor or any Person directly or indirectly controlling or controlled by or under direct or indirect common control with the Issuer or any Guarantor. Subject to
the foregoing, only Securities outstanding at the time shall be considered in any such determination. 

  
 119 

 SECTION 12.05 Rules by Trustee, Paying Agent and Registrar. The Trustee may make
reasonable rules for action by or a meeting of the Holders. The Registrar and a Paying Agent may make reasonable rules for their functions. 

SECTION 12.06 Legal Holidays. If a payment date is not a Business Day, payment shall be made on the next succeeding day that is a
Business Day, and no interest shall accrue on any amount that would have been otherwise payable on such payment date if it were a Business Day for the intervening period. If a regular record date is not a Business Day, the record date shall not be
affected. 
 SECTION 12.07 GOVERNING LAW; WAIVER OF JURY TRIAL. THIS INDENTURE AND THE SECURITIES SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW. EACH OF THE ISSUER, THE GUARANTORS AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY
AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE SECURITIES OR THE TRANSACTION CONTEMPLATED HEREBY. 

SECTION 12.08 No Recourse Against Others. No past, present or future director, officer, employee, manager, incorporator, member,
partner or stockholder of the Issuer or any Guarantor or any of their Subsidiaries or direct or indirect Parent Companies shall have any liability for any obligations of the Issuer or the Guarantors under the Securities, the Guarantees or this
Indenture or for any claim based on, in respect of, or by reason of such obligations or their creation. Each Holder of Securities by accepting a Security waives and releases all such liability. The waiver and release are part of the consideration
for issuance of the Securities. 
 SECTION 12.09 Successors. All agreements of the Issuer and each Guarantor in this Indenture
and the Securities shall bind its successors. All agreements of the Trustee in this Indenture shall bind its successors. 

SECTION 12.10 Multiple Originals. The parties may sign any number of copies of this Indenture. Each signed copy shall be an
original, but all of them together represent the same agreement. One signed copy is enough to prove this Indenture. The exchange of copies of this Indenture and of signature pages by facsimile or email (in PDF format or otherwise) transmission shall
constitute effective execution and delivery of this Indenture as to the parties hereto and may be used in lieu of the original Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or email (in PDF format or
otherwise) shall be deemed to be their original signatures for all purposes. 
 SECTION 12.11 Table of Contents; Headings. The
table of contents and headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not intended to be considered a part of this Indenture and shall not modify or restrict any of the terms or
provisions of this Indenture. 
 SECTION 12.12 Indenture Controls. If and to the extent that any provision of the Securities
limits, qualifies or conflicts with a provision of this Indenture, such provision of this Indenture shall control. 
 SECTION 12.13
Severability. In case any provision in this Indenture shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby and such provision
shall be ineffective only to the extent of such invalidity, illegality or unenforceability. 

  
 120 

 SECTION 12.14 Force Majeure. In no event shall the Trustee be responsible or
liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or
terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services, it being understood that the Trustee shall
use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. 

SECTION 12.15 U.S.A. Patriot Act. The parties hereto acknowledge that in accordance with Section 326 of the U.S.A. Patriot
Act, the Trustee, like all financial institutions and in order to help fight the funding of terrorism and money laundering, is required to obtain, verify, and record information that identifies each person or legal entity that establishes a
relationship or opens an account with the Trustee. 
 SECTION 12.16 No Adverse Interpretation of Other Agreements. This
Indenture may not be used to interpret any other indenture, loan or debt agreement of the Issuer or its Subsidiaries or of any other Person. Any such indenture, loan or debt agreement may not be used to interpret this Indenture. 

  
 121 

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

			
	
	PARTY CITY HOLDINGS INC.

 
			
		
	By:	 	 /s/ Todd Vogensen

		 	Name: Todd Vogensen
		 	Title: Chief Financial Officer, Chief Accounting Officer and Executive Vice President

 
			
	
	PC INTERMEDIATE HOLDINGS, INC., solely for purposes of Section 4.15 of this Indenture

 
			
		
	By:	 	 /s/ Todd Vogensen

		 	Name: Todd Vogensen
		 	Title: Chief Financial Officer and Assistant Secretary

 
			
	
	 AMSCAN INC.
 AM- SOURCE,
LLC
 PARTY CITY CORPORATION
 PARTY HORIZON
INC.
 TRISAR, INC.

 
			
		
	By:	 	 /s/ Todd Vogensen

		 	Name: Todd Vogensen
		 	Title: Vice President and Treasurer

 
			
	
	 ANAGRAM EDEN PRAIRIE PROPERTY HOLDINGS LLC

			
		
	By:	 	PARTY CITY HOLDINGS INC., its sole member
		
	By:	 	 /s/ Todd Vogensen

		 	Name: Todd Vogensen
		 	Title: Chief Financial Officer, Chief Accounting Officer and Executive Vice President

 
			
	
	 AMSCAN CUSTOM INJECTION MOLDING, LLC

AMSCAN NM LAND, LLC
 AMSCAN PURPLE SAGE,
LLC

 
			
		
	By:	 	AMSCAN INC., its manager
		
	By:	 	 /s/ Todd Vogensen

		 	Name: Todd Vogensen
		 	Title: Chief Financial Officer, Chief Accounting Officer and Executive Vice President

  
 [Signature Page –
Indenture] 

 
			
	ANKURA TRUST COMPANY, LLC, as Trustee and Collateral Trustee
		
	By:	 	 /s/ Lisa Price

		 	Name: Lisa Price
		 	Title: Managing Director

  
 [Signature Page –
Indenture] 

 APPENDIX A 

Transfer Restrictions 
 1.
Definitions. 
 1.1 Definitions. 

For the purposes of this Appendix A the following terms shall have the meanings indicated below: 

“Definitive Security” means a certificated Security (bearing the Restricted Security Legend if the transfer of such Security
is restricted by applicable law) that does not include the Global Securities Legend. 
 “Depository” means The Depository
Trust Company, its nominees and their respective successors. 
 “Global Securities Legend” means the legend set forth under
that caption in Exhibit A to the Indenture. 
 “IAI” means an institutional “accredited
investor” as described in Rule 501(a)(1), (2), (3) or (7) under the Securities Act. 
 “Initial Purchasers”
means J.P. Morgan Securities LLC, BofA Securities, Inc., Wells Fargo Securities, LLC, Credit Suisse Securities (USA) LLC, MUFG Securities Americas Inc., TD Securities (USA) LLC, BMO Capital Markets Corp., Deutsche Bank Securities Inc. and Goldman
Sachs & Co. LLC, as initial purchasers under the Purchase Agreement entered into in connection with the offer and sale of the Securities. 

“Purchase Agreement” means (a) the Purchase Agreement, dated February 9, 2021, among the Issuer and the
representative of the Initial Purchasers and (b) any other similar Purchase Agreement relating to Additional Securities. 

“QIB” means a “qualified institutional buyer” as defined in Rule 144A. 

“Regulation S” means Regulation S under the Securities Act. 

“Regulation S Securities” means all Securities offered and sold outside the United States in reliance on Regulation S. 

“Restricted Global Securities” means Global Securities and any other Securities that are required to bear, or are subject to,
the Restricted Security Legend. 
 “Restricted Period,” with respect to any Securities, means the period of 40 consecutive
days beginning on and including the later of (a) the day on which such Securities are first offered to persons other than distributors (as defined in Regulation S under the Securities Act) in reliance on Regulation S, notice of which day shall
be promptly given by the Issuer to the Trustee and (b) the Issue Date, and with respect to any Additional Securities that are Transfer Restricted Securities, it means the comparable period of 40 consecutive days. 

  
 Appendix A-1 

 “Restricted Security Legend” means the legend set forth in
Section 2.2(f)(i) herein. 
 “Rule 144A” means Rule 144A under the Securities Act. 

“Rule 144A Securities” means all Securities offered and sold to QIBs in reliance on Rule 144A. 

“Rule 501” means Rule 501(a)(1), (2), (3) or (7) under the Securities Act. 

“Securities Custodian” means the custodian with respect to a Global Security (as appointed by the Depository) or any
successor person thereto, who shall initially be the Trustee. 
 “Transfer Restricted Securities” means Definitive
Securities and any other Securities that bear or are required to bear or are subject to the Restricted Security Legend. 

“Unrestricted Definitive Securities” means Definitive Securities and any other Securities that are not required to bear, or
are not subject to, the Restricted Security Legend. 
 “Unrestricted Global Securities” means Global Securities and any
other Securities that are not required to bear, or are not subject to, the Restricted Security Legend. 
 1.2 Other Definitions. 

 

			
	 Term:
	  	Defined in Section:
	 Agent Members
	  	2.1(b)
	 Clearstream
	  	2.1(b)
	 Euroclear
	  	2.1(b)
	 Global Securities
	  	2.1(b)
	 Regulation S Global Securities
	  	2.1(b)
	 Regulation S Permanent Global Security
	  	2.1(b)
	 Regulation S Temporary Global Security
	  	2.1(b)
	 Rule 144A Global Securities
	  	2.1(b)

 2. The Securities. 

2.1 Form and Dating; Global Securities. 

(a) The Original Securities issued on the Issue Date will be (i) offered and sold by the Issuer pursuant to the Purchase Agreement and
(ii) resold, initially only to (1) QIBs in reliance on Rule 144A and (2) Persons other than U.S. Persons (as defined in Regulation S) in reliance on Regulation S. Such Securities may thereafter be transferred to, among others, QIBs,
purchasers in reliance on Regulation S and, except as set forth below, IAIs in accordance with Rule 501. Additional Securities offered after the Issue Date may be offered and sold by the Issuer from time to time pursuant to one or more purchase
agreements in accordance with applicable law. 

  
 Appendix A-2 

 (b) Global Securities. 

(i) Rule 144A Securities initially shall be represented by one or more Securities in definitive, fully registered, global form
without interest coupons (collectively, the “Rule 144A Global Securities”). Regulation S Securities initially shall be represented by one or more Securities in fully registered, global form without interest coupons (collectively,
the “Regulation S Temporary Global Security” and, together with the Regulation S Permanent Global Security (defined below), the “Regulation S Global Securities”), which shall be registered in the name of the
Depository or the nominee of the Depository for the accounts of designated agents holding on behalf of Euroclear Bank S.A./N.V., as operator of the Euroclear system (“Euroclear”) or Clearstream Banking, Société Anonyme
(“Clearstream”). 
 Following the termination of the Restricted Period, beneficial interests in the Regulation S Temporary
Global Security shall be exchanged for beneficial interests in a permanent Global Security (the “Regulation S Permanent Global Security”) pursuant to the applicable procedures of the Depository. Simultaneously with the
authentication of the Regulation S Permanent Global Security, the Trustee shall cancel the Regulation S Temporary Global Security. The aggregate principal amount of the Regulation S Temporary Global Security and the Regulation S Permanent Global
Security may from time to time be increased or decreased by adjustments made on the records of the Trustee and the Depository or its nominee, as the case may be, in connection with transfers of interest as hereinafter provided. 

The provisions of the “Operating Procedures of the Euroclear System” and “Terms and Conditions Governing Use of Euroclear”
and the “General Terms and Conditions of Clearstream Banking” and “Customer Handbook” of Clearstream shall be applicable to transfers of beneficial interests in the Regulation S Temporary Global Security and the Regulation S
Permanent Global Security that are held by participants through Euroclear or Clearstream. 
 The term “Global Securities”
means the 4(a)(2) Global Securities, Rule 144A Global Securities and the Regulation S Global Securities. The Global Securities shall bear the Global Security Legend. The Global Securities initially shall (i) be registered in the name of
the Depository or the nominee of such Depository, in each case for credit to an account of a member of, or participant in, such Depository (an “Agent Member”), (ii) be delivered to the Trustee as custodian for such Depository and
(iii) bear the Restricted Security Legend. 
 Members of, or direct or indirect participants in, the Depository shall have no rights
under the Indenture with respect to any Global Security held on their behalf by the Depository, or the Trustee as its custodian, or under the Global Securities. The Depository may be treated by the Issuer, the Trustee and any agent of the Issuer or
the Trustee as the absolute owner of the Global Securities for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Issuer, the Trustee or any agent of the Issuer or the Trustee from giving effect to any written
certification, proxy or other authorization furnished by the Depository, or impair, as between the Depository and its Agent Members, the operation of customary practices governing the exercise of the rights of a Holder of any Security. 

 

  
 Appendix A-3 

 (ii) Transfers of Global Securities shall be limited to transfer in whole,
but not in part, to the Depository, its successors or their respective nominees. Interests of beneficial owners in the Global Securities may be transferred or exchanged for Definitive Securities only in accordance with the applicable rules and
procedures of the Depository and the provisions of Section 2.2. In addition, a Global Security shall be exchangeable for Definitive Securities if (x) the Depository (1) notifies the Issuer that it is unwilling or
unable to continue as depository for such Global Security and the Issuer thereupon fails to appoint a successor depository within 90 days or (2) has ceased to be a clearing agency registered under the Exchange Act, (y) the Issuer, at its
option, notifies the Trustee that it elects to cause the issuance of Definitive Securities or (z) there shall have occurred and be continuing an Event of Default with respect to such Global Security and the Depositary shall have requested such
exchange; provided that in no event shall the Regulation S Temporary Global Security be exchanged by the Issuer for Definitive Securities prior to (x) the expiration of the Restricted Period and (y) the receipt by the Registrar of
any certificates required pursuant to Rule 903(b)(3)(ii)(B) under the Securities Act. In all cases, Definitive Securities delivered in exchange for any Global Security or beneficial interests therein shall be registered in the names, and issued in
any approved denominations, requested by or on behalf of the Depository in accordance with its customary procedures. 
 (iii)
In connection with the transfer of a Global Security as an entirety to beneficial owners pursuant to subsection (ii) of this Section 2.1(b), such Global Security shall be deemed to be surrendered
to the Trustee for cancellation, and the Issuer shall execute, and the Trustee shall authenticate and make available for delivery, to each beneficial owner identified by the Depository in writing in exchange for its beneficial interest in such
Global Security, an equal aggregate principal amount of Definitive Securities of authorized denominations. 
 (iv) Any
Transfer Restricted Security delivered in exchange for an interest in a Global Security pursuant to Section 2.2 shall, except as otherwise provided in Section 2.2, bear the Restricted Security
Legend. 
 (v) Notwithstanding the foregoing, through the Restricted Period, a beneficial interest in such Regulation S
Global Security may be held only through Euroclear or Clearstream unless delivery is made in accordance with the applicable provisions of Section 2.2. 

(vi) The Holder of any Global Security may grant proxies and otherwise authorize any Person, including Agent Members and
Persons that may hold interests through Agent Members, to take any action which a Holder is entitled to take under the Indenture or the Securities. 

2.2 Transfer and Exchange. 

(a) Transfer and Exchange of Global Securities. A Global Security may not be transferred as a whole except as set forth in
Section 2.1(b)(ii). Global Securities will not be exchanged by the Issuer for Definitive Securities except under the circumstances described in Section 2.1(a)(ii). Global Securities also may be
exchanged or replaced, in whole or in part, as provided in Sections 2.08 and 2.10 of the Indenture. Beneficial interests in a Global Security may be transferred and exchanged as provided in
Section 2.2(b) or 2.2(h). 

  
 Appendix A-4 

 (b) Transfer and Exchange of Beneficial Interests in Global Securities. The transfer
and exchange of beneficial interests in the Global Securities shall be effected through the Depository, in accordance with the provisions of the Indenture and the applicable rules and procedures of the Depository. Beneficial interests in Restricted
Global Securities shall be subject to restrictions on transfer comparable to those set forth herein to the extent required by the Securities Act. Beneficial interests in Global Securities shall be transferred or exchanged only for beneficial
interests in Global Securities. Transfers and exchanges of beneficial interests in the Global Securities also shall require compliance with either subparagraph (i) or (ii) below, as applicable, as well as one or more of the other following
subparagraphs, as applicable: 
 (i) Transfer of Beneficial Interests in the Same Global Security. Beneficial
interests in any Restricted Global Security may be transferred to Persons who take delivery thereof in the form of a beneficial interest in the same Restricted Global Security in accordance with the transfer restrictions set forth in the Restricted
Security Legend; provided, however, that prior to the expiration of the Restricted Period, transfers of beneficial interests in a Regulation S Global Security may not be made to a U.S. Person or for the account or benefit of a U.S. Person
(other than an Initial Purchaser). A beneficial interest in an Unrestricted Global Security may be transferred to Persons who take delivery thereof in the form of a beneficial interest in an Unrestricted Global Security. No written orders or
instructions shall be required to be delivered to the Registrar to effect the transfers described in this Section 2.2(b)(i). 

(ii) All Other Transfers and Exchanges of Beneficial Interests in Global Securities. In connection with all transfers
and exchanges of beneficial interests in any Global Security that is not subject to Section 2.2(b)(i), the transferor of such beneficial interest must deliver to the Registrar (1) a written order from an Agent Member
given to the Depository in accordance with the applicable rules and procedures of the Depository directing the Depository to credit or cause to be credited a beneficial interest in another Global Security in an amount equal to the beneficial
interest to be transferred or exchanged and (2) instructions given in accordance with the applicable rules and procedures of the Depository containing information regarding the Agent Member account to be credited with such increase. Upon
satisfaction of all of the requirements for transfer or exchange of beneficial interests in Global Securities contained in the Indenture and the Securities or otherwise applicable under the Securities Act, the Trustee shall adjust the principal
amount of the relevant Global Security pursuant to Section 2.2(h). 
 (iii) Transfer of
Beneficial Interests to Another Restricted Global Security. A beneficial interest in a Restricted Global Security may be transferred to a Person who takes delivery thereof in the form of a beneficial interest in another Restricted Global
Security if the transfer complies with the requirements of Section 2.2(b)(ii) above and the Registrar receives the following: 

(A) if the transferee will take delivery in the form of a beneficial interest in a Rule 144A Global Security, then the
transferor must deliver a certificate in the form attached to the applicable Security; and 
 (B) if the transferee will
take delivery in the form of a beneficial interest in a Regulation S Global Security, then the transferor must deliver a certificate in the form attached to the applicable Security. 

 

  
 Appendix A-5 

 (iv) Transfer and Exchange of Beneficial Interests in a Restricted Global
Security for Beneficial Interests in an Unrestricted Global Security. A beneficial interest in a Restricted Global Security may be exchanged by any holder thereof for a beneficial interest in an Unrestricted Global Security or transferred to a
Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Security if the exchange or transfer complies with the requirements of Section 2.2(b)(ii) above and the Registrar receives the
following: 
 (1) if the holder of such beneficial interest in a Restricted Global Security proposes to exchange such
beneficial interest for a beneficial interest in an Unrestricted Global Security, a certificate from such holder in the form attached to the applicable Security; or 

(2) if the holder of such beneficial interest in a Restricted Global Security proposes to transfer such beneficial interest to
a Person who shall take delivery thereof in the form of a beneficial interest in an Unrestricted Global Security, a certificate from such holder in the form attached to the applicable Security, 

and, in each such case, if the Issuer so requests or if the applicable rules and procedures of the Depository so require, an Opinion of Counsel
in form reasonably acceptable to the Issuer to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Restricted Security Legend are no longer required in
order to maintain compliance with the Securities Act. If any such transfer or exchange is effected pursuant to this subparagraph (iv) at a time when an Unrestricted Global Security has not yet been issued, the Issuer shall issue and, upon
receipt of an written order of the Issuer in the form of an Officer’s Certificate in accordance with Section 2.01 of the Indenture, the Trustee shall authenticate one or more Unrestricted Global Securities in an
aggregate principal amount equal to the aggregate principal amount of beneficial interests transferred or exchanged pursuant to this subparagraph (iv). 

(v) Transfer and Exchange of Beneficial Interests in an Unrestricted Global Security for Beneficial Interests in a
Restricted Global Security. Beneficial interests in an Unrestricted Global Security cannot be exchanged for, or transferred to Persons who take delivery thereof in the form of, a beneficial interest in a Restricted Global Security. 

(c) Transfer and Exchange of Beneficial Interests in Global Securities for Definitive Securities. A beneficial interest in a Global
Security may not be exchanged for a Definitive Security except under the circumstances described in Section 2.1(b)(ii). A beneficial interest in a Global Security may not be transferred to a Person who takes delivery
thereof in the form of a Definitive Security except under the circumstances described in Section 2.1(b)(ii). In any case, beneficial interests in Global Securities shall be transferred or exchanged only for Definitive
Securities. 
 (d) Transfer and Exchange of Definitive Securities for Beneficial Interests in Global Securities. Transfers and
exchanges of beneficial interests in the Global Securities also shall require compliance with either subparagraph (i), (ii), (iii) or (iv) below, as applicable: 

(i) Transfer Restricted Securities to Beneficial Interests in Restricted Global Securities. If any Holder of a Transfer
Restricted Security proposes to exchange such Transfer Restricted Security for a beneficial interest in a Restricted Global Security or to transfer such Transfer Restricted Security to a Person who takes delivery thereof in the form of a beneficial
interest in a Restricted Global Security, then, upon receipt by the Registrar of the following documentation: 

  
 Appendix A-6 

 (A) if the Holder of such Transfer Restricted Security proposes to exchange
such Transfer Restricted Security for a beneficial interest in a Restricted Global Security, a certificate from such Holder in the form attached to the applicable Security; 

(B) if such Transfer Restricted Security is being transferred to a Qualified Institutional Buyer in accordance with Rule 144A
under the Securities Act, a certificate from such Holder in the form attached to the applicable Security; 
 (C) if such
Transfer Restricted Security is being transferred to a Non-U.S. Person in an offshore transaction in accordance with Rule 903 or Rule 904 under the Securities Act, a certificate from such Holder in the form
attached to the applicable Security; 
 (D) if such Transfer Restricted Security is being transferred pursuant to an
exemption from the registration requirements of the Securities Act in accordance with Rule 144 under the Securities Act, a certificate from such Holder in the form attached to the applicable Security; 

(E) if such Transfer Restricted Security is being transferred to an IAI in reliance on an exemption from the registration
requirements of the Securities Act other than those listed in subparagraphs (B) through (D) above, a certificate from such Holder in the form attached to the applicable Security, including the certifications, certificates and Opinion of
Counsel, if applicable; or 
 (F) if such Transfer Restricted Security is being transferred to the Issuer or a Subsidiary
thereof, a certificate from such Holder in the form attached to the applicable Security; 
 the Trustee shall cancel the Transfer Restricted
Security, and increase or cause to be increased the aggregate principal amount of the appropriate Restricted Global Security. 

(ii) Transfer Restricted Securities to Beneficial Interests in Unrestricted Global Securities. A Holder of a Transfer
Restricted Security may exchange such Transfer Restricted Security for a beneficial interest in an Unrestricted Global Security or transfer such Transfer Restricted Security to a Person who takes delivery thereof in the form of a beneficial interest
in an Unrestricted Global Security only if the Registrar receives the following: 
 (A) if the Holder of such Transfer
Restricted Security proposes to exchange such Transfer Restricted Security for a beneficial interest in an Unrestricted Global Security, a certificate from such Holder in the form attached to the applicable Security; or 

 

  
 Appendix A-7 

 (B) if the Holder of such Transfer Restricted Securities proposes to
transfer such Transfer Restricted Security to a Person who shall take delivery thereof in the form of a beneficial interest in an Unrestricted Global Security, a certificate from such Holder in the form attached to the applicable Security, 

and, in each such case, if the Issuer so requests or if the applicable rules and procedures of the Depository so require, an Opinion of Counsel
in form reasonably acceptable to the Issuer to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Restricted Security Legend are no longer required in
order to maintain compliance with the Securities Act. Upon satisfaction of the conditions of this subparagraph (ii), the Trustee shall cancel the Transfer Restricted Securities and increase or cause to be increased the aggregate principal
amount of the Unrestricted Global Security. If any such transfer or exchange is effected pursuant to this subparagraph (ii) at a time when an Unrestricted Global Security has not yet been issued, the Issuer shall issue and, upon receipt of a
written order of the Issuer in the form of an Officer’s Certificate, the Trustee shall authenticate one or more Unrestricted Global Securities in an aggregate principal amount equal to the aggregate principal amount of Transfer Restricted
Securities transferred or exchanged pursuant to this subparagraph (ii). 
 (iii) Unrestricted Definitive Securities
to Beneficial Interests in Unrestricted Global Securities. A Holder of an Unrestricted Definitive Security may exchange such Unrestricted Definitive Security for a beneficial interest in an Unrestricted Global Security or transfer such
Unrestricted Definitive Security to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Security at any time. Upon receipt of a request for such an exchange or transfer, the Trustee shall cancel the
applicable Unrestricted Definitive Security and increase or cause to be increased the aggregate principal amount of one of the Unrestricted Global Securities. If any such transfer or exchange is effected pursuant to this subparagraph (iii) at a
time when an Unrestricted Global Security has not yet been issued, the Issuer shall issue and, upon receipt of an written order of the Issuer in the form of an Officer’s Certificate, the Trustee shall authenticate one or more Unrestricted
Global Securities in an aggregate principal amount equal to the aggregate principal amount of Unrestricted Definitive Securities transferred or exchanged pursuant to this subparagraph (iii). 

(iv) Unrestricted Definitive Securities to Beneficial Interests in Restricted Global Securities. An Unrestricted
Definitive Security cannot be exchanged for, or transferred to a Person who takes delivery thereof in the form of, a beneficial interest in a Restricted Global Security. 

(e) Transfer and Exchange of Definitive Securities for Definitive Securities. Upon request by a Holder of Definitive Securities and such
Holder’s compliance with the provisions of this Section 2.2(e), the Registrar shall register the transfer or exchange of Definitive Securities. Prior to such registration of transfer or exchange, the requesting Holder
shall present or surrender to the Registrar the Definitive Securities duly endorsed or accompanied by a written instruction of transfer in form satisfactory to the Registrar duly executed by such Holder or by its attorney, duly authorized in
writing. In addition, the requesting Holder shall provide any additional certifications, documents and information, as applicable, required pursuant to the following provisions of this Section 2.2(e). 

  
 Appendix A-8 

 (i) Transfer Restricted Securities to Transfer Restricted Securities.
A Transfer Restricted Security may be transferred to and registered in the name of a Person who takes delivery thereof in the form of a Transfer Restricted Security if the Registrar receives the following: 

(A) if the transfer will be made pursuant to Rule 144A under the Securities Act, then the transferor must deliver a
certificate in the form attached to the applicable Security; 
 (B) if the transfer will be made pursuant to Rule 903 or
Rule 904 under the Securities Act, then the transferor must deliver a certificate in the form attached to the applicable Security; 

(C) if the transfer will be made pursuant to an exemption from the registration requirements of the Securities Act in
accordance with Rule 144 under the Securities Act, a certificate in the form attached to the applicable Security; 
 (D) if
the transfer will be made to an IAI in reliance on an exemption from the registration requirements of the Securities Act other than those listed in subparagraphs (A) through (C) above, a certificate in the form attached to the applicable
Security; and 
 (E) if such transfer will be made to the Issuer or a Subsidiary thereof, a certificate in the form attached
to the applicable Security. 
 (ii) Transfer Restricted Securities to Unrestricted Definitive Securities. Any Transfer
Restricted Security may be exchanged by the Holder thereof for an Unrestricted Definitive Security or transferred to a Person who takes delivery thereof in the form of an Unrestricted Definitive Security only if the Registrar receives the following:

 (i) if the Holder of such Transfer Restricted Security proposes to exchange such Transfer Restricted Security for an
Unrestricted Definitive Security, a certificate from such Holder in the form attached to the applicable Security; or 
 (ii)
if the Holder of such Transfer Restricted Security proposes to transfer such Securities to a Person who shall take delivery thereof in the form of an Unrestricted Definitive Security, a certificate from such Holder in the form attached to the
applicable Security, and, in each such case, if the Issuer so requests, an Opinion of Counsel in form reasonably acceptable to the Issuer to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions
on transfer contained herein and in the Restricted Security Legend are no longer required in order to maintain compliance with the Securities Act. 

(iii) Unrestricted Definitive Securities to Unrestricted Definitive Securities. A Holder of an Unrestricted Definitive
Security may transfer such Unrestricted Definitive Securities to a Person who takes delivery thereof in the form of an Unrestricted Definitive Security at any time. Upon receipt of a request to register such a transfer, the Registrar shall register
the Unrestricted Definitive Securities pursuant to the instructions from the Holder thereof. 

  
 Appendix A-9 

 (iv) Unrestricted Definitive Securities to Transfer Restricted
Securities. An Unrestricted Definitive Security cannot be exchanged for, or transferred to a Person who takes delivery thereof in the form of, a Transfer Restricted Security. 

At such time as all beneficial interests in a particular Global Security have been exchanged for Definitive Securities or a particular Global
Security has been redeemed, repurchased or canceled in whole and not in part, each such Global Security shall be returned to or retained and canceled by the Trustee in accordance with Section 2.11 of the Indenture. At any
time prior to such cancellation, if any beneficial interest in a Global Security is exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Security or for Definitive Securities,
the principal amount of Securities represented by such Global Security shall be reduced accordingly and an endorsement shall be made on such Global Security by the Trustee or by the Depository at the direction of the Trustee to reflect such
reduction; and if the beneficial interest is being exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Security, such other Global Security shall be increased accordingly and
an endorsement shall be made on such Global Security by the Trustee or by the Depository at the direction of the Trustee to reflect such increase. 

(f) Legend. 

(i) Except as permitted by the following paragraph (ii), each Security certificate evidencing the Global Securities and
the Definitive Securities (and all Securities issued in exchange therefor or in substitution thereof) shall bear a legend in substantially the following form (each defined term in the legend being defined as such for purposes of the legend only)
(the “Restricted Security Legend”): 
 “THE SECURITY (OR ITS PREDECESSOR) EVIDENCED HEREBY WAS ORIGINALLY ISSUED IN A
TRANSACTION EXEMPT FROM REGISTRATION UNDER SECTION 5 OF THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND THE SECURITY EVIDENCED HEREBY MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH
REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER OF THE SECURITY EVIDENCED HEREBY IS HEREBY NOTIFIED THAT THE SELLER MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A
THEREUNDER. THE HOLDER OF THE SECURITY EVIDENCED HEREBY AGREES FOR THE BENEFIT OF THE ISSUER THAT (A) SUCH SECURITY MAY BE RESOLD, PLEDGED OR OTHERWISE TRANSFERRED, ONLY (1)(a) INSIDE THE UNITED STATES TO A PERSON WHO THE SELLER REASONABLY
BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A UNDER THE
SECURITIES ACT, (b) OUTSIDE THE UNITED STATES TO A FOREIGN PERSON IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, (c) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE
SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF APPLICABLE) OR (d) IN ACCORDANCE WITH ANOTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT (AND BASED UPON AN OPINION OF COUNSEL ACCEPTABLE TO THE ISSUER IF THE ISSUER SO
REQUESTS) OR (2) TO THE ISSUER AND, IN EACH CASE, IN ACCORDANCE WITH ANY APPLICABLE 

  
 Appendix A-10 

 
SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION AND (B) THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER OF THE
SECURITY EVIDENCED HEREBY OF THE RESALE RESTRICTIONS SET FORTH IN CLAUSE (A) ABOVE. NO REPRESENTATION CAN BE MADE AS TO THE AVAILABILITY OF THE EXEMPTION PROVIDED BY RULE 144 FOR RESALE OF THE SECURITY EVIDENCED HEREBY.” 

Each Regulation S Temporary Global Security shall bear the following additional legend (the “Regulation S Temporary Global Security Legend”):

 “THIS SECURITY (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION ORIGINALLY EXEMPT FROM REGISTRATION UNDER THE U.S.
SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE TRANSFERRED IN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, ANY U.S. PERSON EXCEPT PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT AND ALL APPLICABLE STATE SECURITIES LAWS. TERMS USED ABOVE HAVE THE MEANINGS GIVEN TO THEM IN REGULATION S UNDER THE SECURITIES ACT.” 

Each Global Security shall bear the following additional legends (the “Global Securities Legend”): 

“UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), NEW YORK, NEW YORK, TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.” 
 “TRANSFERS OF THIS GLOBAL SECURITY SHALL
BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO DTC, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE
RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF.” 
 Each Definitive Security shall bear the following additional legend (the
“Definitive Security Legend”): 
 “IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE REGISTRAR AND
TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION AS SUCH TRANSFER AGENT MAY REASONABLY REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS.” 

  
 Appendix A-11 

 (ii) Upon any sale or transfer of a Transfer Restricted Security that is a
Definitive Security, the Registrar shall permit the Holder thereof to exchange such Transfer Restricted Security for a Definitive Security that does not bear the legends set forth above and rescind any restriction on the transfer of such Transfer
Restricted Security if the Holder certifies in writing to the Registrar that its request for such exchange was made in reliance on Rule 144 of the Securities Act (such certification to be in the form set forth on the reverse of the Security). 

(iii) Upon a sale or transfer after the expiration of the Restricted Period of any Security acquired pursuant to Regulation S,
all requirements that such Security bear the Restricted Security Legend shall cease to apply and the requirements requiring any such Security be issued in global form shall continue to apply. 

(iv) Any Additional Securities sold in a registered offering shall not be required to bear the Restricted Security Legend. 

If a Security is issued with original issue discount for U.S. federal income tax purposes, each Security certificate evidencing a Global Security or a
Definitive Security (and all Securities issued in exchange therefor or substitution thereof) shall bear a legend in substantially the following form (the “OID Legend”): 

“THIS SECURITY HAS BEEN ISSUED WITH ORIGINAL ISSUE DISCOUNT FOR U.S. FEDERAL INCOME TAX PURPOSES. A HOLDER MAY OBTAIN THE ISSUE PRICE,
AMOUNT OF ORIGINAL ISSUE DISCOUNT, ISSUE DATE AND YIELD TO MATURITY FOR THIS SECURITY BY SUBMITTING A WRITTEN REQUEST FOR SUCH INFORMATION TO THE COMPANY AT THE FOLLOWING ADDRESS: 80 GRASSLANDS ROAD, ATTN: INVESTOR RELATIONS, ELMSFORD, NY 10523 OR
INVESTORRELATIONS@PARTYCITY.COM.” 
 (g) Cancellation or Adjustment of Global Security. At such time as all beneficial interests
in a particular Global Security have been exchanged for Definitive Securities or a particular Global Security has been redeemed, repurchased or canceled in whole and not in part, each such Global Security shall be returned to or retained and
canceled by the Trustee in accordance with Section 2.11 of the Indenture. At any time prior to such cancellation, if any beneficial interest in a Global Security is exchanged for or transferred to a Person who will take
delivery thereof in the form of a beneficial interest in another Global Security or for Definitive Securities, the principal amount of Securities represented by such Global Security shall be reduced accordingly and an endorsement shall be made on
such Global Security by the Trustee or by the Depository at the direction of the Trustee to reflect such reduction; and if the beneficial interest is being exchanged for or transferred to a Person who will take delivery thereof in the form of a
beneficial interest in another Global Security, such other Global Security shall be increased accordingly and an endorsement shall be made on such Global Security by the Trustee or by the Depository at the direction of the Trustee to reflect such
increase. 
 (h) Obligations with Respect to Transfers and Exchanges of Securities. 

(i) To permit registrations of transfers and exchanges, the Issuer shall execute and the Trustee shall authenticate, Definitive
Securities and Global Securities at the Registrar’s request. 

  
 Appendix A-12 

 (ii) No service charge shall be made for any registration of transfer or
exchange, but the Issuer may require payment of a sum sufficient to cover any transfer tax, assessments, or similar governmental charge payable in connection therewith (other than any such transfer taxes, assessments or similar governmental charge
payable upon transfers or exchanges pursuant to Sections 3.08, 4.06, 4.08 and 9.04 of the Indenture). 

(iii) Prior to the due presentation for registration of transfer of any Security, the Issuer, the Trustee, a Paying Agent or
the Registrar may deem and treat the person in whose name a Security is registered as the absolute owner of such Security for the purpose of receiving payment of principal of and interest on such Security and for all other purposes whatsoever,
whether or not such Security is overdue, and none of the Issuer, the Trustee, the Paying Agent or the Registrar shall be affected by notice to the contrary. 

(iv) All Securities issued upon any transfer or exchange pursuant to the terms of the Indenture shall evidence the same debt
and shall be entitled to the same benefits under the Indenture as the Securities surrendered upon such transfer or exchange. 
 (i) No
Obligation of the Trustee. 
 (i) The Trustee shall have no responsibility or obligation to any beneficial owner of a
Global Security, a member of, or a participant in the Depository or any other Person with respect to the accuracy of the records of the Depository or its nominee or of any participant or member thereof, with respect to any ownership interest in the
Securities or with respect to the delivery to any participant, member, beneficial owner or other Person (other than the Depository) of any notice (including any notice of redemption or repurchase) or the payment of any amount, under or with respect
to such Securities. All notices and communications to be given to the Holders and all payments to be made to the Holders under the Securities shall be given or made only to the registered Holders (which shall be the Depository or its nominee in the
case of a Global Security). The rights of beneficial owners in any Global Security shall be exercised only through the Depository subject to the applicable rules and procedures of the Depository. The Trustee may conclusively rely and shall be fully
protected in so relying upon information furnished by the Depository with respect to its members, participants and any beneficial owners. 
 The Trustee
shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under the Indenture or under applicable law with respect to any transfer of any interest in any Security (including any
transfers between or among Depository participants, members or beneficial owners in any Global Security) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when
expressly required by, the terms of the Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof. 

  
 Appendix A-13 

 EXHIBIT A 

[FORM OF FACE OF SECURITY] 

[Insert Global Securities Legend if applicable] 

[Insert Restricted Security Legend if applicable] 

[Insert Regulation S Temporary Global Security Legend if applicable] 

[Insert Definitive Security Legend if applicable] 

[Insert OID Legend if applicable] 

  
 A-1 

			
	No.	  	$___________

 8.750% Senior Secured First Lien Notes due 2026 

CUSIP No.:1 

ISIN No.:2 

PARTY CITY HOLDINGS INC., a Delaware corporation, promises to pay to Cede & Co., or registered assigns, the principal sum of
$                 Dollars, [as the same may be revised from time to time on the Schedule of Increases or Decreases in Global Security attached hereto,]3 on February 15, 2026. 
 Interest Payment Dates: February 15 and August 15,
commencing on August 15, 2021 
 Record Dates: February 1 and August 1 

Additional provisions of this Security are set forth on the other side of this Security. 

IN WITNESS WHEREOF, the parties have caused this instrument to be duly executed. 

 

			
	PARTY CITY HOLDINGS INC.
		
	By:	 	              

	Name:
	Title:

  
  

	1 	 144A: 702150AG8 / Reg S: U70268AE4 

	2 	 144A: US702150AG84 / Reg S: USU70268AE49 

	3 	 Use the Schedule of Increases and Decreases language if Security is in Global Form. 

  
 A-2 

			
	TRUSTEE’S CERTIFICATE OF
	 AUTHENTICATION

	
	THE HUNTINGTON NATIONAL BANK
	 as Authenticating Agent, certifies that this is one of the Securities referred to in the
Indenture.

		
	By:	 	              

		 	Authorized Signatory

 Dated: 
  

	*/	 If the Security is to be issued in global form, add the Global Securities Legend and the attachment from
Exhibit A captioned “TO BE ATTACHED TO GLOBAL SECURITIES—SCHEDULE OF INCREASES OR DECREASES IN GLOBAL SECURITY.” 

  
 A-3 

 [FORM OF REVERSE SIDE OF SECURITY] 

8.750% Senior Secured First Lien Notes due 2026 

Capitalized terms used herein have the meanings assigned to them in the Indenture referred to below unless otherwise indicated. 

1. Interest. PARTY CITY HOLDINGS INC., a Delaware corporation (the “Issuer”), will pay interest on the principal amount
of the Securities at the rate per annum shown above. The Issuer will pay interest, if any, semiannually in arrears on February 15 and August 15 of each year (each, an “Interest Payment Date”), commencing August 15,
2021.4 Interest on the Securities shall accrue from the most recent date to which interest has been paid or duly provided for or, if no
interest has been paid or duly provided for, February 19, 20215 until the principal hereof is due. Interest shall be computed on the basis of a 360-day
year of twelve 30-day months. The Issuer shall pay interest on overdue principal at the rate borne by the Securities, and it shall pay interest on overdue installments of interest at the same rate to the
extent lawful. 
 2. Method of Payment. The Issuer shall pay interest on the Securities (except defaulted interest) to the Persons who
are registered Holders at the close of business on the February 1 or August 1 next preceding the interest payment date even if Securities are canceled after the record date and on or before the interest payment date (whether or not a
Business Day). Holders must surrender Securities to the Paying Agent to collect principal payments. The Issuer shall pay principal, premium, if any, and interest in money of the United States of America that at the time of payment is legal tender
for payment of public and private debts. Payments in respect of the Securities represented by a Global Security (including principal, premium, if any, and interest) shall be made by wire transfer of immediately available funds to the accounts
specified by The Depository Trust Company or any successor depositary. The Issuer shall make all payments in respect of a certificated Security (including principal, premium, if any, and interest) at the office of the Paying Agent, except that, at
the option of the Issuer, payment of interest may be made by mailing a check to the registered address of each Holder thereof; provided, however, that payments on the Securities may also be made, in the case of a Holder of at least $1,000,000
aggregate principal amount of Securities, by wire transfer to a U.S. dollar account maintained by the payee with a bank in the United States if such Holder elects payment by wire transfer by giving written notice to the Trustee or Paying Agent to
such effect designating such account no later than 30 days immediately preceding the relevant due date for payment (or such other date as the Trustee may accept in its discretion). 

3. Paying Agent and Registrar. Initially, Ankura Trust Company, LLC, a New Hampshire limited liability company (the
“Trustee”), will act as Paying Agent and Registrar. The Issuer may appoint and change any Paying Agent or Registrar without notice. The Issuer or any of its domestically incorporated Wholly-Owned Subsidiaries may act as Paying Agent
or Registrar. 
 4. Indenture. The Issuer issued the Securities under an Indenture dated as of February 19, 2021 (the
“Indenture”), among the Issuer, the guarantors from time to time party thereto, the Trustee and the Collateral Trustee. Terms defined in the Indenture and not defined herein have the meanings ascribed thereto in the Indenture. The
Securities are subject to all terms and provisions of the Indenture, and the Holders are referred to the Indenture for a statement of such terms and provisions. 
  

 

	4 	 Note: With respect to the Original Securities. 

	5 	 Note: With respect to the Original Securities. 

  
 A-4 

 The Securities are senior secured obligations of the Issuer. This Security is one of the
[Original Securities][Additional Securities] referred to in the Indenture. The Securities include the Original Securities and any Additional Securities. The Original Securities and any Additional Securities are treated as a single class of
securities under the Indenture. The Indenture imposes certain limitations on the ability of the Issuer and its Restricted Subsidiaries to, among other things, make certain Investments and other Restricted Payments, pay dividends and other
distributions, incur Indebtedness, enter into consensual restrictions upon the payment of certain dividends and distributions by such Restricted Subsidiaries, issue or sell shares of capital stock of the Issuer and such Restricted Subsidiaries,
enter into or permit certain transactions with Affiliates, create or incur Liens and make Asset Sales. The Indenture also imposes limitations on the ability of the Issuer and each Guarantor to consolidate or merge with or into any other Person or
convey, transfer or lease all or substantially all of its property. 
 To guarantee the due and punctual payment of the principal and
interest on the Securities and all other amounts payable by the Issuer under the Indenture and the Securities when and as the same shall be due and payable, whether at maturity, by acceleration or otherwise, according to the terms of the Securities
and the Indenture, the Guarantors party to the Indenture from time to time will, jointly and severally, irrevocably and unconditionally guarantee the Guaranteed Obligations on a senior secured basis pursuant to the terms of the Indenture. 

5. Optional Redemption. The Securities are subject to the optional redemption provisions set forth in Article 3 of the Indenture.

 6. Sinking Fund. The Securities are not subject to any sinking fund. 

7. Notice of Redemption. Notice of redemption pursuant to Paragraph 5 above will be delivered electronically,
mailed by first-class mail or otherwise sent in accordance with the procedures of the Depositary at least 10 days but not more than 60 days before the redemption date to each Holder of Securities to be redeemed at his, her or its registered address.
Securities in denominations larger than $2,000 may be redeemed in part but only in whole multiples of $1,000. If money sufficient to pay the redemption price of and accrued and unpaid interest on all Securities (or portions thereof) to be redeemed
on the redemption date is deposited with a Paying Agent on or before the redemption date and certain other conditions are satisfied, on and after such date, interest ceases to accrue on such Securities (or such portions thereof) called for
redemption. 
 8. Repurchase of Securities at the Option of the Holders upon Change of Control and Asset Sales. Upon the occurrence of
a Change of Control, each Holder shall have the right, subject to certain conditions specified in the Indenture, to cause the Issuer to repurchase all or any part of such Holder’s Securities at a purchase price in cash equal to 101% of the
principal amount thereof, plus accrued and unpaid interest, if any, to the date of repurchase (subject to the right of the Holders of record on the relevant record date to receive interest due on the relevant interest payment date), as provided in,
and subject to the terms of, the Indenture. 
 In accordance with Section 4.06 of the Indenture, the Issuer will
be required to offer to purchase Securities upon the occurrence of certain events constituting “Asset Sales.” 
 9.
Denominations; Transfer; Exchange. The Securities are in registered form, without coupons, in minimum denominations of $2,000 and any integral multiple of $1,000. A Holder shall register the transfer of or exchange of Securities in accordance
with the Indenture. Upon any registration of transfer or exchange, the Registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements or transfer documents and to pay any taxes required by law or permitted by
the Indenture. The Registrar need not register the transfer of or exchange any Securities selected for redemption (except, in the case of a Security to be redeemed in part, the portion of the Security not to be redeemed) or to transfer or exchange
any Securities for a period of 15 days prior to the mailing of a notice of redemption of Securities to be redeemed. 

  
 A-5 

 10. Persons Deemed Owners. The registered Holder of this Security shall be treated as
the owner of it for all purposes. 
 11. Unclaimed Money. If money for the payment of principal or interest remains unclaimed for two
years, the Trustee and a Paying Agent shall pay the money back to the Issuer at their written request unless an abandoned property law designates another Person. After any such payment, the Holders entitled to the money must look to the Issuer for
payment as general creditors and the Trustee and a Paying Agent shall have no further liability with respect to such monies. 
 12.
Discharge and Defeasance. Subject to certain conditions and as set forth in the Indenture, the Issuer at any time may terminate some of or all of its obligations under the Securities and the Indenture if the Issuer deposits with the Trustee
money or Government Securities for the payment of principal and interest on the Securities to redemption or maturity, as the case may be. 

13. Amendment; Waiver. The Securities are subject to the amendment provisions set forth in Article 9 of the Indenture. 

 14. Defaults and Remedies. The Securities are subject to the default and remedy provisions set forth in Article 6 of the
Indenture. 
 15. Trustee Dealings with the Issuer. The Trustee under the Indenture, in its individual or any other capacity, may
become the owner or pledgee of Securities and may otherwise deal with and collect obligations owed to it by the Issuer or its Affiliates and may otherwise deal with the Issuer or its Affiliates with the same rights it would have if it were not
Trustee. 
 16. No Recourse Against Others. No past, present or future director, officer, employee, manager, incorporator, member,
partner or stockholder of the Issuer or any Guarantor or any of their Subsidiaries or direct or indirect Parent Companies shall have any liability for any obligations of the Issuer or the Guarantors under the Securities, the Guarantees or the
Indenture or for any claim based on, in respect of, or by reason of such obligations or their creation. Each Holder of Securities by accepting a Security waives and releases all such liability. The waiver and release are part of the consideration
for issuance of the Securities. The waiver may not be effective to waive liabilities under the federal securities laws. 
 17.
Authentication. This Security shall not be valid until an authorized signatory of the Authenticating Agent manually signs the certificate of authentication on the other side of this Security. 

18. Abbreviations. Customary abbreviations may be used in the name of a Holder or an assignee, such as TEN COM (=tenants in common), TEN
ENT (=tenants by the entireties), JT TEN (=joint tenants with rights of survivorship and not as tenants in common), CUST (=custodian), and U/G/M/A (=Uniform Gift to Minors Act). 

19. Governing Law. THIS SECURITY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT
REGARD TO PRINCIPLES OF CONFLICTS OF LAW. 

  
 A-6 

 20. CUSIP Numbers; ISINs. The Issuer has caused CUSIP numbers and ISINs to be printed
on the Securities and has directed the Trustee to use CUSIP numbers and ISINs in notices of redemption as a convenience to the Holders. No representation is made as to the accuracy of such numbers either as printed on the Securities or as contained
in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon. 
 The Issuer will
furnish to any Holder of Securities upon written request and without charge to the Holder a copy of the Indenture which has in it the text of this Security. 

  
 A-7 

 ASSIGNMENT FORM 

To assign this Security, fill in the form below: 
 I or we
assign and transfer this Security to: 
  
  

(Print or type assignee’s name, address and zip code) 
  

 
 (Insert assignee’s Soc. Sec. or
Tax Identification No.) 
 and irrevocably appoint _______________ as agent to transfer this Security on the books of the Issuer. The agent may substitute
another to act for him. 
  
  

			
		
	 Date:
	  	 Your Signature: ____________________________

	
	 Sign exactly as your name appears on the other side of this Security.

		
	 Signature Guarantee:
	  	 Signature of Signature Guarantee: _____________

		
	 Date: __________________________________
	  	
		
	Signature must be guaranteed by a participant in a recognized signature guaranty medallion program or other signature guarantor program reasonably acceptable to the Trustee	  	
		
	 Party City Holdings Inc.
 80 Grasslands
Road
 Elmsford, NY 10523
 Attn: Todd Vogensen

Email: tvogensen@partycity.com
	  	
		
	 Ankura Trust Company, LLC
 140 Sherman
Street, Fourth Floor
 Fairfield, CT 06824
 Attention: Lisa
Price
 Facsimile: 475-282-3450
	  	

  
 A-8 

 CERTIFICATE TO BE DELIVERED UPON EXCHANGE OR 

REGISTRATION OF TRANSFER RESTRICTED SECURITIES 

This certificate relates to $_______________ principal amount of Securities held in (check applicable space) ________ book-entry or ________ definitive form
by the undersigned. 
 The undersigned (check one box below): 
  

	☐	 has requested the Trustee by written order to deliver in exchange for its beneficial interest in the Global
Security held by the Depository a Security or Securities in definitive, registered form of authorized denominations and an aggregate principal amount equal to its beneficial interest in such Global Security (or the portion thereof indicated above);

  

	☐	 has requested the Trustee by written order to exchange or register the transfer of a Security or Securities.

 In connection with any transfer of any of the Securities evidenced by this certificate, the undersigned confirms that such Securities
are being transferred in accordance with its terms: 
 CHECK ONE BOX BELOW 
  

					
	(1)	 	☐	  	to the Issuer or subsidiary thereof; or
			
	(2)	 	☐	  	to the Registrar for registration in the name of the Holder, without transfer; or
			
	(3)	 	☐	  	inside the United States to a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act) that purchases for its own account or for the account of a qualified institutional buyer to whom notice is
given that such transfer is being made in reliance on Rule 144A, in each case pursuant to and in compliance with Rule 144A under the Securities Act; or
			
	(4)	 	☐	  	outside the United States in an offshore transaction within the meaning of Regulation S under the Securities Act in compliance with Rule 904 under the Securities Act and such Security shall be held immediately after the transfer
through Euroclear or Clearstream until the expiration of the Restricted Period (as defined in the Indenture); or
			
	(5)	 	☐	  	to an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act) that has furnished to the Trustee a signed letter containing certain representations and agreements in
the form attached as Exhibit B to the Indenture; or
			
	(6)	 	☐	  	pursuant to another available exemption from registration provided by Rule 144 under the Securities Act

 . 

  
 A-9 

 Unless one of the boxes is checked, the Trustee will refuse to register any of the
Securities evidenced by this certificate in the name of any Person other than the registered Holder thereof; provided, however, that if box (4), (5) or (6) is checked, the Issuer or the Trustee may require, prior to registering any such
transfer of the Securities, such legal opinions, certifications and other information as the Issuer or the Trustee have reasonably requested to confirm that such transfer is being made pursuant to an exemption from, or in a transaction not subject
to, the registration requirements of the Securities Act. 
  

					
	 Date:
  
	  		  	Your Signature: ____________________________
	 Signature Guarantee:
  
	  		  	Signature of Signature Guarantee: _____________
	 Date: ____________________________
  
	  		  	
	 Signature must be guaranteed by a participant in a recognized signature guaranty medallion program or other signature guarantor program
reasonably acceptable to the Trustee
	  		  	

 TO BE COMPLETED BY PURCHASER IF (3) ABOVE IS CHECKED. 

The undersigned represents and warrants that it is purchasing this Security for its own account or an account with respect to which it exercises sole
investment discretion and that it and any such account is a “qualified institutional buyer” within the meaning of Rule 144A, and is aware that the sale to it is being made in reliance on Rule 144A and acknowledges that it has received such
information regarding the Issuer as the undersigned has requested pursuant to Rule 144A or has determined not to request such information and that it is aware that the transferor is relying upon the undersigned’s foregoing representations in
order to claim the exemption from registration provided by Rule 144A. 
  

			
	Date: ____________________________	 	______________________________________________
		 	NOTICE: To be executed by an executive officer

  
 A-10 

 [TO BE ATTACHED TO GLOBAL SECURITIES] 

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL SECURITY 

The initial principal amount of this Global Security is $__________. The following increases or decreases in this Global Security have been
made: 
  

									
	 Date of Exchange
	  	 Amount of decrease in

Principal Amount of this
 Global
Security
	  	 Amount of increase

in Principal Amount
 of this Global
Security
	  	 Principal amount of this
Global

Security following such
 decrease or
increase
	  	 Signature of authorized

signatory of Trustee or
 Securities
Custodian

  
 A-11 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Security purchased by the Issuer pursuant to Section 4.06 (Asset Sale Offer) or
4.08 (Change of Control Offer) of the Indenture, check the box: 
  

			
	 Asset Sale ☐
	  	 Change of Control ☐

 If you want to elect to have only part of this Security purchased by the Issuer pursuant to
Section 4.06 (Asset Sale Offer) or 4.08 (Change of Control Offer) of the Indenture, state the amount ($2,000 or any integral multiple of $1,000): 

$ 
  

					
	 Date: _________________________
	 		  	 Your Signature:

			
		 		  	 (Sign exactly as your name appears on the other side of this _____________________ Security)

	 Signature Guarantee: _______________________________
	 		  	
		 		  	

 Signature must be guaranteed by a participant in a recognized signature guaranty medallion program or other
signature guarantor program reasonably acceptable to the Trustee 

  
 A-12 

 EXHIBIT B 

[FORM OF] 
 TRANSFEREE LETTER OF
REPRESENTATION 
 Party City Holdings Inc. 
 c/o Ankura Trust
Company, LLC 
 140 Sherman Street, Fourth Floor 
 Fairfield, CT
06824 
 Attention: Lisa Price 
 Facsimile: 475-282-3450 
 Ladies and Gentlemen: 

This CERTIFICATE IS DELIVERED TO REQUEST A TRANSFER OF $[    ] PRINCIPAL AMOUNT OF THE 8.750% SENIOR SECURED FIRST LIEN
NOTES DUE 2026 (THE “SECURITIES”) OF PARTY CITY HOLDINGS INC. (THE “ISSUER”). 
 Upon transfer, the Securities would be
registered in the name of the new beneficial owner as follows: 
 Name: _________________________________________ 

Address: _________________________________________ 
 Taxpayer ID
Number: _______________________________ 
 The undersigned represents and warrants to you that: 

(1) We are an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act of
1933, as amended (the “Securities Act”)), purchasing for our own account or for the account of such an institutional “accredited investor” at least $100,000 principal amount of the Securities, and we are acquiring the Securities
not with a view to, or for offer or sale in connection with, any distribution in violation of the Securities Act. We have such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of our
investment in the Securities, and we invest in or purchase securities similar to the Securities in the normal course of our business. We, and any accounts for which we are acting, are each able to bear the economic risk of our or its investment.

 (2) We understand that the Securities have not been registered under the Securities Act and, unless so registered, may not be sold except
as permitted in the following sentence. We agree on our own behalf and on behalf of any investor account for which we are purchasing Securities to offer, sell or otherwise transfer such Securities prior to the date that is one year after the later
of the date of original issue and the last date on which either the Issuer or any affiliate of such Issuer was the owner of such Securities (or any predecessor thereto) (the “Resale Restriction Termination Date”) only (a) in
the United States to a person whom we reasonably believe is a qualified institutional buyer (as defined in Rule 144A under the Securities Act) in a transaction meeting the requirements of Rule 144A, (b) outside the United States in an offshore
transaction in accordance with Rule 904 of Regulation S under the Securities Act, (c) pursuant to an exemption from registration under the Securities Act provided by Rule 144 thereunder (if applicable) or (d) pursuant to an effective
registration statement under the Securities Act, in each of cases (a) through (d) in accordance with any applicable securities laws of any state of the United States. In 

  
 B-1 

 
addition, we will, and each subsequent holder is required to, notify any purchaser of the Security evidenced hereby of the resale restrictions set forth above. The foregoing restrictions on
resale will not apply subsequent to the Resale Restriction Termination Date. If any resale or other transfer of the Securities is proposed to be made to an institutional “accredited investor” prior to the Resale Restriction Termination
Date, the transferor shall deliver a letter from the transferee substantially in the form of this letter to the Issuer and the Trustee, which shall provide, among other things, that the transferee is an institutional “accredited investor”
within the meaning of Rule 501(a)(1), (2), (3) or (7) under the Securities Act and that it is acquiring such Securities for investment purposes and not for distribution in violation of the Securities Act. Each purchaser acknowledges that the
Issuer and the Trustee reserve the right prior to the offer, sale or other transfer prior to the Resale Restriction Termination Date of the Securities pursuant to clauses (b), (c) or (d) above to require the delivery of an opinion of
counsel, certifications or other information satisfactory to the Issuer and the Trustee. 
  

	
	 Dated:
_____________________________

 
	
	
	 TRANSFEREE:_________________________________________,

	
	 By:___________________________________________________

  
 B-2 

 EXHIBIT C 

[FORM OF SUPPLEMENTAL INDENTURE] 

SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”) dated as of [    ], among
[    ] (the “New Guarantor”) and Ankura Trust Company, LLC, as trustee (the “Trustee”) and collateral trustee (the “Collateral Trustee”) under the Indenture referred to below.

 W I T N E S S E T H: 

WHEREAS the Issuer and the existing Guarantors have heretofore executed and delivered to the Trustee and Collateral Trustee an indenture,
dated as of February 19, 2021 (as amended, supplemented or otherwise modified, the “Indenture”), providing initially for the issuance of $750,000,000 in aggregate principal amount of the Issuer’s 8.750% Senior Secured
First Lien Notes due 2026 (the “Securities”); 
 WHEREAS Sections 4.11 and 10.06 of the Indenture provide that under
certain circumstances the Issuer is required to cause the New Guarantor to execute and deliver to the Trustee a supplemental indenture pursuant to which the New Guarantor shall unconditionally guarantee all the Issuer’s Obligations under the
Securities and the Indenture pursuant to a Guarantee on the terms and conditions set forth herein; and 
 WHEREAS pursuant to
Section 9.01 of the Indenture, the Trustee is authorized to execute and deliver this Supplemental Indenture; 
 NOW THEREFORE, in
consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the New Guarantor, the Trustee and the Collateral Trustee mutually covenant and agree for the equal and ratable benefit of the
Holders as follows: 
 1. Defined Terms. As used in this Supplemental Indenture, terms defined in the Indenture or in the preamble or
recitals hereto are used herein as therein defined, except that the term “Holders” in this Guarantee shall refer to the term “Holders” as defined in the Indenture and the Trustee and Collateral Trustee acting on behalf of and for
the benefit of such Holders. The words “herein,” “hereof” and “hereby” and other words of similar import used in this Supplemental Indenture refer to this Supplemental Indenture as a whole and not to any particular
section hereof. 
 2. Agreement to Guarantee. The New Guarantor hereby agrees, jointly and severally with all existing Guarantors (if
any), to irrevocably and unconditionally guarantee the Issuer’s Obligations under the Securities and the Indenture on the terms and subject to the conditions set forth in the Indenture, including, but not limited to, Article 10 of the
Indenture, and to be bound by all other applicable provisions of the Indenture and the Securities and to perform all of the obligations and agreements of a Guarantor under the Indenture. 

3. Releases. A Guarantee as to any Guarantor shall terminate and be of no further force or effect and such Guarantor shall be deemed to
be released from all obligations as provided in Section 10.02(b) and (c) of the Indenture. 
 4.
Notices. All notices or other communications to the New Guarantor shall be given as provided in Section 12.01 of the Indenture. 

  
 C-1 

 5. Ratification of Indenture; Supplemental Indentures Part of Indenture. Except as
expressly amended and supplemented hereby, the Indenture is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect. This Supplemental Indenture shall form a part of the
Indenture for all purposes, and every Holder of Securities heretofore or hereafter authenticated and delivered shall be bound hereby. 
 6.
No Recourse Against Others. No past, present or future director, officer, employee, manager, incorporator, agent or holder of any Equity Interests in the Issuer or of the New Guarantor or any direct or indirect parent corporation, as such,
shall have any liability for any obligations of the Issuer or the Guarantors under the Securities, the Guarantees, the Indenture or this Supplemental Indenture or for any claim based on, in respect of, or by reason of, such obligations or their
creation. Each Holder of Securities by accepting a Security waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Securities. The waiver may not be effective to waive liabilities under the
federal securities laws. 
 7. Governing Law. THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE
LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW. EACH OF THE NEW GUARANTOR AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL
PROCEEDING ARISING OUT OF OR RELATING TO THIS SUPPLEMENTAL INDENTURE, THE INDENTURE, THE SECURITIES OR THE TRANSACTION CONTEMPLATED HEREBY. 

8. Trustee Makes No Representation. The Trustee makes no representation as to the validity or sufficiency of this Supplemental
Indenture. 
 9. Counterparts. The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an
original, but all of them together represent the same agreement. One signed copy is enough to prove this Supplemental Indenture. The exchange of copies of this Supplemental Indenture and of signature pages by facsimile or email (in PDF format or
otherwise) shall constitute effective execution and delivery of this Supplemental Indenture as to the parties hereto and may be used in lieu of the original Supplemental Indenture for all purposes. Signatures of the parties hereto transmitted by
facsimile or email (in PDF format or otherwise) shall be deemed to be their original signatures for all purposes. 
 10. Effect of
Headings. The Section headings herein are for convenience only and shall not affect the construction thereof. 
 11. The
Trustee. The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely
by the New Guarantor. 
 12. Successors. All agreements of the New Guarantor in this Supplemental Indenture shall bind its successors.
All agreements of the Trustee and the Collateral Trustee in the Indenture shall bind its successors. 

  
 C-2 

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

			
	 [NEW GUARANTOR]

		
	 By:
	 	 
		 	 Name:

		 	 Title:

	
	 ANKURA TRUST COMPANY, LLC, as Trustee and Collateral Trustee

		
	 By:
	 	 
		 	 Name:

		 	 Title

 : 

  
 C-3 

 EXHIBIT D 

Form of Security Agreement 

  
 E-1EX-10.1

 Exhibit 10.1 

FIFTH AMENDMENT TO ABL CREDIT AGREEMENT 

FIFTH AMENDMENT TO ABL CREDIT AGREEMENT (this “Fifth Amendment”), dated as of February 19, 2021, among PARTY CITY
HOLDINGS INC., a Delaware corporation (the “Borrower Agent”), PARTY CITY CORPORATION, a Delaware corporation (the “Subsidiary Borrower” and, together with the Borrower Agent, the “Borrowers”), PC
INTERMEDIATE HOLDINGS, INC., a Delaware corporation (“Holdings”), the subsidiaries of the Borrowers party hereto, JPMORGAN CHASE BANK, N.A. (“JPM”), as administrative agent (in such capacity, the
“Administrative Agent”) and each of the Extending Lenders (as defined below) party hereto. Unless otherwise indicated, all capitalized terms used herein and not otherwise defined shall have the respective meanings provided such
terms in the ABL Credit Agreement referred to below (as amended by this Fifth Amendment). 
  

W  I  T  N  E  S  S  E  T  H:

 WHEREAS, the Borrowers, Holdings, the Administrative Agent, the subsidiaries of the Borrowers from time to time party thereto and each
lender from time to time party thereto (the “Lenders”) have entered into an ABL Credit Agreement, dated as of August 19, 2015 (as amended by that certain First Amendment to ABL Credit Agreement, dated as of August 2, 2018,
that certain Second Amendment to ABL Credit Agreement, dated as of March 4, 2019, that certain Third Amendment to ABL Credit Agreement, dated as of April 8, 2019, that certain Fourth Amendment to ABL Credit Agreement, dated as of
June 28, 2019, and as further amended, restated, amended and restated, supplemented or otherwise modified prior to the date hereof, the “ABL Credit Agreement”); 

WHEREAS, on the date hereof (prior to giving effect to this Fifth Amendment), there are (a) outstanding ABL Revolving Commitments under
the ABL Credit Agreement (for purposes of this Fifth Amendment, herein called the “Existing ABL Revolving Commitments”) in an aggregate principal amount of $556,000,000 and (b) outstanding FILO Commitments under the ABL Credit
Agreement (for purposes of this Fifth Amendment, herein called the “Existing FILO Commitments” and collectively with the Existing ABL Revolving Commitments, the “Existing Commitments”) in an aggregate principal
amount of $40,000,000; 
 WHEREAS, in accordance with the provisions of Section 9.02(b) of the ABL Credit Agreement, the Loan Parties,
the Administrative Agent and the Lenders party hereto, as Extending Lenders, wish to amend the ABL Credit Agreement to extend the maturity of the Existing ABL Revolving Commitments and amend certain other provisions of the ABL Credit Agreement as
more fully provided herein, on the terms and subject to the conditions set forth herein; 
 WHEREAS, pursuant to the provisions of
Section 2.09 of the ABL Credit Agreement, the Borrowers wish to, upon prepayment of any outstanding FILO Loans and delivering notice required thereby, terminate the Existing FILO Commitments; and 

 WHEREAS, pursuant to the provisions of Section 2.19(b) of the ABL Credit Agreement, the
Borrowers may cause any Lender that has not consented to the extension of the maturity of such Lender’s Existing Commitments (each such Lender, a “Non-Extending Lender”) to assign all of its rights and obligations under the ABL
Credit Agreement to one or more assignees (each assignee, a “Replacement Lender” and together with the Extending ABL Revolving Lenders referred to below, each, an “Extending Lender” and collectively, the
“Extending Lenders”). 
 NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, it is agreed as follows: 
 SECTION 1. Amendments to Credit Agreement.
On the Fifth Amendment Effective Date: 
 (a) Subject to the satisfaction of the conditions set forth in Section 2 hereof,
(i) the Existing ABL Revolving Commitment and Existing ABL Revolving Loans of each ABL Revolving Lender under the ABL Credit Agreement prior to giving effect to this Fifth Amendment that has consented to the extension of the maturity of its
Existing ABL Revolving Commitment (such extended commitment, the “Extended ABL Revolving Commitments”) and Existing ABL Revolving Loans (such extended loans, the “Extended ABL Revolving Loans”) (together with its
related ABL Revolving Exposure) (each, an “Extending ABL Revolving Lender”) in the amount as set forth opposite such Extending Lender’s name on Schedule 1.01(a) to the ABL Credit Agreement (as amended hereby) shall be
automatically converted on such date into an Extended ABL Revolving Commitment and Extended ABL Revolving Loans of such Extending ABL Revolving Lender hereunder denominated in Dollars, (ii) each Replacement Lender that is an assignee of an
Existing ABL Revolving Commitment and/or Existing ABL Revolving Loan shall be deemed to have Extended ABL Revolving Commitments and/or Extended ABL Revolving Loans equal to the aggregate amounts assigned to such Replacement Lender in the amount as
set forth on Schedule 1.01(a) to the ABL Credit Agreement (as amended hereby) and (iii) the Existing FILO Commitment of each FILO Lender under the ABL Credit Agreement immediately prior to giving effect to this Fifth Amendment shall be
terminated. 
 (b) Subject to the satisfaction of the conditions set forth in Section 2 hereof, the ABL Credit Agreement
is hereby amended by (i) deleting the stricken text (indicated textually in the same manner as the following example: stricken text), and (ii) adding the double underlined text (indicated textually in the same manner as the following example:
double-underlined text) as set forth in the amended ABL
Credit Agreement attached hereto as Exhibit C. 
 (c) Schedule 1.01(a) of the ABL Credit Agreement is hereby amended and
restated in its entirety as set forth in Exhibit B to reflect the Commitments of each Extending Lender on the Fifth Amendment Effective Date (immediately after giving effect thereto). 

(d) Schedule 2.21(a) of the ABL Credit Agreement is hereby amended and restated in its entirety as set forth on Schedule 2.21(a)
attached hereto. 

  
 2 

 (e) Schedule 2.21(b) of the ABL Credit Agreement is hereby amended and restated in
its entirety as set forth on Schedule 2.21(b) attached hereto. 
 SECTION 2. Conditions of Effectiveness of this Fifth
Amendment. This Fifth Amendment shall become effective on the date when the following conditions shall have been satisfied (such date, the “Fifth Amendment Effective Date”): 

(a) the Loan Parties, the Administrative Agent and the Extending Lenders shall have signed a counterpart hereof (whether the
same or different counterparts) and shall have delivered the same to the Administrative Agent; 
 (b) the Borrowers shall
have paid (or shall pay substantially concurrently with the effectiveness of this Fifth Amendment), by wire transfer of immediately available funds, (i) to JPM, Bank of America, N.A. (“BofA”) and Wells Fargo Bank, National
Association (“WF” and, together with JPM and BofA, the “Arrangers”), in their capacities as arrangers for the Extended ABL Revolving Commitments, all fees as have been separately agreed, (ii) to the Swingline
Lender, the aggregate principal amount of all outstanding Swingline Loans and all accrued but unpaid interest thereon accruing prior to the Fifth Amendment Effective Date and (iii) to the Administrative Agent, all reasonable fees, costs and
out-of-pocket expenses, including fees, costs and expenses (including attorneys’ fees and expenses) for advice, assistance, or other representation in connection with the preparation, execution and delivery of this Fifth Amendment to the same
extent that such fees and expenses would be payable under, and on the same terms as are set forth in, Section 9.03 of the ABL Credit Agreement; 

(c) (i) at least three Business Days prior to the Fifth Amendment Effective Date, the Borrowers shall have delivered a
notice (in form and substance reasonably acceptable to the Administrative Agent) to the Administrative Agent in accordance with Section 2.09(e) of the ABL Credit Agreement, which shall notify the Administrative Agent of the Borrowers’
intention to terminate all FILO Commitments as of the Fifth Amendment Effective Date and (ii) substantially simultaneously with the Fifth Amendment Effective Date, the Borrowers shall have repaid in full all outstanding FILO Loans (if any) and
any and all accrued and unpaid interest or fees in connection therewith and the Existing FILO Commitments shall be terminated; 

(d) substantially simultaneously with the Fifth Amendment Effective Date, the Borrowers shall have repaid in full all
outstanding indebtedness under the Term Loan Facility and such Term Loan Facility shall be terminated; 
 (e) the
Administrative Agent shall have received an executed joinder agreement to the Intercreditor Agreement (as defined in the amended ABL Credit Agreement attached hereto as Exhibit C) from Ankura Trust Company, LLC; 

(f) on the Fifth Amendment Effective Date and after giving effect to this Fifth Amendment, (i) no Default or Event of
Default shall have occurred and be continuing and (ii) the Administrative Agent shall have received from the Borrowers a certificate executed by a Responsible Officer of the Borrower Agent, certifying the foregoing and as to the matters set
forth in Section 5 hereof; 

  
 3 

 (g) the Administrative Agent shall have received the Acknowledgment and
Confirmation, substantially in the form of Exhibit A hereto, executed and delivered by a Responsible Officer of each of the Borrowers and each other Loan Party; 

(h) (i) the assignment fee, if applicable, and other costs and expenses of each Non-Extending Lender with respect to the
assignment of its Commitments and any Loans made pursuant thereto shall have been paid in full, (ii) the Commitments and Loans of each Non-Extending Lender shall have been assigned to a Replacement Lender in accordance with Section 2.19(b)
of the ABL Credit Agreement and (iii) all accrued and unpaid interest on the Loans of each Non-Extending Lender shall have been paid in full by the assignee thereof to such Non-Extending Lender in accordance with Section 2.19(b) of the ABL
Credit Agreement; 
 (i) there shall have been delivered to the Administrative Agent (A) a certificate, dated as of the
Fifth Amendment Effective Date, executed by a Responsible Officer (which shall be deemed for this purpose to include any Secretary or any Assistant Secretary) of each Loan Party certifying (1) either (x) that no amendments or modifications
have been made to the Organizational Documents of such Loan Party since the same were delivered to the Administrative Agent prior to the Fifth Amendment Effective Date or (y) that attached thereto are true and correct copies of the
Organizational Documents of such Loan Party, (2) that attached thereto are true and correct copies of resolutions of the board of directors, members or other governing body of each Loan Party authorizing the execution, delivery and performance
of this Fifth Amendment and the performance of the ABL Credit Agreement (as amended by this Fifth Amendment) and the Form of Acknowledgment and Confirmation attached as Exhibit A hereto, as applicable, and that such resolutions are in full
force and effect without modification or amendment and (3) as to the incumbency and specimen signature of each officer or authorized person executing this Fifth Amendment or any other document delivered in connection herewith on behalf of any
Loan Party (together with a certificate of another officer or authorized person as to the incumbency and specimen signature of the officer or authorized person executing the certificate in this clause (3), and (B) good standing certificates as
of a recent date for each Loan Party from the jurisdiction in which they are organized; 
 (j) the Administrative Agent shall
have received from the Borrower Agent a solvency certificate from a Financial Officer of the Parent Borrower substantially in the form of Exhibit J to the ABL Credit Agreement (with appropriate modifications to reflect the consummation of the
transactions contemplated by the Fifth Amendment on the Fifth Amendment Effective Date) certifying the matters set forth therein after giving effect to this Fifth Amendment and the consummation of the transactions contemplated hereby (including the
conversion pursuant to Section 1(a) hereof); 

  
 4 

 (k) the Administrative Agent shall have received an opinion from Skadden,
Arps, Slate, Meagher & Flom LLP, special New York counsel to the Loan Parties, addressed to the Administrative Agent and the Extending Lenders; and 

(l) the Administrative Agent shall have received prior to the Fifth Amendment Effective Date a Borrowing Base Certificate which
calculates the Borrowing Base as of the last day of the month most recently ended at least 15 days prior to the Fifth Amendment Effective Date. 

SECTION 3. Costs and Expenses. Each Borrower hereby reconfirms its obligations (a) pursuant to Section 9.03 of the ABL Credit
Agreement to pay and reimburse the Administrative Agent in accordance with the terms thereof and (b) to pay and reimburse the Arrangers with respect to the Extended ABL Revolving Commitments, in accordance with arrangements that have been
separately agreed. 
 SECTION 4. Remedies. This Fifth Amendment shall constitute a “Loan Document” for all purposes of the
ABL Credit Agreement and the other Loan Documents. 
 SECTION 5. Representations and Warranties. To induce the Administrative Agent
and the Extending Lenders to enter into this Fifth Amendment, each of the Loan Parties represents and warrants to the Administrative Agent and the Extending Lenders on and as of the Fifth Amendment Effective Date that, in each case: 

(a) this Fifth Amendment has been duly authorized, executed and delivered by it and each of this Fifth Amendment and the ABL Credit Agreement
(as amended by this Fifth Amendment) constitute its legal, valid and binding obligation, enforceable against it in accordance with its terms, except as may be limited by applicable bankruptcy, insolvency, fraudulent transfer, reorganization,
moratorium or similar laws of general applicability relating to or limiting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law; and 

(b) all representations and warranties contained in the ABL Credit Agreement and in the other Loan Documents are true and correct in all
material respects (without duplication of any materiality qualifier therein) with the same effect as though such representations and warranties had been made on the Fifth Amendment Effective Date (it being understood and agreed that any
representation or warranty which by its terms is made as of a specified date shall be required to be true and correct in all material respects (without duplication of any materiality qualifier therein) only as of such specified date). 

SECTION 6. Intercreditor Acknowledgment. In accordance with Section 2.4(c)(i) of the Intercreditor Agreement, the Extending
Lenders hereby (i) acknowledge and agree to the terms of the Intercreditor Agreement and (ii) agree to be bound by all terms and conditions of the Intercreditor Agreement as an “ABL Facility Secured Party”. The Extending
Lenders hereby authorize the Administrative Agent to provide on its behalf any notice to the Term Loan Security Agent and the Term Loan Secured Parties (each as defined in the Intercreditor Agreement) as it may deem necessary or advisable (in its
sole discretion) to ensure compliance with Section 2.4(c)(i) of the Intercreditor Agreement. 

  
 5 

 SECTION 7. Reference to and Effect on the ABL Credit Agreement and the other Loan
Documents. 
 (a) On and after the Fifth Amendment Effective Date, (i) each reference in the ABL Credit Agreement to “this
Agreement,” “hereunder,” “hereof” or words of like import referring to the ABL Credit Agreement shall mean and be a reference to the ABL Credit Agreement, as amended by this Fifth Amendment; (ii) the Extended ABL
Revolving Commitments shall constitute “ABL Revolving Commitments” for all purposes under the ABL Credit Agreement (other than for purposes of Section 4.01 of the ABL Credit Agreement and clause (a) of the first sentence
of Section 5.11 of the ABL Credit Agreement); (iii) the Extended ABL Revolving Loans shall constitute “Loans” for all purposes under the ABL Credit Agreement (other than for purposes of Section 4.01 of the ABL Credit
Agreement and clause (a) of the first sentence of Section 5.11 of the ABL Credit Agreement); and (v) each Extending Lender shall constitute a “Lender” as defined in the ABL Credit Agreement. 

(b) The ABL Credit Agreement and each of the other Loan Documents, as specifically amended by this Fifth Amendment, are and shall continue to
be in full force and effect and are hereby in all respects ratified and confirmed. Without limiting the generality of the foregoing, the Collateral Documents and all of the Collateral described therein do and shall continue to secure the payment of
all Secured Obligations of the Loan Parties, in each case, as amended by this Fifth Amendment. 
 (c) The execution, delivery and
effectiveness of this Fifth Amendment shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of any Lender or the Administrative Agent under any of the Loan Documents, nor constitute a waiver of any
provision of any of the Loan Documents. 
 SECTION 8. Governing Law. THIS FIFTH AMENDMENT AND ANY CLAIM, CONTROVERSY OR DISPUTE
ARISING UNDER OR RELATED TO THIS FIFTH AMENDMENT, WHETHER IN TORT, CONTRACT (AT LAW OR IN EQUITY) OR OTHERWISE, SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 

SECTION 9. Counterparts. This Fifth Amendment may be executed in any number of counterparts and by the different parties hereto on
separate counterparts, each of which counterparts when executed and delivered shall be an original, but all of which shall together constitute one and the same instrument. A complete set of counterparts shall be lodged with the Borrowers and the
Administrative Agent. The words “execution,” “signed,” “signature,” and words of like import in this Fifth Amendment shall be deemed to include electronic signatures or the keeping of records in electronic form, each of
which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal
Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar applicable state laws based on the Uniform Electronic Transactions Act. 

[The remainder of this page is intentionally left blank.] 

  
 6 

 IN WITNESS WHEREOF, the parties hereto have caused their duly authorized officers to execute
and deliver this Fifth Amendment as of the date first above written. 
  

			
	PC INTERMEDIATE HOLDINGS, INC.

 
			
		
	By:	 	 /s/ Todd Vogensen

	Name: Todd Vogensen
	 Title: Chief Financial Officer and Assistant

Secretary

 
			
	
	PARTY CITY HOLDINGS INC.

 
			
		
	By:	 	 /s/ Todd Vogensen

	Name: Todd Vogensen
	 Title: Chief Financial Officer, Chief Accounting Officer and Executive Vice
President

 
			
	
	PARTY CITY CORPORATION
	PARTY HORIZON INC.
	AM-SOURCE, LLC
	AMSCAN INC.
	TRISAR, INC.

 
			
		
	By:	 	 /s/ Todd Vogensen

	Name: Todd Vogensen
	Title: Vice President and Treasurer

 
			
	
	AMSCAN CUSTOM INJECTIONS MOLDING, LLC
	AMSCAN PURPLE SAGE, LLC
	AMSCAN NM LAND, LLC
	
	By: AMSCAN INC., its manager

 
			
		
	By:	 	 /s/ Todd Vogensen

	Name: Todd Vogensen
	Title: Vice President and Treasurer

  
 [Signature Page to Fifth
Amendment to ABL Credit Agreement (Party City)] 

			
	
	ANAGRAM EDEN PRAIRIE PROPERTY HOLDINGS LLC
	
	By: PARTY CITY HOLDINGS INC., its sole member

 
			
		
	By:	 	 /s/ Todd Vogensen

  

			
	 Name: Todd Vogensen

	 Title: Chief Financial Officer, Chief Accounting Officer and Executive Vice
President

  
 [Signature Page to Fifth
Amendment to ABL Credit Agreement (Party City)] 

 
			
	 JPMORGAN CHASE BANK, N.A.,

as Administrative Agent, Swingline Lender and Issuing Bank

 
			
		
	By:	 	 /s/ Donna DiForio

	Name: Donna DiForio
	Title: Authorized Officer

  
 [Signature Page to Fifth
Amendment to ABL Credit Agreement (Party City)] 

 BY ITS EXECUTION OF THIS SIGNATURE PAGE, THE UNDERSIGNED EXISTING ABL REVOLVING LENDER
HEREBY (I) REQUESTS TO CONVERT THE FULL PRINCIPAL AMOUNT OF ITS EXISTING ABL REVOLVING COMMITMENTS INTO EXTENDED ABL REVOLVING COMMITMENTS, PURSUANT TO, AND ON THE TERMS AND CONDITIONS SET FORTH IN, THIS FIFTH AMENDMENT TO ABL CREDIT AGREEMENT
AND (II) ACKNOWLEDGES AND AGREES THAT THE AMOUNT OF ITS EXTENDED ABL REVOLVING COMMITMENTS MAY BE LESS THAN THE FULL PRINCIPAL AMOUNT OF ITS EXISTING ABL REVOLVING COMMITMENTS WHICH IT REQUESTS TO CONVERT HEREUNDER. 

 

			
	 BANK OF AMERICA, N.A.,

as an Extending Lender

		
	By:	 	 /s/ Peter M. Walther

	 Name: Peter M. Walther

	 Title: Senior Vice President

  

  
 [Signature Page to Fifth
Amendment to ABL Credit Agreement (Party City)] 

 BY ITS EXECUTION OF THIS SIGNATURE PAGE, THE UNDERSIGNED EXISTING ABL REVOLVING LENDER
HEREBY (I) REQUESTS TO CONVERT THE FULL PRINCIPAL AMOUNT OF ITS EXISTING ABL REVOLVING COMMITMENTS INTO EXTENDED ABL REVOLVING COMMITMENTS, PURSUANT TO, AND ON THE TERMS AND CONDITIONS SET FORTH IN, THIS FIFTH AMENDMENT TO ABL CREDIT AGREEMENT
AND (II) ACKNOWLEDGES AND AGREES THAT THE AMOUNT OF ITS EXTENDED ABL REVOLVING COMMITMENTS MAY BE LESS THAN THE FULL PRINCIPAL AMOUNT OF ITS EXISTING ABL REVOLVING COMMITMENTS WHICH IT REQUESTS TO CONVERT HEREUNDER. 

 

			
	 Wells Fargo Bank, National Association

as an Extending Lender

		
	By:	 	 /s/ Brent E. Shay

	Name:	 	Brent E. Shay
	Title:	 	Director

  

  
 [Signature Page to Fifth
Amendment to ABL Credit Agreement (Party City)] 

 BY ITS EXECUTION OF THIS SIGNATURE PAGE, THE UNDERSIGNED EXISTING ABL REVOLVING LENDER
HEREBY (I) REQUESTS TO CONVERT THE FULL PRINCIPAL AMOUNT OF ITS EXISTING ABL REVOLVING COMMITMENTS INTO EXTENDED ABL REVOLVING COMMITMENTS, PURSUANT TO, AND ON THE TERMS AND CONDITIONS SET FORTH IN, THIS FIFTH AMENDMENT TO ABL CREDIT AGREEMENT
AND (II) ACKNOWLEDGES AND AGREES THAT THE AMOUNT OF ITS EXTENDED ABL REVOLVING COMMITMENTS MAY BE LESS THAN THE FULL PRINCIPAL AMOUNT OF ITS EXISTING ABL REVOLVING COMMITMENTS WHICH IT REQUESTS TO CONVERT HEREUNDER. 

 

			
	NAME OF INSTITUTION
	
	 CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH

as an Extending Lender

		
	By:	 	 /s/ Vipul Dhadda

	Name:	 	Vipul Dhadda
	Title:	 	Authorized Signatory
		
	By:	 	 /s/ Nicolas Thierry

	Name:	 	Nicolas Thierry
	Title:	 	Authorized Signatory

  
 [Signature Page to Fifth
Amendment to ABL Credit Agreement (Party City)] 

 BY ITS EXECUTION OF THIS SIGNATURE PAGE, THE UNDERSIGNED EXISTING ABL REVOLVING LENDER
HEREBY (I) REQUESTS TO CONVERT THE FULL PRINCIPAL AMOUNT OF ITS EXISTING ABL REVOLVING COMMITMENTS INTO EXTENDED ABL REVOLVING COMMITMENTS, PURSUANT TO, AND ON THE TERMS AND CONDITIONS SET FORTH IN, THIS FIFTH AMENDMENT TO ABL CREDIT AGREEMENT
AND (II) ACKNOWLEDGES AND AGREES THAT THE AMOUNT OF ITS EXTENDED ABL REVOLVING COMMITMENTS MAY BE LESS THAN THE FULL PRINCIPAL AMOUNT OF ITS EXISTING ABL REVOLVING COMMITMENTS WHICH IT REQUESTS TO CONVERT HEREUNDER. 

 

			
	NAME OF INSTITUTION
	
	 MUFG UNION BANK, N.A.,

as an Extending Lender

		
	By:	 	 /s/ Thomas Kainamura

	Name:	 	Thomas Kainamura
	Title:	 	Director

  

  
 [Signature Page to Fifth
Amendment to ABL Credit Agreement (Party City)] 

 BY ITS EXECUTION OF THIS SIGNATURE PAGE, THE UNDERSIGNED EXISTING ABL REVOLVING LENDER
HEREBY (I) REQUESTS TO CONVERT THE FULL PRINCIPAL AMOUNT OF ITS EXISTING ABL REVOLVING COMMITMENTS INTO EXTENDED ABL REVOLVING COMMITMENTS, PURSUANT TO, AND ON THE TERMS AND CONDITIONS SET FORTH IN, THIS FIFTH AMENDMENT TO ABL CREDIT AGREEMENT
AND (II) ACKNOWLEDGES AND AGREES THAT THE AMOUNT OF ITS EXTENDED ABL REVOLVING COMMITMENTS MAY BE LESS THAN THE FULL PRINCIPAL AMOUNT OF ITS EXISTING ABL REVOLVING COMMITMENTS WHICH IT REQUESTS TO CONVERT HEREUNDER. 

 

			
	NAME OF INSTITUTION
	
	 TD BANK, N.A.,
 as an
Extending Lender

		
	By:	 	 /s/ Jennifer Visconti

	Name:	 	Jennifer Visconti
	Title:	 	Vice President

  
 [Signature Page to Fifth
Amendment to ABL Credit Agreement (Party City)] 

 BY ITS EXECUTION OF THIS SIGNATURE PAGE, THE UNDERSIGNED EXISTING ABL REVOLVING LENDER
HEREBY (I) REQUESTS TO CONVERT THE FULL PRINCIPAL AMOUNT OF ITS EXISTING ABL REVOLVING COMMITMENTS INTO EXTENDED ABL REVOLVING COMMITMENTS, PURSUANT TO, AND ON THE TERMS AND CONDITIONS SET FORTH IN, THIS FIFTH AMENDMENT TO ABL CREDIT AGREEMENT
AND (II) ACKNOWLEDGES AND AGREES THAT THE AMOUNT OF ITS EXTENDED ABL REVOLVING COMMITMENTS MAY BE LESS THAN THE FULL PRINCIPAL AMOUNT OF ITS EXISTING ABL REVOLVING COMMITMENTS WHICH IT REQUESTS TO CONVERT HEREUNDER. 

 

			
	NAME OF INSTITUTION
	
	 BANK OF MONTREAL, 
 as an
Extending Lender

		
	By:	 	 /s/ Kara Goodwin

	Name:	 	Kara Goodwin
	Title:	 	Managing Director, Chicago Branch

  
 [Signature Page to Fifth
Amendment to ABL Credit Agreement (Party City)] 

 BY ITS EXECUTION OF THIS SIGNATURE PAGE, THE UNDERSIGNED EXISTING ABL REVOLVING LENDER
HEREBY (I) REQUESTS TO CONVERT THE FULL PRINCIPAL AMOUNT OF ITS EXISTING ABL REVOLVING COMMITMENTS INTO EXTENDED ABL REVOLVING COMMITMENTS, PURSUANT TO, AND ON THE TERMS AND CONDITIONS SET FORTH IN, THIS FIFTH AMENDMENT TO ABL CREDIT AGREEMENT
AND (II) ACKNOWLEDGES AND AGREES THAT THE AMOUNT OF ITS EXTENDED ABL REVOLVING COMMITMENTS MAY BE LESS THAN THE FULL PRINCIPAL AMOUNT OF ITS EXISTING ABL REVOLVING COMMITMENTS WHICH IT REQUESTS TO CONVERT HEREUNDER. 

 

			
	NAME OF INSTITUTION
	
	 DEUTSCHE BANK AG NEW YORK BRANCH, 

as an Extending Lender

		
	By:	 	 /s/ Michael Strobel

	Name:	 	Michael Strobel
	Title:	 	Vice President
	
	 michael-p.strobel@db.com

212-250-0939

	
	For institutions requiring a second signature line:
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 [Signature Page to Fifth
Amendment to ABL Credit Agreement (Party City)] 

 BY ITS EXECUTION OF THIS SIGNATURE PAGE, THE UNDERSIGNED EXISTING ABL REVOLVING LENDER
HEREBY (I) REQUESTS TO CONVERT THE FULL PRINCIPAL AMOUNT OF ITS EXISTING ABL REVOLVING COMMITMENTS INTO EXTENDED ABL REVOLVING COMMITMENTS, PURSUANT TO, AND ON THE TERMS AND CONDITIONS SET FORTH IN, THIS FIFTH AMENDMENT TO ABL CREDIT AGREEMENT
AND (II) ACKNOWLEDGES AND AGREES THAT THE AMOUNT OF ITS EXTENDED ABL REVOLVING COMMITMENTS MAY BE LESS THAN THE FULL PRINCIPAL AMOUNT OF ITS EXISTING ABL REVOLVING COMMITMENTS WHICH IT REQUESTS TO CONVERT HEREUNDER. 

 

			
	NAME OF INSTITUTION
	
	 GOLDMAN SACHS BANK USA, 

as an Extending Lender

		
	By:	 	 /s/ Jacob Elder

	Name:	 	Jacob Elder
	Title:	 	Authorized Signatory

  
 [Signature Page to Fifth
Amendment to ABL Credit Agreement (Party City)] 

 EXHIBIT A 

FORM OF ACKNOWLEDGMENT AND CONFIRMATION 

1. Reference is made to the Fifth Amendment, dated as of February 19, 2021 (the “Fifth Amendment”), to the ABL Credit
Agreement, dated as of August 19, 2015 (as amended, amended and restated, supplemented or otherwise modified prior to the date hereof, the “ABL Credit Agreement”), among PARTY CITY HOLDINGS INC., a Delaware corporation (the
“Borrower Agent”), PARTY CITY CORPORATION, a Delaware corporation (the “Subsidiary Borrower” and, together with the Borrower Agent, the “Borrowers”), PC INTERMEDIATE HOLDINGS, INC., a Delaware
corporation (“Holdings”), the subsidiaries of the Borrowers party thereto, JPMORGAN CHASE BANK, N.A. (“JPM”), as administrative agent (in such capacity, the “Administrative Agent”) and each
Extending Lender (as defined therein) party thereto. Capitalized terms used herein but not otherwise defined shall have the meanings set forth in the ABL Credit Agreement or the Fifth Amendment, as applicable. 

2. Certain provisions of the ABL Credit Agreement are being amended and/or modified pursuant to the Fifth Amendment. Each of the parties hereto
hereby agrees that, with respect to each Loan Document to which it is a party, after giving effect to the Fifth Amendment: 

(a) all of its obligations, liabilities and indebtedness under such Loan Document, including guarantee obligations, shall
remain in full force and effect on a continuous basis (including, without limitation, with respect to Extended ABL Revolving Loans); and 

(b) all of the Liens and security interests created and arising under such Loan Document remain in full force and effect on a
continuous basis, and the perfected status and priority as described in Section 3.16 of the ABL Credit Agreement of each such Lien and security interest continues in full force and effect on a continuous basis, unimpaired, uninterrupted and
undischarged as collateral security for the Secured Obligations (including, without limitation, the Extended ABL Revolving Loans), to the extent provided in such Loan Documents. 

3. THIS ACKNOWLEDGMENT AND CONFIRMATION AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS ACKNOWLEDGMENT AND CONFIRMATION,
WHETHER IN TORT, CONTRACT (AT LAW OR IN EQUITY) OR OTHERWISE, SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 

4. This Acknowledgment and Confirmation may be executed by one or more of the parties hereto on any number of separate counterparts (including
by telecopy or other electronic transmission), and all of said counterparts taken together shall be deemed to constitute one and the same instrument. The words “execution,” “signed,” “signature,” and words of like
import in this Acknowledgment and Confirmation shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed
signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic
Signatures and Records Act, or any other similar applicable state laws based on the Uniform Electronic Transactions Act. 
 [rest of page
intentionally left blank] 

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

			
	PC INTERMEDIATE HOLDINGS, INC.
		
	By:	 	
                 

	Name:
	Title:

  
 [Signature Page to
Acknowledgment and Confirmation of Party City ABL Fifth Amendment] 

			
	PARTY CITY HOLDINGS INC.
	PARTY CITY CORPORATION
	AM-SOURCE, LLC
	AMSCAN INC.
	TRISAR, INC.
		
	By:	 	
                     
    

	Name:
	Title:
	
	ANAGRAM EDEN PRAIRIE PROPERTY HOLDINGS LLC
	
	By: PARTY CITY HOLDINGS, INC., its sole member
		
	By:	 	              

	Name:
	Title:
	
	AMSCAN PURPLE SAGE, LLC
	AMSCAN NM LAND, LLC
	
	By: AMSCAN INC., its sole manager
		
	By:	 	  

	Name:
	Title:
	
	PARTY HORIZON INC.
		
	By:	 	  

	Name:
	Title:
	
	AMSCAM CUSTOM INJECTION MOLDING, LLC
		
	By:	 	  

	Name:
	Title:

 EXHIBIT B 

Schedule 1.01(a) 

COMMITMENT SCHEDULE 
  

					
	 Lender
	  	ABL Revolving
Commitment	 
	 JPMorgan Chase Bank, N.A.
	  	$	87,500,000	 
	 Bank of America, N.A.
	  	$	87,500,000	 
	 Wells Fargo Bank, N.A.
	  	$	87,500,000	 
	 Credit Suisse AG, Cayman Islands Branch
	  	$	45,000,000	 
	 MUFG Union Bank, N.A.
	  	$	45,000,000	 
	 TD Bank, N.A.
	  	$	45,000,000	 
	 Bank of Montreal
	  	$	35,000,000	 
	 Deutsche Bank AG New York Branch
	  	$	35,000,000	 
	 Goldman Sachs Bank USA
	  	$	7,500,000	 
	 Total
	  	$	475,000,000.00	 

 EXHIBIT C 

Amended ABL Credit Agreement 

[Attached] 

 Schedule 2.21(a) 

DDAs 
  

					
	 Loan Party
	  	Depository	 	Depositary Accounts
	 PARTY CITY CORPORATION
	  	Banc First	 	5248995663
	 PARTY CITY CORPORATION
	  	Bank of America	 	000168007886
	 PARTY CITY CORPORATION
	  	Bank of America	 	4426209931
	 PARTY CITY CORPORATION
	  	Bank of America	 	4426209944
	 PARTY CITY CORPORATION
	  	Bank of America	 	4426209957
	 PARTY CITY CORPORATION
	  	Bank of America	 	4426209960
	 PARTY CITY CORPORATION
	  	Bank of America	 	4426209986
	 PARTY CITY CORPORATION
	  	Bank of America	 	354010128291
	 PARTY CITY CORPORATION
	  	Bank of Oklahoma	 	312590404
	 PARTY CITY CORPORATION
	  	BB&T	 	0005206749328
	 PARTY CITY CORPORATION
	  	Community Bank, N.A.	 	722056132
	 PARTY CITY CORPORATION
	  	Community Bank, N.A.	 	722070315
	 PARTY CITY CORPORATION
	  	Fidelity Bank (KS)	 	9200183295
	 PARTY CITY CORPORATION
	  	Fifth Third	 	7234555071
	 PARTY CITY CORPORATION
	  	Fifth Third	 	7028037385
	 PARTY CITY CORPORATION
	  	Banc First	 	0007348649
	 PARTY CITY CORPORATION
	  	Bank of America	 	757890228
	 PARTY CITY CORPORATION
	  	Bank of America	 	324601002847
	 PARTY CITY CORPORATION
	  	Bank of America	 	6500746133
	 PARTY CITY CORPORATION
	  	Bank of America	 	1029047026
	 PARTY CITY CORPORATION
	  	Bank of America	 	1324608150
	 PARTY CITY CORPORATION
	  	Bank of America	 	0087730308
	 PARTY CITY CORPORATION
	  	Bank of America	 	000075860016775
	 PARTY CITY CORPORATION
	  	Bank of Oklahoma	 	41020964
	 PARTY CITY CORPORATION
	  	BB&T	 	4324735682

					
	 Loan Party
	  	Depository	 	Depositary
Accounts
	 PARTY CITY CORPORATION
	  	Community Bank, N.A.	 	793413899
	 PARTY CITY CORPORATION
	  	Community Bank, N.A.	 	123623301
	 PARTY CITY CORPORATION
	  	Fidelity Bank (KS)	 	4000029728
	 Amscan Inc.
	  	Fifth Third	 	4426206879
	 Party Horizon Inc.
	  	Fifth Third	 	4451239109
	 Party City Holdings Inc.
	  	Banc First	 	4427323719
	 Amscan Inc.
	  	Bank of America	 	4426207027
	 Amscan Inc.
	  	Bank of America	 	1606755
	 Amscan Custom Injection Molding, LLC
	  	Bank of America	 	4451078386
	 Amscan Inc.
	  	Bank of America	 	4426206895
	 Amscan Inc.
	  	Bank of America	 	4426206921
	 Trisar Inc. dba Ya Otta Pinata
	  	Bank of America	 	4427149595

 Schedule 2.21(b) 

Credit Card Arrangements 
  

					
	 Group
	  	 Credit Card Processor
	  	 Depositary Accounts

	 Party City
	  	 Vantiv
 8500 Governors Hill

Cincinnati, OH 45249
 Attention: Debbie Cappel
	  	 Party City Corporation
 Credit Card Clearing
Accounts
 Bank of America
  

•  Account # 4426209957

 

•  Account # 4426897916

 
 Wells Fargo
  

•  Account # 4050017532

 
 U.S. Bank
  

•  Account # 422579040

Fifth Third Bank
  

•  Account # 7912558280

 
 Santander Bank
  

•  Account # 75860016783

 

•  Account # 75860016791

 

	 Amscan
	  	 Renaissance Associates
 14241 Dallas
Parkway
 Suite 520
 Dallas, TX 75254
	  	 Amscan Inc.
 Master Receipt Account
Bank of America Account # 4426207027

 Composite
through Fourth Amendment to ABL 
 EXHIBIT C to Fifth Amendment to ABL Credit Agreement 

 
 

 
 ABL CREDIT AGREEMENT 

Dated as of August 19,
2015, as amended by that certain First Amendment to ABL Credit Agreement, dated as of
August 2, 2018, that certain Second Amendment to ABL Credit Agreement, dated as of March 4, 2019,
that certain Third Amendment to ABL Credit Agreement, dated as of April 8, 2019, that certain Fourth Amendment to ABL Credit Agreement, dated as of June 28, 2019 and that certain Fifth Amendment to ABL Credit Agreement, dated as of
February 19, 2021, 
 Amongamong 
 PC INTERMEDIATE HOLDINGS, INC., 

PARTY CITY HOLDINGS INC., 
 PARTY
CITY CORPORATION, 
 THE SUBSIDIARIES OF THE BORROWERS 

FROM TIME TO TIME PARTY HERETO, 

THE FINANCIAL INSTITUTIONS PARTY HERETO, 

as the Lenders, 
 and 

JPMORGAN CHASE BANK, N.A., 
 as the
Administrative Agent 
  
  

 
 J.P. MORGAN SECURITIES LLC, 

JPMORGAN CHASE
BANK, N.A., 
 BANK OF AMERICA, N.A., 

and 
 WELLS FARGO BANK, NATIONAL ASSOCIATION,  

and

 MERRILL LYNCH, PIERCE, FENNER & SMITH
INCORPORATED,  
 as Joint Bookrunners and Joint Lead Arrangers, 

WELLS FARGO BANK, NATIONAL ASSOCIATION, 

and 

BANK OF
AMERICA, N.A., 
 as Syndication Agent, 

MERRILL LYNCH, PIERCE, FENNER & SMITH
INCORPORATED, 
 TD BANK, N.A., 

U.S. BANK NATIONAL ASSOCIATIONCREDIT SUISSE AG, CAYMAN ISLANDS BRANCH., 

MUFG UNION BANK, N.A. 
 TD BANK, N.A., 

BANK OF
MONTREAL 
 and 

 DEUTSCHE BANK SECURITIES INC., 

as Co-Documentation Agents, 

  
 2 

 Table of Contents 

 

							
	 	 	 	  	Page	 
		 	ARTICLE 1	  			
		
	 DEFINITIONS
	  	 	1	 
			
	 Section 1.01.
	 	Defined Terms	  	 	1	 
			
	 Section 1.02.
	 	Classification of Loans and Borrowings	  	 	5967	 
			
	 Section 1.03.
	 	Terms Generally	  	 	5968	 
			
	 Section 1.04.
	 	Accounting Terms; GAAP	  	 	6069	 
			
	 Section 1.05.
	 	Effectuation of Transactions	  	 	6170	 
			
	 Section 1.06.
	 	Timing of Payment of Performance	  	 	6170	 
			
	 Section 1.07.
	 	Limited Condition Acquisitions	  	 	6170	 
			
	 Section 1.08.
	 	Pro Forma Calculations	  	 	6371	 
			
	 Section 1.09.
	 	Times of Day	  	 	6573	 
			
	 Section 1.10.
	 	Rounding	  	 	6574	 
			
	 Section 1.11.
	 	Currency Generally	  	 	6574	 
			
	 Section
1.12.
	 	Interest Rates; LIBOR Notification	  	 	74	 
			
		 	ARTICLE 2	  			
		
	 THE CREDITS
	  	 	6575	 
			
	 Section 2.01.
	 	Loans and Commitments	  	 	6575	 
			
	 Section 2.02.
	 	Loans and Borrowings	  	 	6675	 
			
	 Section 2.03.
	 	Requests for Borrowings	  	 	6777	 
			
	 Section 2.04.
	 	Protective Advances	  	 	6878	 
			
	 Section 2.05.
	 	Swingline Loans	  	 	6979	 
			
	 Section 2.06.
	 	Letters of Credit	  	 	7181	 
			
	 Section 2.07.
	 	Funding of Borrowings	  	 	7787	 
			
	 Section 2.08.
	 	Type; Interest Elections	  	 	7887	 
			
	 Section 2.09.
	 	Termination and Reduction of Commitments	  	 	8089	 
			
	 Section 2.10.
	 	Repayment of Loans; Evidence of Debt	  	 	8190	 
			
	 Section 2.11.
	 	Prepayment of Loans	  	 	8291	 
			
	 Section 2.12.
	 	Fees	  	 	8393	 
			
	 Section 2.13.
	 	Interest	  	 	8594	 
			
	 Section 2.14.
	 	Alternate Rate of Interest	  	 	8695	 
			
	 Section 2.15.
	 	Increased Costs	  	 	8798	 

  
 i 

 Table of Contents 

(Cont.) 
  

							
	 	 	 	  	Page	 
	 Section 2.16.
	 	Break Funding Payments	  	 	8899	 
			
	 Section 2.17.
	 	Taxes	  	 	88100	 
			
	 Section 2.18.
	 	Payments Generally; Allocation of Proceeds; Sharing of Set-offs	  	 	93104	 
			
	 Section 2.19.
	 	Mitigation Obligations; Replacement of Lenders	  	 	95107	 
			
	 Section 2.20.
	 	Illegality	  	 	96108	 
			
	 Section 2.21.
	 	Cash Receipts	  	 	97108	 
			
	 Section 2.22.
	 	Defaulting Lender	  	 	99111	 
			
	 Section 2.23.
	 	Incremental Credit Extensions	  	 	102114	 
			
	 Section 2.24.
	 	Joint and Several Liability of Borrowers	  	 	105116	 
			
	 Section 2.25.
	 	Reserves; Changes to Eligibility Criteria	  	 	106118	 
			
	 Section 2.26.
	 	Special Provisions Relating to Conversion of Loans	  	 	107119	 
			
		 	ARTICLE 3	  			
		
	 REPRESENTATIONS AND WARRANTIES
	  	 	108120	 
			
	 Section 3.01.
	 	Organization; Powers	  	 	109120	 
			
	 Section 3.02.
	 	Authorization; Enforceability	  	 	109120	 
			
	 Section 3.03.
	 	Governmental Approvals; No Conflicts	  	 	109120	 
			
	 Section 3.04.
	 	Financial Condition; No Material Adverse Effect	  	 	109121	 
			
	 Section 3.05.
	 	Properties	  	 	110121	 
			
	 Section 3.06.
	 	Litigation and Environmental Matters.	  	 	110122	 
			
	 Section 3.07.
	 	Compliance with Laws	  	 	111122	 
			
	 Section 3.08.
	 	Investment Company Status	  	 	111122	 
			
	 Section 3.09.
	 	Taxes	  	 	111122	 
			
	 Section 3.10.
	 	ERISA	  	 	111123	 
			
	 Section 3.11.
	 	Disclosure	  	 	111123	 
			
	 Section 3.12.
	 	Borrowing Base Certificate	  	 	112123	 
			
	 Section 3.13.
	 	Solvency	  	 	112123	 
			
	 Section 3.14.
	 	[Reserved]	  	 	112124	 
			
	 Section 3.15.
	 	Capitalization and Subsidiaries	  	 	112124	 
			
	 Section 3.16.
	 	Security Interest in Collateral	  	 	113124	 
			
	 Section 3.17.
	 	Labor Disputes	  	 	113124	 
			
	 Section 3.18.
	 	Federal Reserve Regulations	  	 	113125	 
			
	 Section 3.19.
	 	[Reserved]	  	 	113125	 

  
 ii 

 Table of Contents 

(Cont.) 
  

							
	 	 	 	  	Page	 
	 Section 3.20.
	 	Sanctions, Anti-Corruption and Anti-Terrorism Laws	  	 	114125	 
			
		 	ARTICLE 4	  			
		
	 CONDITIONS
	  	 	114126	 
			
	 Section 4.01.
	 	Closing Date	  	 	114126	 
			
	 Section 4.02.
	 	Each Credit Event	  	 	117129	 
			
		 	ARTICLE 5	  			
		
	 AFFIRMATIVE COVENANTS
	  	 	118130	 
			
	 Section 5.01.
	 	Financial Statements and Other Reports	  	 	119130	 
			
	 Section 5.02.
	 	Existence	  	 	123135	 
			
	 Section 5.03.
	 	Payment of Taxes	  	 	123135	 
			
	 Section 5.04.
	 	Maintenance of Properties	  	 	124135	 
			
	 Section 5.05.
	 	Insurance	  	 	124135	 
			
	 Section 5.06.
	 	Inspections	  	 	125136	 
			
	 Section 5.07.
	 	Maintenance of Book and Records	  	 	126137	 
			
	 Section 5.08.
	 	Compliance with Laws	  	 	126137	 
			
	 Section 5.09.
	 	Environmental	  	 	126138	 
			
	 Section 5.10.
	 	Designation of Subsidiaries	  	 	128139	 
			
	 Section 5.11.
	 	Use of Proceeds	  	 	128139	 
			
	 Section 5.12.
	 	Additional Collateral; Further Assurances.	  	 	128140	 
			
	 Section 5.13.
	 	Post-Closing Items	  	 	131142	 
			
	 Section 5.14.
	 	MIRE Events	  	 	131142	 
			
		 	ARTICLE 6	  			
		
	 NEGATIVE COVENANTS
	  	 	131143	 
			
	 Section 6.01.
	 	Indebtedness	  	 	131143	 
			
	 Section 6.02.
	 	Liens	  	 	138149	 
			
	 Section 6.03.
	 	[Reserved]	  	 	142153	 
			
	 Section 6.04.
	 	No Further Negative Pledges	  	 	142153	 
			
	 Section 6.05.
	 	Restricted Payments; Certain Payments of Indebtedness	  	 	143154	 
			
	 Section 6.06.
	 	Restrictions on Subsidiary Distributions	  	 	147158	 
			
	 Section 6.07.
	 	Investments	  	 	148160	 
			
	 Section 6.08.
	 	Fundamental Changes; Disposition of Assets	  	 	151162	 

  
 iii 

 Table of Contents 

(Cont.) 
  

							
	 	 	 	  	Page	 
	 Section 6.09.
	 	[Reserved]	  	 	155166	 
			
	 Section 6.10.
	 	Sales and Lease-Backs	  	 	155166	 
			
	 Section 6.11.
	 	Transactions with Affiliates	  	 	155166	 
			
	 Section 6.12.
	 	Conduct of Business	  	 	157168	 
			
	 Section 6.13.
	 	Amendments or Waivers of Organizational Documents	  	 	157168	 
			
	 Section 6.14.
	 	Amendments of or Waivers with Respect to Certain Indebtedness	  	 	157168	 
			
	 Section 6.15.
	 	Fiscal Year	  	 	157168	 
			
	 Section 6.16.
	 	Permitted Activities of Holdings	  	 	157168	 
			
	 Section 6.17.
	 	[Reserved]	  	 	158169	 
			
	 Section 6.18.
	 	Fixed Charge Coverage Ratio	  	 	158169	 
			
		 	ARTICLE 7	  			
		
	 EVENTS OF DEFAULT
	  	 	159171	 
			
	 Section 7.01.
	 	Events of Default	  	 	159171	 
			
		 	ARTICLE 8	  			
		
	 THE ADMINISTRATIVE AGENT
	  	 	163174	 
			
		 	ARTICLE 9	  			
		
	 MISCELLANEOUS
	  	 	173184	 
			
	 Section 9.01.
	 	Notices	  	 	173184	 
			
	 Section 9.02.
	 	Waivers; Amendments	  	 	175187	 
			
	 Section 9.03.
	 	Expenses; Indemnity; Damage Waiver	  	 	178189	 
			
	 Section 9.04.
	 	Waiver of Claim	  	 	180191	 
			
	 Section 9.05.
	 	Successors and Assigns	  	 	180191	 
			
	 Section 9.06.
	 	Survival	  	 	187198	 
			
	 Section 9.07.
	 	Counterparts; Integration; Effectiveness	  	 	188199	 
			
	 Section 9.08.
	 	Severability	  	 	188199	 
			
	 Section 9.09.
	 	Right of Setoff	  	 	188199	 
			
	 Section 9.10.
	 	GOVERNING LAW; JURISDICTION; CONSENT TO SERVICE OF PROCESS	  	 	189200	 
			
	 Section 9.11.
	 	WAIVER OF JURY TRIAL	  	 	190201	 
			
	 Section 9.12.
	 	Headings	  	 	191201	 
			
	 Section 9.13.
	 	Confidentiality	  	 	191202	 
			
	 Section 9.14.
	 	No Fiduciary Duty	  	 	192203	 

  
 iv 

 Table of Contents 

(Cont.) 
  

							
	 	 	 	  	Page	 
	 Section 9.15.
	 	Several Obligations	  	 	193203	 
			
	 Section 9.16.
	 	USA PATRIOT Act	  	 	193204	 
			
	 Section 9.17.
	 	Disclosure	  	 	193204	 
			
	 Section 9.18.
	 	Appointment for Perfection	  	 	193204	 
			
	 Section 9.19.
	 	Interest Rate Limitation	  	 	193204	 
			
	 Section 9.20.
	 	Intercreditor Agreement	  	 	193204	 
			
	 Section 9.21.
	 	Conflicts	  	 	194205	 
			
	 Section 9.22.
	 	[Reserved]	  	 	194205	 
			
	 Section 9.23.
	 	Borrower Agent	  	 	194205	 
			
	 Section 9.24.
	 	Certain ERISA Matters	  	 	195205	 
			
	 Section
9.25.
	 	Acknowledgement Regarding Any Supported QFCs	  	 	207	 
			
		 	ARTICLE 10	  			
		
	 LOAN GUARANTY
	  	 	196207	 
			
	 Section 10.01.
	 	Guaranty	  	 	196207	 
			
	 Section 10.02.
	 	Guaranty of Payment	  	 	196208	 
			
	 Section 10.03.
	 	No Discharge or Diminishment of Loan Guaranty	  	 	197208	 
			
	 Section 10.04.
	 	Defenses Waived	  	 	198209	 
			
	 Section 10.05.
	 	Authorization	  	 	198210	 
			
	 Section 10.06.
	 	Rights of Subrogation	  	 	199211	 
			
	 Section 10.07.
	 	Reinstatement; Stay of Acceleration	  	 	200211	 
			
	 Section 10.08.
	 	Information	  	 	200211	 
			
	 Section 10.09.
	 	[Reserved]	  	 	200211	 
			
	 Section 10.10.
	 	Maximum Liability	  	 	200211	 
			
	 Section 10.11.
	 	Contribution	  	 	200212	 
			
	 Section 10.12.
	 	Liability Cumulative	  	 	201212	 
			
	 Section 10.13.
	 	Release of Loan Guarantors	  	 	201213	 
			
	 Section 10.14.
	 	Keepwell	  	 	202213	 
			
	
Section 
10.15.
	 	Acknowledgement and Consent to Bail-In of Affected Financial Institutions	  	 	213	 

  
 v 

 SCHEDULES: 
  

					
	1.01(a)	  	—	  	Commitment Schedule
	1.01(b)	  	—	  	Existing Letters of Credit
	1.01(c)	  	—	  	Mortgaged Properties
	1.01(d)	  	—	  	Adjustments to Consolidated Adjusted EBITDA
	2.21(a)	  	—	  	DDAs
	2.21(b)	  	—	  	Credit Card Arrangements
	2.21(c)	  	—	  	Blocked Accounts
	3.05	  	—	  	Real Property
	3.15	  	—	  	Capitalization and Subsidiaries
	4.01(b)	  	—	  	Local Counsel
	5.13(b)	  	—	  	Post-Closing Obligations
	6.01(i)	  	—	  	Existing Indebtedness
	6.01(t)	  	—	  	Corporate Leases Assigned/Sold/Transferred
	6.02	  	—	  	Existing Liens
	6.04	  	—	  	Negative Pledges
	6.06	  	—	  	Restrictive Agreements
	6.07	  	—	  	Existing Investments
	6.11	  	—	  	Transactions with Affiliates
	9.01	  	—	  	Borrowers’ Website Address for Electronic Delivery
	
	EXHIBITS:
			
	A	  	—	  	[Reserved]
	B-1	  	—	  	Form of Assignment and Assumption (ABL Revolving)
	B-2	  	—	  	Form of Assignment and Assumption (FILO)
	C	  	—	  	Form of Borrowing Base Certificate
	D	  	—	  	Form of Compliance Certificate
	E	  	—	  	Form of Subsidiary Joinder Agreement
	F	  	—	  	Form of Letter of Credit Request
	G	  	—	  	Form of Borrowing Request
	H	  	—	  	Form of Promissory Note
	I	  	—	  	Form of Interest Election Request
	J	  	—	  	Form of Solvency Certificate
	K	  	—	  	Form of Subsidiary Borrower Joinder Agreement
	L-1	  	—	  	Form of U.S. Tax Compliance Certificate (For Foreign Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes)
	L-2	  	—	  	Form of U.S. Tax Compliance Certificate (For Foreign Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes)
	L-3	  	—	  	Form of U.S. Tax Compliance Certificate (For Foreign Participants That Are Partnerships For U.S. Federal Income Tax Purposes)
	L-4	  	—	  	Form of U.S. Tax Compliance Certificate (For Foreign Lenders That Are Partnerships For U.S. Federal Income Tax Purposes)
	M	  	—	  	Intercompany Note

 ABL CREDIT AGREEMENT 

ABL CREDIT AGREEMENT, dated as of August 19, 2015,
as amended by that certain First Amendment to ABL Credit Agreement, dated as of
August 2, 2018, that certain Second Amendment to ABL Credit Agreement, dated as of March 4, 2019,
that certain Third Amendment to ABL Credit Agreement, dated as of April 8, 2019, that certain Fourth Amendment to ABL Credit Agreement, dated as of June 28, 2019, and that certain Fifth Amendment to ABL Credit Agreement, dated as of
February 19, 2021, by and among PARTY CITY HOLDINGS INC., a Delaware corporation (the “Parent Borrower”), PARTY CITY CORPORATION, a Delaware corporation (“Party
City”), PC INTERMEDIATE HOLDINGS, INC., a Delaware corporation (“Holdings”), the subsidiaries of the Borrowers from time to time party hereto, the Lenders (as defined in Article 1), JPMORGAN CHASE BANK, N.A.
(“JPMCB”), as administrative agent and collateral agent for the Lenders (in such capacities, the “Administrative Agent”) and as an Issuing Bank and the Swingline Lender, and the other Issuing Banks party hereto.

 RECITALS 
 A. In
connection with the Existing Debt
RefinancingFifth Amendment (as hereinafter
defined), the Borrowers have requested that (a) the ABL Revolving Lenders establish a $600,000,000475,000,000
 senior secured asset-based revolving loan facility in favor of the Borrowers (the “ABL Revolving Facility”)
and (b) the FILO Lenders establish a $40,000,000 senior secured asset-based first-in last-out revolving loan facility (the “FILO
Facility”), in each case on the terms and conditions set forth herein. 

B. In addition, the Borrowers have requested that (a) the Swingline Lender extend credit, at any time and from time to time during the
Availability Period, in the form of Swingline Loans, in an aggregate principal amount at any time outstanding not in excess of $40,000,000 and (b) the Issuing Banks issue Letters of Credit, in an aggregate face amount at any time outstanding
not in excess of $50,000,000. 
 C. The Lenders and the Swingline Lender are willing to extend such credit to the Borrowers and the Issuing
Banks are willing to issue Letters of Credit for the account of the Borrowers and Guarantors, in each case on the terms and subject to the conditions set forth herein. Accordingly, the parties hereto agree as follows: 

ARTICLE 1 
 DEFINITIONS 

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

“90-Day Excess Availability” means
the quotient obtained by dividing (i) the sum of each day’s Excess Availability during the 90-consecutive day period immediately preceding the proposed transaction by (ii) 90.

 “2023 Senior Note Indenture” means the Indenture for the 2023 Senior Notes,
dated August 19, 2015, between the Borrower Agent, as the issuer, and Wilmington Trust, National Association, as
trustee, as amended, supplemented or otherwise modified from time to time. 

“2023 Senior
 Notes” means the 6.125% Senior Notes due 2023 issued by Party City Holdings Inc. in the aggregate
principal amount equal to $350,000,000 (including any Registered Equivalent Notes). 

“2025 First
 Lien Senior Secured Note Indenture” means the Indenture for the 2025 First Lien Senior Secured Notes, dated July 30, 2020, among the Borrower Agent, as issuer, certain guarantors party thereto and Ankura, as trustee and collateral
trustee, as amended, supplemented or otherwise modified from time to time. 
 “2025 First Lien Senior Secured Notes” means the Senior Secured First Lien Floating Rate Notes due 2025
issued by the Borrower Agent in the aggregate principal amount equal to $156,669,177 (including any Registered Equivalent Notes). 

“2026 New
Senior Secured Note
Indenture” means the Indenture for the 2026 New Senior Secured Notes, dated August 2February
19,
20182021
,
betweenamong
 the Borrower Agent, as the issuer, and Wilmington Trust, National
AssociationHoldings, the guarantors from time to time party thereto and
Ankura, as trustee and collateral trustee, as amended, supplemented or otherwise modified from time to time. 

“20232026 New Senior
Secured Notes” means the
6.1258.750% Senior Secured Notes
due
20232026
 issued by Party City Holdings Inc.the Borrower Agent in the aggregate principal amount equal to $350,000,000750,000,000
 (including any Registered Equivalent Notes). 
 “2026 Senior Note Indenture” the Indenture for the 2026 Senior Notes, dated August 2, 2018, between the
Borrower Agent, as the issuer, and Wilmington Trust, National Association, as trustee, as amended, supplemented or otherwise modified from time to time. 
 “2026 Senior Notes” means the 6.625% Senior Notes due 2026 issued by
Party City Holdings Inc. in the aggregate principal amount equal to $500,000,000 (including any Registered Equivalent Notes). 
 “90-Day Excess Availability” means the quotient obtained by dividing (i) the sum of each
day’s Excess Availability during the 90-consecutive day period immediately preceding the proposed transaction by (ii) 90. 

“ABL Applicable Percentage” means, with respect to any ABL Revolving Lender, a percentage equal to a fraction the
numerator of which is such ABL Revolving Lender’s ABL Revolving Commitment and the denominator of which is the aggregate ABL Revolving Commitments; provided that for purposes of Section 2.22 and otherwise herein, when there
is a Defaulting Lender, any such Defaulting Lender’s Commitment shall be disregarded in any such calculations. If the ABL Revolving Commitments have terminated or expired, the ABL Applicable Percentages of each ABL Revolving Lender shall be
determined based on the ABL Revolving Exposure of the applicable ABL Revolving Lenders, giving effect to any assignments and to any ABL Revolving Lender’s status as a Defaulting Lender at the time of determination. 

  
 2 

“ABL Borrowing Base” means, at any time, an amount equal to (a) the Trade Receivables Component plus (b) the Inventory Component plus
(c) the Credit Card Receivables Component minus (d) the amount of any FILO Reserve and all other Reserves as may have been established in accordance with Section 2.25 at such time. The ABL Borrowing Base at any time shall be determined by reference to the most
recent Borrowing Base Certificate delivered to the Administrative Agent pursuant to Section 5.01(q), the FILO Reserve
and Reserves established pursuant to Section 2.25.  

“ABL Excess Availability” means, at any
time, an amount equal to (a) the ABL
Line Cap, minus (b) the aggregate ABL Revolving Exposures of all ABL Revolving Lenders at such time. 

“ABL Line Cap” has the meaning assigned to such term in Section
2.01(a). 
 “ABL Revolving Commitment”
shall mean, with respect to each ABL Revolving Lender, the commitment of such ABL Revolving Lender hereunder set forth as its ABL Revolving Commitment opposite its name on Schedule 1.01(a) hereto or as may subsequently be set forth in the
Register from time to time, as the same may be increased or reduced from time to time pursuant to this Agreement. The aggregate ABL Revolving Commitments on the
FirstFifth Amendment Effective Date are $600,000,000475,000,000. 

“ABL Revolving Credit Extensions” means ABL Revolving Loans (including Swingline Loans) and Letters of Credit issued
hereunder. 
 “ABL Revolving Exposure” means, with respect to any ABL Revolving Lender at any time, the sum of (a) the
outstanding principal amount of such ABL Revolving Lender’s ABL Revolving Loans, (b) its LC Exposure, (c) its ABL Applicable Percentage of the aggregate principal amount of Swingline Loans outstanding at such time and (d) its ABL
Applicable Percentage of the aggregate principal amount of Protective Advances outstanding at such time. 
 “ABL Revolving
Facility” has the meaning assigned to such term in the recitals hereto. 
 “ABL Revolving Lender” means each
Lender which holds an ABL Revolving Commitment and any other Person who becomes an “ABL Revolving Lender” in accordance with the provisions of this Agreement. 

“ABL Revolving Loans” means collectively, the Loans made by the ABL Revolving Lenders with ABL Revolving Commitments pursuant
to Article 2, other than FILO Loans. 

“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. 
 “Account” has the meaning assigned to
such term in the Pledge and Security Agreement. 
 “Account Debtor” means any Person obligated on an Account. 

“ACH” means automated clearing house transfers. 

  
 3 

 “Additional Lender” has the meaning assigned to such term in
Section 2.23(b). 
 “Adjustment Date” means the first day of each January, April, July and October, as
applicable. 
 “Adjusted LIBO Rate” means, with respect to any LIBO Rate Borrowing for any Interest Period or for any ABR
Borrowing for which the Alternate Base Rate is determined with reference to the LIBO Rate, an interest rate per annum (rounded upwards, if necessary, to the next 1/100 of 1%) equal to (a) the LIBO Rate for such Interest Period multiplied by
(b) the Statutory Reserve Rate. 
 “Administrative Agent” has the meaning assigned to such term in the preamble to
this Agreement. 
 “Administrative Agent Account” has the meaning assigned to such term in Section 2.21(d).

 “Administrative Questionnaire” has the meaning assigned to such term in Section 2.23(d). 

“Advent” means Advent International
Corporation and shall include any fund affiliated with Advent International Corporation.  

“Adverse Proceeding” means any action, suit, proceeding (whether administrative, judicial or otherwise), governmental
investigation or arbitration (whether or not purportedly on behalf of any Borrower or any of its Subsidiaries) at law or in equity, or before or by any Governmental Authority, domestic or foreign (including any Environmental Claims), whether pending
or, to the knowledge of any Borrower or any of its Subsidiaries, threatened in writing against or affecting any Borrower or any of its Subsidiaries or any property of any Borrower or any of its Subsidiaries. 

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

“Affiliate” means, as applied to any Person, any other Person directly or indirectly Controlling, Controlled by, or under
common Control with, that Person. No Person shall be an “Affiliate” solely because it is an unrelated portfolio company of a Sponsor and none of the
Administrative Agent, any Lender or any of their respective Affiliates shall be considered an Affiliate of Holdings or any Subsidiary thereof. 

“Aggregate Commitments” means, at any time, the sum of the Commitments at such time. As of the FirstFifth Amendment Effective Date, the Aggregate Commitments are $640,000,000475,000,000. 

“Agreement” means this ABL Credit Agreement, as the same may be amended, supplemented or otherwise modified from time to
time. 

  
 4 

 “Alternate Base Rate” means, for any day, a rate per annum equal to the
highest of (a) the Prime Rate in effect on such day, (b) the Federal Funds Effective Rate in effect on such day plus 1⁄2 of 1% and (c) the
Adjusted LIBO Rate (which rate shall be calculated based upon an Interest Period of one month and shall be determined on a daily basis) plus 1.0% provided that, the Adjusted LIBO Rate for any day shall be based on the LIBO Rate at
approximately 11:00 a.m. London time on such day, subject to the interest rate floors set forth therein. Any change in the Alternate Base Rate due to a change in the Prime Rate, the Federal Funds Effective Rate or the Adjusted LIBO Rate shall be
effective from and including the effective date of such change in the Prime Rate, the Federal Funds Effective Rate or the Adjusted LIBO Rate, respectively. If the Alternate Base Rate is being used as an alternate rate of interest pursuant to
Section 2.14 hereof, then the Alternate Base Rate shall be the greater of clause (a) and (b) above and shall be determined without reference to clause (c) above. If the Alternate Base Rate is being used as an alternate rate of
interest pursuant to Section 2.14 hereof, then the Alternate Base Rate shall be the greater of clause (a) and (b) above and shall be determined without reference to clause (c) above. For the avoidance of doubt, if the Alternate
Base Rate shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement. 
 “Ankura” means Ankura Trust Company, LLC. 

“Anti-Corruption Laws” means all laws, rules, and regulations of any jurisdiction from time to time concerning or relating to
bribery or corruption applicable to Holdings or its subsidiaries by virtue of such Person being organized or operating in such jurisdiction. 

“Applicable Percentage” means, with respect to any Lender, a percentage equal to a fraction the numerator of which is such
Lender’s Commitment and the denominator of which is the Aggregate Commitments; provided that for purposes of Section 2.22 and otherwise herein, when there is a Defaulting Lender, any such Defaulting Lender’s Commitment
shall be disregarded in any such calculations. If the Commitments have terminated or expired, the Applicable Percentages of each Lender shall be determined based on the Revolving Exposure of the applicable Lenders, giving effect to any assignments
and to any Lender’s status as a Defaulting Lender at the time of determination. 
 “Applicable Rate” means, for any
day, (x) with respect to any FILO Loan that is (i) a LIBO Rate Loan, 2.50%, per annum or (ii) an ABR Loan, 1.50%, per annum and
(y) with respect to any ABL Revolving Loan, the following percentages per annum based upon the Average Historical Excess Availability as of the most recent Adjustment Date;
provided that, as of the Fifth Amendment Effective Date and until the first Adjustment Date occurring at least one full calendar quarter ended after the Closing
Dateon April 1, 2021, the “Applicable
Rate” shall be the applicable rate per annum set forth below in Category 2: 
  

									
	 Average Historical Excess

Availability
	  	ABL Revolving
Loan LIBO
Rate Spread	 	 	ABL Revolving
Loan ABR
Spread	 
	Category 1	  				 			
	 Average Historical Excess Availability equal to or greater than 50.0%
	  	 	1.251.50	% 	 	 	0.250.50	% 
	Category 2	  				 			
	 Average Historical Excess Availability less than 50.0%
	  	 	1.501.75	% 	 	 	0.500.75	% 

  
 5 

 The Applicable Rate shall be adjusted quarterly on a prospective basis on each Adjustment
Date based upon the Average Historical Excess Availability in accordance with the table above; provided that (a) if a Borrowing Base Certificate is not delivered when required pursuant to Section 5.01(q), Average Historical
Excess Availability shall be deemed to be in Category 2 until a Borrowing Base Certificate is delivered in compliance with Section 5.01(q) and (b) for so long as a Default or Event of Default has occurred and is continuing, the
Applicable Rate shall not be subject to adjustment to any stepdown based on higher Average Historical Excess Availability as provided herein. 

“Approved Fund” means any Person (other than a natural person) that is engaged in making, purchasing, holding or
investing in bank loans and similar extensions of credit in the ordinary course of its activities and that is administered, advised 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. 
 “Arrangers” means J.P. Morgan Securities LLC, Wells Fargo Bank, National
Association and Merrill Lynch, Pierce, Fenner & Smith
Incorporated.Bank of America, N.A. 

“Assignment and Assumption” means an assignment and assumption entered into by a Lender and an assignee (with the
consent of any party whose consent is required by Section 9.05), and accepted by the Administrative Agent, in the form of Exhibit B-1, Exhibit B-2 or any other form approved by the Administrative Agent and the Borrower
Agent. 
 “Available Commitment” means, at any time, the Aggregate Commitments then in effect minus
the Revolving Exposure of all Lenders at such time. 
 “Availability Period” means the period from and
including the
FirstFifth Amendment Effective Date to but excluding the Maturity Date. 
 “Available Tenor” means, as of any date of determination and with respect to the then-current Benchmark, as
applicable, any tenor for such Benchmark or payment period for interest calculated with reference to such Benchmark, as applicable, that is or may be used for determining the length of an Interest Period 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 clause
(f) of Section 2.14. 

  
 6 

 “Average Historical Excess Availability” means, at any Adjustment Date, the
quotient, expressed as a percentage obtained by dividing (a) the average daily ABL Excess Availability
for the calendar quarter immediately preceding such Adjustment Date (with the Borrowing Base at such time for any such day used to determine “ABL
Excess Availability”, calculated by reference to the most recent Borrowing Base Certificate delivered to the Administrative Agent on or prior to such day pursuant to
Section 5.01(q)) by (b) the ABL Line Cap. 

“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, regulation, rule 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).  
 “Banking Services” means each and any of the
following bank services provided to any Loan Party (a) under any arrangement that is in effect on the FirstFifth Amendment Effective Date between any Loan Party and a counterparty
that is the Administrative Agent or a Lender or an Affiliate of the Administrative Agent or a Lender as of the FirstFifth Amendment Effective Date or (b) under any arrangement that is
entered into after the
FirstFifth
 Amendment Effective Date by any Loan Party with any counterparty that is the Administrative Agent or a Lender or an Affiliate of the Administrative Agent or a Lender at the time such arrangement is entered
into: (i) commercial credit cards, (ii) stored value cards, (iii) purchasing cards and (iv) treasury management services (including, without limitation, controlled disbursement, ACH transactions, return items and interstate
depository network services). 
 “Banking Services Obligations” of the Loan Parties means any and all obligations of
the Loan Parties, whether absolute or contingent and however and whenever created, arising, evidenced or acquired (including all renewals, extensions and modifications thereof and substitutions therefor), in connection with Banking Services, in each
case, that has been designated to the Administrative Agent in writing by the Borrower Agent as being a Banking Services Obligation for the purposes of the Loan Documents. 

“Bankruptcy Code” means Title 11 of the United States Code (11 U.S.C. § 101 et seq.). 

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

“Benchmark
” means, initially, the LIBO Rate; provided that if a Benchmark Transition Event, a Term SOFR Transition Event or an Early Opt-in Election, as applicable, and its related Benchmark Replacement Date have occurred with respect to the 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 clause (b) or clause (c) of Section
2.14. 

“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: 

(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; or 

(3) the sum
of: (a) the alternate benchmark rate that has been selected by the Administrative Agent and the
Borrower Agent 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 or (ii) any evolving or then-prevailing market convention for determining a
benchmark rate as a replacement for the then-current Benchmark for syndicated credit facilities denominated
in Dollars at such time 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, solely with respect to a Loan denominated in Dollars, 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).  
 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: 

  
 8 

(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; or 

(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 Agent 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 syndicated credit facilities denominated in Dollars at such
time; 

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 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 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: 

  
 9 

(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 date of the public statement or publication of information referenced therein;  

(3) in the
case of a Term SOFR Transition Event, the date that is thirty (30) days after the date a Term SOFR Notice is provided to the Lenders and the Borrower Agent pursuant to Section 2.14(c); or
 

(4) in the
case of an 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. 

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). 

“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), in each case 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 

  
 10 

(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 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, with respect to any Benchmark, 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 such then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with Section 2.14 and (y) ending
at the time that a Benchmark Replacement has replaced such then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with Section 2.14. 

“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. 
 “Blocked Account Agreement” has the meaning assigned to such term in
Section 2.21(c). 
 “Blocked Accounts” has the meaning assigned to such term in Section 2.21(c).

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

“Borrower Agent” means the Parent Borrower. 

“Borrowers” means (a) the Borrower Agent and (b) the Subsidiary Borrowers. 

“Borrowing” means any (a) Revolving Loans of the same Type and Class made, converted or continued on the same date and,
in the case of LIBO Rate Loans, as to which a single Interest Period is in effect, (b) Swingline Loan or (c) Protective Advance. 

“Borrowing Base” means the sum of the ABL
Borrowing Base and the FILO Borrowing Base., at any time, an amount equal to (a) the Trade
Receivables Component plus (b) the Inventory Component plus (c) the Credit Card Receivables Component minus
(d) any
Reserves as may have been established in accordance with Section 2.25 at such time. The Borrowing Base
at any time shall be determined by reference to the most recent Borrowing Base Certificate delivered to the Administrative Agent pursuant to Section 5.01(q) and Reserves established pursuant to Section 2.25.  
 “Borrowing Base Certificate” means a certificate, signed and certified as
accurate and complete by a Financial Officer of the Borrower Agent, in substantially the form of Exhibit C, as such form, subject to the terms hereof, may from time to time be modified as agreed by the Borrower Agent and the
Administrative Agent or such other form which is acceptable to the Administrative Agent in its reasonable discretion. 

  
 11 

 “Borrowing Request” means a request by any Borrower (or the Borrower Agent
on behalf of such Borrower) for a Borrowing in accordance with Section 2.03 and substantially in the form attached hereto as Exhibit G, as such form, subject to the terms hereof, may from time to time be modified as agreed by
the Borrower Agent and the Administrative Agent or such other form as shall be reasonably acceptable to the Administrative Agent. 

“Business Day” means any day that is not a Saturday, Sunday or other day on which commercial banks in New York City are
authorized or required by law to remain closed; provided that, when used in connection with a LIBO Rate Loan, the term “Business Day” shall also exclude any day on which banks are not open for general business in London. 

“Capital Lease” means, as applied to any Person, any lease of any property (whether real, personal or mixed) by that Person
as lessee that, in conformity with GAAP, is or should be accounted for as a capital lease on the balance sheet of that Person. 

“Capital Stock” means any and all shares, interests, participations or other equivalents (however designated) of capital
stock of a corporation, any and all equivalent ownership interests in a Person (other than a corporation), including, without limitation, partnership interests and membership interests, and any and all warrants, rights or options to purchase or
other arrangements or rights to acquire any of the foregoing, but excluding for the avoidance of doubt any Indebtedness convertible into or exchangeable for any of the foregoing. 

“Captive Insurance Subsidiary” means any Subsidiary of the Borrower Agent that is subject to regulation as an insurance
company (or any Subsidiary thereof). 
 “Cash” means money, currency or a credit balance in any demand or Deposit Account.

 “Cash Dominion Event” means at any time (a) an Event of Default under Sections 7.01(a), 7.01(c) (with
respect to breaches of Section 2.21, 5.01(q) or 6.18(a)), 7.01(f) or 7.01(g) exists or has occurred and is continuing or (b) Excess Availability shall have been less than the greater of (x) 10.0% of
the Total Line Cap and (y) $40,000,000 for five consecutive Business Days; provided that the
Administrative Agent has notified the Borrower Agent thereof. The occurrence of a Cash Dominion Event shall be deemed to exist and to be continuing notwithstanding that Excess Availability may thereafter exceed the amount set forth in the preceding
sentence unless and until Excess Availability shall have been at least the greater of (x) 10.0% of the Total Line Cap and (y) $40,000,000 for 30 consecutive calendar days, in which event a Cash Dominion Event shall no longer be deemed to exist or be continuing. 

“Cash Equivalents” means, as at any date of determination, (a) readily marketable securities (i) issued or directly
and unconditionally guaranteed as to interest and principal by the United States Government or (ii) issued by any agency of the United States the obligations of which are backed by the full faith and credit of the United States, in each case
maturing within one year after such date; (b) readily marketable direct obligations issued by any state of the United States of America or any political subdivision of any such state or any public instrumentality thereof, in each case maturing
within one year after such date and having, at the 

  
 12 

 
time of the acquisition thereof, a rating of at least A-2 from S&P or at least P-2 from Moody’s; (c) commercial paper maturing no more than one year from the date of creation
thereof and having, at the time of the acquisition thereof, a rating of at least A-1 from S&P or at least P-1 from Moody’s; (d) certificates of deposit or bankers’ acceptances maturing within one year after such date and issued or
accepted by any Lender or by any commercial bank organized under the laws of the United States of America or any state thereof or the District of Columbia that has a capital surplus of not less than $500,000,000 (each Lender and each commercial bank
referred to herein as a “Cash Equivalent Bank”); (e) shares of any money market mutual fund (i) whose investment guidelines restrict 95% of such fund’s investments to the types of investments referred to in clauses
(a) and (b) above, (ii) has net assets of not less than $250,000,000, and (iii) has the highest rating obtainable from either S&P or Moody’s; and (f) with respect to Foreign Subsidiaries, investments of
the types described in clause (d) above issued by a Cash Equivalent Bank or any commercial bank of recognized international standing chartered in the country where such Foreign Subsidiary is domiciled having unimpaired capital and
surplus of at least $500,000,000. In the case of Investments by any Foreign Subsidiary that is a Subsidiary or Investments made in a country outside the United States, Cash and Cash Equivalents shall also include (x) investments of the type and
maturity described in clauses (a) through (e) above of foreign obligors, which Investments or obligors (or the parents of such obligors) have ratings described in such clauses or equivalent ratings from comparable foreign rating agencies
and (y) other short-term investments utilized by Foreign Subsidiaries that are Subsidiaries in accordance with normal investment practices for cash management in investments analogous to the foregoing investments described in clauses
(a) through (e) of the first sentence of this definition of “Cash Equivalents”. 
 “Change in Law”
means (a) the adoption of or taking effect of any law, rule, regulation or treaty after the date of this Agreement, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation or application thereof by
any Governmental Authority after the date of this Agreement or (c) compliance by any Lender or any Issuing Bank (or, for purposes of Section 2.15(b), by any lending office of such Lender or by such Lender’s or such Issuing
Bank’s holding company, if any) with any request, guideline, requirement or directive (whether or not having the force of law) of any Governmental Authority made or issued after the date of this Agreement (other than any such request, guideline
or directive to comply with any law, rule or regulation that was in effect on the date of this Agreement). For purposes of this definition and Section 2.15, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all
requests, rules, guidelines, requirements or directives thereunder or issued in connection therewith or in the implementation thereof; provided that increased costs as a result of any Change in Law pursuant to this clause (x) shall only
be reimbursable by the Borrowers to the extent the applicable Lender is requiring reimbursement therefor from similarly situated borrowers under comparable syndicated credit facilities, and (y) all requests, rules, guidelines, requirements 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 described in clauses (x) and (y) above, be deemed to be a “Change in Law”, regardless of the date enacted, adopted, issued or implemented. 

“Change of Control” means the earliest to occur of: 

  
 13 

 (a) the acquisition by any Person or group (with-in the meaning of
Section 13(d)(3) or Section 14(d)(2) of the Exchange Act, or any successor provision), including any group acting for the purpose of acquiring, holding or disposing of securities (within the meaning of Rule 13d-5(b)(1)
under the Exchange Act), other than one or more Permitted Holders, in a single transaction or in a related series of transactions, by way of merger, amalgamation, consolidation or other business combination or purchase of beneficial ownership
(within the meaning of Rule 13d-3 under the Exchange Act, or any successor provision) of Capital Stock representing more than the greater of (x) 35.0% of the total voting power of all of the outstanding voting stock of Holdings and (y) the
percentage of the total voting power of all of the outstanding voting stock of Holdings owned, directly or indirectly, beneficially by the Permitted Holders; 

(b) any Borrower ceasing to be a directly or indirectly wholly-owned Subsidiary of Holdings, except with respect to any
Borrower (other than the Borrower Agent) in connection with a transaction permitted by Section 6.08(h); or 
 (c)
any “Change of Control” (or any comparable term) in any document pertaining to the Senior Notes or the Term Loan Facility, any Incremental Equivalent Debt or
any other Junior Indebtedness (other than Specified Unsecured Indebtedness) (or any Refinancing Indebtedness in respect of any of the foregoing) with an aggregate outstanding principal amount
in excess of the Threshold Amount. 
 “Charges” has the meaning assigned to such term in Section 9.18.

 “Class”, when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such
Borrowing, are ABL Revolving Loans, FILO Loans, Swingline Loans or Protective Advances. 

“Closing Date” means August 19, 2015, which is the date on which the conditions specified in Section 4.01
are satisfied (or waived in accordance with Section 9.02). 
 “Co-Documentation Agents” means Merrill Lynch, Pierce, Fenner & Smith
IncorporatedCredit Suisse AG, Cayman Islands
Branch, TD Bank, N.A., U.S. Bank National Associationof
Montreal, MUFG Union Bank, N.A. and Deutsche Bank Securities Inc., in their capacity as Co-Documentation Agents. 

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

“Collateral” means any and all property of a Loan Party subject to a Lien under the Collateral Documents and any and
all other property of any Loan Party, now existing or hereafter acquired, that is or becomes subject to a Lien pursuant to the Collateral Documents in favor of the Administrative Agent, on behalf of itself and the Lenders, to secure the Secured
Obligations. 
 “Collateral Access Agreement” has the meaning assigned to such term in the Pledge and Security
Agreement. 

  
 14 

 “Collateral Documents” means, collectively, the Pledge and Security
Agreement, the Mortgages and any other documents granting a Lien upon the Collateral as security for payment of the Secured Obligations. 

“Commercial Letter of Credit” means any Letter of Credit issued for the purpose of providing the primary payment
mechanism in connection with the purchase of any materials, goods or services by the Borrower Agent or any of its Subsidiaries in the ordinary course of business of such Person. 

“Commitment” means, with respect to each Lender, the commitment of such Lender to make ABL Revolving Loans, acquire
participations in Letters of Credit and Swingline Loans, and make Protective Advances hereunder, and to make FILO Loans hereunder, expressed as an amount representing the maximum possible aggregate amount of such Lender’s Revolving Exposure hereunder, as such commitment may be (a) increased from time to time as a result
of a Commitment Increase, (b) reduced from time to time pursuant to Section 2.09 or (c) reduced or increased from time to time pursuant to assignments by or to such Lender pursuant to Section 9.04. The initial
amount of each Lender’s Commitment as of the
ThirdFifth
 Amendment Effective Date is set forth on the Commitment Schedule, or in the Assignment and Assumption pursuant to which such Lender shall have assumed its Commitment, as applicable. For the avoidance of
doubt, as of the
ThirdFifth
 Amendment Effective Date, (i) the ABL Revolving
Commitments shall be in an aggregate principal amount equal to $600,000,000 and (ii) the FILO Commitments shall be in an aggregate principal amount equal to $40,000,000. The initial aggregate
amount of the Lenders’ Commitments on the Third Amendment Effective Date is
$640,000,000.475,000,000. 

“Commitment Increase” has the meaning assigned to such term in Section 2.23(a). 

“Commitment Increase Lender” has the meaning assigned to such term in Section 2.23(e). 

“Commitment Schedule” means the Schedule attached hereto as Schedule 1.01(a). 

“Commodity Exchange Act” means the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to time, and any
successor statute. 
 “Compliance Certificate” means a Compliance Certificate substantially in the form of
Exhibit D. 
 “Compliance Event” means the period (a) commencing on the day that (i) an Event of
Default occurs or (ii) Excess Availability is less than the greater of (x) 10.0% of the Total Line
Cap at such time and (y) $40,000,000 and (b) continuing until the first period of 30 consecutive days, at all times during which (i) no Event of Default has existed and (ii) Excess Availability for each day during such 30-day
period has been greater than the greater of (x) 10.0% of the Total Line Cap at such time and
(y) $40,000,000. 
 “Consolidated Adjusted EBITDA” means, for any period, an amount determined for the Borrower
Agent and its Subsidiaries on a consolidated basis equal to the total of (a) Consolidated Net Income for such period plus (b) the sum, without duplication, of (to the extent deducted in calculating Consolidated Net Income, other
than in respect of clauses (x), (xi), (xii) and (xiv)) the amounts of: 

  
 15 

 (i) consolidated interest expense (including (i) fees and expenses paid to the
Administrative Agent in connection with its services hereunder, (ii) other bank, administrative agency (or trustee) and financing fees, (iii) costs of surety bonds in connection with financing activities and (iv) commissions,
discounts and other fees and charges owed with respect to letters of credit, bankers’ acceptance or any similar facilities or financing and hedging agreements); 

(ii) taxes paid and provisions for taxes based on income, profits or capital of the Borrower Agent and its Subsidiaries, including, in each
case federal, state, provincial, local, foreign, unitary, franchise, excise, property, withholding and similar taxes, including any penalties and interest; 

(iii) Consolidated Depreciation and Amortization Expense for such period; 

(iv) other non-Cash charges, including the excess of GAAP rent expense over actual Cash rent paid, including the benefit of lease incentives
(in the case of a charge) or the excess of actual Cash rent paid, including the benefit of lease incentives, over GAAP rent expense (in the case of a gain) during such period due to the use of straight line rent for GAAP purposes; provided
that if any such non-Cash charge represents an accrual or reserve for potential Cash items in any future period, (i) the Borrower Agent may determine not to add back such non-Cash charge in the current period and (ii) to the extent the
Borrower Agent does decide to add back such non-Cash charge, the Cash payment in respect thereof in such future period shall be subtracted from Consolidated Adjusted EBITDA in the period in which such payment is made; 

(v) (A) Transaction Costs and (B) transaction fees, costs and expenses incurred (1) in connection with the consummation of any
transaction (or any transaction proposed and not consummated) permitted under this Agreement, including the issuance of Capital Stock, Investments, acquisitions, dispositions, recapitalizations, mergers, option buyouts or the incurrence or repayment
of Indebtedness or similar transactions, (2) in connection with an underwritten public offering or (3) to the extent reimbursable by third parties pursuant to indemnification provisions or similar agreements or insurance; provided
that, in respect of any fees, costs and expenses incurred pursuant to clause (3) above, the Borrower Agent in good faith expects to receive reimbursement for such fees, costs and expenses within the next four Fiscal Quarters (it being
understood that to the extent not actually received within such Fiscal Quarters, such reimbursement amounts shall be deducted in calculating Consolidated Adjusted EBITDA for such Fiscal Quarters); 

(vi) the amount of any expense or deduction associated with any Subsidiary attributable to non-controlling interests or minority interests of
third parties; 

  
 16 

 (vii) any
portion of management, monitoring, consulting, transaction and advisory fees and related expenses (including, for the avoidance of doubt, any
termination payments in connection therewith)
actually paid by or on behalf of, or accrued by, the
Borrower Agent or any of its Subsidiaries to the Sponsors (or their Affiliates or management companies) (A) to the extent permitted under this Agreement or (B) to the extent paid or accrued prior to the Closing Date, as permitted by the
Existing ABL Agreement;[reserved]; 

(viii) the amount of any one-time restructuring charge or reserve, including in connection with (A) acquisitions permitted hereunder
after the Closing Date and (B) the consolidation or closing of facilities, stores or distribution centers during such period; 
 (ix)
earn-out obligations incurred in connection with any Permitted Acquisition or other Investment permitted pursuant to Section 6.07 and paid or accrued during such period and on similar acquisitions and Investments completed prior to the
Closing Date; 
 (x) pro forma “run rate” cost savings, product margin synergies (including increased share of shelf), operating
expense reductions and product cost (including sourcing) and other synergies (net of the amount of actual amounts realized) reasonably identifiable and factually supportable (in the good faith determination of the Borrower Agent) related to and
projected by the Borrower Agent in good faith to result from actions taken or with respect to which substantial steps have been taken or are expected to be taken (in the good faith determination of the Borrower Agent) within 18 months after the
occurrence of, (A) the Transactions and (B) after the Closing Date, permitted asset sales, acquisitions, Investments, dispositions, operating improvements, restructurings, cost saving initiatives and certain other similar initiatives and
specified transactions; provided that the aggregate amount of such costs savings, operating expense reductions and synergies under this clause (x) (other than the adjustments set forth in Schedule 1.01(d) and other than in
connection with any mergers, business combinations, acquisitions or divestures) shall not exceed, together with any amounts added back pursuant to clause (xi) and pursuant to any pro forma adjustment in accordance with Section 1.08,
25.0% of Consolidated Adjusted EBITDA in any four-Fiscal Quarter period (calculated before giving effect to any such add-backs and adjustments); 

(xi) costs, charges, accruals, reserves or expenses attributable to the undertaking and/or implementation of cost savings initiatives,
operating expense reductions, integration, transition, facilities opening and pre-opening, business optimization and other restructuring costs, charges, accruals, reserves and expenses (including, without limitation, inventory optimization programs,
software development costs and costs related to the closure or consolidation of facilities, stores or distribution centers (without duplication of amounts in clause (ix) above) and curtailments, costs related to entry into new markets,
consulting fees, signing costs, retention or completion bonuses, relocation expenses, severance payments, modifications to pension and post-retirement employee benefit plans, new systems design and implementation costs and project startup costs);
provided that the aggregate amount of any such costs, charges, accruals, reserves or expenses (other than in connection with any mergers, business combinations, acquisitions or divestures) shall not exceed, together with any amounts added
back pursuant to clause (x) and pursuant to any pro forma adjustment in accordance with Section 1.08, 25.0% of Consolidated Adjusted EBITDA in any four-Fiscal Quarter period (calculated before giving effect to any such
add-backs and adjustments); 

  
 17 

 (xii) business interruption insurance in an amount representing the earnings for the
applicable period that such proceeds are intended to replace (whether or not received so long as the Borrower Agent in good faith expects to receive the same within the next four Fiscal Quarters (it being understood that to the extent not actually
received within such Fiscal Quarters, such proceeds shall be deducted in calculating Consolidated Adjusted EBITDA for such Fiscal Quarters)); 

(xiii) unrealized net losses in the fair market value of any arrangements under Hedge Agreements; and 

(xiv) Cash actually received (or any netting arrangements resulting in reduced Cash expenditures) during such period, and not included in
Consolidated Net Income in any period, to the extent that the non-Cash gain relating to such Cash receipt or netting arrangement was deducted in the calculation of Consolidated Adjusted EBITDA pursuant to clause (c)(i) below for any previous period
and not added back; 
 minus (c) to the extent such amounts increase Consolidated Net Income: 

(i) other non-Cash items (excluding any such non-Cash item to the extent it represents the reversal of an accrual or reserve for a potential
Cash item in any prior period); 
 (ii) unrealized net gains in the fair market value of any arrangements under Hedge Agreements; and 

(iii) the amount added back to Consolidated Adjusted EBITDA pursuant to clause (b)(xii) above to the extent such business interruption
proceeds were not received within the time period required by such clause. 
 Notwithstanding anything to the contrary, it is agreed, that
for the purpose of calculating the Total Leverage Ratio, the Senior Secured Leverage Ratio and the Fixed Charge Coverage Ratio for any period that includes the Fiscal Quarter ended on or about March 31, 2015, the Fiscal Quarter ended on or
about December 31, 2014, the Fiscal Quarter ended on or about September 30, 2014 or the Fiscal Quarter ended on or about June 30, 2014, Consolidated Adjusted EBITDA for the Fiscal Quarter ended on or about March 31, 2015 shall be
deemed to be $49,495,000, Consolidated Adjusted EBITDA for the Fiscal Quarter ended on December 31, 2014 shall be deemed to be $191,036,000, Consolidated Adjusted EBITDA for the Fiscal Quarter ended on September 30, 2014 shall be deemed to
be $56,961,000 and Consolidated Adjusted EBITDA for the Fiscal Quarter ended on or about June 30, 2014, shall be deemed to be $69,293,000. 

“Consolidated Capital Expenditures” means, for any period, the aggregate amount of all expenditures of the Borrower Agent and
its Subsidiaries during such period determined on a consolidated basis that, in accordance with GAAP, are or should be included as additions to property, plant and equipment in the consolidated statement of cash flows of the Borrower Agent and its
Subsidiaries. Notwithstanding the foregoing, Consolidated Capital Expenditures shall not include: 

  
 18 

 (a) the purchase price of property, plant or equipment or software in an
amount equal to the proceeds of asset dispositions of fixed or capital assets that are not required to be applied to prepay the loans under the Term Loan
FacilityLoans of the Borrowers pursuant to Section 2.11(b), 
 (b) expenditures made with tenant allowances received by the Borrower Agent
or any of its Subsidiaries from landlords in the ordinary course of business and subsequently capitalized, 
 (c) any amounts
spent in connection with Investments permitted pursuant to Section 6.07 and expenditures made in connection with the Transactions, 

(d) expenditures financed with the proceeds of an issuance of Capital Stock of any Parent Company, or a capital contribution to
the Borrowers, 
 (e) expenditures that are accounted for as capital expenditures by the Borrowers or any Subsidiary and that
actually are paid for by a Person other than the Borrowers or any Subsidiary to the extent neither the Borrowers nor any Subsidiary has provided or is required to provide or incur, directly or indirectly, any consideration or obligation to such
Person or any other Person (whether before, during or after such period), 
 (f) any expenditures which are contractually
required to be, and are, advanced or reimbursed to the Loan Parties in Cash by a third party (including landlords) during such period of calculation, 

(g) the book value of any asset owned by the Borrowers or any Subsidiary prior to or during such period to the extent that such
book value is included as a capital expenditure during such period as a result of such Person reusing or beginning to reuse such asset during such period without a corresponding expenditure actually having been made in such period; provided
that (i) any expenditure necessary in order to permit such asset to be reused shall be included as a capital expenditure during the period in which such expenditure actually is made and (ii) such book value shall have been included in
capital expenditures when such asset was originally acquired, 
 (h) that portion of interest on Indebtedness incurred for
capital expenditures which is paid in Cash and capitalized in accordance with GAAP, 
 (i) expenditures made in connection
with the replacement, substitution, restoration, upgrade, development or repair of assets to the extent financed with (x) insurance or settlement proceeds paid on account of the loss of or damage to the assets being replaced, substituted,
restored, upgraded, developed or repaired or (y) awards of compensation arising from the taking by eminent domain or condemnation of the assets being replaced, or 

(j) in the event that any equipment is purchased simultaneously with the trade-in of existing equipment, the gross amount of
the credit granted by the seller of such equipment for the equipment being traded in at such time. 

  
 19 

 “Consolidated Cash Interest Expense” means, for any period, Consolidated
Interest Expense for such period, excluding (a) any amount not paid or payable currently in Cash, (b) amortization of deferred financing costs, (c) Transaction Costs otherwise included in Consolidated Interest Expense and (d) any
annual agency fees with respect to any Indebtedness, in each case, to the extent included in Consolidated Interest Expense. 

“Consolidated Depreciation and Amortization Expense” means, with respect to any Person, for any period, the total amount of
depreciation and amortization expense, including the amortization of deferred financing fees and amortization of unrecognized prior service costs and actuarial gains and losses related to pensions and other post-employment benefits, of such Person
and its Subsidiaries for such period on a consolidated basis and otherwise determined in accordance with GAAP. 
 “Consolidated
Interest Expense” means, for any period (a) total interest expense (including that portion attributable to Capital Leases in accordance with GAAP and capitalized interest) of the Borrower Agent and its Subsidiaries on a consolidated
basis in accordance with GAAP with respect to all outstanding Indebtedness of the Borrower Agent and its Subsidiaries, (i) including, (A) all commissions, discounts and other fees and charges owed with respect to Indebtedness of the
Borrower Agent and any of its Subsidiaries and (B) any commitment fees on the unused portion of the Commitments as set forth in Section 2.12 and (ii) excluding (A) any costs associated with obtaining, or breakage costs in
respect of, Hedge Agreements and (B) any fees and expenses associated with any permitted dispositions and asset sales, acquisitions and Investments, equity issuances or issuances of Indebtedness (in each case, whether or not consummated),
less (c) any Cash interest income of the Borrower Agent or any of its Subsidiaries actually received during such period. For avoidance of doubt, Consolidated Interest Expense shall be net of payments made or received under interest rate
Hedge Agreements. 
 “Consolidated Net Income” means, for any period, the net income (or loss) of the Borrower Agent and
its Subsidiaries on a consolidated basis for such period taken as a single accounting period determined in conformity with GAAP; provided that there shall be excluded, without duplication, 

(a) the income (or loss) of any Person (other than a Subsidiary of the Borrower Agent) in which any other Person (other than
the Borrower Agent or any of its Subsidiaries) has a joint interest, except, with respect to any income, to the extent of the amount of dividends or distributions or other payments (including any ordinary course dividend, distribution or other
payment) paid in Cash (or to the extent converted into Cash) to the Borrower Agent or any of its Subsidiaries by such Person during such period, 

(b) gains or losses (less all fees and expenses chargeable thereto) attributable to asset sales or dispositions (including
asset retirement costs) or returned surplus assets of any Pension Plan outside of the ordinary course of business, 
 (c)
gains or losses from (i) extraordinary items and (ii) nonrecurring or unusual items (including costs of and payments of legal settlements, fines, judgments or orders), 

  
 20 

 (d) any unrealized or realized net foreign currency translation or
transaction gains or losses impacting net income (including currency re-measurements of Indebtedness and any net gains or losses resulting from Hedge Agreements for currency exchange risk associated with the above or any other currency related
risk), 
 (e) any net gains, charges or losses with respect to (i) disposed, abandoned and discontinued operations
(other than assets held for sale) and any accretion or accrual of discounted liabilities in connection with store closures or asset retirement obligations and (ii) facilities, stores or distribution centers that have been closed during such
period, 
 (f) any net income or loss (less all fees and expenses or charges related thereto) attributable to the early
extinguishment of Indebtedness, 
 (g) (i) any charges or expenses incurred pursuant to any management equity plan or
stock option plan or any other management or employee benefit plan or agreement, pension plan, any stock subscription or shareholder agreement or any distributor equity plan or agreement and (ii) any charges, costs, expenses, accruals or
reserves in connection with the rollover, acceleration or payout of Capital Stock held by management of any Parent Company, any Borrower or any of their Subsidiaries, in each case, to the extent that (in the case of any Cash charges, costs and
expenses) such charges, costs or expenses are funded with net Cash proceeds contributed to the common equity of the Borrower Agent as a capital contribution or as a result of the sale or issuance of Capital Stock (other than Disqualified Capital
Stock) of the Borrower Agent, 
 (h) accruals and reserves that are established within 12 months after the Closing Date that
are so required to be established as a result of the Transactions in accordance with GAAP, 
 (i) any (A) write-off or
amortization made in such period of deferred financing costs and premiums paid or other expenses incurred directly in connection with any early extinguishment of Indebtedness or (B) good will or other asset impairment charges, write-offs or
write-downs, and 
 (j) (i) effects of adjustments (including, without limitation, the effects of such adjustments
pushed down to the Borrower Agent and its Subsidiaries) in such Person’s consolidated financial statements pursuant to GAAP (including in the inventory, property and equipment, software, goodwill, intangible assets, in-process research and
development, deferred revenue and debt line items thereof) resulting from the application of recapitalization accounting or purchase accounting, as the case may be, in relation to the Transactions or any consummated acquisition or the amortization
or write-off of any amounts thereof and (ii) the cumulative effect of changes in accounting principles. 

  
 21 

 “Consolidated Senior Secured Debt” means, as at any date of determination,
the aggregate principal amount of Consolidated Total Debt outstanding on such date that is secured by a Lien on any asset or property of the Borrowers or their Subsidiaries. 

“Consolidated Total Assets” means, at any date, all amounts that would, in conformity with GAAP, be set forth opposite the
caption “total assets” (or any like caption) on a consolidated balance sheet of the Borrower Agent and its Subsidiaries at such date. 

“Consolidated Total Debt” means, as at any date of determination, the aggregate principal amount of all funded Indebtedness
described in clauses (a), (b), (c), (d) and (f) (with respect to amounts drawn and not reimbursed for a period in excess of five Business Days) of the definition of “Indebtedness” of the
Borrower Agent and its Subsidiaries. 
 “Contractual Obligation” means, as applied to any Person, any provision of any
Security issued by that Person or of any material indenture, mortgage, deed of trust, contract, undertaking, agreement or other instrument to which that Person is a party or by which it or any of its properties is bound or to which it or any of its
properties is subject. 
 “Control” means the possession, directly or indirectly, of the power to direct or cause the
direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled” have meanings correlative thereto. 

“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. 
 “Cost” means cost determined according to the
accounting policies used in the preparation of the Borrower Agent’s most recent audited financial statements prior to the Closing Date (pursuant to which the average cost method of accounting is used for retail inventories and the FIFO method
of accounting is being used for wholesale inventories) without regard to intercompany profit or increases for currency exchange rates. 
 “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). 

 “Covered Party” has the meaning assigned to it in Section 9.25. 
 “Credit Card Notification” has the meaning provided in
Section 2.21(c). 

  
 22 

 “Credit Card Receivables Component” means (a) for purposes of determining the ABL Borrowing Base, the face amount of Eligible Credit Card Receivables multiplied by 90.0% and (b) for purposes of determining the FILO Borrowing Base, the face amount of Eligible Credit Card Receivables multiplied by
5.0%. 
 “Credit Extensions” means each of the
(a) ABL Revolving Credit Extensions and (b) FILO Credit Extensions. 

“Credit Party” means any of the Administrative Agent, any Issuing Bank, the Swingline Lender or any other Lender.

 “Cure Amount” has the meaning provided in Section 6.18(b). 

“Cure Right” has the meaning provided in Section 6.18(b). 

“Customer Credit Liability Reserve” means at any time, the aggregate remaining value at such time of
(a) outstanding gift certificates and gift cards sold by the Borrowers and Loan Guarantors entitling the holder thereof to use all or a portion of the certificate or gift card to pay all or a portion of the purchase price for any Inventory, and
(b) outstanding merchandise credits issued by and customer deposits received by the Borrowers and Loan Guarantors. 

“Customs Broker Agreement” means an agreement, in form and substance reasonably satisfactory to the Administrative
Agent, among any Loan Party, a customs broker or other carrier, and the Administrative Agent, in which the customs broker or other carrier acknowledges that it has control over and holds the documents evidencing ownership of the subject Inventory
for the benefit of the Administrative Agent and agrees, upon notice from the Administrative Agent (which notice shall be delivered only upon the occurrence and during the continuation of an Event of Default), to hold and dispose of the subject
Inventory solely as directed by the Administrative Agent. 

“Daily
 Simple SOFR” means, for any day, SOFR, with the conventions for this rate (which will 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. 

“DDAs” means any checking or other demand deposit account maintained by the Loan Parties other than Excluded Accounts.
All funds in such DDAs shall be conclusively presumed to be Collateral and proceeds of Collateral and the Administrative Agent and the Lenders shall have no duty to inquire as to the source of the amounts on deposit in the DDAs, subject to the
Intercreditor Agreement. 
 “Debtor Relief Laws” means the Bankruptcy Code of the United States, and all
other liquidation, conservatorship, bankruptcy, general assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief laws of the United States or other applicable
jurisdictions from time to time in effect and affecting the rights of creditors generally. 

  
 23 

 “Default” means any event or condition which upon notice, lapse of
time or both would, unless cured or waived, become an Event of Default. 
 “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. 
 “Defaulting Lender” means any Lender that has
(a) failed, within one Business Day of the date required to be funded or paid, to (i) fund any portion of its Loans, (ii) fund any portion of its participations in Letters of Credit or Swingline Loans or (iii) pay over to any
Credit Party any other amount required to be paid by it hereunder, (b) notified any Credit Party or a Loan Party in writing that it does not intend to satisfy any such obligation or has made a public statement to the effect that it does not
intend to comply with its funding obligations under this Agreement or generally under other agreements in which it commits to extend credit, (c) failed, within three Business Days after the request by a Credit Party or the Borrower Agent,
acting in good faith, to confirm in writing from an authorized officer of such Lender that it will comply with the terms of this Agreement relating to its obligations (and is financially able to meet such obligations) to fund prospective Loans and
participations in then outstanding Letters of Credit, Swingline Loans and Protective Advances; provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such written confirmation
by such Credit Party in form and substance satisfactory to it and the Administrative Agent, (d) become (or any parent company thereof has become) insolvent or been determined by any Governmental Authority having regulatory authority over such
Person or its assets, to be insolvent, or the assets or management of which has been taken over by any Governmental Authority, or (e) become the subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee,
administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or custodian, appointed for it, or has taken any action in furtherance of, or indicating its consent to, approval of or
acquiescence in, any such proceeding or appointment, or become the subject of a Bail-in Action, unless in the case of any Lender subject to this clause (e), the Borrowers, Administrative Agent, Swingline Lender and each Issuing Bank shall each have determined that such Lender intends, and has all
approvals required to enable it (in form and substance satisfactory to each of the Borrowers, Administrative Agent, Swingline Lender and each Issuing Bank), to continue to perform its obligations as a Lender hereunder; provided that a Lender
shall not be deemed to be a Defaulting Lender solely by virtue of the ownership or acquisition of any Capital Stock in such Lender or its parent 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 such Governmental Authority) to reject, repudiate, disavow or disaffirm any
contracts or agreements made with such Lender. 
 “Deposit Account” means a demand, time, savings, passbook
or like account with a bank, savings and loan association, credit union or like organization, other than an account evidenced by a negotiable certificate of deposit. 

  
 24 

 “Derivative Transaction” means (a) any interest-rate
transaction, including any interest-rate swap, basis swap, forward rate agreement, interest rate option (including a cap collar and floor), and any other instrument linked to interest rates that gives rise to similar credit risks (including
when-issued securities and forward deposits accepted), (b) any exchange-rate transaction, including any cross-currency interest-rate swap, any forward foreign-exchange contract, any currency option, and any other instrument linked to exchange
rates that gives rise to similar credit risks, (c) any equity derivative transaction, including any equity-linked swap, any equity-linked option, any forward equity-linked contract, and any other instrument linked to equities that gives rise to
similar credit risk and (d) any commodity (including precious metal) derivative transaction, including any commodity-linked swap, any commodity-linked option, any forward commodity- linked contract, and any other instrument linked to
commodities that gives rise to similar credit risks; provided, that, no phantom stock or similar plan providing for payments only on account of services provided by current or former directors, officers, employees or consultants of
Holdings or its subsidiaries shall be a Derivative Transaction. 
 “Designated Non-Cash Consideration” shall
mean the fair market value (as determined by the Borrower Agent in good faith) of non-Cash consideration received by the Borrower Agent or a Subsidiary in connection with a sale or disposition pursuant to Section 6.08(h) that is
designated as Designated Non-Cash Consideration pursuant to a certificate of a Responsible Officer of the Borrower Agent, setting forth the basis of such valuation (which amount will be reduced by the fair market value of the portion of the non-Cash
consideration converted to Cash or Cash Equivalents). 
 “Disqualified Capital Stock” means any Capital Stock which,
by its terms (or by the terms of any security into which it is convertible or for which it is exchangeable), or upon the happening of any event, (i) matures (excluding any maturity as the result of an optional redemption by the issuer thereof)
or is mandatorily redeemable (other than for Qualified Capital Stock), pursuant to a sinking fund obligation or otherwise, or is redeemable at the option of the holder thereof (other than for Qualified Capital Stock), in whole or in part, on or
prior to 91 days following the Maturity Date, (ii) is or becomes convertible into or exchangeable (unless at the sole option of the issuer thereof) for (a) debt securities or (b) any Capital Stock that would constitute Disqualified
Capital Stock, in each case at any time on or prior to 91 days following the Maturity Date, (iii) contains any repurchase obligation which may come into effect prior to payment in full in Cash of all Obligations or (iv) provides for the
scheduled payments of dividends in cash on or prior to 91 days following the Maturity Date; provided that any Capital Stock that would not constitute Disqualified Capital Stock but for provisions thereof giving holders thereof (or the holders
of any security into or for which such Capital Stock is convertible, exchangeable or exercisable) the right to require the issuer thereof to redeem such Capital Stock upon the occurrence of a change in control or an asset sale occurring prior to 91
days following the Maturity Date shall not constitute Disqualified Capital Stock if such Capital Stock provides that the issuer thereof will not redeem any such Capital Stock pursuant to such provisions prior to the Termination Date. 

Notwithstanding the preceding sentence, (A) if such Capital Stock is issued to any plan for the benefit of employees or by any such plan
to such employees, in each case in the ordinary course of business of the Borrower Agent or any Subsidiary, such Capital Stock shall not constitute Disqualified Capital Stock solely because it may be required to be repurchased by the

  
 25 

 
issuer thereof in order to satisfy applicable statutory or regulatory obligations and (B) no Capital Stock held by any future, present or former employee, director, officer or consultant (or
their respective Affiliates or Immediate Family Members) of the Borrower Agent (or any Parent Company or any Subsidiary) shall be considered Disqualified Capital Stock because such stock is redeemable or subject to repurchase pursuant to any
management equity subscription agreement, stock option, stock appreciation right or other stock award agreement, stock ownership plan, put agreement, stockholder agreement or similar agreement that may be in effect from time to time. 

“Disqualified Institutions” means those Persons (the list of all such Persons, the “Disqualified Institutions
List”) that are (i) identified in writing by the Borrower Agent to the Administrative Agent on August 6, 2015, (ii) competitors of the Borrower Agent and its subsidiaries (other than bona fide fixed income investors or debt
funds) that are identified in writing by the Borrower Agent from time to time or (iii) Affiliates of such Persons set forth in clauses (i) and (ii) above (in the case of Affiliates of such Persons set forth in clause (ii) above,
other than bona fide fixed income investors or debt funds) that are either (a) identified in writing by the Borrower Agent or a Sponsor from time to time or
(b) clearly identifiable on the basis of such Affiliate’s name; provided, that, to the extent Persons are identified as Disqualified Institutions in writing by the
Borrower Agent to the Administrative Agent after August 6, 2015 pursuant to clauses (ii) or (iii)(a), the inclusion of such Persons as Disqualified Institutions shall not retroactively apply to prior assignments or participations in
respect of any Loan under this Agreement. Notwithstanding the foregoing, the Borrower Agent, by written notice to the Administrative Agent, may from time to time in its sole discretion remove any entity from the Disqualified Institutions List (or
otherwise modify such list to exclude any particular entity), and such entity removed or excluded from the Disqualified Institutions List shall no longer be a Disqualified Institution for any purpose under this Agreement or any other Loan Document.

 “Disqualified Institutions List” has the meaning as set forth in the definition of “Disqualified
Institutions”. 
 “Disqualified Person” has the meaning as set forth in Section 9.05. 

“Disregarded Domestic Subsidiary” means any Subsidiary incorporated or organized under the laws of the United States of
America, any State thereof or the District of Columbia that is treated as a disregarded entity for U.S. federal income tax purposes that holds directly, or indirectly through one or more disregarded entities, the equity and/or indebtedness treated
as equity for U.S. federal income tax purposes, of one or more Foreign Subsidiaries or one or more FSHCO Subsidiaries. 

“Document” has the meaning set forth in Article 9 of the UCC. 

“Dollars” or “$” refers to lawful money of the United States of America. 

“Domestic Subsidiaries” means all Subsidiaries incorporated or organized under the laws of the United States of
America, any State thereof or the District of Columbia. 

  
 26 

“Early Opt-in Election” means: 

in the case
of Loans denominated in Dollars, 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 

(2) the
joint election by the Administrative Agent and the Borrower Agent to trigger a fallback from LIBO Rate and the provision by the Administrative Agent of written notice of such election to the
Lenders. 
 “ECP” means an “eligible contract
participant” as defined in Section 1(a)(18) of the Commodity Exchange Act or any regulations promulgated thereunder and the applicable rules issued by the Commodity Futures Trading Commission and/or the SEC. 

“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 System” means any electronic
system, including e-mail, 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 and any of its respective Related Parties or any other Person, providing for access to data protected by passcodes or other security system.  

“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
”, 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. 
 “Eligible Assignee” means
(a) a Lender, (b) a commercial bank, insurance company, finance company, financial institution, any fund that invests in loans or any other “accredited investor” (as defined in Regulation D of the Securities Act), (c) any
Affiliate of a Lender or (d) an Approved Fund of a Lender; provided that in any event, “Eligible Assignee” shall not include (i) any natural person, (ii) any Defaulting Lender, (iii) Holdings or any Borrower or
any Subsidiary thereof, (iv) any Sponsor or any of its Affiliates or (v) any Disqualified
Institution. 

  
 27 

 “Eligible Credit Card Receivables” means Accounts due to any Loan Party on
a non-recourse basis from Visa, MasterCard, American Express Company, Discover, Diners Club and other major credit card or debit card issuer and processors, as arise in the ordinary course of business, which have been earned by performance, and are
not excluded as ineligible by one or more of the criteria set forth below (without duplication of any Reserves established in accordance with Section 2.25). Without limiting the foregoing, none of the following shall be deemed to be
Eligible Credit Card Receivables: 
 (a) Accounts due from credit card or debit card processors that have been outstanding
for more than five Business Days from the date of sale or for such longer period as may be approved by the Administrative Agent in its reasonable discretion; 

(b) Accounts due from credit card or debit card processors with respect to which a Loan Party does not have good, valid and
marketable title, free and clear of any Lien (other than Liens granted to the Administrative Agent for its own benefit and the benefit of the other Secured Parties, Second Priority Liens, Permitted Encumbrances (without limiting the ability of the
Administrative Agent to change, establish or eliminate any Reserves in its Permitted Discretion on account of any such Permitted Encumbrances) and other Liens permitted pursuant to Sections 6.02(o), 6.02(t), 6.02(u) and 6.02(k) (as it
pertains to any of the foregoing); 
 (c) Accounts due from credit card or debit card processors that are not subject to a
first priority security interest in favor of the Administrative Agent for its own benefit and the benefit of the other Secured Parties other than Permitted Encumbrances having priority by applicable law (it being the intent that chargebacks in the
ordinary course by the credit card processors shall not be deemed violative of this clause); 
 (d) Accounts due from credit
card or debit card processors which are disputed, are with recourse, or with respect to which a claim, counterclaim, offset or chargeback has been asserted (to the extent of such claim, counterclaim, offset or chargeback and except to the extent
such claim, counterclaim, offset or chargeback is limited by an agreement that is reasonably satisfactory to the Administrative Agent); 

(e) Except as otherwise approved by the Administrative Agent (such approval not to be unreasonably withheld), Accounts due from
credit card or debit card processors as to which the credit card or debit card processor has the right under certain circumstances to require any Borrower to repurchase the Accounts from such credit card processor; 

(f) Except as otherwise approved by the Administrative Agent (such approval not to be unreasonably withheld), Accounts due from
any Person on account of any private label credit card or debit card receivables other than such Accounts under programs between any Borrower and a third party reasonably acceptable to the Administrative Agent where the third party retains the
consumer credit exposure; 

  
 28 

 (g) Accounts due from credit card or debit card processors (other than Visa,
MasterCard, American Express Company, Diners Club and Discover) which the Administrative Agent determines in its Permitted Discretion to be uncertain of collection; or 

(h) Accounts which are acquired in connection with a Permitted Acquisition to the extent the Administrative Agent shall not
have received a Report in respect of such Accounts, which Report shows results reasonably satisfactory to the Administrative Agent; it being agreed that the Administrative Agent shall take such actions as are reasonably required to obtain such a
Report (which Report shall be at the expense of the Borrowers and shall not be considered in any limitation on such Reports at the expense of Borrowers provided in Section 5.06 or otherwise) promptly upon the request of any Borrower (or
the Borrower Agent on behalf of such Borrower); provided that the Administrative Agent may, in its Permitted Discretion, determine to include such Accounts as Eligible Credit Card Receivables prior to the receipt by Administrative Agent of
such Report, without limiting the right of Administrative Agent to subsequently exclude such Accounts based on the results of such Report. 

“Eligible In-Transit Inventory” means, at any time, without duplication of other Eligible Inventory, Inventory of the
Loan Parties: 
 (a) which has been shipped (A) from a foreign location for receipt by any Loan Party within 45
days of the date of shipment, or (B) from a domestic location for receipt by any Loan Party within 15 days of the date of shipment, but, in either case, which has not yet been delivered to such Loan Party; 

(b) for which the purchase order is in the name of a Loan Party and title has passed to such Loan Party; 

(c) for which the document of title reflects any Loan Party as consignee or, if reasonably requested by the Administrative
Agent, names the Administrative Agent as consignee, and in each case for Inventory shipped from or held in a foreign location, as to which the Administrative Agent has control over the documents of title which evidence ownership of the subject
Inventory (such as, if requested by the Administrative Agent, by the delivery of a Customs Broker Agreement); 
 (d) for
which the document of title, if requested by the Administrative Agent, is negotiable; 
 (e) which is insured in accordance
with the terms of this Agreement; and 
 (f) which otherwise is not excluded from the definition of Eligible Inventory
(except per the lead-in to such definition or by violation of clauses (g), (j) or (m) of that definition). 

  
 29 

 “Eligible Inventory” means, at any time, all Inventory (excluding
Eligible In- Transit Inventory) of the Loan Parties; provided that Eligible Inventory shall not include any Inventory (without duplication of any Reserves established in accordance with Section 2.25): 

(a) which is not subject to a first priority perfected Lien in favor of the Administrative Agent (other than a Landlord Lien as
to which a Landlord Lien Reserve applies and other than Permitted Liens (without limiting the ability of the Administrative Agent to change, establish or eliminate any Reserves in its Permitted Discretion in respect of such Permitted Liens); 

(b) which is unmerchantable, damaged, defective or unfit for sale; 

(c) which does not conform in all material respects to the representations and warranties contained in this Agreement or the
Pledge and Security Agreement; 
 (d) which is not owned only by one or more Loan Parties; 

(e) which constitutes work-in-process or supplies, spare parts or other similar items dedicated for internal use by the Loan
Parties, bill-and-hold goods or goods that constitute goods held on consignment or goods that are not of a type held for sale in the ordinary course of business; 

(f) which is not located in the U.S. or Canada or is in transit with a common carrier from vendors or suppliers (other than
Eligible In-Transit Inventory); 
 (g) which is located at any Specified Location leased by a Loan Party, unless (i) the
lessor has delivered to the Administrative Agent a Collateral Access Agreement as to such location or (ii) a Landlord Lien Reserve with respect to such location has been established in accordance with Section 2.25; 

(h) which is located in any third party warehouse or is in the possession of a bailee (other than a third party processor) at a
Specified Location and is not evidenced by a Document, unless (i) such warehouseman or bailee has delivered to the Administrative Agent a Collateral Access Agreement and such other documentation as the Administrative Agent may reasonably
require or (ii) a Landlord Lien Reserve has been established in accordance with Section 2.25; 
 (i) which
is being processed offsite by a third party at a third party location or outside processor, or is in transit (other than Eligible In-Transit Inventory) to or from said third party location or outside processor; 

(j) which is the subject of a consignment by any Loan Party as consignor or consignee; 

(k) which contains or bears any intellectual property rights licensed to any Loan Party pursuant to a license with any Person
other than a Loan Party unless the Administrative Agent may sell or otherwise dispose of such Inventory without (i) infringing the rights of such licensor, (ii) violating any contract with such licensor, or (iii) incurring any liability
with respect to payment of royalties other than royalties incurred pursuant to sale of such Inventory under the current licensing agreement relating thereto; 

  
 30 

 (l) which is not reflected in a current perpetual inventory report (other
than Eligible In-Transit Inventory) of the Borrower Agent or any of its Subsidiaries; or 
 (m) which is acquired in
connection with an acquisition permitted hereunder to the extent the Administrative Agent shall not have received a Report in respect of such Inventory, which Report shows results reasonably satisfactory to the Administrative Agent; it being agreed
that the Administrative Agent shall take such actions as are reasonably required to obtain such a Report (which Report shall be at the expense of the Borrowers and shall not be considered in any limitation on such Reports at the expense of the
Borrowers provided in Section 5.06 or otherwise) promptly upon the request of any Loan Party (or the Borrower Agent on behalf of such Loan Party); provided that Administrative Agent may, in its judgment, determine to include such
Inventory as Eligible Inventory prior to the receipt by Administrative Agent of such Report, without limiting the right of Administrative Agent to subsequently exclude such Inventory based on the results of such Report. 

“Eligible Trade Receivables” means, at any time, all Accounts (excluding Eligible Credit Card Receivables) due to any
Loan Party arising from the sale of goods of the Loan Parties or the provision of services by the Loan Parties; provided that Eligible Trade Receivables shall not include any Account (without duplication of any Reserves established in
accordance with Section 2.25): 
 (a) which is not subject to a first priority perfected security interest in
favor of the Administrative Agent (other than Permitted Encumbrances having priority by applicable law, without limiting the ability of the Administrative Agent to change, establish or eliminate any Reserves in its Permitted Discretion on account of
any such Permitted Encumbrances); 
 (b) with respect to which more than 120 days have elapsed from the original invoice date
thereof, or which is more than 60 days past due, or which has been written off the books of the Loan Parties or otherwise designated as uncollectible; 

(c) which is owing by an Account Debtor for which more than 50.0% of the Accounts owing from such Account Debtor and its
Affiliates are ineligible pursuant to clause (b) above; 
 (d) which is owing by an Account Debtor to the extent
the aggregate amount of Accounts owing from such Account Debtor and its Affiliates to the Loan Parties exceeds 20.0% of the aggregate Eligible Trade Receivables; 

(e) which does not conform in all material respects to the representations and warranties contained in this Agreement or in the
Pledge and Security Agreement; 

  
 31 

 (f) which (i) does not arise from the sale of goods or performance of
services in the ordinary course of business, (ii) is not invoiced or evidenced by other documentation reasonably satisfactory to the Administrative Agent which has been sent to the Account Debtor (it being agreed that the Loan Parties’
current practice with respect to electronic purchase orders and confirmations is reasonably satisfactory to the Administrative Agent), (iii) represents a progress billing, (iv) is contingent upon the Loan Parties’ completion of any
further performance, (v) represents a sale on a bill-and-hold, guaranteed sale, sale-and-return, sale on approval, consignment, Cash-on-delivery or any other repurchase or return basis or (vi) relates to payments of interest; 

(g) for which the goods giving rise to such Account have not been shipped to the Account Debtor or for which the services
giving rise to such Account have not been performed by the Loan Parties or if such Account was invoiced more than once; 

(h) with respect to which any check or other instrument of payment has been returned uncollected for any reason; 

(i) which is owed by an Account Debtor which has (i) applied for, suffered, or consented to the appointment of any
receiver, custodian, trustee or liquidator of its assets, (ii) had possession of all or a material part of its property taken by any receiver, custodian, trustee or liquidator, (iii) filed, or had filed against it, any request or petition
for liquidation, reorganization, arrangement, adjustment of debts, adjudication as bankrupt, winding-up, or voluntary or involuntary case under any state or Federal bankruptcy laws, (iv) admitted in writing its inability, or is generally unable
to, pay its debts as they become due, (v) become insolvent, or (vi) ceased operation of its business; 
 (j) which
is owed by any Account Debtor which has sold all or a substantially all of its assets; 
 (k) which is owed by an Account
Debtor which (i) does not maintain its chief executive office in the U.S. or Canada or (ii) is not organized under applicable law of the U.S. or Canada or any state or province thereof unless, in any case, such Account is backed by a
letter of credit reasonably acceptable to the Administrative Agent which is in the possession of, has been assigned to and is directly drawable by the Administrative Agent; 

(l) which is owed in any currency other than Dollars; 

(m) which is owed by (i) the government (or any department, agency, public corporation or instrumentality thereof) of any
country other than the U.S. unless such Account is backed by a letter of credit reasonably acceptable to the Administrative Agent and, if requested by the Administrative Agent, which is in the possession of the Administrative Agent, or (ii) the
government of the U.S., or any department, agency, public corporation or instrumentality thereof, unless the Federal Assignment of Claims Act of 1940, as amended (31 U.S.C. § 3727 et seq. and 41 U.S.C. § 15 et seq.), and any other steps
necessary to perfect the Lien of the Administrative Agent in such Account have been complied with to the Administrative Agent’s reasonable satisfaction; 

  
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 (n) which is owed by any Affiliate, employee, officer, director, agent or
stockholder of any Loan Party; 
 (o) which is owed by an Account Debtor or any Affiliate of such Account Debtor to which any
Loan Party is indebted (but, subject to the proviso below, only to the extent of such indebtedness) or is subject to any security, deposit, progress payment, retainage or other similar advance made by or for the benefit of an Account Debtor, in each
case to the extent thereof; 
 (p) which is subject to any counterclaim, deduction, defense, setoff or dispute notice of
which is provided to any Borrower or any of its Subsidiaries but only to the extent of any such counterclaim, deduction, defense, setoff or dispute; provided that no Account that otherwise constitutes an Eligible Trade Receivable shall be
rendered ineligible by virtue of this clause (p) to the extent, but only to the extent, that the Account Debtor’s right of setoff is limited by an enforceable agreement that is reasonably satisfactory to the Administrative Agent;

 (q) which is evidenced by any promissory note, chattel paper or instrument; 

(r) which is owed by an Account Debtor located in any jurisdiction which requires filing of a “Notice of Business
Activities Report” or other similar report in order to permit any Loan Party to seek judicial enforcement in such jurisdiction of payment of such Account, unless such Loan Party has filed such report or is qualified to do business in such
jurisdiction; 
 (s) with respect to which any Loan Party has made any agreement with the Account Debtor for the reduction
thereof, other than discounts and adjustments given in the ordinary course of business, or other than any Account which was partially paid and such Loan Party created a new receivable for the unpaid portion of such Account; provided that only
the amount of the reduction of any such Account shall be deemed ineligible by virtue of this clause (s); 
 (t) which
does not comply in all material respects with the requirements of all applicable laws and regulations, whether Federal, state or local, including without limitation the Federal Consumer Credit Protection Act, the Federal Truth in Lending Act and
Regulation Z of the Board; 
 (u) which the Administrative Agent determines in its Permitted Discretion may not be paid by
reason of the Account Debtor’s inability to pay; or 
 (v) which is acquired in connection with an acquisition permitted
hereby to the extent the Administrative Agent shall not have received a Report in respect of such Account, which Report shows results reasonably satisfactory to the Administrative Agent; it being agreed that the Administrative Agent shall take such
actions as are reasonably required to obtain such a Report (which Report shall be at the expense of 

  
 33 

 
Borrowers and shall not be considered in any limitation on such Reports at the expense of Borrowers provided in Section 5.06 or otherwise) promptly upon the request of any Borrower
(or the Borrower Agent on behalf of such Borrower); provided that Administrative Agent may, in its Permitted Discretion, determine to include such Accounts as Eligible Trade Receivables prior to the receipt by Administrative Agent of such
Report, without limiting the right of Administrative Agent to subsequently exclude such Accounts based on the results of such Report. 

“Employee Benefit Plan” means any “employee benefit plan” as defined in Section 3(3) of ERISA which is
or was sponsored, maintained or contributed to by, or required to be contributed by, the Borrower Agent, any of its Subsidiaries or any of their respective ERISA Affiliates. 

“Environmental Claim” means any investigation, notice, notice of violation, claim, action, suit, proceeding, demand,
abatement order or other order or directive (conditional or otherwise), by any Governmental Authority or any other Person, arising (a) pursuant to or in connection with any actual or alleged violation of any Environmental Law; (b) in
connection with any Hazardous Material or any actual or alleged Hazardous Materials Activity; or (c) in connection with any actual or alleged damage, injury, threat or harm to health, safety, natural resources or the environment. 

“Environmental Laws” means any and all current or future foreign or domestic, federal or state (or any subdivision of
either of them), statutes, ordinances, orders, rules, regulations, judgments, Governmental Authorizations, or any other requirements of Governmental Authorities and the common law relating to (a) environmental matters, including those relating
to any Hazardous Materials Activity; (b) the generation, use, storage, transportation or disposal of Hazardous Materials; or (c) occupational safety and health, industrial hygiene, land use or the protection of human, plant or animal
health or welfare, in any manner applicable to any Borrower or any of its Subsidiaries or any Facility. 

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

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time, and any successor
thereto. 
 “ERISA Affiliate” means, as applied to any Person, (a) any corporation which is a member of
a controlled group of corporations within the meaning of Section 414(b) of the Code of which that Person is a member; and (b) any trade or business (whether or not incorporated) which is a member of a group of trades or businesses under
common control within the meaning of Section 414(c) of the Code of which that Person is a member. 

  
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 “ERISA Event” means (a) a “reportable event” within
the meaning of Section 4043 of ERISA and the regulations issued thereunder with respect to any Pension Plan (excluding those for which the 30-day notice period has been waived); (b) the failure to meet the minimum funding standard of
Section 412 of the Code, (c) the provision by the administrator of any Pension Plan pursuant to Section 4041(a)(2) or Section 302 of ERISA of a notice of intent to terminate such plan in a distress termination described in
Section 4041(c) of ERISA; (d) the withdrawal by the Borrower Agent, any of its Subsidiaries or any of their respective ERISA Affiliates from any Pension Plan with two or more contributing sponsors or the termination of any such Pension
Plan resulting in liability to the Borrower Agent, any of its Subsidiaries or any of their respective Affiliates pursuant to Section 4063 or 4064 of ERISA; (e) the institution by the PBGC of proceedings to terminate any Pension Plan, or
the occurrence of any event or condition which could reasonably be expected to constitute grounds under ERISA for the termination of, or the appointment of a trustee to administer, any Pension Plan; (f) the imposition of liability on the
Borrower Agent, any of its Subsidiaries or any of their respective ERISA Affiliates pursuant to Section 4062(e) or 4069 of ERISA or by reason of the application of Section 4212(c) of ERISA; (g) the withdrawal of the Borrower Agent,
any of its Subsidiaries or any of their respective ERISA Affiliates in a complete or partial withdrawal (within the meaning of Sections 4203 and 4205 of ERISA) from any Multiemployer Plan if there is any potential liability therefor, or the receipt
by the Borrower Agent, any of its Subsidiaries or any of their respective ERISA Affiliates of notice from any Multiemployer Plan that it is in endangered or critical status under Section 432 of the Code or Section 305 of ERISA, or that it
is in reorganization or insolvency pursuant to Section 4241 or 4245 of ERISA, or that it intends to terminate or has terminated under Section 4041A or 4042 of ERISA; (h) the occurrence of an act or omission which could reasonably be
expected to give rise to the imposition on the Borrower Agent, any of its Subsidiaries or any of their respective ERISA Affiliates of fines, penalties, taxes or related charges under Chapter 43 of the Code or under Section 409,
Section 502(c), (i) or (l), or Section 4071 of ERISA in respect of any Pension Plan; (i) the incurrence of liability or the imposition of a Lien pursuant to Section 436 or 430(k) of the Code or pursuant to ERISA with respect
to any Pension Plan; or (j) a determination that any Pension Plan is, or is expected to be, considered an at-risk plan within the meaning of Section 430 of the Code or Section 303 of ERISA. 

“Event of Default” has the meaning assigned to such term in Article 7. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC
promulgated thereunder. 
 “Excluded Accounts” means any account (a) the balance of which consists
exclusively of and is used exclusively for deposit accounts established (or otherwise maintained) by the Borrower Agent and its Subsidiaries that do not have cash balances at any time exceeding $3,000,000 in the aggregate for all such deposit
accounts, (b) solely containing Cash allocated as proceeds of the sale of Term Loan / Notes First Lien Collateral pursuant to the Intercreditor Agreement or (c) any Trust Fund Account.  

“Excess Availability” means, at any time,
the sum of (a) ABL Excess Availability and (b) FILO Excess Availabilityan amount equal to (a) the Line Cap, minus (b) the aggregate ABL Revolving Exposures of all ABL Revolving Lenders
at such time. 

  
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 “Excluded Subsidiary” means (a) any Domestic Subsidiary that is not a
Wholly-Owned Subsidiary, (b) any Immaterial Subsidiary, (c) any Domestic Subsidiary that is (and for so long as such Domestic Subsidiary is) prohibited by law, regulation or contractual obligations (to the extent existing on the FirstFifth Amendment Effective Date or on the date such Person becomes a Subsidiary (and not entered into in contemplation of such Person becoming a Subsidiary or for the primary purpose of being classified as an Excluded
Subsidiary hereunder)) from providing a Loan Guaranty or that would (and for so long as it would) require a governmental (including regulatory) consent, approval, license or authorization to provide such Loan Guaranty or where the provision of such
Loan Guaranty would result in material adverse tax consequences as reasonably determined by the Parent Borrower, (d) any Foreign Subsidiary, (e) any not-for-profit Subsidiary, (f) any Captive Insurance Subsidiaries, (g) any
special purpose entities used for securitization facilities, (h) any Disregarded Domestic Subsidiary, (i) any FSHCO Subsidiary, (j) any direct or indirect Domestic Subsidiary of a Foreign Subsidiary, FSHCO Subsidiary or Disregarded
Domestic Subsidiary, and (k) any other Domestic Subsidiary with respect to which, in the reasonable judgment of the Administrative Agent and the Borrower Agent, the burden or cost of providing a Loan Guaranty or a Lien to secure such Loan
Guaranty shall outweigh the benefits to be afforded thereby. 
 “Excluded Swap Obligation” means, with
respect to any Loan Guarantor, any Swap Obligation if, and to the extent that, all or a portion of the Loan Guaranty of such Loan Guarantor of, or the grant by such Loan Guarantor of a security interest to secure, such Swap Obligation (or any Loan
Guaranty thereof) is or becomes illegal under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such Loan
Guarantor’s failure for any reason to constitute an ECP at the time the Loan Guaranty of such Loan Guarantor or the grant of such security interest becomes or would become effective with respect to such Swap Obligation. If a Swap Obligation
arises under a master agreement governing more than one swap, such exclusion shall apply only to the portion of such Swap Obligation that is attributable to swaps for which such Guarantee or security interest is or becomes illegal. 

“Excluded Taxes” means, with respect to Administrative Agent, any Lender, any Issuing Bank or any other recipient of any
payment to be made by or on account of any obligation of any Borrower or any other Loan Party hereunder, (a) Taxes imposed on (or measured by) its income (however denominated) or franchise Taxes (i) by the jurisdiction under the laws of
which such recipient is organized or in which its principal office is located or, in the case of the Administrative Agent or any Lender, in which its applicable lending office is located (or relevant office for receiving payments from or on account
of the Borrowers or making funds available to or for the benefit of the Borrowers), or (ii) that are Other Connection Taxes, (b) any branch profits taxes imposed by the United States of America or any similar tax imposed by any other
jurisdiction described in clause (a), (c) in the case of a Foreign Lender, any withholding tax that is imposed on amounts payable to such Foreign Lender at the time such Foreign Lender becomes a party to this Agreement (or
designates a new lending office), except to the extent that such Foreign Lender (or its assignor, if any) was entitled, at the time of designation of a new lending office (or assignment), to receive additional amounts from any Borrower or any other
Loan Party with respect to such withholding tax pursuant to Section 2.17(a), (d) any tax imposed as a result of a Lender’s failure to comply with Section 2.17(e), and (e) any U.S. withholding tax under FATCA.

  
 36 

“Existing ABL Agreement” means the
ABL Credit Agreement, dated as of July 27, 2012,
among, inter alios, Holdings, the Borrowers, certain subsidiaries of the Borrowers, as guarantors, the lenders from time to time party thereto and Deutsche Bank Trust Company Americas, as administrative agent and collateral
agent. 
 “Existing ABL Revolving Loan” means each
ABL Revolving Loan outstanding immediately prior to giving effect to the
FirstFifth Amendment. 
 “Existing Debt Refinancing” means the repayment,
redemption, defeasance, discharge, refinancing or termination in full of (or, with respect to clause (b), irrevocable notice for such repayment, redemption, defeasance, discharge, refinancing or termination to the extent accompanied by any
prepayments or deposits required to defease, terminate and satisfy in full such Indebtedness) (a) all amounts, if any, due or owing under the Existing ABL Agreement (except to the extent of any Existing Letters of Credit) and the Existing Term
Loan Agreement and the termination of all commitments thereunder and (b) the Existing Senior Notes. 
 “Existing FILO Loan” means each FILO Loan outstanding immediately prior to giving effect to the First Amendment. 
 “Existing Letter of Credit” means any letter of credit previously
issued for the account of any Borrower or any other Loan Party by a Lender or an Affiliate of a Lender that is (a) outstanding on the Closing Date and (b) listed on Schedule 1.01(b). 

“Existing Senior Notes” means the 8.875%
Senior Notes due 2020 issued by Parent Borrower, in an original aggregate principal amount of $700,000,000. 

“Existing Term Loan Agreement” means the
Term Loan Credit Agreement, dated as of July 27,
2012, among, inter alios, Holdings, the Parent Borrower, certain subsidiaries of the Parent Borrower, as guarantors, the lenders from time to
time party thereto and Deutsche Bank Trust Company Americas , as administrative agent and collateral agent. 
 “Extended ABL Revolving Commitment” means, with respect to each ABL
Revolving Lender, the commitment of such ABL Revolving Lender hereunder set forth as its ABL Revolving Commitment opposite its name on Schedule 1.01(a)
heretoattached to the Fifth Amendment or as may
subsequently be set forth in the Register from time to time, as the same may be increased or reduced from time to time pursuant to this Agreement. The aggregate Extended ABL Revolving Commitments on the FirstFifth Amendment Effective Date are $600,000,000475,000,000. 

“Extended ABL Revolving Loan” means an ABL Revolving Loan made by an ABL Revolving Lender pursuant to its Extended ABL
Revolving Commitment. 
 “Extended FILO
Commitment” means, with respect to each FILO Lender, the commitment of such FILO Lender hereunder set forth as its FILO Commitment opposite its name on
Schedule 1.01(a) hereto or as may subsequently
be set forth in the Register from time to time, as the same may be increased or reduced from time to time pursuant to this Agreement. The aggregate Extended FILO Commitments on the First Amendment Effective Date are $40,000,000. 

  
 37 

“Extended FILO Loan” means a FILO Loan made
by a FILO Lender pursuant to its Extended FILO Commitment. 

“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 and any agreements entered into pursuant thereto, including any intergovernmental
agreements and any rules or guidance implementing such intergovernmental agreements. 
 “Facility” means any
real property (including all buildings, fixtures or other improvements located thereon) now, hereafter or, except with respect to Articles 5 and 6, heretofore owned, leased, operated or used by any Borrower or any of its Subsidiaries or any of their
respective predecessors or Affiliates. 
 “Federal Funds Effective Rate” means, for any day, the weighted average
(rounded upwards, if necessary, to the next 1/100 of 1%) of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers, as published on the next succeeding Business Day by the Federal Reserve Bank of
New YorkNYFRB, or, if such rate is not so
published for any day that is a Business Day, the average (rounded upwards, if necessary, to the next 1/100 of 1%) of the quotations for such day for such transactions received by the Administrative Agent from three Federal funds brokers of
recognized standing selected by it; provided, that, if the Federal Funds Effective Rate shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement. 

“Fee Letter” means that certain Fee Letter dated as of July 29February
12,
20152021
, by and among, the Parent Borrower, and the JPMCB and the J.P. Morgan Securities LLC. 

“Fifth
 Amendment” means that certain Fifth Amendment to ABL Credit Agreement, dated as of February 19, 2021, among the Loan Parties, the Lenders party thereto and the Administrative Agent.

 “FILO Applicable
Percentage” means, with respect to any FILO
Lender, a percentage equal to a fraction the numerator of which is such FILO Lender’s FILO Commitment and the denominator of which is the aggregate FILO Commitments; provided that for purposes of
Section 2.22 and otherwise herein, when there is a Defaulting Lender, any such Defaulting Lender’s Commitment shall be disregarded in any such calculations. If the FILO Commitments have terminated or expired, the
FILO Applicable Percentages of each FILO Lender shall be determined based on the FILO Revolving Exposure of the applicable FILO Lenders, giving effect to any assignments and to any FILO Lender’s status as a Defaulting Lender at the time of
determination. 
 “FILO Borrowing Base” means, at any time, an amount equal to (a) the Trade Receivables Component plus (b) the Inventory
Component plus (c) the Credit Card Receivables Component minus (d) the amount of all Reserves (other than any FILO Reserves) as may have been established
in accordance with Section 2.25 at such
time. The FILO Borrowing Base at any time shall be determined by reference to the most recent Borrowing Base Certificate delivered to the Administrative Agent pursuant to Section 5.01(q) and Reserves established pursuant to Section 2.25.
 

  
 38 

“FILO Commitment” shall mean, with respect
to each FILO Lender, the commitment of such FILO Lender hereunder set forth as its FILO Commitment opposite its name on Schedule 1.01(a) hereto or as may subsequently be set forth in the Register from time to time, as the
same may be reduced from time to time pursuant to this Agreement. On the First Amendment Effective Date, the aggregate FILO Commitments are $40,000,000. 

“FILO Credit Extensions” means FILO LoansFifth Amendment Effective
Date” means February 19, 2021.

 “FILO Excess
Availability” means, at any time, an amount equal to (a) the FILO Line Cap, minus (b) the aggregate FILO Revolving Exposure of all FILO Lenders at such time. 

“FILO Facility” has the meaning assigned to such term in the recitals to this
Agreement. The FILO Facility provided hereunder pursuant to the FILO Commitments shall be funded on a first-in basis and repaid on a last-out basis, all as provided herein. 

“FILO Lender” means each Lender which holds
a FILO Commitment and any other Person who becomes a “FILO Lender” in accordance with the provisions of this Agreement. 

“FILO Line Cap” means at any time, the FILO
Commitments then in effect. 
 “FILO Loan” means, collectively, the Loans made by the FILO Lenders with FILO Commitments pursuant to Article 2. 

“FILO Prepayment Conditions” means, with respect to any proposed prepayment of FILO Loans, that
(a) ABL Revolving Exposure, to the extent not cash collateralized, does not exceed the ABL Line Cap and (b) all ABL Revolving Loans have been paid in full. 

“FILO Reserve” means, at any time, the
amount (if positive) equal to the difference between (a) the aggregate outstanding principal amount of FILO Loans and (b) the FILO Borrowing Base. 

“FILO Revolving Exposure” means, with
respect to any FILO Lender at any time, the sum of the outstanding principal amount of such Lender’s FILO Loans. 

“Financial Covenant” means the covenant set forth in Section 6.18. 

“Financial Officer” of any Person means the chief financial officer, treasurer, assistant treasurer, vice president of
finance or controller of such Person. 
 “Financial Officer Certification” means, with respect to the
financial statements for which such certification is required, the certification of a Financial Officer of the Borrower Agent that such financial statements fairly present, in all material respects, in accordance with GAAP, the financial condition
of the Borrower Agent and its Subsidiaries as at the dates indicated and the results of their operations and their Cash flows for the periods indicated, subject to changes resulting from audit and normal year-end adjustments. 

  
 39 

 “Financial Plan” has the meaning assigned to such term in
Section 5.01(i). 
 “First Amendment” means that certain First Amendment to ABL Credit Agreement, dated
as of August 2, 2018, among the Loan Parties, the Lenders party thereto and the Administrative Agent. 
 “First
Amendment Effective Date” means August 2, 2018. 
 “First Priority” means, with respect to any
Lien purported to be created in any Collateral pursuant to any Collateral Document, that, subject to the Intercreditor Agreement, such Lien is senior in priority to any other Lien to which such Collateral is subject, other than any Permitted Lien
(except for Permitted Liens securing any Indebtedness secured by a Lien which is, or is required to be, expressly subordinated to the Liens securing the Secured Obligations). 

“Fiscal Month” has the meaning assigned to such term in Section 5.01(q). 

“Fiscal Quarter” means a fiscal quarter of any Fiscal Year, such fiscal quarter ending on the later of the retail
fiscal quarter and the calendar quarter. 
 “Fiscal Year” means the fiscal year of Holdings and its
Subsidiaries ending on December 31 of each calendar year or the Saturday closest to December 31 of each calendar year. 

“Fixed Charge Coverage Ratio” means, with respect to any Test Period, the ratio of (a) Consolidated Adjusted
EBITDA for such Test Period minus (i) Maintenance Capital Expenditures (except such expenditures financed with Indebtedness other than Loans) during such period to (b) Fixed Charges for such Test Period, in all cases calculated for
the Borrower Agent and its Subsidiaries on a Pro Forma Basis. 
 “Fixed Charges” means, with reference to any
period, without duplication, the sum of (a) Consolidated Cash Interest Expense, plus (b) the aggregate amount of scheduled principal payments in respect of Indebtedness of the Borrower Agent and its Subsidiaries paid or payable in
Cash during such period (other than payments made by the Borrower Agent or any Subsidiary to the Borrower Agent or any Subsidiary), plus (c) the aggregate amount of federal, state, local and foreign income taxes paid or payable in Cash
during such period, plus (d) the aggregate amount of Restricted Payments under Section 6.05(a)(i)(B) (to the extent not otherwise included pursuant to clause (c)), Section 6.05(a)(ii) and
Section 6.05(a)(iii) plus (e) scheduled payments in respect of Capital Leases paid or payable in Cash during such period, all calculated for such period for the Borrower Agent and its Subsidiaries on a consolidated basis. 

“Flood Insurance Laws” means collectively, (i) the National Flood Insurance Reform Act of 1994 (which
comprehensively revised the National Flood Insurance Act of 1968 and the Flood Disaster Protection Act of 1973) as now or hereafter in effect or any successor statute thereto, (ii) the Flood Disaster Reform Act of 2004 as now or hereafter in
effect or any successor statute thereto, and (iii) the Biggert-Waters Flood Insurance Reform Act of 2012 as now or hereafter in effect or any successor statute thereto. 

  
 40 

“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. 
 “Foreign Lender” means a Lender that is not a “United States
person” within the meaning of Section 7701(a)(30) of the Code. 
 “Foreign Subsidiary” means any
subsidiary that is not a Domestic Subsidiary. 
 “Fourth Amendment” means that certain Fourth Amendment to
ABL Credit Agreement, dated as of June 28, 2019 among the Loan Parties, the Lenders party thereto and the Administrative Agent. 

“Fourth Amendment Effective Date” has the
meaning provided in the Fourth Amendment. 
 “FSHCO
Subsidiary” means any direct or indirect Domestic Subsidiary substantially all of the assets of which consist of the equity and/or indebtedness treated as equity for U.S. federal income tax purposes, of one or more Foreign Subsidiaries.

 “Funding Account” has the meaning assigned to such term in Section 2.03(vi). 

“GAAP” means generally accepted accounting principles in the United States of America in effect and applicable to that
accounting period in respect of which reference to GAAP is being made, subject to the provisions of Section 1.04. 

“Governmental Authority” means any federal, state, municipal, national or other government, governmental department,
commission, board, bureau, court, agency or instrumentality or political subdivision thereof or any entity or officer exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to any government or any
court, in each case whether associated with a state or locality of the United States, the United States, or a foreign government. 

“Governmental Authorization” means any permit, license, authorization, plan, directive, consent order or consent
decree of or from any Governmental Authority. 
 “Granting Lender” has the meaning assigned to such term in
Section 9.05(e). 
 “Guarantee” of or by any Person (the “Guarantor”) means any
obligation, contingent or otherwise, of the Guarantor guaranteeing or having the economic effect of guaranteeing any Indebtedness or other monetary obligation of any other Person (the “Primary Obligor”) in any manner, whether
directly or indirectly, and including any obligation of the Guarantor, direct or indirect, (a) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other monetary obligation or to purchase (or to
advance or supply funds for the purchase of) any security for the payment thereof, (b) to purchase or lease property, securities or services for the purpose of assuring the owner of such Indebtedness or other monetary obligation 

  
 41 

 
of the payment thereof, (c) to maintain working capital, equity capital or any other financial statement condition or liquidity of the Primary Obligor so as to enable the Primary Obligor to
pay such Indebtedness or other monetary obligation, (d) as an account party in respect of any letter of credit or letter of guaranty issued to support such Indebtedness or monetary obligation, (e) entered into for the purpose of assuring
in any other manner the obligee in respect of such Indebtedness or other monetary obligation of the payment or performance thereof or to protect such obligee against loss in respect thereof (in whole or in part) or (f) any Lien on any assets of
such Guarantor securing any Indebtedness or other monetary obligation of any other Person, whether or not such Indebtedness or monetary other obligation is assumed by such Guarantor (or any right, contingent or otherwise, of any holder of such
Indebtedness to obtain any such Lien); provided that the term Guarantee shall not include endorsements for collection or deposit in the ordinary course of business, or customary and reasonable indemnity obligations in effect on the Closing
Date or entered into in connection with any acquisition or disposition of assets permitted under this Agreement (other than such obligations with respect to Indebtedness). The amount of any Guarantee shall be deemed to be an amount equal to the
stated or determinable amount of the related primary obligation, or portion thereof, in respect of which such Guarantee is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof as determined by the
guaranteeing Person in good faith. 
 “Guaranteed Obligations” has the meaning assigned to such term in
Section 10.01. 
 “Guarantor Percentage” has the meaning assigned to such term in
Section 10.10. 
 “Hazardous Materials” means any chemical, material, substance or waste, or any
constituent thereof, exposure to which is prohibited, limited or regulated by any Environmental Law or any Governmental Authority or which may or could pose a hazard to the health and safety or to the indoor or outdoor environment. 

“Hazardous Materials Activity” means any past, current, proposed or threatened activity, event or occurrence involving
any Hazardous Material, including the use, manufacture, possession, storage, holding, presence, existence, location, Release, threatened Release, discharge, placement, generation, transportation, processing, construction, treatment, abatement,
removal, remediation, disposal, disposition or handling of any Hazardous Material, and any corrective action or response action with respect to any of the foregoing. 

“Hedge Agreement” means any agreement with respect to any Derivative Transaction between any Borrower or any
Subsidiary and any other Person. 
 “Hedging Obligations” means, with respect to any Person, the obligations
of such Person under any Hedge Agreement. 
 “Holdings” has the meaning assigned to such term in the preamble
to this Agreement. 
 “IFRS” means international accounting standards within the meaning of the IAS
Regulation 1606/2002 to the extent applicable to the relevant financial statements. 

  
 42 

 “Immaterial Subsidiary” means, as of any date, any Subsidiary of the
Borrower Agent (a) having Consolidated Total Assets in an amount of less than 4.0% of Consolidated Total Assets of the Borrower Agent and its Subsidiaries and (b) contributing less than 4.0% to consolidated revenues of the Borrower
Agent and its Subsidiaries, in each case, for the most recently ended Test Period for which financial statements have been delivered pursuant to Section 5.01(b) or (c); provided that the Consolidated Total Assets (as so
determined) and revenue (as so determined) of all Immaterial Subsidiaries shall not exceed 5.0% of Consolidated Total Assets of the Borrower Agent and its Subsidiaries or 5.0% of the consolidated revenues of the Borrower Agent and its Subsidiaries
for the relevant Test Period, as the case may be. 
 “Immediate Family Member” means with respect to any
individual, such individual’s child, stepchild, grandchild or more remote descendant, parent, stepparent, grandparent, spouse, former spouse, qualified domestic partner, sibling, mother-in-law, father-in-law, son-in-law and daughter-in-law
(including adoptive relationships) and any trust, partnership or other bona fide estate-planning vehicle the only beneficiaries of which are any of the foregoing individuals or any private foundation or fund that is controlled by any of the
foregoing individuals or any donor-advised fund of which any such individual is the donor. 
 “Impacted Interest
Period” has the meaning assigned to such term in the definition of “LIBO Rate”. 
 “Incremental Equivalent Debt” mean “Incremental Equivalent Debt” as defined in the Term Loan Agreement to the extent incurred in accordance with
the terms thereof. 
 “Incremental Loan” mean “Incremental Loan” as defined in the Term Loan Agreement to the extent incurred in accordance with the terms
thereof. 
 “Indebtedness”, as applied to any Person,
means, without duplication, (a) all indebtedness for borrowed money; (b) that portion of obligations with respect to Capital Leases that is properly classified as a liability on a balance sheet in conformity with GAAP; (c) all
obligations of such Person evidenced by bonds, debentures, notes or similar instruments to the extent the same would appear as a liability on a balance sheet prepared in accordance with GAAP; (d) any obligation owed for all or any part of the
deferred purchase price of property or services (excluding (w) any earn out obligation or purchase price adjustment until such obligation becomes a liability on the balance sheet in accordance with GAAP, (x) other than for purposes of
Section 7.01, any such obligations incurred under ERISA, (y) trade accounts payable in the ordinary course of business (including on an inter-company basis) and (z) liabilities associated with customer prepayments and
deposits), which purchase price is (i) due more than six months from the date of incurrence of the obligation in respect thereof or (ii) evidenced by a note or similar written instrument; (e) all Indebtedness of others secured by any
Lien on any property or asset owned or held by that Person regardless of whether the indebtedness secured thereby shall have been assumed by that Person or is non-recourse to the credit of that Person; (f) the face amount of any letter of
credit issued for the account of that Person or as to which that Person is otherwise liable for reimbursement of drawings; (g) the Guarantee by such Person of the Indebtedness of another; (h) all obligations of such Person in respect of
any Disqualified Capital Stock and (i) all net obligations of such Person in respect of any Derivative Transaction, including, without limitation, any Hedge Agreement, whether or not entered into for hedging or speculative purposes;
provided that (i) in no event shall obligations under any Derivative Transaction be deemed “Indebtedness” for any calculation of the Total Leverage Ratio, Senior 

  
 43 

 
Secured Leverage Ratio, Fixed Charge Coverage Ratio or any other financial ratio under this Agreement except to the extent of any accrued interest in respect of unpaid termination or settlement
amounts thereunder and (ii) the amount of Indebtedness of any Person for purposes of clause (e) shall be deemed to be equal to the lesser of (A) the aggregate unpaid amount of such Indebtedness and (B) the fair market
value of the property encumbered thereby as determined by such Person in good faith. 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 such Person’s liability for such Indebtedness is otherwise limited and only to the extent such Indebtedness
would otherwise be included in the calculation of Consolidated Total Debt; provided that notwithstanding anything herein to the contrary, Indebtedness shall not include, and shall be calculated without giving effect to, the effects of
Accounting Standards Codification Topic 815 and related interpretations to the extent such effects would otherwise increase or decrease an amount of Indebtedness for any purpose hereunder as a result of accounting for any embedded derivatives
created by the terms of such Indebtedness; and any such amounts that would have constituted Indebtedness hereunder but for the application of this proviso shall not be deemed an incurrence of Indebtedness hereunder. 

“Indemnified Taxes” means Taxes, other than Excluded Taxes, (a) 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 the foregoing clause (a) hereof, Other Taxes.  

“Information” has the meaning set forth in Section 3.11(a). 

“Information Memorandum” means the confidential information memorandum dated July 29, 2015, relating to the
Borrowers and the Transactions. 
 “Intercompany Note” means a promissory note substantially in the form of
Exhibit M. 
 “Intercreditor Agreement” means the Amended and Restated Intercreditor Agreement, dated as of the Closing DateJuly 30,
2020, among the Administrative Agent, as agent for the Revolving Facility Secured Parties referred to therein, Deutsche Bank AG New York Branch, as agent for the Term Loan Secured Parties referred to therein, Ankura Trust Company, LLC, as agent for the Note Secured Parties referred to therein, Holdings, the Borrowers and the Subsidiaries of the Borrowers from time to time party thereto. 

“Interest Election Request” means a request by the Borrower Agent in the form of Exhibit I hereto or such
other form reasonably acceptable to the Administrative Agent to convert or continue a Borrowing in accordance with Section 2.08. 

“Interest Payment Date” means (a) with respect to any ABR Loan (including any Swingline Loan), the first day (or, if
such day is not a Business Day, the next succeeding Business Day) of each January, April, July and October and the Maturity Date, (b) with respect to any LIBO Rate 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 LIBO Rate Borrowing with an Interest Period of more than three months’ duration, each day that would have been an Interest Payment Date had successive Interest Periods of three months’ duration
been applicable to such Borrowing and (c) with respect to any Loan, the Maturity Date. 

  
 44 

 “Interest Period” means (a) with respect to any LIBO Rate
Borrowing, the period commencing on the date of such Borrowing and ending on the numerically corresponding day in the calendar month that is one, two, three or six months (or, (x) to the extent available to all relevant affected Lenders, twelve months or (y) if acceptable to the Administrative Agent in its sole discretion, periods shorter than one
month) thereafter, as the Borrowers may elect; provided that (i) if any Interest Period would end on a day other than a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless, such next succeeding
Business Day would fall in the next calendar month, in which case such Interest Period shall end on the next preceding Business Day and (ii) any Interest Period 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. 

“Interpolated Rate” means, at any time, for any Interest Period, the rate per annum (rounded to the same number of
decimal places as the LIBO 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 LIBO Screen Rate for the longest period (for which the LIBO Screen Rate is available) that is shorter than the Impacted Interest Period and (b) the LIBO Screen Rate for the shortest period (for which the LIBO Screen Rate is
available) that exceeds the Impacted Interest Period, in each case, at such time.  
 “Inventory” has the
meaning assigned to such term in the Pledge and Security Agreement. 
 “Inventory Component” means (a) for purposes of determining the ABL Borrowing Base, (i) during the period following delivery of the Borrowing Base Certificates for the Fiscal
Month of May (or, during the continuance of a Cash Dominion Event,
the first week of June) in any calendar year until the earlier of (xa) the date of actual delivery of the Borrowing Base Certificate for the
Fiscal Month of September (or, during the continuance of a Cash Dominion Event, the first week of October) in any calendar year or
(yb) the date such Borrowing Base Certificate for the Fiscal Month of September (or, during the continuance of a Cash Dominion
Event, the first week of October) is required to be delivered in accordance with Section 5.01(q), 92.5% and (ii) at any other time, 90%, in each case, of the Net Recovery Percentage
of Eligible Inventory and Eligible In-Transit Inventory (in each case, net of Inventory Reserves not already reflected in the determination of Net Recovery Percentage) multiplied by the value of each such category of Inventory and (b); provided
that, for purposes of determining the FILO Borrowing Base, 5.0% of the Net Recovery Percentage of Eligible
Inventory and Eligible In-Transit Inventory (in each case, net of Inventory Reserves not already reflected in the determination of Net Recovery Percentage) multiplied by the value of each such category of Inventory.period referred to in clause (i), in the event that a Cash Dominion Event has occurred and is continuing, such period shall
be calculated following the delivery of the Borrower Base Certificate for the first week of June
in any calendar year until the earlier of (a) the date of actual delivery of the Borrowing Base Certificate
for the first week of October in any calendar year or (b) the date such Borrowing Base Certificate for the first week of October is required to be
delivered in accordance with Section 5.01(q). 

  
 45 

 “Inventory Reserves” means (a) such reserves as may be
established from time to time in accordance with Section 2.25 with respect to changes in the determination of the saleability, of the Eligible Inventory or which reflect such other factors as negatively affect the market value of the
Eligible Inventory and (b) Shrink Reserves. Without limiting the generality of the foregoing, Inventory Reserves may, in the Administrative Agent’s Permitted Discretion, include reserves based on: (i) seasonality; (ii) imbalance;
(iii) change in Inventory character; (iv) change in Inventory composition; (v) change in Inventory mix; (vi) mark-downs (both permanent and point of sale); (vii) out-of-date and/or expired Inventory; and
(viii) Inventory which is to be returned to vendor. 
 “Investment” means (a) any purchase or other
acquisition by the Borrower Agent or any of its Subsidiaries of, or of a beneficial interest in, any of the Securities of any other Person (other than any Borrower or a Subsidiary Guarantor), (b) the acquisition by purchase or otherwise (other
than purchases or other acquisitions of inventory, materials, supplies and equipment in the ordinary course of business) of all or a substantial portion of the business, property or fixed assets of any Person or any division or line of business or
other business unit of any Person, and (c) any loan, advance (other than (i) advances to current or former employees, officers, directors and consultants of the Borrowers or their Subsidiaries or any Parent Company for moving,
entertainment and travel expenses, drawing accounts and similar expenditures in the ordinary course of business and (ii) advances made on an inter-company basis in the ordinary course of business for the purchase of inventory) or capital
contribution by the Borrower Agent or any of its Subsidiaries to any other Person (other than any Borrower or any Subsidiary Guarantor). Subject to Section 5.10, the amount of any Investment shall be the original cost of such Investment
plus the cost of all additions thereto, without any adjustments for increases or decreases in value, or write-ups, write-downs or write-offs with respect to such Investment, but giving effect to any repayments of principal in the case of Investments
in the form of loans and any return of capital or return on Investment in the case of equity Investments (whether as a distribution, dividend, redemption or sale but not in excess of the amount of the initial Investment). 

“Investors” means (i) the Sponsors and
(ii) the Management Investors. 
 “Impacted LIBO Rate Interest Period” has the meaning assigned to such term in the definition of “LIBO Rate.” 

“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. 

  
 46 

 “Issuing Bank” means as the context may require, (a) JPMCB,
(b) Wells Fargo Bank, National Association (c) Bank of America, N.A., (d) any other Lender that, at the request of any Borrower and with the consent of the Administrative Agent (not to be unreasonably withheld), agrees to become an
Issuing Bank and (e) solely with respect to any Existing Letter of Credit (and any amendment, renewal or extension thereof in accordance with this Agreement), the Lender or Affiliate of a Lender that issued such Existing Letter of Credit. Each
Issuing Bank may, in its discretion, arrange for one or more Letters of Credit to be issued by its Affiliates, in which case the term “Issuing Bank” shall include any such Affiliate with respect to Letters of Credit issued by such
Affiliate (it being agreed that such Issuing Bank shall, or shall cause such Affiliate to, comply with the requirements of Section 2.06 with respect to such Letters of Credit). At any time there is more than one Issuing Bank, all singular
references to the Issuing Bank shall mean any Issuing Bank, either Issuing Bank, each Issuing Bank, the Issuing Bank that has issued the applicable Letter of Credit, or both (or all) Issuing Banks, as the context may require. 

“Issuing Bank Sublimits” means, as of the
FirstFifth Amendment Effective Date, (i) $13,190,42713,190,427.00, in the case of JPMCB, (ii) $23,619,14623,619,146.00
, in the case of Wells Fargo Bank, National Association and (iii) $13,190,42713,190,427.00, in the case of Bank of America, N.A.; provided
that any Issuing Bank shall be permitted at any time to increase its Issuing Bank Sublimit with the consent of the Borrower Agent, so long as the aggregate amount of Issuing Bank Sublimits does not exceed the ABL Revolving Credit Commitments.

 “Joinder Agreement” has the meaning assigned to such term in Section 5.12(a). 

“Junior Indebtedness” means any Subordinated Indebtedness, Specified Unsecured Indebtedness and any Indebtedness secured by
Liens junior to the Lien of the Administrative Agent with respect to the Collateral (other than Indebtedness under the Term Loan FacilitySenior Secured Notes and other Indebtedness permitted to be incurred
hereunder that is secured by a Lien on the Collateral on a pari passu basis with the Term Loan FacilitySenior Secured Notes). 

“JPMCB” has the meaning assigned to such term in the preamble to this Agreement. 

“Landlord Lien” means any Lien of a landlord on any Borrower’s or any Subsidiary’s property, granted by
statute or otherwise. 
 “Landlord Lien Reserve” means an amount equal to up to three months’ rent for
all of the Loan Parties’ leased locations or the amount that may be payable for three months to any third party warehouse, trailer storage or other self-storage facility or bailee where Eligible Inventory is located in each Landlord Lien State
for retail stores, trailer storage or self-storage facilities and in any state for distribution centers or warehouses (any such leased location, a “Specified Location), in each case, other than any such Specified Locations with respect
to which the Administrative Agent shall have received a Collateral Access Agreement in form reasonably satisfactory to the Administrative Agent.  

“Landlord Lien State” means any state in which, at any time, a landlord’s claim for rent or the claims of the
owner of a leased trailer or a self-storage facility for rent, fees or other charges has priority by operation of law over the Lien of the Administrative Agent in any of the Collateral consisting of Eligible Inventory, as notified by the
Administrative Agent to the Borrowers in writing. 

  
 47 

 “LC Collateral Account” has the meaning assigned to such term in
Section 2.06(j). 
 “LC Disbursement” means a payment made by an Issuing Bank pursuant to a
drawing on a Letter of Credit. 
 “LC Exposure” means, at any time of determination, 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 any Borrower or any other Loan Party at such time,
less (c) the amount then on deposit in the LC Collateral Account. The LC Exposure of any ABL Revolving Lender at any time shall be its ABL Applicable Percentage of the total LC Exposure at such time. 

“LCT Election” has the meaning set forth in Section 1.07. 

“LCT Period” has the meaning set forth in Section 1.07. 

“LCT Test Date” has the meaning set forth in Section 1.07.  

“Lenders” means the Persons listed on the Commitment Schedule, any Additional Lender and any other Person that shall
have become a party hereto pursuant to an Assignment and Assumption, other than any such Person that ceases to be a party hereto pursuant to an Assignment and Assumption. Unless the context otherwise requires, the term “Lenders” includes
the Swingline Lender. 
 “Letter of Credit” means any Standby Letter of Credit or Commercial Letter of Credit issued
(or, in the case of an Existing Letter of Credit, deemed to be issued) pursuant to this Agreement, and the term “Letter of Credit” means any one of them or each of them singularly, as the context may require. 

“Letter of Credit Request” has the meaning assigned to such term in Section 2.06(b). 

“LIBO Interpolated
 Rate” means, at any time, with respect to any Eurocurrency Borrowing denominated in Dollars and for any Interest Period, the rate per annum (rounded to the same number of decimal places as the LIBO 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 LIBO Screen Rate for the
longest period (for which the LIBO Screen Rate is available for Dollars ) that is shorter than the Impacted LIBO Rate Interest Period; and (b) the LIBO Screen Rate for the shortest period (for which the LIBO Screen Rate is available for
Dollars) that exceeds the Impacted LIBO Rate Interest Period, in each case, at such time; provided that if any LIBO Interpolated
Rate shall be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement. 

“LIBO Rate
” means, with respect to any Eurocurrency Borrowing denominated in Dollars and for any Interest Period, the LIBO Screen Rate
at approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest
Period; provided that
if the
LIBO Screen Rate shall not be available at such time for such Interest Period (an “Impacted LIBO Rate Interest Period”) with respect to Dollars then the LIBO Rate shall be the
LIBO Interpolated Rate.  

  
 48 

 “LIBO
Screen Rate” means,
for any day and time, with respect to any Eurocurrency Borrowing denominated in Dollars and for any Interest
Period when used in reference to any Loan or Borrowing, the London interbank offered rate as
administered by ICE Benchmark Administration (or any other Person that takes over the administration of such
rate) for Dollars (adjusted for statutory reserve requirements for eurocurrency liabilities)) for a period equal in length to such
Interest Period as displayed on such day and time on pages
LIBOR01 or LIBOR02 of the Reuters screen that displays such rate (or, in the event such rate does not appear on a Reuters page or screen, on any successor or substitute page on such screen that displays such rate, or on the appropriate page of such
other information service that publishes such rate from time to time as shall be selected by the
Administrative Agent in its reasonable discretion, in each case (the “LIBO Screen Rate”) at approximately 11:00 a.m., London time, two (2) Business Days prior to the commencement of such Interest
Period); provided that, (x) if the LIBO Screen Rate
shall beas so
determined would be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement
and (y) if the LIBO Screen Rate shall not be available at such time for a period equal in length to such Interest Period (an “Impacted
Interest Period”), then the LIBO Rate
shall be the Interpolated Rate at such time, subject to Section 2.14 in the event that the Administrative Agent shall conclude that it shall not
be possible to determine such Interpolated Rate (which conclusion shall be conclusive and binding absent manifest error); provided further, that, if any Interpolated Rate shall be less than zero,
such rate shall be deemed to be zero for purposes of this Agreement. Notwithstanding the above, to the extent that “LIBO Rate” or
“Adjusted LIBO Rate” is used in connection with an ABR Borrowing, such rate shall be determined as modified by the definition of Alternate Base
Rate. 

“LIBO Screen Rate” has the meaning assigned to such term in the definition of “LIBO
Rate”..
 
 “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 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 Capital Lease having substantially the same economic effect as any of the foregoing), in each case, in the nature of security; provided that in no
event shall an operating lease in and of itself be deemed a Lien. 
 “Limited Condition Acquisition” means any
Permitted Acquisition or other acquisition constituting an Investment whose consummation is not conditioned on the availability of, or on obtaining, third party financing. 

“
Line Cap” has the meaning assigned to such term in Section 2.01(a). 

  
 49 

 “Liquidation” means the exercise by the Administrative Agent of
those rights and remedies accorded to Administrative Agent under the Loan Documents and applicable law as a creditor of the Loan Parties with respect to the realization on the Collateral, including (after the occurrence and during the
continuation of an Event of Default) the conduct by the Loan Parties acting with the consent of the Administrative Agent, of any public, private or going out of business sale or other disposition of the Collateral for the purpose of liquidating the
Collateral. Derivations of the word “Liquidation” (such as “Liquidate”) are used with like meaning in this Agreement. 

“Loan Documents” means this Agreement, any Promissory Notes issued pursuant to the Agreement, any Letters of Credit or
Letter of Credit applications, the Collateral Documents and the Intercreditor Agreement. Any reference in this Agreement or any other Loan Document to a Loan Document shall include all appendices, exhibits or schedules thereto, and all amendments,
restatements, supplements or other modifications thereto. 
 “Loan Guarantor” means (i) Holdings,
(ii) each Subsidiary Guarantor and (iii) each Borrower but solely with respect to (x) Secured Hedging Obligations under Hedge Agreements and (y) Banking Services Obligations under arrangements, in the case, to which any other
Borrower is (and such Borrower is not) a party. 
 “Loan Guaranty” means Article 10 of this
Agreement. 
 “Loan Parties” means Holdings, each Borrower, each Subsidiary Guarantor and any other Person
who becomes a party to this Agreement as a Loan Party pursuant to a Joinder Agreement, and their respective successors and assigns. 

“Loans” means ABL Revolving Loans, FILO
Loans, Swingline Loans and Protective Advances. 

“Maintenance Capital Expenditures” means any Consolidated Capital Expenditures of the Borrower Agent and its
Subsidiaries that are necessary to (a) repair any damage to any store, distribution center or other facility of the Borrower Agent or any of its Subsidiaries or (b) maintain any store, distribution center or other facility of the Borrower
Agent or any of the Subsidiaries in good condition and working order (including any Consolidated Capital Expenditures that are necessary to repair any ordinary wear and tear to such store, distribution center or other facility). 

“Management Investors” means the officers, directors, employees and other members of the management of the Parent
Borrower and its Subsidiaries. 
 “Margin Stock” has the meaning assigned to such term in Regulation U. 

“Material Adverse Effect” means, a material adverse effect on (i) the business, assets, financial condition or
results of operations, in each case, of Holdings, the Borrower Agent and its Subsidiaries, taken as a whole, (ii) the rights and remedies (taken as a whole) of the Administrative Agent, the Issuing Banks or the Lenders under the applicable Loan
Documents or (iii) the ability of the Borrowers and the Loan Guarantors (taken as a whole) to perform their payment obligations under the Loan Documents. 

“Material
 Indebtedness” means the 2023 Senior Notes, the 2025 First Lien Senior Secured Notes, the 2026 New Senior Secured Notes and the 2026 Senior Notes. 

  
 50 

 “Material Real Estate Asset” means (a) any fee-owned Real
Estate Asset having a fair market value (as reasonably estimated by the Borrower Agent) in excess of $5,000,000 as of such date and (b) any fee-owned Real Estate Asset acquired by any Loan Party after the Closing Date having a fair market value
(as reasonably estimated by the Borrower Agent) in excess of $5,000,000 as of the date of acquisition thereof shall be a “Material Real Estate Asset”; provided, in each of clauses (a) and (b) above, that the properties
located at or around 2800 Purple Sage Road NW, Village of Los Lunas, New Mexico and 47 Elizabeth Drive, Chester, New York, shall not, in each case, at any time be a “Material Real Estate Asset”. 

“Maturity Date” means the earliest to occur of
(w) with respect to the FILO Facility, August 2, 2023, or any earlier date on which the aggregate FILO Commitments are reduced to zero or otherwise
terminated pursuant to the terms hereof, (x) with respect to the ABL Revolving Facility, August 2,
2023x) February 19, 2026, or any earlier
date on which the aggregate ABL Revolving Commitments are reduced to zero or otherwise terminated pursuant to the terms hereof, and (y) the date that is sixty (60) days prior to the final
stated maturity date of the Term Loan Facility
ifany Material Indebtedness (other than the 2023 Senior Notes) if each such final stated maturity date has not been extended or refinanced to a date occurring on or after
February 
2August 19, 20242026, unless the amount of Excess Availability minus the outstanding indebtedness under the Term Loan Facilityamount of any Material Indebtedness (other than the 2023 Senior Notes) maturing on such date is in excess of $100.0 million, in which case this clause (y) will not be applicable and (z) the
date that is sixty (60) days prior to the final stated maturity date of the 2023 Senior Notes if such final stated maturity date has not been extended or refinanced to a date occurring on or after February 2, 2024, unless the amount of
Excess Availability minus the outstanding amount of the 2023 Senior Notes on such date is in excess of $100.0 million, in which case this clause (z) will not be applicable.. 
 “Maximum Liability” has the meaning assigned to such term in
Section 10.09. 
 “Maximum Rate” has the meaning assigned to such term in
Section 9.18. 
 “MIRE Event” means any increase, extension of the maturity or renewal of any of
the Commitments or Loans or any other incremental or additional credit facilities hereunder, but excluding (i) any continuation or conversion of borrowings, (ii) the making of any Loans, or (iii) the issuance, renewal or extension of
Letters of Credit. 
 “Moody’s” means Moody’s Investors Service, Inc. and any successor to its
rating agency business. 
 “Mortgaged Properties” means, initially, the owned real properties of the Loan
Parties specified on Schedule 1.01(c), and shall include each other parcel of real property and improvements thereto with respect to which a Mortgage is required to be granted pursuant to Section 5.12. 

“Mortgages” means any mortgage, deed of trust or other agreement which conveys or evidences a Lien in favor of the
Administrative Agent, for the benefit of the Administrative Agent and the other Secured Parties, on owned real property of a Loan Party. 

  
 51 

 “Multiemployer Plan” means any Employee Benefit Plan which is a
“multiemployer plan” as defined in Section 3(37) of ERISA. 
 “Narrative Report” means, with
respect to the financial statements for which such narrative report is required, a narrative report describing the operations of the Borrower Agent and its Subsidiaries in the form prepared for presentation to senior management thereof for the
applicable Fiscal Quarter or Fiscal Year and for the period from the beginning of the then current Fiscal Year to the end of such period to which such financial statements relate. 

“Net Proceeds” means (a) with respect to any asset sale or Prepayment Asset Sale (as defined in the Term Loan Agreement), the Cash proceeds (including Cash Equivalents
and Cash proceeds subsequently received (as and when received) in respect of noncash consideration initially received), net of (i) selling costs and out-of-pocket expenses (including reasonable broker’s fees or commissions, legal fees,
transfer and similar taxes and the Borrowers’ good faith estimate of income taxes paid or payable in connection with such sale), (ii) amounts provided as a reserve, in accordance with GAAP, against any liabilities under any indemnification
obligations or purchase price adjustment associated with such asset sale (provided that to the extent and at the time any such amounts are released from such reserve, such amounts shall constitute Net Proceeds), (iii) the principal
amount, premium or penalty, if any, interest and other amounts on any Indebtedness for borrowed money (other than the Loans, Indebtedness under the Term Loan
Facility and any other Indebtedness secured by a Lien that is pari passu or junior to the Lien on the Collateral securing the Secured Obligations) which is secured by the asset sold in
such asset sale and which is required to be repaid with such proceeds (other than any such Indebtedness assumed by the purchaser of such asset), (iv) Cash escrows (until released from escrow to the Borrowers or any of their Subsidiaries) from
the sale price for such asset sale and (v) amounts required to be prepaid pursuant to Section 2.11(b)(ii) of the Term Loan Agreement resulting from
such asset sale; provided that if the Borrower Agent shall deliver a certificate of a Financial Officer to the Administrative Agent at the time of receipt thereof setting forth the Borrower Agent’s intent to reinvest such proceeds in accordance
with Section 2.11(b)(ii) of the Term Loan Agreement, such proceeds shall not constitute Net Proceeds unless such proceeds have not been so reinvested within the time period specified in Section 2.11(b)(ii) of the Term Loan
Agreement[reserved]; and (b) with respect to
any issuance or incurrence of Indebtedness, the Cash proceeds thereof, net of all taxes and customary fees, commissions, costs, underwriting discounts and other expenses incurred in connection therewith. 

“Net Recovery Percentage” means, with respect to Inventory of any Person, the projected recovery of such Inventory on
a “going out of business sale” basis, net of all reasonable costs and expenses of liquidation thereof, as based upon the most recent Inventory appraisal conducted in accordance with this Agreement and expressed as a percentage of Cost of
such Inventory. 
 “Non-Consenting Lender” has the meaning assigned to such term in
Section 2.19(b). 
 “Non-Paying Guarantor” has the meaning assigned to such term in
Section 10.10. 
 “Notice of Intent to Cure” has the meaning provided in Section
6.18(b). 

  
 52 

“NYFRB
” means the Federal Reserve Bank of New York. 

“NYFRB’s
 Website” means the website of the NYFRB at http://www.newyorkfed.org, or any successor source. 

“Obligated Party” has the meaning assigned to such term in Section 10.02. 

“Obligations” means all unpaid principal of and accrued and unpaid interest (including interest accruing during the
pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding) on the Loans, all LC Exposure, all accrued and unpaid fees and all expenses, reimbursements, indemnities
and all other advances to, debts, liabilities and obligations of the Loan Parties to the Lenders or to any Lender, the Administrative Agent, any Issuing Bank or any indemnified party arising under the Loan Documents in respect of any Loan or Letter
of Credit, whether direct or indirect (including those acquired by assumption), absolute, contingent, due or to become due, now existing or hereafter arising. 

“OFAC” has the meaning assigned to such term in Section 3.20. 

“Organizational Documents” means (a) with respect to any corporation, its certificate or articles of
incorporation or organization, as amended, and its by-laws, (b) with respect to any limited partnership, its certificate of limited partnership, and its partnership agreement, (c) with respect to any general partnership, its partnership
agreement, and (d) with respect to any limited liability company, its articles of organization or certificate of formation, and its operating agreement. In the event any term or condition of this Agreement or any other Loan Document requires
any Organizational Document to be certified by a secretary of state or similar governmental official, the reference to any such “Organizational Document” shall only be to a document of a type customarily certified by such governmental
official. 
 “Other Connection Taxes” means, with respect to any Lender or Administrative Agent, Taxes
imposed as a result of a present or former connection between such recipient and the jurisdiction imposing such Tax (other than connections arising solely from (and that would not have existed but for) such recipient having executed, delivered,
become a party to, performed its obligations under, received payments under, received or perfected a security interest under, or engaged in any other transaction pursuant to or enforced any Loan Document).  

“Other Taxes” means any and all present or future stamp, court or documentary, recording filing or other similar taxes,
charges or similar levies arising from any payment made hereunder, from the execution, delivery or enforcement of, or otherwise with respect to, this Agreement, but not including, for the avoidance of doubt, Excluded Taxes and Taxes that are Other
Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 2.19(b)). 

“Parent Borrower” has the meaning assigned to such term in the preamble to this Agreement. 

“Parent Company” means (a) the Ultimate Parent, (b) Holdings and (c) any other Person of which the
Borrower Agent is an indirect Wholly-Owned Subsidiary. 

  
 53 

 “Participant” has the meaning assigned to such term in
Section 9.05. 
 “Participant Register” has the meaning assigned to such term in Section
9.05(c). 
 “Party City” has the meaning assigned to such term in the preamble to this Agreement.

 “Paying Guarantor” has the meaning assigned to such term in Section 10.10. 

“Payment Conditions” means, with respect to any transaction, (a) there is no Default or Event of Default existing
immediately before or after such transaction, (b) 90-Day Excess Availability and Excess Availability on the date of the proposed transaction (in each case, calculated on a Pro Forma Basis to include the borrowing of any Revolving Loans and
Swingline Loans, and issuance of any Letters of Credit in connection with the proposed transaction) are equal to or greater than 12.5% of the Total Line Cap, (c) the Fixed Charge Coverage Ratio (calculated on a Pro Forma Basis to include the borrowing of any Revolving Loans and Swingline Loans, and the issuance of any Letter of Credit in connection with
the proposed transaction) as of such date is at least 1.00 to 1.00; provided that if 90-Day Excess Availability and Excess Availability (in each case calculated on a Pro Forma Basis to include the borrowing of any Revolving Loans and
Swingline Loans, and the issuance of any Letters of Credit in connection with the proposed transaction) is greater than or equal to 15.0% of the Total
Line Cap at such time, then this clause (c) shall not apply and (d) the Borrower Agent shall have delivered a certificate of a Responsible Officer to the Administrative Agent
certifying as to compliance with the requirements of clauses (a) through (c) (if applicable). 

“PBGC” means the Pension Benefit Guaranty Corporation or any successor thereto. 

“Pension Plan” means 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 of ERISA or Section 412 of the Code or Section 302 of ERISA, and in respect of which the Borrower Agent or any of its Subsidiaries, or any of their respective ERISA Affiliates, is
(or, if such plan were terminated, would under Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA. 

“Perfection Certificate” has the meaning assigned to such term in the Pledge and Security Agreement. 

“Perfection Certificate Supplement” has the meaning assigned to such term in the Pledge and Security Agreement.

 “Permitted Acquisition” means any acquisition by the Borrower Agent or any of its Subsidiaries, whether by
purchase, merger or otherwise, of all or substantially all of the assets of or any business line, unit, division or any operating stores of, any Person or of a majority of the outstanding Capital Stock of any Person (but in any event including any
Investment in a Subsidiary which serves to increase any Borrower’s or any Subsidiary’s respective equity ownership in such Subsidiary), or any acquisition of or Investment in any joint venture; provided that: 

  
 54 

 (a) immediately prior to, and after giving effect to such acquisition, the
Payment Conditions shall have been satisfied; provided that this clause (a) shall not apply to any acquisition or series of related acquisitions during
(a) the period from and after the First Amendment Effective Date until December 31, 2018 and (b) in any Fiscal Year thereafter, in each case, in which the aggregate
amount of consideration for such acquisition or series of related acquisitions is less than $15,000,000, so long as the aggregate amount of consideration for such acquisition or series of related acquisitions, together with the aggregate amount of
consideration for all other Permitted Acquisitions in such period (excluding any Permitted Acquisition previously subject to the Payment Conditions pursuant to this clause (a)), is less than $50,000,000; 

(b) on the date of execution of the purchase agreement in respect of such acquisition, no Event of Default shall have occurred
and be continuing or would result therefrom; 
 (c) the Borrower Agent shall take or cause to be taken with respect to the
acquisition of any new Subsidiary of the Borrower Agent, each of the actions required to be taken under Section 5.12, as applicable; 

(d) the total consideration paid for by the Loan Parties for (i) the acquisition, directly or indirectly, of any Person
that does not become a Guarantor and (ii) if an asset acquisition, assets that are not acquired by any Borrower or Guarantor, when taken together with the total consideration for all such acquired Persons and assets acquired after the First
Amendment Effective Date, shall not exceed the sum of (A) the greater of $150,000,000 and 4.75% of the Consolidated Total Assets as of the last day of the last Test Period for which financial statements have been delivered pursuant to
Section 5.01 at such time and (B) amounts available under clause (q) of Section 6.07; provided that the limitation under this clause (d) shall not apply to any acquisition to the extent
(x) such acquisition is made with the proceeds of sales of the Qualified Capital Stock of, or common equity capital contributions to, the Borrower Agent or (y) the Person so acquired (or the Person owning the assets so acquired) becomes a
Subsidiary Guarantor even though such Subsidiary Guarantor owns Capital Stock in Persons that are not otherwise required to become Subsidiary Guarantors, if, in the case of this clause (y) for such acquisition, not less than 80.0% of the
Consolidated Adjusted EBITDA of the Person(s) acquired (for this purpose and for the component definitions used therein, determined on a consolidated basis for such Persons and their Subsidiaries) is directly generated by Person(s) that become
Subsidiary Guarantors (i.e., disregarding all such Consolidated Adjusted EBITDA generated by Subsidiaries of such Subsidiary Guarantors that are not Subsidiary Guarantors); and 

(e) the Borrowers shall have delivered to the Administrative Agent on or prior to such acquisition a certificate of a
Responsible Officer stating that any related incurrence of Indebtedness is permitted pursuant to this Agreement, that the conditions set forth in clauses (a) through (d) above have been satisfied and including any supporting
calculations to demonstrate compliance with clause (a) above. 

  
 55 

 “Permitted Discretion” means a determination made in good faith and
in the exercise of reasonable credit judgment (from the perspective of a secured asset-based lender) in accordance with customary business practices of the Administrative Agent, for comparable asset-based lending transactions. 

“Permitted Encumbrances” means Liens permitted to exist as set forth in clauses Section 6.02(b) through
Section 6.02(j) and Section 6.02(p), Section 6.02(w), Section 6.02(z) and Section 6.02(aa). 

“Permitted Holders” means (a) the
Management Investors and (b) any Person with which the
Persons described in clause (a) form a “group” (within the meaning of the federal securities laws) so long as, in the case of this clause (b), such Persons described in clause (a) beneficially own more than
50.0% of the relevant voting stock beneficially owned by the group. 
 “Permitted Liens” means each
Lien permitted pursuant to Section 6.02. 
 “Person” means any natural person, corporation,
limited liability company, trust, joint venture, association, company, partnership, Governmental Authority or any other entity. 

“Plan Asset Regulations” means 29 CFR § 2510.3-101 et seq., as modified by
Section 3(42) of ERISA, as amended from time to time. 
 “Pledge and Security Agreement” means that
certain Pledge and Security Agreement, dated as of the Closing Date, between the Loan Parties and the Administrative Agent, for the benefit of the Administrative Agent and the other Secured Parties. 

“Prime Rate” means the rate of interest per annum publicly announced from time to time, by the Administrative Agent as
its prime rate in effect at its principal office in New York City, with the understanding that the “prime rate” is one of the Administrative Agent’s base rates (not necessarily the lowest of such rates) and serves as the basis upon
which effective rates of interest are calculated for those loans making reference thereto and is evidenced by the recording thereof after its announcement in such internal publications as the Administrative Agent may designate. 

“Pro Forma Basis” or “pro forma effect” means, with respect to compliance with any test or covenant
or calculation of any ratio hereunder, the determination or calculation of such test, covenant or ratio (including in connection with Subject Transactions) in accordance with Section 1.08. 

“Projections” means the projections of the Borrower Agent and the Subsidiaries included in the Information Memorandum
(or a supplement thereto). 
 “Promissory Note” means a promissory note of the Borrowers payable to any
Lender or its registered assigns, in substantially the form of Exhibit H hereto, evidencing the aggregate Indebtedness of the Borrowers to such Lender resulting from the Loans made by such Lender. 

“Protective Advance” has the meaning assigned to such term in Section 2.04(a). 

  
 56 

 “PTE” means a prohibited transaction exemption issued by the U.S.
Department of Labor, as any such exemption may be amended from time to time. 
 “Public Company Costs” means
costs relating to compliance with the provisions of the Securities Act and the Exchange Act, in each case as applicable to companies with registered equity or debt securities held by the public, the rules of national securities exchange companies
with listed equity or debt securities, directors’ compensation, fees and expense reimbursement, costs relating to investor relations, shareholder meetings and reports to shareholders or debtholders, directors’ and officers’ insurance,
listing fees and all executive, legal and professional fees related to the foregoing. 
 “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). 
 “QFC Credit Support” has the meaning assigned to it in Section 9.25. 
 “Qualified Capital Stock” of any Person means any Capital Stock of
such Person that is not Disqualified Capital Stock. 
 “Qualified ECP Guarantor” means, in respect of any
Swap Obligation, each Loan Party that has total assets exceeding $10,000,000 at the time the relevant Loan Guaranty or grant of the relevant security interest becomes or would become effective with respect to such Swap Obligation or such other
person as constitutes an “eligible contract participant” under the Commodity Exchange Act or any regulations promulgated thereunder and can cause another person to qualify as an “eligible contract participant” at such time by
entering into a keepwell under Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.  
 “Real Estate
Asset” means, at any time of determination, any interest (fee, leasehold or otherwise) in real property then owned by any Loan Party. 

“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. 

“Refinancing Indebtedness” has the meaning assigned to such term in Section 6.01(p). 

“Register” has the meaning assigned to such term in Section 9.04. 

“Registered Equivalent Notes” means, with respect to any notes originally issued in a Rule 144A or other private
placement transaction under the Securities Act, substantially identical notes (having the same guarantees) issued in a dollar-for-dollar exchange therefor pursuant to an exchange offer registered with the SEC. 

“Regulation D” means Regulation D of the Board as from time to time in effect and all official rulings and
interpretations thereunder or thereof, and any successor provision thereto. 

  
 57 

 “Regulation T” means Regulation T of the Board as from time to time
in effect and all official rulings and interpretations thereunder or thereof, and any successor provision thereto. 

“Regulation U” means Regulation U of the Board as from time to time in effect and all official rulings and
interpretations thereunder or thereof, and any successor provision thereto. 
 “Regulation X” means
Regulation X of the Board as from time to time in effect and all official rulings and interpretations thereunder or thereof, and any successor provision thereto. 

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

“Release” means any release, spill, emission, leaking, pumping, pouring, injection, escaping, deposit, disposal,
discharge, dispersal, dumping, leaching or migration of any Hazardous Material into the indoor or outdoor environment (including the abandonment or disposal of any barrels, containers or other closed receptacles containing any Hazardous Material),
including the movement of any Hazardous Material through the air, soil, surface water or groundwater. 
 “Relevant Governmental Body” means with respect to a Benchmark Replacement in respect of Loans denominated
in Dollars, the Federal Reserve Board and/or the NYFRB, or a committee officially endorsed or convened by the Federal Reserve Board and/or the NYFRB or, in each case, any successor thereto.

 “Report” means reports prepared by the Administrative Agent or another Person showing the results of appraisals,
field examinations or audits pertaining to the Loan Parties’ assets from information furnished by or on behalf of the Loan Parties, after the Administrative Agent has exercised its rights of inspection pursuant to this Agreement, which Reports
may be distributed to the Lenders by the Administrative Agent, subject to the provisions of Section 9.12. 

“Required Lenders” means, at any time, Lenders having Revolving Exposure and unused Commitments representing more than
50.0% of the sum of the total Revolving Exposure and unused Commitments at such time; provided that the Revolving Exposure and unused Commitments of any Defaulting Lender shall be disregarded in the determination of the Required Lenders at
any time. 
 “Requirements of Law” means, with respect to any Person, collectively, the common law and all
federal, state, local, foreign, multinational or international laws, statutes, codes, treaties, standards, rules and regulations, guidelines, ordinances, orders, judgments, writs, injunctions, decrees (including administrative or judicial precedents
or authorities) and the interpretation or administration thereof by, and other determinations, directives, requirements or requests of any Governmental Authority, in each case whether or not having the force of law and that are applicable to or
binding upon such Person or any of its property or to which such Person or any of its property is subject. 

  
 58 

 “Reserves” means Customer Credit Liability Reserves, Inventory Reserves,
Landlord Lien Reserves, the FILO Reserve and any and all other reserves established in accordance with and
subject to Section 2.25. Without limiting the generality of the foregoing but subject to Section 2.25, there may be dilution reserves, reserves for unpaid and accrued sales taxes, reserves for banker’s liens, rights of
setoff or similar rights and remedies as to deposit or investment accounts, reserves for contingent liabilities of any Loan Party, reserves for uninsured or underinsured losses or litigation of any Loan Party, reserves for customs charges, freight
and shipping charges related to any Inventory in transit, reserves for other taxes, fees, assessments, and other governmental charges with respect to the Collateral or any Loan Party, reserves for self-insurance and insurance premiums and reserves
for royalties and other payments to owners or licensors of intellectual property. 
 “Resolution Authority” means an EEA Resolution Authority or, with respect to any UK Financial Institution, a
UK Resolution Authority. 
 “Responsible Officer” of any
Person means the chief executive officer, the president, any vice president, the chief operating officer or any Financial Officer of such Person and any other officer or similar official thereof responsible for the administration of the obligations
of such Person in respect of this Agreement, and, as to any document delivered on the FirstFifth Amendment Effective Date (but subject to the express requirements
set forth in Article 4), shall include any secretary or assistant secretary of a Loan Party. Any document delivered hereunder that is signed by a Responsible Officer of a Loan Party shall be conclusively presumed to have been authorized by all
necessary corporate, partnership and/or other 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. 

“Restricted Debt Payment” has the meaning set forth in Section 6.05(b). 

“Restricted Payment” means (a) any dividend or other distribution, direct or indirect, on account of any shares
of any class of the Capital Stock of the Borrower Agent now or hereafter outstanding, except a dividend payable solely in shares of that class of the Capital Stock to the holders of that class; (b) any redemption, retirement, sinking fund or
similar payment, purchase or other acquisition for value of any shares of any class of the Capital Stock of the Borrower Agent now or hereafter outstanding and (c) any payment made to retire, or to obtain the surrender of, any outstanding
warrants, options or other rights to acquire shares of any class of the Capital Stock of the Borrower Agent now or hereafter outstanding. 

“Revolving Exposure” means, with respect to any Lender at any time, the sum of (a) the outstanding principal
amount of such Lender’s Revolving Loans, (b) its LC Exposure, (c) with respect to any ABL Revolving Lender, its ABL Applicable Percentage of the aggregate principal amount of Swingline Loans outstanding at such time and (d) with
respect to any ABL Revolving Lender, its ABL Applicable Percentage of the aggregate principal amount of Protective Advances outstanding at such time. 

“Revolving Facility First Lien Collateral” has the meaning set forth in the Intercreditor Agreement. 

“Revolving Loan” means a Loan made pursuant to Section 2.01. 

  
 59 

 “S&P” means Standard & Poor’s Ratings Service, a
division of the McGraw-Hill Companies, Inc., and any successor to its rating agency business. 
 “Sale and Lease-Back
Transaction” has the meaning assigned to such term in Section 6.10. 
 “SEC” means the
Securities and Exchange Commission, or any Governmental Authority succeeding to any or all of its functions. 

“Second Priority Lien” means any Lien on any asset of any Loan Party that is granted under the Term Loan / Notes Security Documents and that, pursuant and subject to the
provisions of the Intercreditor Agreement, is junior in priority to the Liens of the Administrative Agent in the Collateral. 

“Secured Hedging Obligations” means all Hedging Obligations under each Hedge Agreement that (a) is in effect on the FirstFifth Amendment Effective Date between any Borrower or any other Loan Party and a counterparty that is the Administrative Agent or a Lender or an Affiliate of the Administrative Agent or a Lender as of the FirstFifth Amendment Effective Date or (b) is entered into after the FirstFifth Amendment Effective Date between any Borrower or any other Loan
Party and any counterparty that is the Administrative Agent or a Lender or an Affiliate of the Administrative Agent or a Lender at the time such Hedge Agreement is entered into, for which such Borrower or Loan Party (as applicable) agrees to provide
security, in each case that has been designated to the Administrative Agent in writing by the Borrower Agent as being a Secured Hedging Obligation for the purposes of the Loan Documents; provided that the obligations of the applicable Borrower or Loan Party under such Secured Hedging Obligations have not been designated as Term Loan Facility Obligations
(as such term is defined in the Revolving Facility
Security
Documents)..
 
 “Secured Obligations” means all Obligations,
together with (a) Banking Services Obligations and (b) all Secured Hedging Obligations; provided, however, that the definition of “Secured Obligations” shall not create any guarantee by any Guarantor of (or grant of
security interest by any Guarantor to support, as applicable) any Excluded Swap Obligations of such Guarantor for purposes of determining any obligations of any Guarantor. 

“Secured Parties” has the meaning assigned to such term in the Pledge and Security Agreement. 

“Securities” means any stock, shares, partnership interests, voting trust certificates, certificates of interest or
participation in any profit-sharing agreement or arrangement, options, warrants, bonds, debentures, notes, or other evidences of indebtedness, secured or unsecured, convertible, subordinated or otherwise, or in general any instruments commonly known
as “securities” or any certificates of interest, shares or participations in temporary or interim certificates for the purchase or acquisition of, or any right to subscribe to, purchase or acquire, any of the foregoing; provided
that “Securities” shall not include any earnout agreement or obligation or any employee bonus or other incentive compensation plan or agreement. 

“Securities Act” means the Securities Act of 1933 and the rules and regulations of the SEC promulgated thereunder.

  
 60 

 “Senior Note Documents” means the Senior Note Indentures under which
the Senior Notes are issued and all other instruments, agreements and other documents evidencing the Senior Notes or providing for any Guarantee or other right in respect thereof. 

“Senior Notes” means the 2023 Senior
Notes, the 2025 First Lien Senior Secured Notes, the 2026 New Senior Secured Notes and the 2026 Senior Notes. 
 “Senior Note Indentures” means the 2023 Senior Note Indenture, the 2025 First Lien Senior Secured Note Indenture, the 2026 New Senior Secured Note Indenture and the 2026 Senior Note Indenture. 
 “Senior Secured Leverage
Ratio” means, with respect to any Test Period, the ratio of (a) Consolidated Senior Secured Debt as of the last day of such Test Period (net of the Unrestricted Cash Amount as of such date) to (b) Consolidated Adjusted EBITDA for
such Test Period, in each case for the Borrower Agent and its Subsidiaries. 
 “Senior Secured Notes” means the 2025 First Lien Senior Secured Notes and the 2026 New Senior Secured Notes.
 
 “Shrink Reserve” means an amount estimated by the
Administrative Agent in its Permitted Discretion to be equal to that amount which is required in order that the shrink reflected in current stock ledger of the Borrower Agent and its Subsidiaries would be reasonably equivalent to the shrink
calculated as part of the Borrower Agent’s most recent physical inventory (it being understood and agreed that no Shrink Reserve established by the Administrative Agent shall be duplicative of any shrink as so reflected in the current stock
ledger of the Borrower Agent and its Subsidiaries or estimated by the Borrower Agent for purposes of computing the ABL Borrowing Base other than at month’s end). 
 “SOFR”
 means, 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’s Website at approximately 8:00 a.m. (New York City time) on the immediately succeeding Business Day.

“SOFR Administrator
” means the NYFRB (or a successor administrator of the secured overnight financing rate). 

“SOFR Administrator’s
 Website” means the NYFRB’s Website, currently at http://www.newyorkfed.org, or any successor source for the secured overnight financing rate identified as such by the SOFR Administrator from time to time. 
 “SPC” has the meaning assigned to such term in Section 9.05(e).

 “Specified Location” has the meaning set forth in the definition of “Landlord Lien Reserve.”

 “Specified Unsecured Indebtedness” means any Indebtedness of the Borrower Agent or any of its Subsidiaries permitted
to be incurred pursuant to Sections 6.01(r), (v), or (y) (and any Refinancing Indebtedness in respect thereof) or Section 6.01(p) (as it relates to Section 6.01(w)), in each case, to the extent such
Indebtedness is unsecured. 

  
 61 

“Sponsors” means collectively THL and
Advent. 
 “Standby Letter of Credit” means any
Letter of Credit other than a Commercial Letter of Credit. 
 “stated amount” means, at any time, the maximum
amount for which a Letter of Credit may be honored. 
 “Statutory Reserve Rate” means 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 percentage (including any marginal, special, emergency or supplemental reserves) established by the
Board to which the Administrative Agent is subject with respect to the Adjusted LIBO Rate, for eurocurrency funding (currently referred to as “Eurocurrency Liabilities” in Regulation D of the Board). Such reserve percentages
shall include those imposed pursuant to such Regulation D of the Board. LIBO Rate Loans shall be deemed to constitute eurocurrency funding and to be subject to such reserve requirements without benefit of or credit for proration, exemptions or
offsets that may be available from time to time to any Lender under such Regulation D of the Board 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. 
 “Store Exchange” means the substantially concurrent purchase and sale or exchange of one or
more stores, distribution centers and/or other locations (including any inventory, equipment and other assets used or useful at such location) or a combination of the foregoing and Cash and/or Cash Equivalents between any Borrower and/or any of its
Subsidiaries on the one hand, and any Person on the other hand; provided that any Net Proceeds received in connection therewith shall be subject to
Section 2.11(b)(ii) of the Term Loan Agreement. 

“Subject Transaction” means, with respect to any period, (a) the Transactions, (b) any Permitted Acquisition
or the making of other Investments permitted by this Agreement, (c) any disposition of all or substantially all of the assets or stock of a subsidiary (or any business unit, line of business or division of any Borrower or a Subsidiary)
permitted by this Agreement, (d) the designation of a subsidiary as an Unrestricted Subsidiary or an Unrestricted Subsidiary as a Subsidiary in accordance with Section 5.10 hereof or (e) any other event that by the terms of the
Loan Documents requires pro forma compliance with a test or covenant hereunder or requires such test or covenant to be calculated on a pro forma basis. 

“Subordinated Indebtedness” means any Indebtedness of the Borrower Agent or any of its Subsidiaries that is expressly
subordinated in right of payment to the Obligations. 
 “subsidiary” means, with respect to any Person, any
corporation, partnership, limited liability company, association, joint venture or other business entity of which more than 50.0% of the total voting power of shares of stock or other ownership interests entitled (without regard to the occurrence of
any contingency) to vote in the election of the Person or Persons (whether directors, managers, trustees or other Persons performing similar functions) having the power to  

  
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direct or cause the direction of the management and policies thereof is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other subsidiaries of that
Person of a combination thereof; provided that in determining the percentage of ownership interests of any Person controlled by another Person, no ownership interest in the nature of a “qualifying share” of the former Person shall
be deemed to be outstanding. 
 “Subsidiary” means any subsidiary of the Borrower Agent other than an Unrestricted
Subsidiary. 
 “Subsidiary Borrower” means (i) Party City and (ii) each Domestic Subsidiary (other than a
Disregarded Domestic Subsidiary or FSHCO Subsidiary) that becomes a Subsidiary Borrower pursuant to a Subsidiary Borrower Joinder Agreement, together with its respective successors and assigns; each sometimes being referred to herein individually as
a “Subsidiary Borrower”. 
 “Subsidiary Borrower Joinder Agreement” means a joinder in substantially the form of
Exhibit K hereto, to be executed by each Subsidiary Borrower designated as such after the Closing Date as provided in the definition of “Subsidiary Borrower”. Upon receipt of any such Subsidiary Borrower Joinder Agreement, the
Administrative Agent shall promptly transmit each such notice to each of the Lenders; provided that any failure to do so by the Administrative Agent shall not in any way affect the status of any such Domestic Subsidiary as a Subsidiary
Borrower hereunder. 
 “Subsidiary Guarantor” means (x) on the Closing Date, each Subsidiary of the Borrower Agent
(other than (i) the Subsidiary Borrower (except to the extent comprising a Loan Guarantor by operation of clause (iii) of the definition thereof) or (ii) any Excluded Subsidiary) and (y) thereafter, each Subsidiary of
either Borrower that thereafter guarantees the Secured Obligations pursuant to the terms of this Agreement (which, for the avoidance of doubt, shall not include any Subsidiary that is an Excluded Subsidiary), in each case, until such time as the
respective Subsidiary is released from its obligations under the Loan Guaranty in accordance with the terms and provisions hereof. 

“Subsidiary Guarantor Joinder Agreement” has the meaning assigned to such term in Section 5.12. 

“Super Majority FILO Lenders” means,
at any time, FILO Lenders having FILO Revolving Exposure and unused
FILO Commitments representing more than 66-2/3% of the sum of the total FILO Revolving Exposure and unused
FILO Commitments at such time; provided that the FILO Revolving Exposure and unused
FILO Commitments of any Defaulting Lender shall be disregarded in the determination of the Super
Majority FILO Lenders at any time. 

“Super Majority Lenders” means, at any
time, Lenders having Revolving Exposure and unused Commitments representing more than 66-2/3% of the sum of the total Revolving Exposure and unused Commitments at such time; provided that the Revolving Exposure and unused
Commitments of any Defaulting Lender shall be disregarded in the determination of the Super Majority Lenders at any time. 

  
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“Supply
 Chain Obligations” of the Loan Parties means any and all obligations of the Loan Parties, whether absolute or contingent and however and whenever created, arising, evidenced or acquired (including all renewals, extensions and modifications
thereof and substitutions therefor), in connection with Supply Chain Services, in each case, that has been designated to the Administrative Agent in writing by the Borrower Agent as being a Supply Chain Obligation for the purposes of the Loan
Documents. 
 “Supply Chain Services” means supply chain finance services including, without limitation, trade payable
services and supplier accounts receivable purchases, in each case, to the extent provided to the Loan Parties by any Lender. 

“Supported
 QFC” has the meaning assigned to it in Section 9.25. 

“Swap Obligation” means, with respect to any Guarantor, any obligation to pay or perform under any agreement, contract
or transaction that constitutes a “swap” within the meaning of section 1a(47) of the Commodity Exchange Act or any rules or regulations promulgated thereunder. 

“Swingline Lender” means JPMCB, in its capacity as lender of Swingline Loans hereunder. 

“Swingline Loan” means a Loan made pursuant to Section 2.05. 

“Syndication Agent” means Wells Fargo Bank, National Association and Bank of America, N.A. 

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

“Tax Group” has the meaning to such term in Section 6.05(a)(i)(B).  

“Termination Date” has the meaning assigned to such term in the lead-in to Article 5. 

“Term Loan Agreement” means the Term Loan Credit Agreement, dated as of August 19, 2015, among, inter
alios, Holdings, the Parent Borrower, Party City, Deutsche Bank AG New York Branch, as administrative agent and collateral agent, and the lenders from time to time party thereto, as the same may be amended, restated, amended and restated,
modified, refinanced, replaced, extended, renewed or supplemented from time to time. 
 “Term Loan Facility”
means the credit facility pursuant to the Term Loan Agreement and one or more debt facilities or other financing arrangements (including, without limitation indentures) providing for term loans or other long-term indebtedness that replace or
refinance such credit facility, including any such replacement or refinancing facility or indenture that increases or decreases the amount permitted to be borrowed thereunder or alters the maturity thereof and whether by the same or any other agent,
lender or group of lenders, and any amendments, supplements, modifications, extensions, renewals, restatements, amendments and restatements or refundings thereof or any such indentures or credit facilities that replace or refinance such credit
facility. 

  
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 “Term Loan
/ Notes First Lien Collateral” has the meaning set forth in the Intercreditor Agreement. 

“Term Loan /
Notes Security Documents” has the meaning set forth in the Intercreditor Agreement. 
 “Term SOFR” means, 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” means a notification by the Administrative Agent to the Lenders and the Agent Borrower of the occurrence of a Term SOFR Transition Event. 

“Term SOFR
 Transition Event” means 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 2.14 that is not Term SOFR. 
 “Test Period” means a period of four consecutive Fiscal Quarters.

 “THL” means Thomas H. Lee Partners
L.P. and shall include any fund affiliated with Thomas H. Lee Partners L.P. 

“Threshold Amount” means $50,000,000. 

“Third Amendment Effective Date” means
April 8, 2019. 
 “Total Leverage Ratio”
means, with respect to any Test Period, the ratio of (a) Consolidated Total Debt as of the last day of such Test Period (net of the Unrestricted Cash Amount as of such date) to (b) Consolidated Adjusted EBITDA for such Test Period, in each
case for the Borrower Agent and its Subsidiaries. 

“Total Line Cap” means, at any time of
determination, an amount equal to the sum of the ABL Line Cap and FILO Line Cap. 

“Trade Receivables Component” means
(x) for purposes of determining the ABL Borrowing Base, the face amount of Eligible Trade Receivables multiplied by 90.0% and (y) for purposes of determining the FILO Borrowing Base, the face amount of Eligible Trade Receivables multiplied by 5.0%. 
 “Transaction Costs” means fees, premiums, expenses and other
transaction costs (including original issue discount) payable or otherwise borne by Holdings, the Borrower Agent and its subsidiaries in connection with the Transactions and the transactions contemplated thereby. 

  
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 “Transactions” means, collectively, (a) the execution, delivery
and performance by the Loan Parties of the Loan Documents to which they are a party and the making of the Borrowings hereunder, (b) the Existing Debt Refinancing, (d) the issuance of the 2023 Senior Notes and incurrence of Indebtedness
under the Term Loan Agreement and (e) the payment of the Transaction Costs. 
 “Trust Funds” means any
Cash or Cash Equivalents comprised of (a) funds specially and exclusively used or to be used for payroll and payroll taxes and other employee benefit payments to or for the benefit of any Loan Party’s employees, (b) funds used or to
be used to pay all Taxes required to be collected, remitted or withheld (including, without limitation, federal and state withholding Taxes (including the employer’s share thereof)) and (c) any other funds which any Loan Party holds as an
escrow or fiduciary for another Person. 
 “Trust Fund Account” means any account containing Cash consisting
solely of Trust Funds.  
 “Trust Fund Certificate” means a certificate of a Responsible Officer of the
Borrower Agent certifying (a) the type and amount of any Trust Funds (other than payroll and employee benefit payments in the nature of discretionary contributions) contained or held in a Blocked Account, (b) that the failure to remit such
Trust Funds to the Person entitled thereto could reasonably be expected to result in personal, criminal or civil liability to any director, officer or employee of any Loan Party or any Subsidiary of any Loan Party under any applicable law and
(c) (x) that the obligation requiring such Trust Funds is due and payable within 10 Business Days of delivery of such certificate and (y) amounts on deposit in any applicable Trust Fund Account are insufficient to make such
payment. 
 “Type”, when used in reference to any Loan or Borrowing, refers to whether the rate of interest on such
Loan, or on the Loans comprising such Borrowing, is determined by reference to the Adjusted LIBO Rate or the Alternate Base Rate. 

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

“Ultimate Parent” means Party City Holdco Inc., a Delaware corporation. 

“Unadjusted
 Benchmark Replacement” means the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment. 

  
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 “Unrestricted Cash Amount” means, as of any date of determination,
the amount of (a) unrestricted Cash and Cash Equivalents of the Borrower Agent and its Subsidiaries whether or not held in an account pledged to the Administrative Agent and (b) Cash and Cash Equivalents restricted in favor of the ABL
Revolving Facility and the FILO Facility (which may also include Cash and Cash Equivalents securing other
Indebtedness secured by a Lien on the Collateral along with ABL Revolving Facility and the FILO
Facility); provided that the Unrestricted Cash Amount shall not exceed $150,000,000. 

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

“Unrestricted Subsidiary” means any subsidiary of any Borrower designated by such Borrower as an Unrestricted
Subsidiary pursuant to Section 5.10 subsequent to the Closing Date. 
 “U.S. Special Resolution Regime” has the meaning assigned to it in Section 9.25. 
 “USA PATRIOT Act” means The Uniting and Strengthening America by
Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (Title III of Pub. L. No. 107-56 (signed into law October 26, 2001)), as amended or modified from time to time. 

“Weighted Average Life to Maturity” means, when applied to any Indebtedness at any date, the number of years obtained
by dividing: (a) the sum of the products obtained by multiplying (i) the amount of each then remaining installment, sinking fund, serial maturity or other required payments of principal, including payment at final maturity, in respect
thereof, by (ii) the number of years (calculated to the nearest one-twelfth) that will elapse between such date and the making of such payment; by (b) the then outstanding principal amount of such Indebtedness. 

“Wholly-Owned Subsidiary” of any Person shall mean a subsidiary of such Person, 100.0% of the Capital Stock of which
(other than directors’ qualifying shares or shares required by law to be owned by a resident of that jurisdiction) shall be owned by such Person or by one or more Wholly-Owned Subsidiaries of such Person. 

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

  
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 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”. Unless the context requires otherwise (a) any definition of
or reference to any Organizational Document, agreement, instrument or other document herein shall be deemed to include all appendices, exhibits and schedules thereto and shall be construed as referring to such agreement, instrument or other document
as from time to time amended, restated, amended and restated, supplemented or otherwise modified (subject to any restrictions or qualifications on such amendments, restatements, amendment and restatements, supplements or modifications set forth
herein), (b) any reference to any law shall include all statutory and regulatory provisions consolidating, amending, replacing, supplementing or interpreting such law, (c) any reference herein to any Person shall be construed to include
such Person’s successors and permitted assigns, (d) the words “herein”, “hereof” and “hereunder”, and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any
particular provision hereof, (e) all references herein to Articles, Sections, Exhibits and Schedules shall be construed to refer (i) to the appropriate Articles and Sections of, and Exhibits and Schedules to, this Agreement or (ii) to
the extent such references are not present in this Agreement, to the Loan Document in which such reference appears, (f) 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” mean “to but excluding” and the word “through” means “to and including”, (g) the term “documents” includes any and all
instruments, documents, agreements, certificates, notices, reports, financial statements and other writings, however evidenced, whether in physical or electronic form,
and (h) 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. For purposes of determining compliance at any time with Sections 6.01, 6.02, 6.04,
6.05, 6.06, 6.07, 6.08 and 6.11, in the event that any Indebtedness, Lien, Restricted Payment, Restricted Debt Payment, contractual restriction, Investment, disposition or affiliate transaction, as applicable,
meets the criteria of more than one of the categories of transactions or items permitted pursuant to any clause of such Sections 6.01 (other than Sections 6.01(c), (k), (w) and (y)), 6.02 (other than
Sections 6.02(t)), 6.04, 6.05, 6.06, 6.07, 6.08 and 6.11, the Borrower, in its sole discretion, may classify or reclassify such transaction or item (or portion thereof) and will only be required to
include the amount and type of such transaction (or portion thereof) in any one category. and (i) any reference in this Agreement or any other Loan Documents to a merger, consolidation, amalgamation,
conveyance, disposal, assignment, sale, disposition or transfer, or similar term, shall be deemed to apply to a division of or by a limited liability company, corporation or partnership, or an allocation of assets to a series of or one or more
limited liability companies, partnerships or corporations, or the unwinding of such a division or allocation, as if it were a merger, consolidation, amalgamation conveyance, disposal, assignment, sale, disposition or transfer, or similar term, as
applicable, to, of or with a separate Person. Any division of a limited liability company, corporation or partnership shall be deemed to constitute the formation of a separate Person, and any such division shall constitute a separate Person
hereunder and under the other Loan Documents (and each division of any limited liability company,
corporation or partnership that is a subsidiary, joint venture or any other like term shall also constitute such a Person or entity). 

  
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 Section 1.04. Accounting Terms; GAAP. 

(a) Except as otherwise expressly provided herein, all financial statements to be delivered pursuant to this Agreement shall be
prepared in accordance with GAAP as in effect from time to time and all terms of an accounting or financial nature that are used in calculating the Fixed Charge Coverage Ratio, the Total Leverage Ratio, the Senior Secured Leverage Ratio or
Consolidated Total Assets shall be construed and interpreted in accordance with GAAP, as in effect on the First Amendment Effective Date unless otherwise agreed to by the Borrower Agent and the Required Lenders; provided that if the Borrower
Agent notifies the Administrative Agent that the Borrower Agent requests an amendment to any provision hereof to eliminate the effect of any change occurring after the First Amendment Effective Date in GAAP or in the application thereof (including
the conversion to IFRS as described below) on the operation of such provision (or if the Administrative Agent notifies the Borrower Agent that the Required Lenders request an amendment to any provision hereof for such purpose), regardless of whether
any such notice is given before or after such change in GAAP or in the application thereof, then such provision shall be interpreted on the basis of GAAP as in effect and applied immediately before such change shall have become effective until such
notice shall have been withdrawn or such provision amended in accordance herewith; provided, further, that if an amendment is requested by the Borrower Agent or the Required Lenders, then the Borrower Agent and the Administrative Agent
shall negotiate in good faith to enter into an amendment of such affected provisions (without the payment of any amendment or similar fees to the Lenders) to preserve the original intent thereof in light of such change in GAAP or the application
thereof subject to the approval of the Required Lenders (not to be unreasonably withheld, conditioned or delayed); provided, further, that 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 (i) any election under Accounting Standards Codification 825-10-25 (previously referred to as Statement of Financial Accounting Standards 159) (or any
other Accounting Standards Codification or Financial Accounting Standard having a similar result or effect) to value any Indebtedness or other liabilities of the Borrowers or any subsidiary at “fair value,” as defined therein and
(ii) any treatment of Indebtedness 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) to
value any such Indebtedness in a reduced or bifurcated manner as described therein, and such Indebtedness shall at all times be valued at the full stated principal amount thereof. If the Borrower Agent notifies the Administrative Agent that it is
required to report under IFRS or has elected to do so through an early adoption policy, upon the execution of an amendment hereof in accordance herewith to accommodate such change, “GAAP” shall mean international financial reporting
standards pursuant to IFRS (provided that after such conversion, the Borrower Agent cannot elect to report under GAAP). 

  
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 (b) [Reserved]. 

(c) Notwithstanding anything to the contrary contained in paragraph (a) above or the definition of Capital Lease,
in the event of an accounting change requiring all leases to be capitalized, only those leases (assuming for purposes hereof that they were in existence on the Closing Date) that would constitute Capital Leases on the Closing Date shall be
considered Capital Leases and all calculations and deliverables under this Agreement or any other Loan Document shall be made in accordance therewith (provided that all financial statements delivered to the Administrative Agent in accordance
with the terms of this Agreement after the date of such accounting change shall contain a schedule showing the adjustments necessary to reconcile such financial statements with GAAP as in effect immediately prior to such accounting change). 

Section 1.05. Effectuation of Transactions. Each of the representations and warranties of the Loan Parties contained in this
Agreement (and all corresponding definitions) are made after giving effect to the Transactions, unless the context otherwise requires. 

Section 1.06. Timing of Payment of Performance. When payment of any obligation or the performance of any covenant, duty or
obligation is stated to be due or performance required on a day which is not a Business Day, the date of such payment (other than as described in the definition of Interest Period) or performance shall extend to the immediately succeeding Business
Day, and, in the case of any payment accruing interest, interest thereon shall be payable for the period of such extension. 

Section 1.07. Limited Condition Acquisitions. When calculating the availability under any basket or ratio under this Agreement or
compliance with any provision (including, for the avoidance of doubt, Payment Conditions) of this Agreement (other than the Financial Covenant) in connection with any Limited Condition Acquisition and any actions or transactions related thereto, in
each case, at the option of the Borrower Agent (the Borrower Agent’s election to exercise such option, an “LCT Election”), the date of determination for availability under any such basket or ratio and whether any such action or
transaction is permitted (or any requirement or condition therefor is complied with or satisfied (including as to the absence of any continuing Default or Event of Default)) hereunder shall be deemed to be the date (the “LCT Test
Date”) the definitive agreements for such Limited Condition Acquisition are entered into, and if, after giving pro forma effect to the Limited Condition Acquisition and any actions or transactions related thereto (including any incurrence
of Indebtedness and the use of proceeds thereof) and any related pro forma adjustments, the Borrower Agent or any of its Subsidiaries would have been permitted to take such actions or consummate such transactions on the relevant LCT Test Date in
compliance with such ratio, test or basket (and any related requirements and conditions), such ratio, test or basket (and any related requirements and conditions) shall be deemed to have been complied with (or satisfied) for all purposes (in the
case of Indebtedness, for example, whether such Indebtedness is committed, issued or incurred at the LCT Test Date or at any time thereafter); provided, that any such Limited Condition Acquisition (x) which is a Permitted Acquisition
shall be consummated prior to the date which is 180 days following such LCT Test Date or (y) which is an Investment (other than a Permitted Acquisition) shall be consummated prior to the date which is 90 days following such LCT Test Date (each
such period, a “LCT Period”). 

  
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 For the avoidance of doubt, if the Borrower Agent has made an LCT Election, (1) if any
of the ratios, tests or baskets for which compliance was determined or tested as of the LCT Test Date would at any time during the applicable LCT Period have been exceeded or otherwise failed to have been complied with as a result of fluctuations in
any such ratio, test or basket, including due to fluctuations in Consolidated Adjusted EBITDA or Consolidated Total Assets of the Borrower Agent or the Person subject to such Limited Condition Acquisition, such baskets, tests or ratios will not be
deemed to have been exceeded or failed to have been complied with as a result of such fluctuations, (2) if any related requirements and conditions (including as to the absence of any continuing Default or Event of Default) for which compliance
or satisfaction was determined or tested as of the LCT Test Date would at any time during the applicable LCT Period not have been complied with or satisfied (including due to the occurrence or continuation of an Default or Event of Default), such
requirements and conditions will not be deemed to have been failed to be complied with or satisfied (and such Default or Event of Default shall be deemed not to have occurred or be continuing, solely for purposes of determining whether the
applicable Limited Condition Acquisition and any actions or transactions related thereto (including any incurrence of Indebtedness and the use of proceeds thereof) are permitted hereunder) and (3) in calculating the availability under any
ratio, test or basket in connection with any action or transaction unrelated to such Limited Condition Acquisition following the relevant LCT Test Date and prior to the date on which such Limited Condition Acquisition is consummated, any such ratio,
test or basket shall be determined or tested giving pro forma effect to such Limited Condition Acquisition and any actions or transactions related thereto (including any incurrence of Indebtedness and the use of proceeds thereof) and any related pro
forma adjustments unless the definitive agreement (or notice) for such Limited Condition Acquisition is terminated or expires (or is rescinded) without consummation of such Limited Condition Acquisition; provided that, with respect to this
clause (3), for the purposes of Sections 6.05 and 6.07 (other than Section 6.07(r)) only, Consolidated Net Income shall not include any Consolidated Net Income of or attributed to the target company or assets associated
with any such Limited Condition Acquisition unless and until the closing of such Limited Condition Acquisition shall have actually occurred. 

Section 1.08. Pro Forma Calculations. 

(a) Notwithstanding anything to the contrary herein, financial ratios and tests, including the Total Leverage Ratio, the Senior
Secured Leverage Ratio and the Fixed Charge Coverage Ratio and compliance with covenants determined by reference to Consolidated Adjusted EBITDA (including any component definitions thereof) or Consolidated Total Assets, shall be calculated in the
manner prescribed by this Section 1.08; provided that notwithstanding anything to the contrary in clauses (b), (c), (d) or (e) of this Section 1.08, (i) when calculating any such ratio or test for
purposes of the incurrence of any Indebtedness, cash and Cash Equivalents resulting from the incurrence of any such Indebtedness shall be excluded from the pro forma calculation of any applicable ratio or test and (ii) for the purposes of
determining compliance with the Financial Covenant as evidenced by a Compliance Certificate, any Subject Transaction occurring after the last day of the relevant Test Period and prior to the delivery of the Compliance Certificate with respect
thereto shall be disregarded. In addition, whenever a financial ratio or test is to be calculated on a pro forma basis, the reference to the “Test Period” for purposes of calculating such financial ratio or test shall be deemed to be a

  
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reference to, and shall be based on, the most recently ended Test Period for which internal financial statements (which internal financial statements, for the avoidance of doubt, shall include an
unaudited consolidated balance sheet, unaudited consolidated cash flow statement and unaudited consolidated statement of income of the Borrower Agent and its Subsidiaries, to the extent such financial statements are applicable with respect to the
calculation of such financial ratio or test) of the Borrower Agent and its Subsidiaries are available (as determined in good faith by the Borrower Agent). 

(b) For purposes of calculating any financial ratio or test or compliance with any covenant determined by reference to
Consolidated Adjusted EBITDA or Consolidated Total Assets, Subject Transactions (with any incurrence or repayment of any Indebtedness in connection therewith to be subject to clause (d) of this Section 1.08) that (i) have been
made during the applicable Test Period or (ii) if applicable as described in clause (a) above, have been made subsequent to such Test Period and prior to or substantially concurrently with the event for which the calculation of any such
ratio is made shall be calculated on a pro forma basis assuming that all such Subject Transactions (and any increase or decrease in Consolidated Adjusted EBITDA, Consolidated Total Assets and the component financial definitions used therein
attributable to any Subject Transaction) had occurred on the first day of the applicable Test Period (or, in the case of Consolidated Total Assets, on the last day of the applicable Test Period). If since the beginning of any applicable Test Period
any Person that subsequently became a Subsidiary or was merged, amalgamated or consolidated with or into a Borrower or any of its Subsidiaries since the beginning of such Test Period shall have made any Subject Transaction that would have required
adjustment pursuant to this Section 1.08, then such financial ratio or test (or Consolidated Total Assets) shall be calculated to give pro forma effect thereto in accordance with this Section 1.08. 

(c) Whenever pro forma effect is to be given to a Subject Transaction, the pro forma calculations shall be made in good faith
by a responsible financial or accounting officer of the Borrower Agent and, in the case of any “Test Period” determined by reference to internal financial statements (which internal financial statements, for the avoidance of doubt, shall
include an unaudited consolidated balance sheet, unaudited consolidated cash flow statement and unaudited consolidated statement of income of the Borrower Agent and its Subsidiaries, to the extent such financial statements are applicable with
respect to the calculation of such financial ratio or test) of the Borrower Agent (as opposed to the financial statements most recently delivered pursuant to Section 5.01(b) or Section 5.01(c), as set forth in a certificate
of a responsible financial or accounting officer of the Borrower Agent (with supporting calculations), and may include, for the avoidance of doubt, the amount of “run-rate” cost savings, operating expense reductions and synergies resulting
from or relating to, any Subject Transaction (including the Transactions) which is being given pro forma effect that have been realized or are projected in good faith to result (in the good faith determination of the Borrower Agent) (calculated on a
pro forma basis as though such cost savings, operating expense reductions and synergies had been realized on the first day of such period and as if such cost savings, operating expense reductions and synergies were realized during the entirety of
such period and “run-rate” means the full recurring projected benefit (including any savings or other benefits expected to result from the elimination of a public target’s 

  
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Public Company Costs) net of the amount of actual savings or other benefits realized during such period from such actions, and any such adjustments shall be included in the initial pro
forma calculations of any financial ratios or tests (and in respect of any subsequent pro forma calculations in which such Subject Transaction is given pro forma effect) and during any applicable subsequent Test Period in which the effects
thereof are expected to be realized) relating to such Subject Transaction; provided that (A) such amounts are reasonably identifiable and factually supportable in the good faith judgment of the Borrower Agent, (B) such amounts
result from actions taken or actions with respect to which substantial steps have been taken or are expected to be taken (in the good faith determination of the Borrower Agent) no later than eighteen (18) months after the date of such Subject
Transaction, (C) no amounts shall be added pursuant to this clause (c) to the extent duplicative of any amounts that are otherwise added back in computing Consolidated Adjusted EBITDA (or any other components thereof), whether through a
pro forma adjustment or otherwise, with respect to such period and (D) the aggregate amount of any such amounts added back pursuant to this clause (c) (other than in connection with any mergers, business combinations, acquisitions or
divestures) shall not exceed, together with any amounts added back pursuant to clauses (x) and (xi) of the definition of Consolidated Adjusted EBITDA, 25.0% of Consolidated Adjusted EBITDA in any four-Fiscal Quarter period
(calculated before giving effect to any such add-backs and adjustments). 
 (d) In the event that a Borrower or any
Subsidiary incurs (including by assumption or guarantees) or repays (including by purchase, redemption, repayment, retirement or extinguishment) any Indebtedness (other than Indebtedness incurred or repaid (other than any repayment from the proceeds
of other Indebtedness) under any revolving credit facility unless such Indebtedness has been permanently repaid (and related commitments terminated) and not replaced), (i) during the applicable Test Period or (ii) subject to paragraph
(a), subsequent to the end of the applicable Test Period and prior to or simultaneously with the event for which the calculation of any such ratio is made, then such financial ratio or test shall be calculated giving pro forma effect to such
incurrence (including the intended use of proceeds) or repayment of Indebtedness, in each case to the extent required, as if the same had occurred on the last day of the applicable Test Period. 

(e) If any Indebtedness bears a floating rate of interest and is being given pro forma effect, the interest on such
Indebtedness shall be calculated as if the rate in effect on the date of the event for which the calculation of the Fixed Charge Coverage Ratio is made had been the applicable rate for the entire period (taking into account any interest hedging
arrangements applicable to such Indebtedness); provided, in the case of repayment of any Indebtedness, to the extent actual interest related thereto was included during all or any portion of the applicable Test Period, the actual interest may
be used for the applicable portion of such Test Period 
 Section 1.09. Times of Day. Unless otherwise specified, all references
herein to times of day shall be references to Eastern time (daylight or standard, as applicable). 

  
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 Section 1.10. Rounding. Any financial ratios required to be satisfied in order
for a specific action to be permitted under 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). 
 Section 1.11. Currency
Generally. For purposes of determining compliance with Sections 6.01, 6.02 and 6.05 with respect to any amount of Indebtedness or Investment in a currency other than Dollars, no Default shall be deemed to have occurred
solely as a result of changes in rates of currency exchange occurring after the time such Indebtedness or Investment is incurred (so long as such Indebtedness or Investment, at the time incurred, made or acquired, was permitted hereunder). 

Section 1.12.
Interest Rates; LIBOR
Notification. The interest rate on a Loan denominated in Dollars 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. In July 2017, the U.K. Financial Conduct Authority announced that, after the end of 2021, it would no longer persuade or compel contributing banks to make rate
submissions to the ICE Benchmark Administration (together with any successor to the ICE Benchmark Administrator, the “IBA”) for purposes of the IBA setting the London interbank offered rate. As a result, it is possible that
commencing in 2022, the London interbank offered rate may no longer be available or may no longer be deemed an appropriate reference rate upon which to determine the interest rate on Eurocurrency Loans. In light of this eventuality, 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 or
an Early Opt-In Election, Section 2.14(b) and (c) provide a mechanism for determining an alternative rate of interest. The Administrative Agent will promptly notify the Borrower, pursuant to Section 2.14(e), of any change to the
reference rate upon which the interest rate on Eurocurrency 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 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 2.14(b) or (c), whether upon the occurrence of a Benchmark Transition Event, a Term SOFR Transition Event or an Early Opt-in Election, and
(ii) the implementation of any Benchmark Replacement Conforming Changes pursuant to Section 2.14(c)), 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 London interbank offered rate (or the euro interbank offered rate, as applicable) prior to its discontinuance or
unavailability. 

  
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 ARTICLE 2 

THE CREDITS 
 Section 2.01.
Loans and Commitments. Subject to the terms and conditions set forth herein: 
 (a) each ABL Revolving Lender agrees, severally and
not jointly, to make ABL Revolving Loans in Dollars to the Borrowers from time to time during the Availability Period in an aggregate principal amount requested by a Borrower (or the Borrower Agent on behalf of such Borrower) that will not result in
(i) such Lender’s ABL Revolving Exposure exceeding such Lender’s ABL Commitment, or (ii) the total ABL Revolving Exposures exceeding the lesser of (x) the aggregate ABL Revolving Commitments and (y) the ABL Borrowing Base (such lesser amount, the “ABL Line Cap”); and 

(b) each FILO Lender agrees, severally and not jointly, to
make FILO Loans in Dollars to the Borrowers from time to time during the Availability Period in an aggregate principal amount requested by a Borrower (or the Borrower Agent on behalf of such Borrower) that will not result in (i) such FILO
Lender’s FILO Loans exceeding such FILO Lender’s FILO Commitment, or (ii) the aggregate principal amount of FILO Loans outstanding exceeding the FILO Line Cap;[reserved]; 

provided that, in each case, the Borrower Agent and the Borrowers shall not request, and the ABL
Revolving Lenders shall be under no obligation to fund, any ABL Revolving Loan unless the Borrowers have borrowed FILO Loans in an amount up to the full amount of the FILO Line Cap then in effect. All FILO Credit Extensions shall be FILO Loans under
the FILO Facility and all Letters of Credit and Swingline Loans shall constitute ABL Revolving Credit Extensions under the ABL Revolving Facility. 

Within the foregoing limits and subject to the terms and conditions set forth herein (including the Administrative Agent’s authority, in
its sole discretion, to make Protective Advances pursuant to the terms of Section 2.04), the Borrowers may borrow, repay and reborrow Revolving Loans. All Borrowers shall be jointly and severally liable as borrowers for all Borrowings of
each Borrower regardless of which Borrower received the proceeds thereof. 
 Section 2.02. Loans and Borrowings. 

(a) Each Revolving Loan shall be made as part of a Borrowing consisting of Loans of the same Class and Type made by the Lenders
ratably in accordance with their respective Commitments of the applicable Class. Any Protective Advance and any Swingline Loan shall be made in accordance with the procedures set forth in Sections 2.04 and 2.05, respectively. Notwithstanding anything to the contrary herein contained, at any time that
FILO Excess Availability is greater than zero, all Revolving Loans made to the Borrowers shall be made as FILO Loans by the FILO Lenders (without regard to minimum or integral amounts for such Revolving Loans and irrespective of whether such
Borrower requested a FILO Loan or an ABL Revolving Loan) until FILO Excess Availability is zero and, thereafter all such Revolving Loans shall be made as
ABL Revolving Loans (without regard to minimum or integral amounts for such Revolving Loans).

  
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 (b) Subject to Section 2.14, each Borrowing shall be comprised
entirely of ABR Loans or LIBO Rate Loans as any Borrower (or the Borrower Agent on behalf of such Borrower) may request in accordance herewith. Each Swingline Loan and each Protective Advance shall be an ABR Loan. Each Lender at its option may make
any LIBO Rate Loan by causing any domestic or foreign branch or Affiliate of such Lender to make such Loan; provided that (i) any exercise of such option shall not affect the obligation of the Borrowers to repay such Loan in accordance
with the terms of this Agreement, (ii) such LIBO Rate Loan shall be deemed to have been made and held by such Lender, and the obligation of the Borrowers to repay such LIBO Rate Loan shall nevertheless be to such Lender for the account of such
domestic or foreign branch or Affiliate of such Lender and (iii) in exercising such option, such Lender shall use reasonable efforts to minimize increased costs to the Borrowers resulting therefrom (which obligation of such Lender shall not
require it to take, or refrain from taking, actions that it determines would result in increased costs for which it will not be compensated hereunder or that it otherwise determines would be disadvantageous to it and in the event of such request for
costs for which compensation is provided under this Agreement, the provisions of Section 2.15 shall apply); provided, further, that any such domestic or foreign branch or Affiliate of such Lender shall not be entitled to
any greater indemnification under Section 2.17 with respect to such LIBO Rate Loan than that which the applicable Lender was entitled on the date on which such Loan was made (except in connection with any indemnification entitlement
arising as a result of a Change in Law after the date on which such Loan was made). 
 (c) At the commencement of each
Interest Period for any LIBO Rate Borrowing, such Borrowing shall comprise an aggregate principal amount that is an integral multiple of $100,000 and not less than $1,000,000. Each ABR Borrowing when made shall be in a minimum principal amount of
$100,000; provided that an ABR Borrowing may be made in a lesser aggregate amount that is equal to the entire unused balance of the Aggregate Commitments that is required to finance the reimbursement of an LC Disbursement as contemplated by
Section 2.06(e). Borrowings of more than one Type and Class may be outstanding at the same time; provided that there shall not at any time be more than a total of ten different Interest Periods in effect for LIBO Rate Borrowings
at any time outstanding. 
 (d) Notwithstanding any other provision of this Agreement, no Borrower (or the Borrower Agent on
behalf of any Borrower) shall or shall 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. 

(e) (x) ABL Revolving Loans to the Borrowers (other than Swingline Loans and Protective Advances) shall be made by the ABL Revolving Lenders pro rata in accordance with their respective ABL Revolving Commitments and (y) FILO Loans to the Borrowers shall be made by the FILO Lenders pro rata in accordance with their respective FILO Commitments. 

  
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 (f) The failure of (x) any ABL Revolving Lender to make any ABL Revolving Loan (other than Swingline Loans) to the Borrowers
shall neither relieve any other ABL Revolving Lender of its obligation to fund its ABL Revolving Loan to the Borrowers in accordance with the provisions of this Agreement nor increase the obligation of any such other ABL Revolving Lender and (y) any FILO Lender to make any FILO Loan to the Borrowers shall neither relieve any other FILO Lender of its obligation to fund its FILO Loan to the Borrowers in
accordance with the provisions of this Agreement nor increase the obligation of any such other FILO Lender.. 

Section 2.03. Requests for Borrowings. To request a Borrowing of Revolving Loans, a Borrower (or the Borrower Agent on behalf of
any Borrower) shall notify the Administrative Agent of such request either in writing by delivery of a Borrowing Request (by hand delivery, fax or other electronic transmission (including “.pdf” or “.tif”)) signed by such
Borrower (or the Borrower Agent on behalf of any Borrower) or by telephone (a) in the case of a LIBO Rate Borrowing, not later than 12:00 noon, New York City time, three Business Days before the date of the proposed Borrowing or (b) in the
case of an ABR Borrowing (including any such notice of an ABR Borrowing to finance the reimbursement of an LC Disbursement as contemplated by Section 2.06(e)), not later than 12:00 noon, New York City time, on the date of the proposed
Borrowing (or, in each case, such later time as shall be acceptable to the Administrative Agent). Each such telephonic Borrowing Request shall be irrevocable and shall be confirmed promptly by hand delivery, fax or other electronic transmission
(including “.pdf” or “.tif”) to the Administrative Agent of a written Borrowing Request signed by such Borrower (or the Borrower Agent on behalf of any Borrower). Each such telephonic and written Borrowing Request shall specify
the following information in compliance with Section 2.01: 
 (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 LIBO Rate Borrowing; 

(iv) whether such Borrowing is to be an ABL Revolving Loan
and/or FILO Loan[reserved]; 

(v) in the case of a LIBO Rate Borrowing, the initial Interest Period to be applicable thereto, which shall be a period contemplated by the
definition of the term “Interest Period”; and 
 (vi) the location and number of the Borrowers’ account or any other
designated account(s) to which funds are to be disbursed (the “Funding Account”). 
 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 LIBO Rate Borrowing, then the Borrowers shall be deemed to have selected an Interest Period of one month’s
duration. Promptly following receipt of a Borrowing Request in accordance with this Section, the Administrative Agent shall advise each applicable Lender of the details thereof and of the amount of such Lender’s ABL Applicable Percentage or FILO Applicable Percentage of the applicable Loans to be made as part of the requested Borrowing. 

  
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 Section 2.04. Protective Advances. 

(a) Subject to the limitations set forth below (and notwithstanding anything to the contrary in Section 4.02), the
Administrative Agent is authorized by the Borrowers and the ABL Revolving Lenders, from time to time in the Administrative Agent’s sole discretion in the exercise of its commercially reasonable judgment (but shall have absolutely no obligation
to), to make ABL Revolving Loans to the Borrowers, on behalf of all ABL Revolving Lenders at any time that any condition precedent set forth in Section 4.02 has not been satisfied or waived, which the Administrative Agent, in its
Permitted Discretion, deems necessary or desirable (i) to preserve or protect the Collateral, or any portion thereof, (ii) to enhance the likelihood of, or maximize the amount of, repayment of the ABL Revolving Loans and other Obligations,
or (iii) to pay any other amount chargeable to or required to be paid by the Borrowers pursuant to the terms of this Agreement, including payments of reimbursable expenses (including costs, fees, and expenses as described in
Section 9.03) and other sums, in each case to the extent due and payable (and not in dispute by the Borrower Agent (acting in good faith)) under the Loan Documents (each such ABL Revolving Loan, a “Protective Advance”).
Any Protective Advance may be made in a principal amount that would cause the aggregate ABL Revolving Exposure to exceed the ABL Borrowing Base; provided that no Protective Advance may be made to the extent that, after giving effect to such Protective Advance (together with the outstanding principal amount of any outstanding
Protective Advances), the aggregate principal amount of Protective Advances outstanding hereunder would exceed 5.0% of the ABL Borrowing Base as determined on the date of such proposed Protective Advance; and provided, further, that the aggregate amount of Credit Extensions (including the aggregate amount of outstanding Protective
Advances) shall not exceed the Aggregate Commitments. No Protective Advance may remain outstanding for more than 45 days without the consent of the Required Lenders unless a Liquidation is taking place. Each Protective Advance shall be secured by
the Liens in favor of the Administrative Agent in and to the Collateral and shall constitute Obligations hereunder. The Administrative Agent’s authorization to make Protective Advances may be revoked at any time by the Required Lenders. Any
such revocation must be in writing and shall become effective prospectively upon the Administrative Agent’s receipt thereof. The making of a Protective Advance on any one occasion shall not obligate the Administrative Agent to make any
Protective Advance on any other occasion. At any time that the conditions precedent set forth in Section 4.02 have been satisfied or waived, the Administrative Agent may request the ABL Revolving Lenders to make an ABL Revolving Loan to
repay a Protective Advance. At any other time, the Administrative Agent may require the ABL Revolving Lenders to fund their risk participations described in Section 2.04(b). 

  
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 (b) Upon the making of a Protective Advance by the Administrative Agent
(whether before or after the occurrence of a Default or Event of Default), each ABL Revolving Lender shall be deemed, without further action by any party hereto, unconditionally and irrevocably to have purchased from the Administrative Agent without
recourse or warranty, an undivided interest and participation in such Protective Advance in proportion to its ABL Applicable Percentage. From and after the date, if any, on which any ABL Revolving Lender is required to fund its participation in any
Protective Advance purchased hereunder, the Administrative Agent shall promptly distribute to such ABL Revolving Lender, such ABL Revolving Lender’s ABL Applicable Percentage of all payments of principal and interest and all proceeds of
Collateral (if any) received by the Administrative Agent in respect of such Protective Advance. 
 Section 2.05. Swingline
Loans. 
 (a) Subject to the terms and conditions set forth herein, the Swingline Lender agrees to make Swingline Loans
to the Borrowers from time to time during the Availability Period, in an aggregate principal amount at any time outstanding that will not result in (i) the aggregate principal amount of outstanding Swingline Loans exceeding $40,000,000, or
(ii) the total ABL Revolving Exposures exceeding the ABL Line Cap; provided that the Swingline
Lender shall not be required to make a Swingline Loan to refinance an outstanding Swingline Loan. Each Swingline Loan shall be in an integral multiple of $100,000 and not less than $500,000 or such lesser amount as may be agreed by the
Administrative Agent. The Borrowers may request, and the Swingline Lender may make, a Swingline Loan notwithstanding that the Borrowers have not borrowed up to
the full amount of the FILO Line Cap at the time of such
request. Any Swingline Loan advanced by the Swingline Lender is made in reliance on the
agreements of the other Lenders set forth in this Agreement. Within the foregoing limits and subject to the terms and conditions set forth herein, the Borrowers may borrow, prepay and reborrow Swingline Loans. To request a Swingline Loan, the
Borrower Agent shall notify the Swingline Lender (with a copy to the Administrative Agent) of such request by telephone (confirmed by facsimile), not later than 2:00 p.m., New York City time, on the day of a proposed Swingline Loan. Each such notice
shall be irrevocable and shall specify the requested date (which shall be a Business Day) and amount of the requested Swingline Loan. The Administrative Agent will promptly advise the Swingline Lender of any such notice received from the Borrowers.
The Swingline Lender shall make each Swingline Loan available to the Borrowers by means of a credit to the Funding Account or otherwise in accordance with the instructions of the Borrower Agent (including, in the case of a Swingline Loan made to
finance the reimbursement of an LC Disbursement as provided in Section 2.06(e), by remittance to the applicable Issuing Bank) on the requested date of such Swingline Loan. 

(b) If any Swingline Loans are outstanding on any Business Day, the Swingline Lender may (or shall, with respect to any
Swingline Loans that have been outstanding for five Business Days) deliver written notice to the Administrative Agent not later than 12:00 p.m., New York City time, requiring that the ABL Revolving Lenders make ABL Revolving Loans that are ABR Loans
on such Business Day in an amount equal to the amount of such Swingline Loans (the “Refunded Swingline Loans”) outstanding on such Business Day and based upon their ABL Applicable 

  
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Percentages; provided that (i) promptly upon receipt of such notice, the Administrative Agent will give notice thereof to each ABL Revolving Lender and (ii) the ABL Revolving
Lenders shall not be required to make such ABL Revolving Loans to the extent (but only to the extent) that such ABL Revolving Loans would cause the aggregate ABL Revolving Exposure to exceed the aggregate ABL Revolving Commitments. Each ABL
Revolving Lender hereby absolutely and unconditionally agrees, promptly upon receipt of such notice from the Administrative Agent to make such ABL Revolving Loans pursuant to this paragraph. Notwithstanding anything herein to the contrary,
(i) the proceeds of such ABL Revolving Loans made by the ABL Revolving Lenders shall be immediately delivered by the Administrative Agent to the Swingline Lender and applied to repay a corresponding portion of the Refunded Swingline Loans and
(ii) on the day such ABL Revolving Loans are made, such portion of the Refunded Swingline Loans paid shall no longer be outstanding as Swingline Loans. Notwithstanding the terms of Section 2.02, if any Swingline Loans remain
outstanding upon the termination of the ABL Revolving Commitments, and if ABL Excess Availability is greater
than zero, upon such termination of the ABL Revolving Commitments, the Swingline Lender shall be deemed to have sold to each ABL Revolving Lender, and each ABL Revolving Lender shall be deemed unconditionally and irrevocably to have so purchased
from the Swingline Lender, without recourse or warranty, an undivided interest and participation, to the extent of such ABL Revolving Lender’s ABL Applicable Percentage in the lesser of (i) such ABL Excess Availability and (ii) such undivided interest and participation of each ABL Revolving Lender in
such outstanding Swingline Loans. 
 (c) To the extent a Swingline Lender is also a ABL Revolving Lender hereunder, in
no event will the Swingline Lender, in its capacity as a ABL Revolving Lender, be required to purchase participations from itself or be required to fund any Refunded Swingline Loans; rather if the settlement procedures described in clauses
(b) or (c) above are invoked, then the Swingline Lender’s exposure with respect to its Pro Rata Share as a ABL Revolving Lender hereunder shall be deemed automatically converted to a participation or Refunded Swingline Loan, as
applicable, and its exposure in its capacity as the Swingline Lender correspondingly reduced by such conversion. 
 (d) Notwithstanding the foregoing provisions of this Section 2.05 and any other provision to the contrary in this Agreement, so long as and to the extent that FILO
Excess Availability is greater than zero, Swingline Loans made by the Swingline Lender shall be refinanced by Revolving Loans made by FILO Lenders under the FILO Facility rather than by ABL Revolving Lenders under the ABL Revolving Facility up
to the amount of the then applicable FILO Excess Availability in accordance with the procedures set forth in Section 2.05(b) as if the provisions of such Section and each other provision of this
Section 2.05 made reference to the FILO Lenders and applicable related FILO Facility specific terms rather than the ABL Revolving Lenders and applicable related ABL Revolving Facility specific terms. 
 (d)
[reserved]. 

  
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 Section 2.06. Letters of Credit. 

(a) General. On and after the Closing Date, each Existing Letter of Credit shall be deemed to be a Letter of Credit
issued hereunder for all purposes of this Agreement and the other Loan Documents and for all purposes hereof will be deemed to have been issued on the Closing Date. Subject to the terms and conditions set forth herein, (i) each Issuing Bank
agrees, in each case in reliance upon the agreements of the other Lenders set forth in this Section 2.06, (A) from time to time on any Business Day during the period from the Closing Date to but not including the fifth Business Day
prior to the Maturity Date, upon the request of the Borrower Agent, to issue Letters of Credit denominated in Dollars only and issued on sight basis only for the account of any Borrower (or any Subsidiary; provided that a Borrower will be the
applicant) and to amend or renew Letters of Credit previously issued by it, in accordance with Section 2.06(b), and (B) to honor drafts under the Letters of Credit, and (ii) the Lenders severally agree to participate in the
Letters of Credit issued pursuant to Section 2.06(d). With respect to Commercial Letters of Credit, each Issuing Bank shall on the first Business Day of each week submit to the Administrative Agent, by facsimile, a report detailing the
daily aggregate total of Commercial Letters of Credit for the previous calendar week. 
 (b) Notice of Issuance,
Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), the Borrower Agent shall deliver to the applicable Issuing Bank and the
Administrative Agent, at least two Business Days in advance of the requested date of issuance (or such shorter period as is acceptable to Administrative Agent and the applicable Issuing Bank), a request to issue a Letter of Credit, which shall
specify that it is being issued under this Agreement, in the form of Exhibit F attached hereto (each a “Letter of Credit Request”). To request an amendment, extension or renewal of a Letter of Credit, the Borrower Agent
shall submit such a request to the applicable Issuing Bank (with a copy to the Administrative Agent) at least two Business Days in advance of the requested date of amendment, extension or renewal, identifying the Letter of Credit to be amended,
renewed or extended, and specifying the proposed date (which shall be a Business Day) and other details of the amendment, extension or renewal. Requests for issuance, amendment, renewal or extension must be accompanied by such other information as
shall be necessary to issue, amend, renew or extend such Letter of Credit. If requested by Administrative Agent or the applicable Issuing Bank, the Borrower Agent also shall submit a letter of credit application on such Issuing Bank’s standard
form in connection with any request for a Letter of Credit. 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 Agent to, or entered into by the applicable Borrower with, the applicable Issuing Bank relating to any Letter of Credit, the terms and conditions of this Agreement shall control. A Letter of Credit shall be issued, amended, renewed or
extended only if (and on issuance, amendment, renewal or extension of each Letter of Credit the Borrowers shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension (i) the LC Exposure
shall, subject to Sections 2.09(b) and 2.23(f), not exceed 

  
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$50,000,000, and (ii) the aggregate amount of Credit Extensions shall not exceed the ABL Line Cap. Promptly after the delivery of any Letter of Credit or any amendment to a Letter of Credit to an advising bank with respect thereto or to the beneficiary thereof, the applicable Issuing Bank will also
deliver to the Borrower Agent and the Administrative Agent a true and complete copy of such Letter of Credit or amendment. Upon receipt of such Letter of Credit or amendment, the Administrative Agent shall notify the Lenders, in writing, of such
Letter of Credit or amendment, and if so requested by a Lender, the Administrative Agent will provide such Lender with copies of such Letter of Credit or amendment. Notwithstanding the foregoing or anything to the contrary contained herein, no
Issuing Bank shall be obligated to issue or modify any Letter of Credit if, immediately after giving effect thereto, the outstanding LC Exposure in respect of all Letters of Credit issued by such Person and its Affiliates would exceed such Issuing
Bank’s Issuing Bank Sublimit. Without limiting the foregoing and without affecting the limitations contained herein, it is understood and agreed that the Borrower may from time to time request that an Issuing Bank issue Letters of Credit in
excess of its individual Issuing Bank Sublimit in effect at the time of such request, and each Issuing Bank agrees to consider any such request in good faith. Any Letter of Credit so issued by an Issuing Bank in excess of its individual Issuing Bank
Sublimit then in effect shall nonetheless constitute a Letter of Credit for all purposes of the Credit Agreement, and shall not affect the Issuing Bank Sublimit of any other Issuing Bank, subject to the limitations on the aggregate LC Exposure set
forth in clause (i) of this Section 2.06(b). 
 (c) Expiration Date. 

(i) Each Standby Letter of Credit shall expire not later than the earlier of (A) the date one year after the date of the issuance of such
Letter of Credit and (B) the date that is five Business Days prior to the Maturity Date; provided that any Standby Letter of Credit may provide for the automatic extension thereof for any number of additional periods each of up to one
year in duration (none of which, in any event, shall extend beyond the date referred to in clause (B) of this paragraph (c)(i) unless Cash collateralized or backstopped pursuant to arrangements reasonably satisfactory to the
Issuing Bank thereof). 
 (ii) Each Commercial Letter of Credit shall expire on the earlier of (A) 180 days after the date of the
issuance of such Letter of Credit and (B) the date that is five Business Days prior to the Maturity Date. 
 (d)
Participations. By the issuance of a Letter of Credit (or an amendment to a Letter of Credit increasing the amount thereof) and without any further action on the part of the applicable Issuing Bank or the ABL Revolving Lenders, the applicable
Issuing Bank hereby grants to each ABL Revolving Lender, and each ABL Revolving Lender hereby acquires from such Issuing Bank, a participation in such Letter of Credit equal to such ABL Revolving Lender’s ABL Applicable Percentage of the
aggregate amount available to be drawn under such Letter of Credit. In consideration and in furtherance of the foregoing, each ABL Revolving Lender hereby absolutely and unconditionally agrees to pay to the Administrative Agent, for the account of
the applicable Issuing Bank, such ABL Revolving Lender’s ABL Applicable Percentage of 

  
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each LC Disbursement made by such Issuing Bank and not reimbursed by the Borrowers on the date due as provided in paragraph (e) of this Section, or of any reimbursement payment
required to be refunded to the Borrowers for any reason. Each ABL Revolving Lender acknowledges and agrees that its obligation to acquire participations pursuant to this paragraph in respect of Letters of Credit is absolute and unconditional and
shall not be affected by any circumstance whatsoever, including any amendment, renewal or extension of any Letter of Credit or the occurrence and continuance of a Default or Event of Default or reduction or termination of the ABL Revolving
Commitments, and that each such payment shall be made without any offset, abatement, withholding or reduction whatsoever. Notwithstanding the terms of Section 2.02, if any Letters of Credit remain outstanding upon the termination of the
ABL Revolving Commitments, to the extent the ABL Revolving Commitments exceed the aggregate ABL Revolving Exposure upon such termination of the ABL Revolving Commitments, the Issuing Banks shall be deemed to have sold to each ABL Revolving Lender,
and each ABL Revolving Lender shall be deemed unconditionally and irrevocably to have so purchased from the Issuing Banks, without recourse or warranty, an undivided interest and participation, to the extent of such ABL Revolving Lender’s ABL
Applicable Percentage in the lesser of (i) such ABL Excess Availability and (ii) such undivided
interest and participation of each Lender in such outstanding Letters of Credit, each drawing thereunder and the obligations of the Borrowers under this Agreement and the other Loan Documents with respect thereto. Any action taken or omitted by any
Issuing Bank under or in connection with a Letter of Credit, if taken or omitted in the absence of gross negligence or willful misconduct, shall not create for such Issuing Bank any resulting liability to any ABL Revolving Lender. 

(e) Reimbursement. If the applicable Issuing Bank shall make any LC Disbursement in respect of a Letter of Credit, the
Borrowers shall reimburse such LC Disbursement by paying to the Administrative Agent (or, in the case of Commercial Letters of Credit, the applicable Issuing Bank) an amount equal to such LC Disbursement not later than 12:00 noon, New York City
time, on the Business Day immediately following the date the Borrower Agent receives notice under paragraph (g) of this Section of such LC Disbursement (or, if such notice is received less than two hours prior to the deadline for
requesting ABR Borrowings pursuant to Section 2.03, on the second Business Day immediately following the date the Borrower Agent receives such notice); provided that the Borrowers (or the Borrower Agent on behalf of Borrower) may,
subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 or 2.05 that such payment be financed with an ABR Borrowing or Swingline Loan in an equivalent amount and, to the extent so financed,
the Borrowers’ obligation to make such payment shall be discharged and replaced by the resulting ABR Borrowing or Swingline Loan. If the Borrowers fail to make such payment when due, the Administrative Agent shall notify each ABL Revolving
Lender of the applicable LC Disbursement, the payment then due from the Borrowers in respect thereof and such ABL Revolving Lender’s ABL Applicable Percentage thereof. Promptly following receipt of such notice, each ABL Revolving Lender shall
pay to the Administrative Agent its ABL Applicable Percentage of the payment then due from the Borrowers, in the same manner as provided in Section 2.07 with respect to Loans made by such ABL Revolving Lender (and
Section 2.07 shall apply, mutatis mutandis, to the 

  
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payment obligations of the ABL Revolving Lenders), and the Administrative Agent shall promptly pay to the applicable Issuing Bank the amounts so received by it from the ABL Revolving Lenders.
Promptly following receipt by the Administrative Agent of any payment from the Borrowers pursuant to this paragraph, the Administrative Agent shall distribute such payment to the applicable Issuing Bank or, to the extent that ABL Revolving Lenders
have made payments pursuant to this paragraph to reimburse such Issuing Bank, then to such ABL Revolving Lenders and such Issuing Bank as their interests may appear. 

(f) Obligations Absolute. The Borrowers’ obligation to reimburse LC Disbursements as provided in paragraph
(e) of this Section shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement under any and all circumstances whatsoever and irrespective of (i) any lack of
validity or enforceability of any Letter of Credit or this Agreement, or any term or provision therein, (ii) any draft or other document presented under a Letter of Credit proving to be forged, fraudulent or invalid in any respect or any
statement therein being untrue or inaccurate in any respect, (iii) payment by the applicable Issuing Bank under a Letter of Credit against presentation of a draft or other document that does not comply with the terms of such Letter of Credit or
(iv) any other event or circumstance whatsoever, whether or not similar to any of the foregoing, that might, but for the provisions of this Section, constitute a legal or equitable discharge of, or provide a right of setoff against, the
Borrowers’ obligations hereunder. Neither the Administrative Agent, the Lenders nor any Issuing Bank, nor any of their Related Parties, shall have any liability or responsibility by reason of or in connection with the issuance or transfer of
any Letter of Credit or any payment or failure to make any payment thereunder (irrespective of any of the circumstances referred to in the preceding sentence), or any error, omission, interruption, loss or delay in transmission or delivery of any
draft, notice or other communication under or relating to any Letter of Credit (including any document required to make a drawing thereunder), any error in interpretation of technical terms or any consequence arising from causes beyond the control
of such Issuing Bank; provided that the foregoing shall not be construed to excuse such Issuing Bank from liability to the Borrowers to the extent of any direct damages (as opposed to consequential damages, claims in respect of which are
hereby waived by the Borrowers to the extent permitted by applicable law) suffered by the Borrowers that are caused by such Issuing Bank’s failure to exercise care when determining whether drafts and other documents presented under a Letter of
Credit comply with the terms thereof. The parties hereto expressly agree that, in the absence of gross negligence, bad faith or willful misconduct on the part of applicable Issuing Bank (as finally determined by a court of competent jurisdiction),
such Issuing Bank shall be deemed to have exercised care in each such determination. In furtherance of the foregoing and without limiting the generality thereof, the parties agree that, with respect to documents presented which appear on their face
to be in substantial compliance with the terms of a Letter of Credit, the applicable Issuing Bank may, in its sole discretion, either accept and make payment upon such documents without responsibility for further investigation, regardless of any
notice or information to the contrary, or refuse to accept and make payment upon such documents if such documents are not in strict compliance with the terms of such Letter of Credit. 

  
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 (g) Disbursement Procedures. The applicable Issuing Bank shall,
promptly following its receipt thereof, examine all documents purporting to represent a demand for payment under a Letter of Credit. Such Issuing Bank shall promptly notify the Administrative Agent and the Borrower Agent by telephone (confirmed by
facsimile) of such demand for payment and whether such Issuing Bank has made or will make an LC Disbursement thereunder; provided that any failure to give or delay in giving such notice shall not relieve the Borrowers of their obligation to
reimburse such Issuing Bank and the ABL Revolving Lenders with respect to any such LC Disbursement. 
 (h) Interim
Interest. If an Issuing Bank shall make any LC Disbursement, then, unless the Borrowers shall reimburse such LC Disbursement in full on the date such LC Disbursement is made, the unpaid amount thereof shall bear interest, for each day from and
including the date such LC Disbursement is made to but excluding the date that the Borrowers reimburse such LC Disbursement, at the rate per annum then applicable to Loans that are ABR Loans; provided that if the Borrowers fail to reimburse
such LC Disbursement when due pursuant to paragraph (e) of this Section, then Section 2.13(c) shall apply. Interest accrued pursuant to this paragraph shall be for the account of the applicable Issuing Bank, except that
interest accrued on and after the date of payment by any ABL Revolving Lender pursuant to paragraph (e) of this Section to reimburse such Issuing Bank shall be for the account of such ABL Revolving Lender to the extent of such payment.

 (i) Replacement of an Issuing Bank. An Issuing Bank may be replaced with the consent of the Administrative Agent
(not to be unreasonably withheld or delayed) at any time by written agreement among the Borrowers, the Administrative Agent and the successor Issuing Bank. The Administrative Agent shall notify the Lenders of any such replacement of an Issuing Bank.
At the time any such replacement shall become effective, the Borrowers shall pay all unpaid fees accrued for the account of the replaced Issuing Bank pursuant to Section 2.12(b). From and after the effective date of any such replacement,
(i) the successor Issuing Bank shall have all the rights and obligations of the replaced Issuing Bank under this Agreement with respect to Letters of Credit to be issued thereafter and (ii) references herein to the term “Issuing
Bank” shall be deemed to refer to such successor or to any previous Issuing Banks, or to such successor and all previous Issuing Banks, as the context shall require. After the replacement of an Issuing Bank hereunder, the replaced Issuing Bank
shall remain a party hereto and shall continue to have all the rights and obligations of an Issuing Bank under this Agreement with respect to Letters of Credit then outstanding and issued by it prior to such replacement, but shall not be required to
issue additional Letters of Credit. 
 (j) Cash Collateralization. 

(i) If any Event of Default shall occur and be continuing, then on the Business Day that the Borrower Agent receives notice from the
Administrative Agent or the Required Lenders demanding the deposit of Cash collateral pursuant to this paragraph (j), upon such demand, the Borrowers shall deposit, in an interest-bearing account with the Administrative Agent, in the name of
the Administrative Agent and for the benefit of the ABL Revolving Lenders (the “LC Collateral Account”), an amount in Cash equal to 100.0% of the LC 

  
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Exposure as of such date; 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 Borrowers described in Section 7.01(f) or (g). 

(ii) Any such deposit under clause (i) above shall be held by the Administrative Agent as collateral for the payment and
performance of the Secured Obligations in accordance with the provisions of this paragraph (j). The Administrative Agent shall have exclusive dominion and control, including the exclusive right of withdrawal, over such account and the
Borrowers hereby grant the Administrative Agent a security interest in the LC Collateral Account. Other than any interest earned on the investment of such deposits, which investments shall be made at the option and sole discretion of the
Administrative Agent, such deposits shall not bear interest. Interest or profits, if any, on such investments shall accumulate in such account. Moneys in such account shall be applied by the Administrative Agent to reimburse the applicable Issuing
Bank for LC Disbursements for which it has not been reimbursed and, to the extent not so applied, shall be held for the satisfaction of the reimbursement obligations of the Borrowers for the LC Exposure at such time or, if the maturity of the Loans
has been accelerated (but subject to the consent of the Required Lenders), be applied to satisfy other Secured Obligations. If the Borrowers are required to provide an amount of Cash collateral hereunder as a result of the occurrence of an Event of
Default, such amount (together with all interest and other earnings with respect thereto, to the extent not applied as aforesaid) shall be returned promptly to the Borrowers but in no event later than three Business Days, after such Event of Default
has been cured or waived. 
 (k) Issuing Bank Reports to the Administrative Agent. Unless otherwise agreed by the
Administrative Agent, each Issuing Bank shall, in addition to its notification obligations set forth elsewhere in this Section, report in writing to the Administrative Agent (i) periodic activity (for such period or recurrent periods as shall
be requested by the Administrative Agent) in respect of Letters of Credit issued by such Issuing Bank, including all issuances, extensions, amendments and renewals, all expirations and cancelations and all disbursements and reimbursements,
(ii) reasonably prior to the time that such Issuing Bank issues, amends, renews or extends any Letter of Credit, the date of such issuance, amendment, renewal or extension, and the stated amount of the Letters of Credit issued, amended, renewed
or extended by it and outstanding after giving effect to such issuance, amendment, renewal or extension (and whether the amounts thereof shall have changed), (iii) on each Business Day on which such Issuing Bank makes any LC Disbursement, the
date and amount of such LC Disbursement, (iv) on any Business Day on which any Borrower fails to reimburse an LC Disbursement required to be reimbursed to such Issuing Bank on such day, the date of such failure and the amount of such LC
Disbursement, and (v) on any other Business Day, such other information as the Administrative Agent shall reasonably request as to the Letters of Credit issued by such Issuing Bank. 

  
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 Section 2.07. Funding of Borrowings. 

(a) Each Lender shall make each Loan to be made by it hereunder on the proposed date thereof by wire transfer of immediately
available funds by 2:00 p.m., New York City time, to the account of the Administrative Agent most recently designated by it for such purpose by notice to the Lenders in an amount equal to (x) with respect to ABL Revolving Loans, such ABL Revolving Lender’s respective ABL Applicable Percentage and (y) with respect to FILO Loans, such FILO Lender’s respective FILO Applicable
Percentage; provided that Swingline Loans shall be made as provided in Section 2.05. The Administrative Agent will make such Loans available to the Borrowers by promptly crediting the amounts so received, in like funds, to the
Funding Account or as otherwise directed by the Borrowers (or the Borrower Agent on behalf of Borrowers); provided that ABR Revolving Loans (or to the
extent applicable, FILO Loans) made to finance the reimbursement of (i) an LC Disbursement as provided in Section 2.06(e) shall be remitted by the Administrative Agent to the
applicable Issuing Bank and (ii) a Protective Advance shall be retained by the Administrative Agent to be applied as contemplated by Section 2.04 (and the Administrative Agent shall deliver to the Borrowers a reasonably detailed
accounting of such application). 
 (b) Unless the Administrative Agent shall have received notice from a Lender prior
to the proposed date of any Borrowing that such Lender will not make available to the Administrative Agent such Lender’s share of such Borrowing, the Administrative Agent may assume that such Lender has made such share available on such date in
accordance with paragraph (a) of this Section and may, in reliance upon such assumption, make available to the Borrowers a corresponding amount. In such event, if a Lender has not in fact made its share of the applicable Borrowing
available to the Administrative Agent, then the applicable Lender and the Borrowers severally agree to pay to the Administrative Agent forthwith on demand (without duplication) such corresponding amount with interest thereon, for each day from and
including the date such amount is made available to the Borrowers to but excluding the date of payment to the Administrative Agent, at (i) in the case of such Lender, the greater of the Federal Funds Effective Rate and a rate determined by the
Administrative Agent in accordance with banking industry rules on interbank compensation or (ii) in the case of the Borrowers, the interest rate applicable to Loans comprising such Borrowing at such time. If such Lender pays such amount to the
Administrative Agent, then such amount shall constitute such Lender’s Loan included in such Borrowing and the Borrowers’ obligation to repay the Administrative Agent such corresponding amount pursuant to this Section 2.07(b)
shall cease. If the Borrowers pay such amount to the Administrative Agent, the amount so paid shall constitute a repayment of such Borrowing by such amount. Nothing herein shall be deemed to relieve any Lender from its obligation to fulfill its
Commitment or to prejudice any rights which the Administrative Agent or any Borrower or any other Loan Party may have against any Lender as a result of any default by such Lender hereunder. 

Section 2.08. Type; Interest Elections. 

(a) Each Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a LIBO Rate
Borrowing, shall have an initial Interest Period as specified in such Borrowing Request. Thereafter, the Borrowers may elect to convert such Borrowing to a different Type or to continue such Borrowing and,

  
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in the case of a LIBO Rate Borrowing, may elect Interest Periods therefor, all as provided in this Section. The Borrowers may elect different options with respect to different portions of the
affected Borrowing, in which case each such portion shall be allocated ratably among the Lenders, based upon their respective ABL Applicable Percentages and FILO
Applicable Percentages and the Loans comprising each such portion shall be considered a separate Borrowing. This Section shall not apply to Swingline Borrowings or Protective Advances, which
may not be converted or continued. 
 (b) To make an election pursuant to this Section, the Borrowers (or the Borrower
Agent on behalf of Borrowers) shall notify the Administrative Agent of such election either delivered in writing (by hand delivery, fax or other electronic transmission (including, “.pdf” or “.tif”)) or by telephone by the time
that a Borrowing Request would be required under Section 2.03 if the Borrowers were requesting a Borrowing of the Type resulting from such election to be made on the effective date of such election. Each such telephonic Interest Election
Request shall be irrevocable and shall be confirmed promptly by hand delivery, fax or other electronic transmission (including, “.pdf” or “.tif”) to the Administrative Agent of a written Interest Election Request signed by the
Borrower Agent. 
 (c) Each telephonic and written Interest Election Request shall specify the following information in
compliance with Section 2.02: 
 (i) the Borrowing to which such Interest Election Request applies and, if different options are
being elected with respect to different portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information to be specified pursuant to clauses (iii), (iv) and (v) 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 applicable
Loans are ABL Revolving Loans and/or FILO Loans[reserved]; 
 (iv) whether the resulting Borrowing is to be an ABR Borrowing or a LIBO Rate Borrowing; and

 (v) if the resulting Borrowing is a LIBO Rate Borrowing, the Interest Period to be applicable thereto after giving effect to such
election, which shall be a period contemplated by the definition of the term “Interest Period”. 
 If any such Interest Election Request requests
a LIBO Rate Borrowing but does not specify an Interest Period, then the Borrowers shall be deemed to have selected an Interest Period of one month’s duration. 

(d) Promptly following receipt of an Interest Election Request, the Administrative Agent shall advise each Lender of the
details thereof and of such Lender’s portion of each resulting Borrowing. 

  
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 (e) If the Borrower Agent fails to deliver a timely Interest Election
Request with respect to a LIBO Rate 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 a LIBO Rate
Borrowing with an Interest Period of one month. Notwithstanding any contrary provision hereof, if an Event of Default has occurred and is continuing and the Administrative Agent, at the request of the Required Lenders, so notifies the Borrower
Agent, then, so long as an Event of Default is continuing (i) no outstanding Borrowing may be converted to or continued as a LIBO Rate Borrowing and (ii) unless repaid, each LIBO Rate Borrowing shall be converted to an ABR Borrowing at the
end of the then-current Interest Period applicable thereto. 
 Section 2.09. Termination and Reduction of Commitments. 

(a) Unless previously terminated, all Commitments shall terminate on the Maturity Date. 

(b) Upon delivering the notice required by Section 2.09(e), the Borrowers may at any time terminate the Commitments
upon (i) the payment in full in Cash of all outstanding Loans, together with accrued and unpaid interest thereon, (ii) the cancellation and return of all outstanding Letters of Credit (or alternatively, with respect to each such Letter of
Credit, the furnishing to the Administrative Agent of a Cash deposit (or if reasonably satisfactory to the Administrative Agent, a backup standby letter of credit) equal to 100.0% of the LC Exposure as of such date) and (iii) the payment in
full of all accrued and unpaid fees and all reimbursable expenses and other Obligations then due, together with accrued and unpaid interest (if any) thereon. 

(c) Upon delivering the notice required by Section 2.09(e), the Borrowers may from time to time reduce the
Commitments; provided that (i) each reduction of the Commitments shall be in an amount that is an integral multiple of $1,000,000 and not less than $1,000,000 and (ii) the Borrowers shall not reduce the Commitments if, after giving
effect to any concurrent prepayment of the Revolving Loans in accordance with Section 2.10 or Section 2.11, the sum of the Revolving Exposures would exceed the Total Line Cap. 

(d) Notwithstanding the
foregoing, in the case of a termination of FILO
Commitments, in the event that any FILO Loans are outstanding at the time of a termination of the FILO Commitments, the prepayment of such FILO Loans and termination of such FILO Commitments shall be subject to the satisfaction of the Payment
Conditions immediately prior to, and immediately after, giving effect to such termination and
prepayment.[reserved]. 

(e) The Borrower Agent shall notify the Administrative Agent of any election to terminate or reduce the Commitments under
paragraph (b) or (c) of this Section at least three Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any
notice, the Administrative Agent shall advise the Lenders of the contents thereof. 

  
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Each notice delivered by the Borrower Agent pursuant to this Section shall be irrevocable; provided that a notice of termination of the Commitments delivered by the Borrower Agent may
state that such notice is conditioned upon the effectiveness of other transactions, in which case such notice may be revoked by the Borrower Agent (by notice to the Administrative Agent on or prior to the specified effective date) if such condition
is not satisfied. Any termination or reduction of the Commitments pursuant to this Section 2.09 shall be permanent. Upon any reduction of
(x) the ABL Revolving Commitments, the ABL Revolving Commitment of each ABL Revolving Lender shall be
reduced by such ABL Revolving Lender’s ABL Applicable Percentage of such reduction amount and (y) the FILO Commitments, the FILO Commitment of each
FILO Lender shall be reduced by such FILO Lender’s FILO Applicable Percentage of such reduction amount. 

Section 2.10. Repayment of Loans; Evidence of Debt. 

(a) The Borrowers hereby unconditionally promise to pay (on a joint and several basis) (i) to the Administrative Agent for
the account of each Lender the then unpaid principal amount of each Revolving Loan on the applicable Maturity Date, (ii) to the Administrative Agent the then unpaid amount of each Protective Advance on the earliest of (A) the Maturity Date
of the ABL Revolving Facility, (B) within three Business Days following receipt of written demand therefor by the Administrative Agent and (C) 45 days (or such longer period as may be consented to by Required Lenders) after such Protective
Advance is made, (iii) to the Swingline Lender the then unpaid principal amount of each Swingline Loan on the Maturity Date of the ABL Revolving Facility; provided that on each date that a Revolving Loan is made while any Protective
Advance is outstanding, the Borrowers shall repay all Protective Advances with the proceeds of such ABL Revolving Loan then outstanding. On the Maturity Date of the ABL Revolving Facility, the Borrowers shall cancel and return all outstanding
Letters of Credit (or alternatively, with respect to each such Letter of Credit, furnish to the Administrative Agent a Cash deposit (or if reasonably satisfactory to the Administrative Agent, a backup standby letter of credit) equal to 100.0% of the
LC Exposure as of such date) and make payment in full in Cash of all accrued and unpaid fees and all reimbursable expenses and other Obligations then due, together with accrued and unpaid interest (if any) thereon. 

(b) Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of the
Borrowers 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 the Register pursuant to Section 9.05(b)(iv) in which it shall record
(i) the amount of each Loan made hereunder, the Class and Type thereof and the Interest Period (if any) applicable thereto, (ii) the amount of any principal or interest due and payable or to become due and payable from the Borrowers to
each Lender hereunder and (iii) the amount of any sum received by the Administrative Agent hereunder for the account of the Lenders and each Lender’s share thereof. 

  
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 (d) Subject to 9.05(b)(iv), the entries made in the accounts maintained
pursuant to paragraph (b) or (c) of this Section shall be prima facie evidence of the existence and amounts of the obligations recorded therein (absent manifest error); provided that, the failure of any Lender or the
Administrative Agent to maintain such accounts or any manifest error therein shall not in any manner affect the obligation of the Borrowers to repay the Loans in accordance with the terms of this Agreement; provided, further, that in the
event of any inconsistency between the accounts maintained by the Administrative Agent pursuant to paragraph (c) of this Section and any Lender’s records, the accounts of the Administrative Agent shall govern. 

(e) Any Lender may request that Loans made by it be evidenced by a Promissory Note. In such event, the Borrowers shall prepare,
execute and deliver to such Lender a Promissory Note payable to such Lender and its registered assigns. Thereafter, the Loans evidenced by such Promissory Note and interest thereon shall at all times (including after assignment pursuant to
Section 9.05) be represented by one or more Promissory Notes in such form payable to the payee named therein and its registered assigns. 

Section 2.11. Prepayment of Loans. 

(a) Upon prior notice in accordance with paragraph (e) of this Section, the Borrowers shall have the right at any
time and from time to time to prepay any Borrowing in whole or in part without premium or penalty (but subject to Section 2.16). Prepayments made pursuant to this Section 2.11(a), first, shall be applied ratably to the
Swingline Loans and to outstanding LC
Disbursements,
and second, shall be applied ratably to the outstanding Loans (other than FILO Loans) and third, shall be
applied ratably to the outstanding FILO Loans. Notwithstanding the provisions of this Section 2.11(a), except as provided in Section 2.09 or Sections 2.11(b), only if the FILO Prepayment Conditions are met may the Borrowers repay or prepay
amounts owed with respect to the FILO Loans; provided, however, that, any such repayment or prepayment shall not reduce or terminate the FILO Commitments except to the extent provided in such Sections.. 
 (b) Except for Protective Advances permitted under Section 2.04,
in the event that the aggregate amount of the Revolving Exposure of the Lenders exceeds the Borrowing Base, the Borrower Agent shall (i) first prepay the ABL Revolving Loans or Swingline Loans and/or reduce LC Exposure, in an aggregate amount equal to such excess by taking any of the following actions as it shall determine at its sole discretion:
(A) prepayment of ABL Revolving Loans or Swingline Loans or (B) with respect to such excess L/C Exposure, deposit of Cash in the LC Collateral Account or “backstopping” or replacement of such Letters of Credit, in each case, in
an amount equal to 100.0% of such excess L/C Exposure (but in any event, such payments of ABL Revolving Loans or Swingline Loans and such deposits of Cash or “backstopping” or replacements of Letters of Credit shall in the aggregate be
equal to such excess) and (ii) if, after giving effect to the actions taken in Section 2.11(b)(i) such deficiency has not been eliminated, prepay the
FILO Loans in an amount necessary to eliminate such deficiency; provided that (1) for the
purposes of calculating the ABL Borrowing Base  

  
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solely for
purposes of this Section 2.11(b), the FILO Reserve shall be deemed to be zero,
(2) if the circumstances described in this clause (b) are the result of the imposition of or increase in a Reserve, the Borrowers shall not be required to make the initial
prepayment or deposit until the fifth Business Day following the date on which Administrative Agent notifies the Borrower Agent of such imposition or increase and
(32) the LC Exposure may not be reduced to less than zero; and 
 (c) At all
times after the occurrence and during the continuance of a Cash Dominion Event and notification thereof by the Administrative Agent to the Borrower Agent (subject to the provisions of Section 2.18(b) and to the terms of the Pledge and
Security Agreement), on each Business Day, at or before 1:00 p.m., New York City time, the Administrative Agent shall apply all immediately available funds credited to the Administrative Agent Account or otherwise received by Administrative Agent
for application to the Obligations or Secured Obligations (in the case of clause sixth below), first to pay any fees, indemnities or expense reimbursements then due to the Administrative Agent, the Issuing Banks and the Lenders
constituting Obligations, pro rata, second to pay interest due and payable in respect of any ABL Revolving Loans (including Swingline Loans), any FILO Loans
and any Protective Advances that may be outstanding, pro rata, third to prepay the principal of any Protective Advances that may be outstanding, pro rata, fourth to prepay the
principal of the ABL Revolving Loans (including Swingline Loans) and to Cash collateralize at 100.0% of the aggregate face amount of outstanding LC Exposure, pro rata, fifth, to pay or prepay the principal of the FILO
Loans[reserved], sixth, to pay or prepay
Secured Obligations in connection with Banking Services Obligations or Secured Hedging Obligations, pro rata, seventh, to pay any other Secured Obligation due to the Administrative Agent or any Lender by the Borrowers on a pro rata basis and
eighth, as the Borrowers may direct. 
 (d) [Reserved]. 

(e) The Borrower Agent shall notify the Administrative Agent (and, in the case of prepayment of a Swingline Loan, the Swingline
Lender) by telephone (confirmed in writing) of any prepayment hereunder (i) in the case of prepayment of a LIBO Rate Borrowing, not later than 12:00 p.m., New York City time, three Business Days before the date of prepayment, (ii) in the
case of prepayment of an ABR Borrowing, not later than 12:00 p.m., New York City time, on the day of prepayment, or (iii) in the case of prepayment of a Swingline Loan, not later than 12:00 p.m., New York City time, on the date of prepayment.
Each such notice shall be irrevocable and shall specify the prepayment date and the principal amount of each Borrowing or portion thereof to be prepaid; provided that, if a notice of prepayment is given in connection with a conditional notice
of termination of the Commitments as contemplated by Section 2.09, then such notice of prepayment may be revoked if such notice of termination is revoked in accordance with Section 2.09. Promptly following receipt of any such
notice relating to a Borrowing, the Administrative Agent shall advise the Lenders of the contents thereof. Each partial prepayment of any Borrowing shall be in an amount that would be permitted in the case of an advance of a Borrowing of the same
Type as provided in Section 2.02(c). Each prepayment of a Borrowing pursuant to this Section shall be applied as provided in paragraph (a) of this Section. 

  
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 Section 2.12. Fees. 

(a) The Borrowers jointly and severally agree to pay to the Administrative Agent for the account of each Lender a commitment
fee, which shall accrue at a rate equal to 0.25% per annum on the average daily amount of the Available Commitment of such Lender during the period from and including the Closing Date through the date on which such Lender’s Commitments
terminate. Accrued commitment fees shall be payable in arrears on the first day (or, if such day is not a Business Day, on the next succeeding Business Day) of each January, April, July and October for the quarterly period then ended and on the date
on which the Commitments terminate. All commitment fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the last day but excluding the first day). For purposes of calculating
the commitment fees only, no portion of the Commitments shall be deemed utilized as a result of outstanding Swingline Loans. 

(b) The Borrowers jointly and severally agree to pay (i) to the Administrative Agent for the account of each ABL Revolving
Lender a participation fee with respect to its participations in Standby Letters of Credit, which shall accrue at the same Applicable Rate used to determine the interest rate applicable to LIBO Rate Loans that are ABL Revolving Loans on the daily
amount of such Lender’s LC Exposure in respect of Standby Letters of Credit (excluding any portion thereof attributable to unreimbursed LC Disbursements), during the period from and including the Closing Date through the later of the date on
which such Lender’s Commitment terminates and the date on which such Lender ceases to have any LC Exposure in respect of Standby Letters of Credit, (ii) to the Administrative Agent for the account of each ABL Revolving Lender a
participation fee with respect to its participations in Commercial Letters of Credit, which shall accrue at the same Applicable Rate used to determine the interest rate applicable to LIBO Rate Loans that are ABL Revolving Loans, on the daily amount
of such Lender’s LC Exposure in respect of Commercial Letters of Credit (excluding any portion thereof attributable to unreimbursed LC Disbursements), during the period from and including the Closing Date through the later of the date on which
such Lender’s Commitment terminates and the date on which such ABL Revolving Lender ceases to have any LC Exposure in respect of Commercial Letters of Credit, and (iii) to each Issuing Bank, for its own account, a fronting fee, in respect
of each Letter of Credit issued by such Issuing Bank for the period from the date of issuance of such Letter of Credit through the expiration date of such Letter of Credit (or if terminated on an earlier date, to the termination date of such Letter
of Credit), computed at a rate equal to 0.125% per annum of the daily stated amount of such Letter of Credit, as well as such Issuing Bank’s standard fees with respect to the issuance, amendment, renewal or extension of any Letter of
Credit or processing of drawings thereunder. Participation fees and fronting fees accrued to but excluding the first day (or, if such day is not a Business Day, on the next succeeding Business Day) of each January, April, July and October shall be
payable in arrears for the quarterly period then ended on the first day of such calendar quarter; 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 any Issuing Bank pursuant to this paragraph shall be payable within 30 days after demand (accompanied by reasonable back-up documentation therefor). 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. 

  
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 (c) The Borrowers jointly and severally agree to pay to the Administrative
Agent, for its own account, the agency and administration fees set forth in the Fee Letter, payable in the amounts and at the times specified therein or as so otherwise agreed upon by the Borrowers and the Administrative Agent, or such agency fees
as may otherwise be separately agreed upon by the Borrowers and the Administrative Agent in writing. 
 (d) All fees payable
hereunder shall be paid on the dates due, in immediately available funds, to the Administrative Agent (or to the applicable Issuing Bank, in the case of fees payable to it) for distribution, in the case of commitment fees and participation fees, to
the Lenders. Fees paid shall not be refundable under any circumstances except as otherwise provided in the Fee Letter. 
 Section 2.13.
Interest. 
 (a) The Loans comprising each ABR Borrowing (including each Swingline Loan and each Protective Advance)
shall bear interest at the Alternate Base Rate plus the Applicable Rate. 
 (b) The Loans comprising each LIBO
RateEurocurrency Borrowing shall bear interest at
the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate. 
 (c)
Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee payable by the Borrowers hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, to
the fullest extent permitted by law, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal or interest of any Loan, 2.00% plus the rate otherwise applicable to such Loan as provided in the preceding
paragraphs of this Section, or (ii) in the case of any other amount, 2.00% plus the rate applicable to Loans that are ABR Loans as provided in paragraph (a) of this Section. 

(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan and upon termination
of the Commitments; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of an ABR
Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any LIBO Rate 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. 

  
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 (e) All interest hereunder shall be computed on the basis of a year of 360
days, except that interest computed by reference to the Alternate Base Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and, in each case, shall be payable for the actual number of days elapsed (including the
first day but excluding the last day). The applicable Alternate Base Rate, Adjusted LIBO Rate or LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error. 

Section 2.14. Alternate Rate of Interest. 

(a) If prior to the commencement of any
Interest Period for a LIBO Rate Borrowing:  
 (a) Subject to clauses (b), (c), (d), (e), (f) and (g) of this Section 2.14, if prior to the commencement of any
Interest Period for a Eurocurrency Borrowing: 
 (i) the Administrative Agent
determines (which determination shall be conclusive absent manifest error) that adequate and reasonable means do not exist for ascertaining, (including, without
limitation, by means of an Interpolated Rate) the Adjusted LIBO Rate or the LIBO Rate, as applicable
(including, without limitation, because the LIBO Screen Rate is not available or published on a
current basis), for Dollars and such Interest Period, provided that no Benchmark Transition Event shall have occurred at such time; or 
 (ii) the Administrative Agent is advised by the Required Lenders that the Adjusted LIBO
Rate or the LIBO Rate, as applicable, for the
applicableDollars and such Interest Period will
not adequately and fairly reflect the cost to such Lenders (or any Lender) of making or maintaining
their Loans (or its Loan) included in such Borrowing for
Dollars and such Interest Period; 

then the Administrative Agent shall promptly give notice thereof to the Borrower Agent and the Lenders by telephone,
telecopy or electronic communication as provided in Section 9.01mail as promptly as practicable thereafter and, until the Administrative
Agent notifies the Borrower Agent and the Lenders that the circumstances giving rise to such notice no longer exist, which the Administrative Agent agrees
promptly to do, (iA) any Interest Election Request that requests the conversion of
any Borrowing to, or continuation of any Borrowing as, a LIBO
RateEurocurrency Borrowing shall be ineffective
and such Borrowing shall be converted to an ABR Borrowing on
the last day of the then current Interest Period applicable thereto, and (ii(B) if any Borrowing Request requests a LIBO
RateEurocurrency Borrowing in Dollars, such Borrowing shall be made as an
ABR 
Borrowing.;
provided that if the circumstances giving rise to such notice affect only one Type of Borrowings, then the other Type of Borrowings shall be permitted. Furthermore, if any Eurocurrency Loan in Dollars is outstanding on the date of the Borrower
Agent’s receipt of the notice from the Administrative Agent referred to in this Section 2.14(a) with respect to the LIBO Rate applicable to such Eurocurrency Loan, then on the last day of the
Interest Period applicable to such Loan (or the next succeeding Business Day if such day is not a Business
Day), such Loan shall be converted by the Administrative Agent to, and shall constitute, an ABR Loan denominated in Dollars on such day. 

  
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 (b)
Notwithstanding anything to the contrary herein or in any other Loan Document (and any Swap Obligation shall be deemed
not to be a “Loan Document” for purposes of this
Section 2.14), if a Benchmark Transition Event or an Early Opt-in 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 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 and (y) if a Benchmark Replacement is determined in accordance with clause (3) of the definition of
“Benchmark Replacement” for such Benchmark Replacement Date, in the case of a Benchmark Transition Event such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any
Loan Document in respect of any Benchmark setting at or after 5:00 p.m. (New York City time) 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 of each affected Class. 

(c)
Notwithstanding anything to the contrary herein or in any other Loan Document and subject to the proviso below in this
paragraph, solely with respect to a Dollar Loan, 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 (c) shall not be effective unless the Administrative Agent has delivered to the Lenders and the Borrower Agent a Term SOFR Notice.  
 (d)
(b) If at any
timeIn connection with the implementation of a Benchmark Replacement, the Administrative Agent determines (which determination shall be conclusive absent manifest error) that (i) the
circumstances set forth in clause (a)(i) above have arisen and such circumstances are unlikely to be temporary or (ii) the circumstances set forth in clause (a)(i) have not arisen but the supervisor for the administrator of the LIBO Screen Rate
or a Governmental Authority having jurisdiction over the Administrative Agent has made a public statement identifying a specific date after which the LIBO Screen Rate shall no longer be used for determining interest rates for loans, then
the Administrative Agent and the Borrower shall
endeavor to establish an alternate rate of interest to the LIBO Rate that gives due consideration to the then prevailing market convention for
determining a rate of interest for syndicated loans in the United States at such time, and shall enter into an amendment to this Agreement to reflect
such alternate rate of interest and such other related changes to this Agreement as may be applicable.
Notwithstandingwill have the right to make Benchmark Replacement Conforming Changes from time to time
and, notwithstanding anything to 

  
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the contrary in Section 9.02, such amendment shallherein 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 so long as
the Administrative Agent shall not have received, within five (5) Business Days of the date notice of such alternate rate of interest is provided
to the Lenders, a written notice from the Required Lenders stating that Required Lenders object to such amendment. Until an alternate rate of interest shall be determined in accordance with this clause (b) (but, in the case of the circumstances
described in clause (ii) of the first sentence of this Section 2.14(b), only to the extent the LIBO Screen Rate for such Interest Period is not available or published at such time on a current basis), (x) any Interest Election Request
that requests the conversion of any Borrowing to, or continuation of any Borrowing as, a LIBO Rate Borrowing shall be ineffective and (y) if any Borrowing Request requests a LIBO Rate Borrowing, such Borrowing shall be made as an ABR Borrowing;
provided that, if such alternate rate of interest shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement.or any other Loan Document. 

(e)
The Administrative Agent will promptly notify the Borrower Agent and the
Lenders of (i) any occurrence of a Benchmark Transition Event, a Term SOFR Transition Event or an Early
Opt-in Election, as applicable, and its related Benchmark Replacement Date, (ii) the implementation of any Benchmark Replacement, (iii) the effectiveness of any Benchmark Replacement Conforming Changes, (iv) the removal or
reinstatement of any tenor of a Benchmark pursuant to clause (f) below and (v) 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 2.14, 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 2.14. 

(f)
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),
(i) if the then-current Benchmark is a term rate (including Term SOFR or LIBO Rate) and either (A) 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 (B) 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
(ii) if a tenor that was removed pursuant to clause (i) above either (A) is subsequently displayed on a screen or information service for a Benchmark (including a Benchmark Replacement) or (B) 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.

  
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 (g)
Upon the Borrower Agent’s receipt of notice of the commencement of a Benchmark Unavailability Period, the Borrower
Agent may revoke any request for a Eurocurrency Borrowing of, conversion to or continuation of Eurocurrency Loans to be made, converted or continued during any Benchmark Unavailability Period and, failing that, the Borrower Agent will be deemed to
have converted any request for a Eurocurrency Borrowing denominated in Dollars 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 ABR based upon the then-current Benchmark or such tenor for such Benchmark, as applicable, will not be used in any determination of ABR. Furthermore, if any Eurocurrency Loan is outstanding on the date of the
Borrower Agent’s receipt of notice of the commencement of a Benchmark Unavailability Period with respect to the LIBO Rate applicable to such Eurocurrency Loan, then on the last day of the Interest Period applicable to such Loan (or the next
succeeding Business Day if such day is not a Business Day), such Loan shall be converted by the Administrative Agent to, and shall constitute, an ABR Loan denominated in dollars on such day.

 Section 2.15. Increased Costs. 

(a) If any Change in Law shall: 

(i) impose, modify or deem applicable any reserve, special deposit or similar requirement against assets of, deposits with or for the account
of, or credit extended by, any Lender (except any such reserve requirement reflected in the Adjusted LIBO Rate) or Issuing Bank; or 
 (ii)
impose on any Lender or Issuing Bank or the London interbank market any other condition affecting this Agreement or LIBO 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, continuing, converting into or maintaining any LIBO Rate Loan
(or of maintaining its obligation to make any such Loan) or to increase the cost to such Lender or Issuing Bank of participating in, issuing or maintaining any Letter of Credit or to reduce the amount of any sum received or receivable by such Lender
or Issuing Bank hereunder (whether of principal, interest or otherwise) in an amount deemed by such Lender or Issuing Bank, as applicable, to be material, then, within 30 days after the Borrower’s receipt of the certificate contemplated by
paragraph (c) of this Section, the Borrowers will pay to such Lender or Issuing Bank, as applicable, such additional amount or amounts as will compensate such Lender or Issuing Bank, as applicable, for such additional costs incurred or
reduction suffered (except for any Taxes, which shall be dealt exclusively pursuant to Section 2.17); provided that the Borrowers shall not be liable for such compensation if (x) the relevant Change in Law occurs on a date
prior to the date such Lender becomes a party hereto, (y) the Lender invokes Section 2.20 or (z) such circumstances in clause (ii) above resulting from a market disruption are not generally affecting the banking market.

  
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 (b) If any Lender or Issuing Bank determines that any Change in Law
regarding liquidity or capital requirements has or would have the effect of reducing the rate of return on such Lender’s or Issuing Bank’s capital or on the capital of such Lender’s or Issuing Bank’s holding company, if any, as a
consequence of this Agreement, the Commitments of, or the Loans made by, or participations in Letters of Credit or Swingline Loans held by, such Lender, or the Letters of Credit issued by such Issuing Bank, to a level below that which such Lender or
such Issuing Bank or such Lender’s or such Issuing Bank’s holding company could have achieved but for such Change in Law other than due to Taxes, which shall be dealt exclusively pursuant to Section 2.17 (taking into
consideration such Lender’s or such Issuing Bank’s policies and the policies of such Lender’s or such Issuing Bank’s holding company with respect to capital adequacy and liquidity), then within 30 days of receipt by the Borrowers
of the certificate contemplated by paragraph (c) of this Section the Borrowers will pay to such Lender or such Issuing Bank, as applicable, such additional amount or amounts as will compensate such Lender or such Issuing Bank or such
Lender’s or such Issuing Bank’s holding company for any such reduction suffered. 
 (c) A certificate of a Lender
or an Issuing Bank setting forth the amount or amounts necessary to compensate such Lender or Issuing Bank or its holding company, as applicable, as specified in paragraph (a) or (b) of this Section and setting forth in
reasonable detail the manner in which such amount or amounts was determined shall be delivered to the Borrowers and shall be conclusive absent manifest error. 

(d) Failure or delay on the part of any Lender or Issuing Bank to demand compensation pursuant to this Section shall not
constitute a waiver of such Lender’s or Issuing Bank’s right to demand such compensation; provided that the Borrowers shall not be required to compensate a Lender or an Issuing Bank pursuant to this Section for any increased costs
or reductions incurred more than 180 days prior to the date that such Lender or Issuing Bank, as applicable, notifies the Borrowers of the Change in Law giving rise to such increased costs or reductions and of such Lender’s or Issuing
Bank’s intention to claim compensation therefor; provided, further, that if the Change in Law giving rise to such increased costs or reductions is retroactive, then the 180-day period referred to above shall be extended to include the
period of retroactive effect thereof. 
 Section 2.16. Break Funding Payments. In the event of (a) the conversion or
prepayment of any principal of any LIBO Rate Loan other than on the last day of an Interest Period applicable thereto (whether voluntary, mandatory, automatic, by reason of acceleration or otherwise), (b) the failure to borrow, convert,
continue or prepay any LIBO Rate Loan on the date or in the amount specified in any notice delivered pursuant hereto or (c) the assignment of any LIBO Rate Loan of any Lender other than on the last day of the Interest Period applicable thereto
as a result of a request by the Borrowers pursuant to Section 2.19, then, in any such event, the Borrowers shall compensate each Lender for the loss, cost and expense attributable to such event (other than loss of profit). A certificate
of any Lender setting forth any amount or 

  
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amounts that such Lender is entitled to receive pursuant to this Section and the basis therefor and setting forth in reasonable detail the manner in which such amount or amounts was determined
shall be delivered to the Borrowers and shall be conclusive absent manifest error. The Borrowers shall pay such Lender the amount shown as due on any such certificate within 30 days after receipt thereof. 

Section 2.17. Taxes. 

(a) Any and all payments by or on account of any obligation of any Loan Party hereunder shall be made free and clear of and
without deduction for any Indemnified Taxes or Other Taxes; provided that if any withholding agent shall be required to deduct or withhold any Taxes from such payments, then (i) if such Taxes are Indemnified Taxes or Other Taxes, the sum
payable shall be increased as necessary so that after making all required deductions (including deductions applicable to additional sums payable under this Section 2.17) the Administrative Agent, Lender or any Issuing Bank (as applicable)
receives an amount equal to the sum it would have received had no such deductions or withholding for Indemnified Taxes or Other Taxes been made, (ii) such withholding agent shall make such deductions or withholding and (iii) such
withholding agent shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable law. If at any time a Loan Party is required by applicable law to make any deduction or withholding from any
sum payable hereunder, such Loan Party shall promptly notify the relevant Lender, Administrative Agent or Issuing Bank upon becoming aware of the same. In addition, each Lender, the Administrative Agent or Issuing Bank shall promptly notify a Loan
Party upon becoming aware of any circumstances as a result of which a Loan Party is or would be required to make any deduction or withholding from any sum payable hereunder. 

(b) Without duplication of other amounts paid by the Borrower under this Section 2.17, the Loan Parties shall pay any
Other Taxes to the relevant Governmental Authority in accordance with applicable law. 
 (c) Each Loan Party shall indemnify
Administrative Agent, each Lender and each Issuing Bank, within ten days after written demand therefor, for the full amount of any Indemnified Taxes or Other Taxes paid by Administrative Agent, such Lender or such Issuing Bank, as applicable, on or
with respect to any payment by or on account of any obligation of such Loan Party hereunder (including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this Section) and any penalties, interest payable
or paid by such Administrative Agent, Lender or Issuing Bank and reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant
Governmental Authority; provided that if the Loan Party reasonably believes that such Taxes were not correctly or legally asserted, the Administrative Agent, Lender or Issuing Bank, as applicable, will use reasonable efforts to cooperate with
the Loan Party to obtain a refund of such Taxes (which shall be repaid to the Loan Party in accordance with Section 2.17(f) so long as such efforts would not, in the sole determination of Administrative Agent, such Lender or Issuing Bank
result in any 

  
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additional costs, expenses or risks or be otherwise disadvantageous to it; provided, further, that the Loan Party shall not be required to compensate Administrative Agent or any
Lender pursuant to this Section 2.17 for any amounts incurred in any fiscal year for which Administrative Agent or such Lender does not furnish notice of such claim within six months from the end of such fiscal year; provided,
further, that if the circumstances giving rise to such claim have a retroactive effect (e.g., in connection with the audit of a prior tax year), then the beginning of such six month period shall be extended to include such period of
retroactive effect. A certificate as to the amount of such payment or liability delivered to the Borrowers by a Lender or an Issuing Bank (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a
Lender or an Issuing Bank, shall be conclusive absent manifest error. 
 (d) As soon as practicable after any payment of
Indemnified Taxes or Other Taxes by a Loan Party to a Governmental Authority pursuant to this Section 2.17, such Loan Party shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental
Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent. 

(e) Status of Lenders. 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 Borrower Agent and the Administrative Agent, at the time or times reasonably requested by the Borrower Agent or the Administrative Agent, such properly completed and executed documentation
reasonably requested by the Borrower Agent 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 Borrower Agent or the
Administrative Agent, shall deliver such other documentation prescribed by applicable law or reasonably requested by the Borrower Agent or the Administrative Agent as will enable the Borrower Agent or the Administrative Agent to determine whether or
not such Lender is subject to backup withholding or information reporting requirements. 
 (i) Without limiting the generality of the
foregoing, 
 (A) any Lender that is a U.S. Person shall deliver to the Borrower Agent 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 Borrower Agent or the Administrative Agent), two executed originals of IRS Form W-9 certifying that
such Lender is exempt from U.S. federal backup withholding tax; 
 (B) any Foreign Lender shall, to the extent it is legally
entitled to do so, deliver to the Borrower Agent 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 Borrower Agent or the Administrative Agent), whichever of the following is applicable: 

  
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 (1) 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 originals of IRS Form W-8BEN or W-8BEN-E 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 or W-8BEN-E 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; 
 (2) executed
originals of IRS Form W-8ECI; 
 (3) 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 L-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 Borrower Agent or a Subsidiary Borrower 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 originals of IRS Form W-8BEN or W-8BEN-E; or 
 (4) to the extent a
Foreign Lender is not the beneficial owner, executed originals of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN, a U.S. Tax Compliance Certificate substantially in the form of Exhibit L-2 or Exhibit L-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 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 L-4 on behalf of each such partner; 
 (C)
any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower Agent 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 Borrower Agent or the Administrative Agent), executed originals 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 Borrower Agent 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 Borrower Agent and the Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by the Borrower Agent 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 Borrower or the Administrative Agent as may be necessary for the Borrower Agent 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 date of this Agreement. 
 (E) On or before the date
the Administrative Agent becomes a party to this Agreement, the Administrative Agent shall provide to the Borrower Agent, two duly-signed, properly completed copies of the documentation prescribed in clause (i) or (ii) below, as applicable
(together with all required attachments thereto): (i) IRS Form W-9 or any successor thereto, or (ii) (A) IRS Form W-8ECI or any successor thereto, and (B) with respect to payments received on account of any Lender, a U.S. branch
withholding certificate on IRS Form W-8IMY or any successor thereto evidencing its agreement with the Borrower Agent to be treated as a U.S. Person for U.S. federal withholding purposes. At any time thereafter, the Administrative Agent shall provide
updated documentation previously provided (or a successor form thereto) when any documentation previously delivered has expired or become obsolete or invalid or otherwise upon the reasonable request of the Borrower Agent. 

Each Lender agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such
form or certification, provide such successor form, or promptly notify the Borrower Agent and the Administrative Agent in writing of its legal inability to do so. 

(f) If the Administrative Agent or a Lender determines, in its sole discretion exercised in good faith, that it has received a
refund of any Indemnified Taxes or Other Taxes as to which it has been indemnified by a Loan Party or with respect to which such Loan Party has paid additional amounts pursuant to this Section 2.17, it shall pay over such refund to such
Loan Party (but only to the extent of indemnity payments made, or additional amounts paid, by such Loan Party under this Section 2.17 with respect to the Taxes or Other Taxes giving rise to such refund), net of all out-of-pocket expenses
of the Administrative Agent or such Lender (including any Taxes imposed with respect to such refund) as is determined by the Administrative Agent or such Lender in good faith in its reasonable discretion, and without interest (other than any
interest paid by the relevant Governmental Authority with respect to such refund); provided that such Loan Party, upon the request of the Administrative Agent or such Lender, agrees to repay the amount paid over to such Loan Party (plus any
penalties, interest or other charges imposed by the relevant Governmental Authority) to the 

  
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Administrative Agent or such Lender in the event the Administrative Agent or such Lender is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary
in this paragraph (f), in no event will the Administrative Agent or a Lender be required to pay any amount to a Loan Party pursuant to this paragraph (f) the payment of which would place the Administrative Agent or Lender in a less favorable
net after Tax position than the Administrative Agent or Lender would have been in if the Tax subject to indemnification had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts giving rise to such
refund had never been paid. This Section shall not be construed to require the Administrative Agent or any Lender to make available its tax returns (or any other information relating to its taxes which it deems confidential) to such Loan Party or
any other Person. 
 (g) Survival. Each party’s obligations under this Section 2.17 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 of all obligations under any Loan Document. 

Section 2.18. Payments Generally; Allocation of Proceeds; Sharing of Set-offs. 

(a) Unless otherwise specified, the Borrowers shall make each payment required to be made by it hereunder (whether of
principal, interest, fees or reimbursement of LC Disbursements, or of amounts payable under Section 2.15, 2.16 or 2.17, or otherwise) prior to 1:30 p.m., New York City time, on the date when due, in immediately available
funds, without set-off (except as otherwise provided in Section 2.17) or counterclaim. Any amounts received after such time on any date may, in the discretion of the Administrative Agent, be deemed to have been received on the next
succeeding Business Day for purposes of calculating interest thereon. All such payments shall be made to the Administrative Agent to the applicable account designated to the Borrowers by the Administrative Agent, except payments to be made directly
to the applicable Issuing Bank or the Swingline Lender as expressly provided herein and except that payments pursuant to Sections 2.15, 2.16 or 2.17 and 9.03 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. Except as provided in Section 2.05 with respect to Swingline
Loans, in Section 2.04 with respect to Protective Advances and in Section 2.20, each Borrowing, each payment or prepayment of principal of any Borrowing, each payment of interest on the Loans of a given Class, each payment of
the commitment fees, each reduction of the Commitments and each conversion of any Borrowing to or continuation of any Borrowing as a Borrowing of any Type (and of the same Class) shall be allocated pro rata among the Lenders in accordance with their
respective ABL Applicable Percentages and FILO Applicable Percentages, as the case may be. Each Lender agrees
that in computing such Lender’s portion of any Borrowing to be made hereunder, the Administrative Agent may, in its discretion, round each Lender’s percentage of such Borrowing to the next higher or lower whole dollar amount. All payments
hereunder shall be made in Dollars. Any payment required to be made by the Administrative Agent hereunder shall be deemed 

  
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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. At all times that a Cash Dominion Event has occurred and is continuing, solely for purposes of determining the amount of Loans available
for borrowing purposes, checks and Cash or other immediately available funds from collections of items of payment and proceeds of any Collateral shall be applied in whole or in part against the Obligations, on the day of receipt, subject to actual
collection. 
 (b) Subject in all respects to the provisions of the Intercreditor Agreement, all proceeds of Collateral
received by the Administrative Agent after an Event of Default has occurred and is continuing and all or any portion of the Loans shall have been accelerated hereunder pursuant to Section 7.01, shall upon election by the Administrative Agent or
at the direction of the Required Lenders be applied, first, on a pro rata basis, to pay any fees, indemnities, or expense reimbursements then due to the Administrative Agent or any Issuing Bank from the Borrowers constituting Obligations, second, on
a pro rata basis, to pay any fees or expense reimbursements then due to the Lenders from the Borrowers constituting Obligations, third, to pay interest due and payable in respect of any ABL Revolving Loans, any Swingline Loans and any Protective
Advances, on a pro rata basis, fourth, to pay the principal of the Protective Advances, on a pro rata basis, fifth, to prepay principal on the ABL Revolving Loans and Swingline Loans and unreimbursed LC Disbursements, on a pro rata basis, sixth, to
pay an amount to the Administrative Agent equal to 100.0% of the LC Exposure on such date, to be held in the LC Collateral Account as Cash collateral for such Obligations, on a pro rata basis, seventh, to pay any amounts owing with respect to
Banking Services Obligations to the extent they constitute Secured Obligations and Secured Hedging Obligations, on a pro rata basis, to the extent a Reserve has been established in such amounts, eighth, to pay the interest due and payable in respect of any FILO
Loans[reserved], ninth, to pay or prepay the principal of the FILO
Loans[reserved], tenth, to pay any amounts owing
with respect to Banking Services Obligations to the extent they constitute Secured Obligations and Secured Hedging Obligations, on a pro rata basis, to the extent such amounts have not been paid pursuant to clause seventh above, eleventh, to the
payment of any Supply Chain Obligations, on a pro rata basis, twelfth, to the payment of any other Secured Obligation due to the Administrative Agent or any Lender by the Borrowers on a pro rata basis,
twelfththirteenth
, as provided for under the Intercreditor Agreement, and thirteenthfourteenth, to the Borrowers or as the Borrowers shall direct.
Notwithstanding the foregoing amounts received from any Loan Party shall not be applied to any Excluded Swap Obligation of such Loan Party. 

(c) If any Lender shall, by exercising any right of set-off or counterclaim or otherwise, obtain payment in respect of any
principal of or interest on any of its Revolving Loans or participations in LC Disbursements, Swingline Loans or Protective Advances resulting in such Lender receiving payment of a greater proportion of the aggregate amount of its Revolving Loans
and participations in LC Disbursements, Swingline Loans or Protective Advances and accrued interest thereon than the proportion received by any other Lender, then the Lender receiving such greater 

  
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proportion shall purchase (for Cash at face value) participations in the Revolving Loans and sub-participations in LC Disbursements, Swingline Loans and Protective Advances of other Lenders at
such time outstanding to the extent necessary so that the benefit of all such payments shall be shared by the Lenders ratably in accordance with the aggregate amount of principal of and accrued interest on their respective Revolving Loans and
participations in LC Disbursements, Swingline Loans and Protective Advances; 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 (x) any payment made by the Borrowers pursuant to and in accordance
with the express terms of this Agreement, or (y) any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Revolving Loans or participations in LC Disbursements, Swingline Loans or
Protective Advances to any permitted assignee or participant, including any payments made or deemed made in connection with Sections 2.23 and 9.02(c). The Borrowers consent to the foregoing and agree, to the extent they may
effectively do so under applicable law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against the Borrowers rights of set-off and counterclaim with respect to such participation as fully as if such
Lender were a direct creditor of the Borrowers in the amount of such participation. 
 (d) Unless the Administrative Agent
shall have received notice from the Borrowers (or the Borrower Agent on behalf of Borrowers) prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders or the applicable Issuing Bank hereunder that the
Borrowers will not make such payment, the Administrative Agent may assume that the Borrowers have made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders or the applicable Issuing
Bank, as applicable, the amount due. In such event, if the Borrowers have not in fact made such payment, then each of the Lenders or the applicable Issuing Bank, as applicable, severally agrees to repay to the Administrative Agent forthwith on
demand the amount so distributed to such Lender or Issuing Bank with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the greater of the
Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation. 

(e) If any Lender shall fail to make any payment required to be made by it pursuant to Section 2.07(b),
Section 2.18(c) or Section 9.03(c), then the Administrative Agent may, in its discretion (notwithstanding any contrary provision hereof), apply any amounts thereafter received by the Administrative Agent for the account of
such Lender to satisfy such Lender’s obligations under such Sections until all such unsatisfied obligations are fully paid. 

  
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 Section 2.19. Mitigation Obligations; Replacement of Lenders. 

(a) If any Lender requests compensation under Section 2.15 or such Lender determines it can no longer make or
maintain LIBO Rate Loans pursuant to Section 2.20, or if the Borrowers are required to pay any Indemnified Taxes or any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to
Section 2.17, then such Lender shall use reasonable efforts to designate a different lending office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or
affiliates, if, in the reasonable judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 2.15 or 2.17, as applicable, in the future and (ii) would not
subject such Lender to any material unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender in any material respect. The Borrowers hereby agree to pay all reasonable costs and expenses incurred by any Lender in
connection with any such designation or assignment. 
 (b) If (i) any Lender requests compensation under
Section 2.15 or such Lender determines it can no longer make or maintain LIBO Rate Loans pursuant to Section 2.20, (ii) if the Borrowers are required to pay any Indemnified Taxes or any additional amount to any Lender or
any Governmental Authority for the account of any Lender pursuant to Section 2.17, (iii) if any Lender is a Defaulting Lender, or (iv) if in connection with any proposed amendment, waiver or consent requiring the consent of
“each Lender” or “each Lender directly affected thereby” with respect to which Required Lender consent has been obtained, any Lender is a non-consenting Lender (each such Lender, a “Non-Consenting Lender”), then
the Borrowers may, at their sole expense and effort, upon notice to such Lender and the Administrative Agent, (x) so long as no Event of Default under Section 7.01(a), 7.01(f) or 7.01(g) has occurred and is continuing,
terminate the Commitments of such Lender and repay all Obligations of the Borrowers owing to such Lender relating to the Loans and participations held by such Lender as of such termination date or (y) replace such Lender by requiring such
Lender to assign and delegate (and such Lender shall be obligated to assign and delegate), without recourse (in accordance with and subject to the restrictions contained in Section 9.05), all its interests, rights and obligations under
this Agreement to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided that (i) such Lender shall have received payment of an amount equal to the outstanding
principal of its Revolving Loans and participations in LC Disbursements, Swingline Loans and Protective Advances, accrued interest thereon, accrued fees and all other amounts payable to it hereunder and (ii) in the case of any assignment
resulting from a claim for compensation under Section 2.15 or payments required to be made pursuant to Section 2.17, such assignment will result in a reduction in such compensation or payments and (iii) such assignment
does not conflict with applicable law. A Lender (other than a Defaulting Lender) shall not be required to make any such assignment and delegation, and the Borrowers may not terminate the Commitments of such Lender, if, prior thereto, as a result of
a waiver by such Lender or otherwise, the circumstances entitling the Borrowers to require such assignment and delegation cease to apply. Nothing in this Section 2.19 shall be deemed to prejudice any rights that the Borrowers may have
against any Lender that is a Defaulting Lender. Each Lender agrees that if it is replaced pursuant to Section 2.19, it 

  
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shall execute and deliver to the Administrative Agent an Assignment and Assumption to evidence such sale and purchase and shall deliver to the Administrative Agent any Promissory Note (if the
assigning Lender’s Loans are evidenced by Promissory Notes) subject to such Assignment and Assumption; provided that the failure of any Lender replaced pursuant to this Section 2.19 to execute an Assignment and Assumption or
deliver such Promissory Notes shall not render such sale and purchase (and the corresponding assignment) invalid and such assignment shall be recorded in the Register and the Promissory Notes shall be deemed cancelled upon such failure. 

Section 2.20. Illegality. If any Lender reasonably determines that any Change in Law has made it unlawful, or that any
Governmental Authority has asserted after the Closing Date that it is unlawful, for such Lender or its applicable lending office to make or maintain any LIBO Rate Loans, then, on notice thereof by such Lender to the Borrowers (or the Borrower Agent
on behalf of Borrowers) through the Administrative Agent, any obligations of such Lender to make or continue LIBO Rate Loans or to convert ABR Borrowings to LIBO Rate Borrowings shall be suspended until such Lender notifies the Administrative Agent
and the Borrowers that the circumstances giving rise to such determination no longer exist. Upon receipt of such notice, the Borrowers shall upon demand from such Lender (with a copy to the Administrative Agent), either convert all LIBO Rate
Borrowings of such Lender to ABR Borrowings, either on the last day of the Interest Period therefor, if such Lender may lawfully continue to maintain such LIBO Rate Borrowings to such day, or immediately, if such Lender may not lawfully continue to
maintain such Loans. Upon any such prepayment or conversion, the Borrowers shall also pay accrued interest on the amount so prepaid or converted. Each Lender agrees to designate a different lending office if such designation will avoid the need for
such notice and will not, in the determination of such Lender, otherwise be materially disadvantageous to it. 
 Section 2.21. Cash
Receipts. 
 (a) Annexed
heretoto the Fifth
Amendment as Schedule 2.21(a) is a schedule of all DDAs, that, to the knowledge of the Responsible Officers of the Loan Parties, are maintained by the Loan Parties as of the Closing
Date, which Schedule includes, with respect to each depository, in each case as of the ClosingFifth Amendment Effective Date, (i) the name and address of such
depository and (ii) the account number(s) maintained with such depository. 
 (b) Annexed heretoto the Fifth
Amendment as Schedule 2.21(b) is a list describing all arrangements to which any Loan Party is a party as of the ClosingFifth
Amendment Date with respect to the payment to such Loan Party of the proceeds of all credit card charges for sales by such Loan Party. 

(c) Each Loan Party shall (within 90 days after the Closing Date (or such longer period as the Administrative Agent may agree
in its sole discretion)) (i) deliver to the Administrative Agent notifications, in form reasonably satisfactory to the Administrative Agent, executed on behalf of such Loan Party and addressed to such Loan Party’s credit card
clearinghouses and processors (each, a “Credit Card Notification”); (ii) instruct each depository institution for a DDA to cause all amounts on deposit and available at the close of each Business Day in such DDA (net of such

  
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minimum balance, not to exceed $20,000, as may be required to be maintained in the subject DDA by the depository institution at which such DDA is maintained), to be swept to one of the Loan
Parties’ concentration accounts no less frequently than on a daily basis, such instructions to be irrevocable unless otherwise agreed to by the Administrative Agent; and (iv) enter into a blocked account agreement with respect to each of
the Loan Parties’ concentration accounts (each, a “Blocked Account Agreement”), in form reasonably satisfactory to the Administrative Agent, with the Administrative Agent and any bank with which such Loan Party maintains a
concentration account into which the DDAs are swept (collectively, the “Blocked Accounts”), which concentration accounts as of the Closing Date are listed on Schedule 2.21(c) annexed hereto. Any such Blocked Account
Agreement with respect to a concentration account acquired by a Loan Party in connection with an Investment permitted hereunder or otherwise acquired after the Closing Date, must be entered into so long as no Cash Dominion Event exists, within 90
days, and at any time a Cash Dominion Event exists, within ten days, in each case following the date such concentration account is acquired (or such longer period as the Administrative Agent may agree to in its sole discretion). 

(d) Each Credit Card Notification and Blocked Account Agreement shall require, after the delivery of notice of a Cash Dominion
Event from the Administrative Agent to the Borrower Agent and the other parties to such instrument or agreement (which the Administrative Agent may, or upon the request of the Required Lenders shall, provide upon its becoming aware of such a Cash
Dominion Event), the ACH or wire transfer no less frequently than once per Business Day (unless the Termination Date shall have occurred), of all available Cash balances and Cash receipts, including the then contents or then entire ledger balance of
each Blocked Account (net of such minimum balance, not to exceed $500,000 per account or $3,000,000 in the aggregate for all such accounts (the “Minimum Balance Amount”), as may be required to be maintained in the subject Blocked
Account by the bank at which such Blocked Account is maintained (the “Required Minimum Balances”), to an account maintained by the Administrative Agent (the “Administrative Agent Account”). All amounts received in
the Administrative Agent Account shall be applied (and allocated) by the Administrative Agent in accordance with Section 2.11(c); provided that if the circumstances described in Section 2.18(b) are applicable, all such
amounts shall be applied in accordance with such Section 2.18(b). Each Loan Party agrees that it will not cause any proceeds of any Blocked Account to be otherwise redirected. At all times Cash and Cash Equivalents shall only be held in
Blocked Accounts, DDAs or Excluded Accounts, and at any time a Cash Dominion Event exists and is continuing, such amounts shall be swept from the Blocked Accounts to the Administrative Agent Account as provided herein, except for Required Minimum
Balances in an amount not to exceed the Minimum Balance Amount. 
 (e) The Loan Parties may close DDAs or Blocked Accounts
and/or open new DDAs or Blocked Accounts, subject (in the case of opening any new Blocked Accounts) to the contemporaneous (or such longer period as the Administrative Agent may agree in its sole discretion) execution and delivery to the
Administrative Agent of a Blocked Account Agreement consistent with the provisions of this Section 2.21 and 

  
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otherwise reasonably satisfactory to the Administrative Agent. Unless consented to in writing by the Administrative Agent, the Loan Parties shall not enter into any agreements with credit card
clearing houses or processors other than the ones listed on Schedule 2.21(b) to the Fifth
Amendment unless contemporaneously therewith (or such longer period as the Administrative Agent may agree), a Credit Card Notification is executed and delivered to the applicable credit card
clearing house and/or processor and a copy thereof is delivered to the Administrative Agent and the Borrower Agent delivers a supplement to Schedule 2.21(b)
to the Fifth Amendment describing such arrangement at the
time of delivery of the Compliance Certificate pursuant to Section 5.01(d) for the fiscal period in which such Credit Card Notification was executed. 

(f) The Administrative Agent Account shall at all times be under the sole dominion and control of the Administrative Agent.
Each Loan Party hereby acknowledges and agrees that (i) such Loan Party has no right of withdrawal from the Administrative Agent Account, (ii) the funds on deposit in the Administrative Agent Account shall at all times continue to be
collateral security for all of the Secured Obligations, and (iii) the funds on deposit in the Administrative Agent Account shall be applied as provided in this Agreement and the Intercreditor Agreement. In the event that, notwithstanding the
provisions of this Section 2.21, any Loan Party receives or otherwise has dominion and control of any proceeds or collections required to be transferred to the Administrative Agent Account pursuant to Section 2.21(d), such
proceeds and collections shall be held in trust by such Loan Party for the Administrative Agent, and shall promptly be deposited into the Administrative Agent Account or dealt with in such other fashion as such Loan Party may be instructed by the
Administrative Agent. 
 (g) Upon a Cash Dominion Event and for so long as the same is continuing, Administrative Agent shall
direct that all amounts in the Blocked Accounts be paid to the Administrative Agent Account. So long as no Cash Dominion Event has occurred and is continuing in respect of which the Administrative Agent has delivered notice thereof as contemplated
by paragraph (d) of this Section 2.21, the Loan Parties may direct, and shall have sole control over, the manner of disposition of funds in the Blocked Accounts. 

(h) Any amounts held or received in the Administrative Agent Account (including all interest and other earnings with respect
thereto, if any) at any time (i) when the Termination Date has occurred or (iii) all Events of Default and Cash Dominion Events have been cured, shall (subject in the case of clause (i) to the provisions of the Intercreditor
Agreement) be remitted to an account of the Borrowers designated by the Borrowers. 
 (i) Following the occurrence of a Cash
Dominion Event (other than by reason of an Event of Default pursuant to Section 7.01(a), 7.01(f) or 7.01(g)), in the event that a Blocked Account or the Administrative Agent Account contains Trust Funds (other than payroll
and employee benefit payments in the nature of discretionary contributions), the Borrower Agent (acting in good faith) may, within 30 days after such Trust Funds are received in such Blocked Account or Administrative Agent

  
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Account, deliver to the Administrative Agent a Trust Fund Certificate (together with such supporting information as may be requested by the Administrative Agent). Notwithstanding
anything to the contrary herein or in any other Loan Document, within five Business Days following receipt of a Trust Fund Certificate, the Administrative Agent shall remit the lesser of (a) such Trust Funds specified in the Trust Fund
Certificate or (b) the Excess Availability on the date of such remittance, at the option of the Administrative Agent to (x) the applicable Loan Party or (y) directly to the applicable Person entitled to such Trust Funds as specified
in the Trust Fund Certificate on behalf of the applicable Loan Party. If any such amounts are remitted to a Loan Party, such Loan Party shall apply all such funds solely for the purposes set forth in the applicable Trust Fund Certificate on or
prior to the date due and any failure of such Loan Party to apply all such funds solely for such purposes shall constitute an immediate Event of Default. 

Section 2.22. Defaulting Lender. Notwithstanding any provisions of this Agreement to the contrary, if any Lender becomes a
Defaulting Lender, then the following provisions shall apply for so long as such Lender is a Defaulting Lender: 
 (a) Fees
shall cease to accrue on the unfunded portion of the Revolving Commitment of such Defaulting Lender pursuant to Section 2.12(a) and, subject to clause (d)(iv) below, on the participation of such Defaulting Lender in Letters of
Credit pursuant to Section 2.12(b). 
 (b) The Commitment and the LC Exposure of such Defaulting Lender shall not
be included in determining whether all Lenders or the Required Lenders or Super Majority Lenders have taken or may take any action hereunder (including any consent to any amendment or waiver pursuant to Section 9.02); provided
that any waiver, amendment or modification requiring the consent of all Lenders or each affected Lender which affects such Defaulting Lender disproportionately and adversely relative to other affected Lenders shall require the consent of such
Defaulting Lender. 
 (c) Any payment of principal, interest, fees or other amounts received by the Administrative Agent for
the account of a Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Section 2.11, Section 2.18, Article 7 or otherwise, and including any amounts made available to the Administrative Agent by
that Defaulting Lender pursuant to Section 9.09), shall be applied at such time or times as may be determined by the Administrative Agent and, where relevant, the Borrower Agent as follows: first, to the payment of any amounts
owing by that Defaulting Lender to the Administrative Agent hereunder; second, to the payment on a pro rata basis of any amounts owing by that Defaulting Lender to any applicable Issuing Banks and Swingline Lenders hereunder; third, if
so reasonably determined by the Administrative Agent or reasonably requested by the applicable Issuing Bank or Swingline Lender, to be held as Cash collateral for future funding obligations of that Defaulting Lender of any participation in any
Swingline Loan or Letter of Credit; fourth, as the Borrower Agent may request (so long as no Default or Event of Default exists), to the funding of any Loan in respect of which that Defaulting Lender has failed to fund its portion thereof as
required by this Agreement, as determined by the 

  
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Administrative Agent; fifth, if so determined by the Administrative Agent and the Borrower Agent, to be held in a deposit account and released in order to satisfy obligations of that
Defaulting Lender to fund Loans under this Agreement; sixth, to the payment of any amounts owing to the Lenders, the Issuing Banks or Swingline Lenders as a result of any judgment of a court of competent jurisdiction obtained by any Lender,
any Issuing Bank or any Swingline Lender against that Defaulting Lender as a result of that Defaulting Lender’s breach of its obligations under this Agreement; seventh, so long as no Default or Event of Default exists, to the payment of
any amounts owing to the Borrower Agent as a result of any judgment of a court of competent jurisdiction obtained by the Borrower Agent against that Defaulting Lender as a result of that Defaulting Lender’s breach of its obligations under this
Agreement; and eighth, to that 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 LC Exposure in respect of which
that Defaulting Lender has not fully funded its appropriate share and (y) such Loans or LC Exposure were made or created 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 Revolver Loans of, and LC Exposure owed to, all non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Loans of, or LC Exposure owed to, that Defaulting Lender. Any payments, prepayments or other
amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to post Cash collateral pursuant to this Section 2.22(c) shall be deemed paid to and redirected by that Defaulting
Lender, and each Lender irrevocably consents hereto. 
 (d) If any Swingline Loans or LC Exposure exists or Protective
Advance is outstanding at the time a Lender becomes a Defaulting Lender then: 
 (i) all or any part of such Swingline Loans, LC Exposure
and Protective Advances shall be reallocated among the non-Defaulting Lenders in accordance with their respective Applicable Percentages but only to the extent the sum of all non-Defaulting Lenders’ Revolving Exposures plus the amount of the
Applicable Percentage of the Defaulting Lender (determined immediately prior to its being a Defaulting Lender) of Swingline Loans and Protective Advances that it has funded and are outstanding as of the date that it became a Defaulting Lender plus
the Defaulting Lender’s LC Exposure does not exceed the total of all non-Defaulting Lenders’ Commitments; or 
 (ii) if the
reallocation described in paragraph (i) above cannot, or can only partially, be effected, the Borrowers shall, without prejudice to any other right or remedy available to them hereunder or under law, within two Business Days following
notice by the Administrative Agent, Cash collateralize 100.0% of such Defaulting Lender’s LC Exposure and any obligations of such Defaulting Lender to fund participations in any Swingline Loan or Protective Advance (after giving effect to any
partial reallocation pursuant to paragraph (i) above and any Cash collateral provided by the Defaulting Lender) or make other arrangements reasonably satisfactory to the Administrative Agent and to the applicable Issuing Bank and/or
Swingline Lender with respect to such LC Exposure and obligations to fund participations. Cash collateral (or the appropriate portion thereof) provided to reduce LC Exposure or other obligations shall be released promptly following (A) the
elimination of the applicable LC 

  
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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 2.19)) or (B) the Administrative Agent’s good faith determination that there exists excess Cash collateral. 

(iii) if the LC Exposure of the non-Defaulting Lenders are reallocated pursuant to this Section 2.22(d), then the fees payable to
the Lenders pursuant to Sections 2.12(a) and (b), as the case may be, shall be adjusted in accordance with such non-Defaulting Lenders’ Applicable Percentages; or 

(iv) if any Defaulting Lender’s LC Exposure is not Cash collateralized, prepaid or reallocated pursuant to this
Section 2.22(d), then, without prejudice to any rights or remedies of the applicable Issuing Bank or any Lender hereunder, all letter of credit fees payable under Section 2.12(b) with respect to such Defaulting Lender’s
LC Exposure shall be payable to the applicable Issuing Bank until such Defaulting Lender’s LC Exposure is Cash collateralized. 

(e) So long as any Lender is Defaulting Lender, the Swingline Lender shall not be required to fund any Swingline Loan and no
Issuing Bank shall be required to issue, extend, create, incur, amend or increase any Letter of Credit unless it is reasonably satisfied that the related exposure will be 100.0% covered by the Commitments of the non-Defaulting Lenders and/or Cash
collateral will be provided by the Borrowers in accordance with Section 2.22(d), and participating interests in any such newly issued, extended or created Letter of Credit or newly made Swingline Loan shall be allocated among
non-Defaulting Lenders in a manner consistent with Section 2.22(d)(i) (and Defaulting Lenders shall not participate therein). 

(f) In the event that the Administrative Agent, the Borrowers, the Issuing Banks and the Swingline Lender each agree that a
Defaulting Lender has adequately remedied all matters that caused such Lender to be a Defaulting Lender, then the ABL Applicable Percentage of Swingline Loans and Protective Advances and LC Exposure of the ABL Revolving Lenders shall be readjusted
to reflect the inclusion of such Lender’s ABL Revolving Commitment (if any) and on such date such Lender shall purchase at par such of the Loans of the other Lenders (other than Swingline Loans) or participations in Loans as the Administrative
Agent shall determine may be necessary in order for such Lender to hold such Loans or participations in accordance with its ABL Applicable Percentage or FILO
Applicable Percentage, as the case may be; provided that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Borrowers 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. 

  
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 Section 2.23. Incremental Credit Extensions. 

(a) The Borrower Agent may, at any time, deliver a written request to Administrative Agent (whereupon the Administrative Agent
shall promptly deliver a copy to each of the Lenders) to increase the aggregate ABL Revolving Commitments in an aggregate principal amount of up to $200,000,000, specifying the amount requested (each such increase, a “Commitment
Increase”); provided that (i) such request shall be for an increase of not less than $10,000,000, (ii) except as otherwise specifically agreed by any Lender prior to the Closing Date, or separately agreed from time to time
between the Borrower Agent and any Lender, no Lender shall be obligated to provide such increase in its Commitment and the determination to increase the Commitment of a Lender shall be within the sole and absolute discretion of such Lender,
(iii) no Commitment Increase shall require the approval of any existing Lender other than the existing Lender (if any) providing all or part of such increase, (iv) such Commitment Increase will be on terms identical to those applicable to
the ABL Revolving Facility or otherwise reasonably acceptable to the Administrative Agent (other than any terms which are applicable only after the then-existing Maturity Date and other than as set forth under clause (v)) and (v) the
interest rate applicable to any Commitment Increase will be determined by the Borrower Agent and the lenders providing such Commitment Increase; provided that such interest rate will not be higher than the corresponding interest rate
applicable to the existing ABL Revolving Facility unless the interest rate margin with respect to the existing ABL Revolving Facility is adjusted to be equal to the interest rate with respect to the relevant Commitment Increase; provided,
further, that in determining the applicable interest rate: (w) upfront fees paid by the Borrowers in connection with such Commitment Increase (based on a four year average life to maturity or lesser remaining life to maturity), shall be
included, (x) any amendments to the Applicable Rate that became effective subsequent to the Closing Date but prior to the time of the addition of such Commitment Increase shall be included, (y) arrangement, commitment, structuring and
underwriting fees and any amendment fees paid or payable to the Arrangers (or their Affiliates) in their respective capacities as such in connection with the ABL Revolving Facility or to one or more arrangers (or their affiliates) in their
capacities as such applicable to such Commitment Increase shall be excluded and (z) if such Commitment Increase includes any interest rate floor greater than that applicable to the ABL Revolving Facility, and such floor is applicable to the ABL
Revolving Facility on the date of determination, such excess amount shall be equated to interest margin for determining the increase. 

(b) Commitment Increases may be provided by any existing Lender, or by any other lender (any such other lender being called an
“Additional Lender”); provided that the Administrative Agent, the Swingline Lender and each Issuing Bank shall have consented (such consent not to be unreasonably withheld) to such Additional Lender’s providing such
Commitment Increases if such consent would be required under Section 9.04(b) for an assignment of ABL Revolving Loans or ABL Revolving Commitments, as applicable, to such Additional Lender. 

(c) Each Lender or Additional Lender providing a portion of the Commitment Increase shall execute and deliver to the
Administrative Agent and the Borrower Agent all such documentation (including an amendment to this Agreement or any other Loan Document) as may be reasonably required by the Administrative Agent to evidence and effectuate such Commitment Increase.
On the effective date of such Commitment Increase, (i) the Commitment Schedule shall be amended, without the consent of any 

  
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other Lenders, to reflect such Commitment Increase and the Administrative Agent is authorized and directed to so revise the Commitment Schedule and distribute it to each Lender and the Borrower
Agent, (ii) such revised Commitment Schedule shall replace the then existing Commitment Schedule and become part of this Agreement, and (iii) each Additional Lender added as a new ABL Revolving Lender pursuant to such increase in the
aggregate ABL Revolving Commitments shall become a ABL Revolving Lender for all purposes in connection with this Agreement. 

(d) As a condition precedent to such Commitment Increase, (i) upon its request, the Administrative Agent shall have
received an opinion of counsel to the Borrowers in form and substance reasonably satisfactory to the Administrative Agent, as well as reaffirmation agreements, supplements and/or amendments to the Collateral Documents (including in the case of the
Mortgages, mortgage amendments and date down endorsements with respect to the applicable insurance policies) as it shall reasonably require, (ii) the Administrative Agent shall have received an administrative questionnaire, in the form provided
to such Additional Lender by the Administrative Agent (the “Administrative Questionnaire”) and such other documents as it shall reasonably require for an Additional Lender and the Administrative Agent and Lenders shall have received
all fees required to be paid in respect of such Commitment Increase and (iii) Administrative Agent shall have received a certificate of each Borrower signed by an authorized officer of such Borrower (A) certifying and attaching a copy of
the resolutions adopted by the Borrowers approving or consenting to such Commitment Increase, and (B) in the case of the Borrower Agent, certifying that, before and after giving effect to such Commitment Increase, no Event of Default exists or
has occurred and is continuing. 
 (e) Upon each increase in the ABL Revolving Commitments pursuant to this
Section 2.23, (i) each ABL Revolving Lender immediately prior to such increase will automatically and without further act be deemed to have assigned to each lender providing a portion of the Commitment Increase (each a
“Commitment Increase Lender”) in respect of such increase, and each such Commitment Increase Lender will automatically and without further act be deemed to have assumed, a portion of such ABL Revolving Lender’s participations
hereunder in outstanding Letters of Credit and Swingline Loans such that, after giving effect to each such deemed assignment and assumption of participations, the percentage of the aggregate outstanding (A) participations hereunder in Letters
of Credit and (B) participations hereunder in Swingline Loans held by each ABL Revolving Lender (including each such Commitment Increase Lender) will equal the percentage of the aggregate ABL Revolving Commitments of all ABL Revolving Lenders
represented by such ABL Revolving Lender’s ABL Revolving Commitment and (ii) if, on the date of such increase, there are any ABL Revolving Loans outstanding, such ABL Revolving Loans shall on or prior to the effectiveness of such
Commitment Increase be prepaid from the proceeds of additional ABL Revolving Loans made hereunder (reflecting such increase in Commitments), which prepayment shall be accompanied by accrued interest on the ABL Revolving Loans being prepaid and any
costs incurred by any Lender in accordance with Section 2.16. The Administrative Agent and the Lenders hereby agree that the minimum borrowing, pro rata borrowing and pro rata payment requirements contained elsewhere in this Agreement
shall not apply to the transactions effected pursuant to the immediately preceding sentence. 

  
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 (f) Effective on the date of each increase in the aggregate ABL Revolving
Commitments pursuant to this Section 2.23, (i) each reference in this Agreement to an amount of ABL Excess Availability (other than as a percentage of the Aggregate Commitments) shall, automatically and without any further action, be deemed to be increased so that the ratio of each amount of ABL Excess Availability to the amount of the aggregate ABL Revolving Commitments after such increase in the
aggregate ABL Revolving Commitments remains the same as the ratio of such the amount of ABL Excess
Availability to the amount of the aggregate ABL Revolving Commitments prior to such increase in the aggregate ABL Revolving Commitments and (ii) the maximum amount of LC Exposure permitted hereunder shall increase by an amount, if any, agreed
upon by Administrative Agent, Issuing Banks and the Borrowers. 
 (g) This Section 2.23 shall supersede
any provisions in Section 2.18 or 9.02 to the contrary. 
 Section 2.24. Joint and Several Liability of
Borrowers. 
 (a) Notwithstanding anything in this Agreement or any other Loan Documents to the contrary, each Borrower,
jointly and severally, in consideration of the financial accommodations to be provided by the Administrative Agent and Lenders under this Agreement and the other Loan Documents, for the mutual benefit, directly and indirectly, of each Borrower and
in consideration of the undertakings of the other Borrowers to accept joint and several liability for the Obligations, hereby irrevocably and unconditionally accepts, not merely as a surety but also as a co-debtor, joint and several liability with
the other Borrowers, with respect to the payment and performance of all of the Obligations, it being the intention of the parties hereto that all of the Obligations shall be the joint and several obligations of each Borrower without preferences or
distinction among them. Borrowers shall be liable for all amounts due to Administrative Agent and Lenders under this Agreement, regardless of which Borrower actually receives the Loans or Letters of Credit hereunder or the amount of such Loans
received or the manner in which the Administrative Agent or any Lender accounts for such Loans, LC Exposure or other extensions of credit on its books and records. The Obligations of Borrowers with respect to Loans made to one of them, and the
Obligations arising as a result of the joint and several liability of one of the Borrowers hereunder with respect to Loans made to the other of the Borrowers hereunder, shall be separate and distinct obligations, but all such other Obligations shall
be primary obligations of all Borrowers. 
 (b) If and to the extent that any Borrower shall fail to make any payment with
respect to any of the Obligations as and when due or to perform any of the Obligations in accordance with the terms thereof, then in each such event, the other Borrowers will make such payment with respect to, or perform, such Obligation. 

  
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 (c) The obligations of each Borrower under this Section 2.24
shall not be diminished or rendered unenforceable by any winding up, reorganization, arrangement, liquidation, reconstruction or similar proceeding with respect to any Borrower. The joint and several liability of the Borrowers hereunder shall
continue in full force and effect notwithstanding any absorption, merger, amalgamation or any other change whatsoever in the name, membership, constitution or place of formation of any Borrower or any of the Lenders. 

(d) The provisions of this Section 2.24 hereof are made for the benefit of the Lenders and their successors and
assigns, and subject to Article 8 hereof, may be enforced by them from time to time against any Borrower as often as occasion therefor may arise and without requirement on the part of Administrative Agent or any Lender first to marshal any of
its claims or to exercise any of its rights against the other Borrowers or to exhaust any remedies available to it against the other Borrowers or to resort to any other source or means of obtaining payment of any of the Obligations hereunder or to
elect any other remedy. The provisions of this Section 2.24 shall remain in effect until the Termination Date. If at any time, any payment, or any part thereof, made in respect of any of the Obligations is rescinded or must otherwise be
restored or returned by Administrative Agent or any Lender upon the insolvency, bankruptcy or reorganization of any Borrower, or otherwise, the provisions of this Section 2.24 hereof will forthwith be reinstated and in effect as though
such payment had not been made. 
 (e) Notwithstanding any provision to the contrary contained herein or in any of the other
Loan Documents, to the extent the obligations of a Borrower shall be adjudicated to be invalid or unenforceable for any reason (including, without limitation, because of any applicable state or federal law relating to fraudulent conveyances or
transfers) then the obligations of such Borrower hereunder shall be limited to the maximum amount that is permissible under applicable law (whether federal, state or provincial and including, without limitation, the Bankruptcy Code of the United
States). 
 (f) With respect to the Obligations arising as a result of the joint and several liability of Borrowers hereunder
with respect to Loans, Letters of Credit or other extensions of credit made to the other Borrowers hereunder, to the maximum extent permitted by applicable law, each Borrower waives, until the payment in full in Cash of all Obligations, any right to
enforce any right of subrogation or any remedy which Administrative Agent or any Lender now has or may hereafter have against any Borrower, any endorser or any guarantor of all or any part of the Obligations, and any benefit of, and any right to
participate in, any security or collateral given to Administrative Agent or any Lender. Any claim which any Borrower may have against any other Borrower with respect to any payments to Administrative Agent or Lenders hereunder or under any of the
other Loan Documents are hereby expressly made subordinate and junior in right of payment, without limitation as to any increases in the Obligations arising hereunder or thereunder, to the prior payment in full in Cash of all Obligations. Upon the
occurrence of any Event of Default and for so long as the same is continuing, to the maximum extent permitted under applicable law, Administrative Agent and Lenders may proceed directly and at once, without notice (to the extent

  
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notice is waivable under applicable law), against (i) with respect to Obligations of Borrowers, either or all of them or (ii) with respect to Obligations of any Borrower, to collect and
recover the full amount, or any portion of the applicable Obligations, without first proceeding against the other Borrowers or any other Person, or against any security or collateral for the Obligations. Each Borrower consents and agrees that
Administrative Agent and Lenders shall be under no obligation to marshal any assets in favor of Borrower(s) or against or in payment of any or all of the Obligations. Subject to the foregoing, in the event that a Loan, Letter of Credit or other
extension of credit is made to, or with respect to business of, one Borrower and any other Borrower makes any payments with respect to such Loan, Letter of Credit Obligation or extension of credit, the first Borrower shall promptly reimburse such
other Borrower for all payments so made by such other Borrower. 
 Section 2.25. Reserves; Changes to Eligibility Criteria. The
Administrative Agent may at any time and from time to time in the exercise of its Permitted Discretion upon three Business Days’ prior written notice to the Borrowers, which notice shall include a reasonably detailed description of such Reserve
being established or change to any eligibility criteria being made (during which period (x) the Administrative Agent shall, if requested, discuss any such Reserve or change with the Borrowers and (y) the Borrowers may take such action as
may be required so that the event, condition or matter that is the basis for such Reserve or change thereto no longer exists or exists in a manner that would result in the establishment of a lower Reserve or result in a lesser change thereto, in a
manner and to the extent reasonably satisfactory to the Administrative Agent), (x) establish and increase or decrease Reserves in accordance with the terms hereof or (y) modify eligibility standards under the definition of Eligible Trade
Receivables, Eligible Credit Card Receivables, Eligible Inventory or Eligible In-Transit Inventory. In exercising such Permitted Discretion, the Administrative Agent may consider any of the following: (a) changes after the Closing Date in
demand for, pricing of, or product mix of Inventory; (b) changes after the Closing Date in any concentration of risk with respect to a Loan Party’s Accounts or Inventory; and (c) any other factors arising after the Closing Date that
change in any material respect the credit risk of lending to a Borrower on the security of a Loan Party’s Accounts or Inventory. Notwithstanding any other provision of this Agreement to the contrary, (a) the establishment or increase of
any Reserves or changes in any eligibility criteria shall be limited to such Reserves and changes as the Administrative Agent determines, in its Permitted Discretion, are appropriate (i) to reflect items that could reasonably be expected to
adversely affect the Administrative Agent’s ability to realize upon the Revolving Facility First Lien Collateral, (ii) to reflect priority claims and liabilities that the Administrative Agent determines will need to be satisfied in
connection with the realization upon the Revolving Facility First Lien Collateral or (iii) to reflect criteria, events, conditions, contingencies or risks that differ materially from facts or events occurring and known to the Administrative
Agent on the Closing Date and which directly and adversely affect any component of the ABL Borrowing Base and/or the FILO Borrowing Base, (b) in no event shall Reserves or changes in eligibility criteria with respect to any component of the
ABL Borrowing
Base and/or the FILO Borrowing Base duplicate Reserves or adjustments already accounted for
determining eligibility criteria and (c) in no event shall Reserves be imposed on the first 5.0% of dilution of Accounts and thereafter shall not exceed more than 1.0% for each incremental percentage increase in dilution over 5.0%. 

  
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 Section 2.26. Special Provisions Relating to Conversion of Loans. Notwithstanding anything to
the contrary in this Agreement, 
 (a) on the
FirstFifth Amendment Effective Date, (i)(x) the Extended ABL Revolving Loans
shall be deemed made as LIBO Rate Loans in an amount equal to the principal amount of the Existing ABL Revolving Loans converted into Extended ABL Revolving Loans pursuant to Section 1(a) of the FirstFifth Amendment that were outstanding as LIBO Rate Loans at the time of such conversion (such Extended ABL Revolving Loans to correspond in amount to Existing ABL Revolving Loans so converted of a given Interest
Period) and (y) the Extended FILO Loans shall be deemed made as LIBO Rate Loans in an amount equal to the principal amount of the Existing FILO Loans
converted into Extended FILO Loans pursuant to Section 1(a) of the First Amendment that were outstanding as LIBO Rate Loans at the time of such
conversion (such Extended FILO Loans to correspond in amount to Existing FILO Loans so converted of a given Interest Period), (ii)(x) Interest Periods for the Extended ABL Revolving Loans
described in clause (i)(x) above shall end on the same dates as the Interest Periods applicable to the
corresponding Existing ABL Revolving Loans described in clause (i)(x) above, and the LIBO Rates
applicable to such Extended ABL Revolving Loans shall be the same as those applicable to the Existing ABL Revolving Loans so converted and (y) Interest
Periods for the Extended FILO Loans described in clause (i)(y) above shall end on the same dates as the Interest Periods applicable to the corresponding Existing FILO Loans described in clause (i)(y) above, and the LIBO Rates applicable to such
Extended FILO Loans shall be the same as those applicable to the Existing FILO Loans so converted,
(iii)(x) the Extended ABL Revolving Loans shall be deemed made as ABR Loans in an amount equal to the
principal amount of Existing ABL Revolving Loans pursuant to Section 1(a) of the FirstFifth Amendment that were outstanding as ABR Loans at the time of
conversion and (y) the Extended FILO Loans shall be deemed made as ABR Loans in an amount equal to the principal amount of Existing FILO Loans pursuant to
Section 1(a) of the First Amendment that were outstanding as ABR Loans at the time of conversion, and
(iv)(x) each Extended ABL Revolving Loan
shall continue to be entitled to all accrued and unpaid interest with respect to the Existing ABL Revolving Loans from which such Extended ABL Revolving Loan was converted up to but excluding the First Amendment Effective Date and (y) each Extended FILO Loan shall continue to be entitled to all accrued and unpaid interest with respect to the Existing FILO Loans
from which such Extended FILO Loan was converted up to but excluding the FirstFifth Amendment Effective Date; 
 (b) no (i) conversion of (x) outstanding Existing ABL Revolving Loans (and related aggregate ABL Revolving Exposure) into Extended ABL
Revolving Loans (and related aggregate ABL Revolving Exposure) and (y) outstanding Existing FILO Loans (and related aggregate FILO Revolving Exposure) into
Extended FILO Loans (and related aggregate FILO Revolving Exposure) or (ii) assignment of outstanding Existing ABL Revolving Loans and/or outstanding Existing FILO Loans, in each case, pursuant to Section 1(a) of the FirstFifth Amendment shall constitute a voluntary or mandatory payment, prepayment or commitment reduction for purposes of this Agreement; and 

  
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 (c) on and after the FirstFifth Amendment Effective Date, each Lender which holds a Promissory Note evidencing an Existing ABL Revolving Loan or Existing
FILO Loan shall be entitled to surrender such Promissory Note to the Parent Borrower against delivery of a new Promissory Note completed in conformity with Section 2.10 (and the
definition of Promissory Note) evidencing the Extended ABL Revolving Loan and/or Extended FILO Loan, as applicable, into which such Loans of such Lender was converted on the FirstFifth Amendment Effective Date; provided that if any such
Promissory Note is not so surrendered, then from and after the
FirstFifth
 Amendment Effective Date, such Promissory Note shall be deemed to evidence the Extended ABL Revolving Loan and/or
Extended FILO Loan, as applicable, into which the Loan theretofore evidenced by such Promissory Note has been converted. 

ARTICLE 3 
 REPRESENTATIONS AND
WARRANTIES 
 Each of Holdings (solely to the extent applicable to it), the Borrower Agent and the other Loan Parties represents and
warrants to the Lenders that: 
 Section 3.01. Organization; Powers. Each of the Loan Parties and each of its Subsidiaries is
(a) duly organized, validly existing and in good standing (to the extent such concept exists in the relevant jurisdiction) under the laws of the jurisdiction of its organization, (b) has all requisite power and authority to own its
property and assets and to carry on its business as now conducted and, (c) is qualified to do business in, and is in good standing (to the extent such concept exists in the relevant jurisdiction) in, every jurisdiction where its ownership,
lease or operation of properties or conduct of its business requires such qualification; except, in each case referred to in this Section 3.01 (other than clause (a) with respect to Borrowers and clause (b) with
respect to the Loan Parties) where the failure to do so, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect. 

Section 3.02. Authorization; Enforceability. The Transactions are within each applicable Loan Party’s corporate or other
organizational powers and have been duly authorized by all necessary corporate or other organizational action of such Loan Party. Each Loan Document to which each Loan Party is a party has been duly executed and delivered by such Loan Party and is a
legal, valid and binding obligation of such Loan Party, enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency or similar laws affecting creditors’ rights generally and to general principles of equity and
principles of good faith and dealing. 
 Section 3.03. Governmental Approvals; No Conflicts. The execution and delivery of the
Loan Documents and the performance by any Loan Party thereof (a) do not require any consent or approval of, registration or filing with, or any other action by, any Governmental Authority, except (i) such as have been obtained or made and
are in full force and effect, (ii) for filings necessary to perfect Liens created pursuant to the Loan Documents and (iii) such consents, approvals, registrations, filings, or other actions the failure to be obtained or made which could
not be reasonably expected to have a Material Adverse Effect, (b) will not violate any (i) of its Organizational Documents or (ii) any Requirements of Law applicable to any Loan 

  
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Party which, in the case of this clause (ii), could reasonably be expected to have a Material Adverse Effect and (c) will not violate or result in a default under (i) the Senior
Notes or the Term Loan Facility or (ii) any other Contractual Obligation of any of the Loan Parties
which in the case of this clause (ii) could reasonably be expected to result in a Material Adverse Effect. 

Section 3.04. Financial Condition; No Material Adverse Effect. 

(a) The Borrower Agent has heretofore furnished to the Lenders its consolidated balance sheet and related consolidated
statements of operations and Cash flows and stockholders’ equity as of and for (i) the fiscal years ended December 31, 2013 and December 31, 2014, each reported on by Ernst & Young LLP, independent public accountants,
and (ii) the fiscal quarter ended on March 31, 2015, certified by its chief financial officer. Such financial statements present fairly, in all material respects, the financial position and results of operations and Cash flows of the
Borrower Agent and its consolidated subsidiaries as of such dates and for such periods in accordance with GAAP, subject to the absence of footnotes and normal year-end adjustments in the case of the statements referred to in clause (ii). 

(b) No event, change or condition has occurred that has had, or would reasonably be expected to have, a Material Adverse
Effect, since December 31, 2014. 
 Section 3.05. Properties. 

(a) As of the date of this Agreement, Schedule 3.05 sets forth the address of each parcel of real property (or each set
of parcels that collectively comprise one operating property) that is owned or leased by each Loan Party. 
 (b) The Borrower
Agent and each of its Subsidiaries has good and valid fee simple title to or rights to purchase, or valid leasehold interests in, or easements or other limited property interests in, all its Real Estate Assets (including any Mortgaged Properties)
and has good and marketable title to its personal property and assets, in each case, except for defects in title that do not materially interfere with its ability to conduct its business as currently conducted or to utilize such properties and
assets for their intended purposes and except where the failure to have such title would not reasonably be expected to have a Material Adverse Effect. All such properties and assets are free and clear of Liens, other than Permitted Liens. 

(c) To the knowledge of each Responsible Officer of the Borrowers, as of the Closing Date, neither the Borrower Agent nor any
Subsidiary is obligated under any right of first refusal, option or other contractual right to sell, assign or otherwise dispose of any Mortgaged Property or any interest therein. 

(d) The Borrower Agent and each of its Subsidiaries has good and marketable title to or a valid license or right to use, all
patents, patent rights, trademarks, service marks, trade names, copyrights, technology, software, know-how, database rights and all licenses and rights with respect to the foregoing, and all other intellectual property rights necessary for the
present conduct of its business, without, to the knowledge of the Borrower Agent and its Subsidiaries, any infringement, misuse, misappropriation, 

  
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or violation, individually or in the aggregate of the rights of others, and free from any burdensome restrictions on the present conduct of its business, except where such failure to own or
license or where such infringement, misuse, misappropriation or violation or restrictions would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. 

Section 3.06. Litigation and Environmental Matters. 

(a) There are no actions, suits or proceedings by or before any arbitrator or Governmental Authority pending against or, to the
knowledge of the Borrower Agent, threatened in writing against or affecting the Loan Parties or any of their Subsidiaries which would reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect. 

(b) Except for any matters that, individually or in the aggregate, would not reasonably be expected to result in a Material
Adverse Effect, (i) no Loan Party nor any of its Subsidiaries has received notice of any claim with respect to any Environmental Liability or knows of any basis for any Environmental Liability and (ii) no Loan Party nor any of its
Subsidiaries (A) has failed to comply with any Environmental Law or to obtain, maintain or comply with any permit, license or other approval required under any Environmental Law or (B) has become subject to any Environmental Liability.

 (c) Neither any Borrower nor any of their Subsidiaries has treated, stored, transported or disposed of Hazardous Materials
at or from any currently or formerly operated real estate or facility relating to its business in a manner that would reasonably be expected to have a Material Adverse Effect. 

Section 3.07. Compliance with Laws. Each Borrower and its Subsidiaries is in compliance with all Requirements of Law applicable to
it or its property, except, in each case, where the failure to do so, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect. 

Section 3.08. Investment Company Status. No Loan Party is an “investment company” as defined in, or is required to be
registered under, the Investment Company Act of 1940. 
 Section 3.09. Taxes. Each Borrower and its Subsidiaries has timely
filed or caused to be filed all Tax returns and reports required to have been filed and has paid or caused to be paid all Taxes required to have been paid by it that are due and payable, except (a) Taxes that are being contested in good faith
by appropriate proceedings and for which such Loan Party or such Subsidiary, as applicable, has set aside on its books adequate reserves in accordance with GAAP or (b) to the extent that the failure to do so, individually or in the aggregate,
would not reasonably be expected to result in a Material Adverse Effect. No tax liens have been filed on any assets of any Borrower or its Subsidiaries constituting Collateral except for Permitted Liens pursuant to Section 6.02. No claims are
being asserted with respect to any such taxes, except to the extent that the assertion of such claims, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect. 

  
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 Section 3.10. ERISA. No ERISA Event has occurred in the five-year period prior
to the date on which this representation is made or deemed made and is continuing or is reasonably expected to occur that, when taken together with all other such ERISA Events for which liability is reasonably expected to occur, would reasonably be
expected to result in a Material Adverse Effect. Except as would not reasonably be expected to have a Material Adverse Effect, the present value of all accumulated benefit obligations under all Pension Plans (based on the assumptions used for
purposes of Statement of Financial Accounting Standards No. 87), taking into account only each Pension Plan the present value of the accumulated benefit obligation of which exceeded the fair market value of the assets of such Pension Plan, did
not, as of the date of the most recent financial statements reflecting such amounts, exceed the fair market value of the assets of such Pension Plans, in the aggregate. 

Section 3.11. Disclosure. 

(a) As of the Closing Date, all written information (other than the Projections, other forward-looking information and
information of a general economic or industry-specific nature, that has been or made be made available) concerning Holdings, the Borrowers, the Subsidiaries, the Transactions and included in the Information Memorandum or otherwise prepared by or on
behalf of the foregoing or their representatives and made available to any Lender or the Administrative Agent in connection with the Transactions on or before the Closing Date (the “Information”), when taken as a whole, does not or
will not, when furnished, contain any untrue statements of a material fact or omit to state a material fact necessary in order to make the statements contained therein not materially misleading in light of the circumstances under which such
statements are made (after giving effect to all supplements and updates thereto from time to time). 
 (b) The Projections
that have been made available to any Lenders or the Administrative Agent in connection with the Transactions on or before the Closing Date have been prepared in good faith based upon assumptions believed by the Borrower Agent to be reasonable at the
time furnished (it being recognized that such Projections are not to be viewed as facts and are subject to significant uncertainties and contingencies many of which are beyond the Borrower Agent’s control, that no assurance can be given that
any particular financial projections will be realized, that actual results may differ from projected results and that such differences may be material). 

Section 3.12. Borrowing Base Certificate. The information set forth in each Borrowing Base Certificate is true and correct in all
material respects and has been prepared in the accordance with the requirements of this Agreement. 
 Section 3.13. Solvency.
Immediately after the consummation of the Transactions to occur on the Closing Date and after giving effect to the application of the proceeds of the Loans borrowed on the Closing Date, (i) the sum of the debt (including contingent liabilities)
of the Borrower Agent and its Subsidiaries, taken as a whole, does not exceed the fair value of the present assets of the Borrower Agent and its Subsidiaries, taken as a whole; (ii) the present fair saleable value of the assets of the Borrower
Agent and its Subsidiaries, taken as a whole, is not 

  
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less than the amount that will be required to pay the probable liabilities (including contingent liabilities) of the Borrower Agent and its Subsidiaries, taken as a whole, on their debts as they
become absolute and matured; (iii) the capital of the Borrower Agent and its Subsidiaries, taken as a whole, is not unreasonably small in relation to the business of the Borrower Agent or its Subsidiaries, taken as a whole, contemplated as of
the Closing Date; and (iv) the Borrower Agent and its Subsidiaries, taken as a whole, do not intend to incur, or believe that they will incur, debts (including current obligations and contingent liabilities) beyond their ability to pay such
debt as they mature in the ordinary course of business. For the purposes hereof, the amount of any contingent liability at any time shall be computed as the amount that, in light of all of the facts and circumstances existing at such time,
represents the amount that can reasonably be expected to become an actual or matured liability. 
 Section 3.14. [Reserved]. 

 Section 3.15. Capitalization and Subsidiaries. Schedule 3.15 sets forth, in each case as of the Closing Date, (a) a
correct and complete list of the name and relationship to the Borrower Agent of each of its Subsidiaries, and (b) the type of entity of the Borrower Agent and each of its Subsidiaries. 

Section 3.16. Security Interest in Collateral. The provisions of this Agreement and the other Loan Documents create legal, valid
and enforceable Liens on all the Collateral in favor of the Administrative Agent, for the benefit of the Administrative Agent and the other Secured Parties, subject, as to enforceability, to applicable bankruptcy, insolvency or similar laws
affecting creditors’ rights generally and to general principles of equity and principles of good faith and dealing, and upon the making of such filings and taking of such other actions required to be taken hereby or by the applicable Loan
Documents (including the filings of appropriate financing statements with the office of the Secretary of State of the state of organization of each Loan Party, the filing of appropriate assignments or notices with the U.S. Patent and Trademark
Office and the U.S. Copyright Office, and the proper recordation of Mortgages and fixture filings with respect to any Material Real Estate Assets, in each case in favor of the Administrative Agent for the benefit of the Secured Parties and the
delivery to the Administrative Agent of any stock certificates or promissory notes required to be delivered pursuant to the applicable Loan Documents), such Liens constitute perfected and continuing First Priority Liens on the Collateral, securing
the Secured Obligations. 
 Section 3.17. Labor Disputes. As of the Closing Date, except as, individually or in the aggregate,
would not reasonably be expected to have a Material Adverse Effect: (a) there are no strikes, lockouts or slowdowns against any Borrower or any of their Subsidiaries pending or, to the knowledge of the Borrower Agent or any of its Subsidiaries,
threatened, (b) the hours worked by and payments made to employees of any Borrower and its Subsidiaries have not been in violation of the Fair Labor Standards Act or any other applicable Federal, state, local or foreign law dealing with such
matters and (c) all payments due from any Borrower or any of their Subsidiaries, on account of wages and employee health and welfare insurance and other benefits, have been paid or accrued as a liability on the books of the Loan Party or such
Subsidiary to the extent required by GAAP. 

  
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 Section 3.18. Federal Reserve Regulations. 

(a) On the Closing Date, none of the Collateral is Margin Stock. Not more than 25% of the value of the assets of Holdings, the
Borrowers and their respective Subsidiaries, taken as a whole, is represented by Margin Stock. 
 (b) None of Holdings, any
Borrower or any of their respective Subsidiaries is engaged principally, or as one of its important activities, in the business of extending credit for the purpose of buying or carrying Margin Stock. 

(c) No part of the proceeds of any Loan or any Letter of Credit will be used, whether directly or indirectly, and whether
immediately, incidentally or ultimately for any purpose that entails a violation of, or that is inconsistent with, the provisions of Regulation T, U or X. 

Section 3.19. [Reserved]. 

Section 3.20. Sanctions, Anti-Corruption and Anti-Terrorism Laws. 

(a) None of Holdings, either Borrower or any of their respective subsidiaries, nor, to the knowledge of the Borrower Agent, any
director, officer, agent, employee or Affiliate of any of the foregoing is (i) a person on the list of “Specially Designated Nationals and Blocked Persons” or (ii) currently subject to any U.S. sanctions administered by the
Office of Foreign Assets Control of the U.S. Treasury Department (“OFAC”) or the U.S. Department of State; and the Borrowers will not directly or indirectly use the proceeds of the Loans or the Letters of Credit or otherwise make
available such proceeds to any person, for the purpose of financing the activities of any person currently subject to any U.S. sanctions administered by OFAC or the U.S. Department of State, except to the extent licensed or otherwise approved by
OFAC or the U.S. Department of State. 
 (b) To the extent applicable, each Loan Party is in compliance, in all material
respects, with the (i) Trading with the Enemy Act, as amended, and each of the foreign assets control regulations of the United States Treasury Department (31 CFR, Subtitle B, Chapter V, as amended) and any other enabling legislation or
executive order relating thereto, and (ii) the USA PATRIOT Act. 
 (c) No part of the proceeds of any Loan or any Letter
of Credit will be used, directly or, to the knowledge of the Borrowers, indirectly, for any payments to any governmental official or employee, political party, official of a political party, candidate for political office, or anyone else acting in
an official capacity, in order to obtain, retain or direct business or obtain any improper advantage, in violation of the United States Foreign Corrupt Practices Act of 1977, as amended, or any other applicable Anti-Corruption Law. 

Section 3.21. Plan Assets; Prohibited Transactions. None of the Borrower or any of its Subsidiaries is an entity deemed to hold
“plan assets” (within the meaning of the Plan Asset Regulations). 

  
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 ARTICLE 4 

CONDITIONS 
 Section 4.01.
Closing Date. The obligations of the Lenders to make Loans and of any Issuing Bank to issue Letters of Credit hereunder shall not become effective until the date on which each of the following conditions is satisfied (or waived in accordance
with Section 9.02): 
 (a) Credit Agreement and Loan Documents. The Administrative Agent (or its counsel)
shall have received from each of the Loan Parties a counterpart of this Agreement signed on behalf of such party (if applicable), the Pledge and Security Agreement, the Intercreditor Agreement, each Promissory Note (to the extent requested at least
three Business Days prior to the Closing Date) and each other Loan Document to be executed on the Closing Date signed on behalf of such party. 

(b) Legal Opinions. The Administrative Agent shall have received, on behalf of itself, the Lenders and each Issuing Bank
on the Closing Date, a favorable written opinion of (i) Ropes & Gray LLP, counsel for Holdings, the Borrowers and each other Loan Party and (ii) local or other counsel reasonably satisfactory to the Administrative Agent as
specified on Schedule 4.01(b) (other than local counsel opinions relating to the Mortgages which shall be delivered as provided in Section 5.13), in each case (A) dated the Closing Date, (B) addressed to each Issuing
Bank on the Closing Date, the Administrative Agent and the Lenders and (C) in form and substance reasonably satisfactory to the Administrative Agent and covering such matters relating to the Loan Documents as the Administrative Agent shall
reasonably request. 
 (c) Financial Statements and Pro Forma Financial Statements. The Administrative Agent shall
have received (i) audited consolidated financial statements of the Parent Borrower for Fiscal Year 2014, 2013 and 2012, (ii) the unaudited consolidated balance sheet and related statement of income, stockholders’ equity and cash flows
of the Parent Borrower for each Fiscal Quarter ended on or after March 31, 2015 and at least 45 days prior to the Closing Date and (iii) a pro forma consolidated balance sheet and related pro forma consolidated statement of income of the
Borrower Agent as of last day of and for the most recently completed Fiscal Year ended at least 90 days prior to the Closing Date and for the most recently completed Fiscal Quarter ended at least 45 days prior to the Closing Date, prepared after
giving effect to the Transactions as if the Transactions had occurred as of such date (in the case of such balance sheet) or at the beginning of such period (in the case of the statement of income) and other than a Fiscal Year end, the pro forma
statement of income of the Borrower Agent for the 12 month period ending on the last day of the most recently completed four Fiscal Quarter period ended at least 45 days prior to the Closing Date; provided that (i) each such pro forma
financial statement shall be prepared in good faith by the Borrower Agent and (ii) no such pro forma financial statement shall be required to include adjustments for purchase accounting (including adjustments of the type contemplated by
Financial Accounting Standards Board Accounting Standards Codification 805, Business Combinations (formerly SFAS 141R)). 

  
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 (d) Closing Certificates; Certified Certificate of Incorporation; Good
Standing Certificates. The Administrative Agent shall have received (i) a certificate of each Loan Party, dated the Closing Date and executed by a Secretary, Assistant Secretary or other senior officer, which shall (A) certify that
attached thereto is a true and complete copy of the resolutions of its board of directors, members or other governing body authorizing the execution, delivery and performance of the Loan Documents to which it is a party and, in the case of the
Borrowers, the borrowings hereunder, and that such resolutions have not been modified, rescinded or amended and are in full force and effect, (B) identify by name and title and bear the signatures of the officers of such Loan Party authorized
to sign the Loan Documents to which it is a party and (C) certify that attached thereto is a true and complete copy of the certificate or articles of incorporation or organization (or memorandum of association) of each Loan Party certified by
the relevant authority of the jurisdiction of organization of such Loan Party and a true and correct copy of its by-laws or operating, management or partnership agreement and that such documents or agreements have not been amended since the date of
the last amendment thereto shown on the certificate or articles of incorporation or organization referred to above (except as otherwise attached to such certificate and certified therein as being the only amendments thereto as of such date) and
(ii) a good standing certificate (to the extent such concept exists in the relevant jurisdiction) as of a recent date for each Loan Party from its jurisdiction of organization or the substantive equivalent available in the jurisdiction of
organization for each Loan Party from the appropriate governmental officer in such jurisdiction. 
 (e) Representations
and Warranties. The representations and warranties set forth in Article 3 shall be true and correct in all material respects; provided that in the case of any representation and warranty which expressly relates to a given date or
period, such representation and warranty shall be true and correct in all material respects as of the respective date or for the respective period, as the case may be. 

(f) Fees. The Administrative Agent shall have received all fees required to be paid by the Borrowers, and all expenses
for which invoices have been presented at least three Business Days prior to the Closing Date (including the reasonable fees and expenses of legal counsel), on or before the Closing Date. 

(g) Lien and Judgment Searches. The Administrative Agent shall have received the results of recent Lien and judgment
searches reasonably required by the Administrative Agent, and such search shall reveal no material judgments and no Liens on any of the assets of the Loan Parties except for Permitted Liens or Liens discharged on or prior to the Closing Date
pursuant to a pay-off letter or other documentation reasonably satisfactory to the Administrative Agent. 
 (h)
Refinancing. On the Closing Date, (w) (i) the Borrower having entered into the Term Loan Agreement and received proceeds of the loans thereunder in an amount at least equal to $1,340,000,000 and (ii) the Parent Borrower having
issued the 2023 Senior Notes, (x) the Existing Debt Refinancing shall have been or, substantially concurrently with the initial funding of the Loans hereunder shall be, consummated, (y) the Administrative Agent shall have received
satisfactory pay-off letters for all existing 

  
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Indebtedness to be repaid in connection with the Existing Debt Refinancing, confirming that all Liens upon any of the property of the Loan Parties constituting Collateral will be terminated
concurrently with such payment and all letters of credit issued or guaranteed as part of such Indebtedness shall have been cash collateralized or supported by a Letter of Credit and (z) the receipt by the Administrative Agent of a certified
copy of the Term Loan Agreement and each of the Senior Note Documents. 
 (i) Material Adverse Effect. Since
December 31, 2014, there shall not have occurred any event, change, occurrence or effect that has had or could reasonably be expected to have a Material Adverse Effect. 

(j) Solvency. The Administrative Agent shall have received a certificate in substantially the form of
Exhibit J from a Financial Officer of the Borrower Agent certifying as to the matters set forth therein. 
 (k)
Borrowing Base Certificate. The Administrative Agent shall have received prior to the Closing Date a Borrowing Base Certificate which calculates the Borrowing Base as of the last day of the month most recently ended at least 15 days prior to
the Closing Date. 
 (l) Pledged Stock; Stock Powers; Pledged Notes. Subject to the terms of the Intercreditor
Agreement, the Administrative Agent (or its bailee) shall have received (i) the certificates representing the Capital Stock pledged pursuant to the Pledge and Security Agreement, together with an undated stock or similar power for each such
certificate executed in blank by a duly authorized officer of the pledgor thereof, and (ii) each promissory note (if any) pledged to the Administrative Agent (or its bailee) pursuant to the Pledge and Security Agreement endorsed (without
recourse) in blank (or accompanied by an executed transfer form in blank) by the pledgor thereof. 
 (m) Perfection
Certificate. The Administrative Agent shall have received a completed Perfection Certificate dated the Closing Date and signed by a Responsible Officer of the Borrower Agent, together with all attachments contemplated thereby. 

(n) Filings, Registrations and Recordings. Each document (including any UCC financing statement) required by the
Collateral Documents or under law or reasonably requested by the Administrative Agent to be filed, registered or recorded in order to create in favor of the Administrative Agent, for the benefit of the Secured Parties, a perfected Lien on the
Collateral described therein, prior and superior in right to any other Person (other than with respect to Permitted Liens), shall be in proper form for filing, registration or recordation. The Administrative Agent, on behalf of the Lenders, shall
have a security interest in the Collateral of the type and priority described in the Collateral Documents (except for the Mortgages) (subject to Permitted Liens and, subject to the terms of the Intercreditor Agreement, the Liens granted under the
Term Loan / Notes Security Documents). 

  
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 (o) Insurance. The Administrative Agent shall have received evidence
of insurance coverage in compliance with the terms of Section 5.05 hereof and Section 4.07 of the Pledge and Security Agreement. 

(p) USA PATRIOT Act. No later than three days in advance of the Closing Date the Administrative Agent shall have
received all documentation and other information reasonably requested by it that is required by regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including the USA PATRIOT Act,
not less than ten days in advance of the Closing Date. 
 Section 4.02. Each Credit Event. On and after the Closing Date, the
obligation of each Lender to make a Loan on the occasion of any Borrowing, and of any Issuing Bank to issue, amend, modify, renew or extend any Letter of Credit, is subject to the satisfaction of the following conditions: 

(a) The Administrative Agent shall have received, in the case of a Borrowing, a Borrowing Request as required by
Section 2.03 or, in the case of the issuance of a Letter of Credit, the applicable Issuing Bank and the Administrative Agent shall have received a notice requesting the issuance of such Letter of Credit as required by
Section 2.06(b) or, in the case of a Swingline Borrowing, the Swingline Lender and the Administrative Agent shall have received a request as required by Section 2.05(a). 

(b) The representations and warranties of the Loan Parties set forth in this Agreement and the other Loan Documents shall be
true and correct in all material respects on and as of the date of such Borrowing or the date of issuance, amendment, renewal or extension of such Letter of Credit (other than an amendment, modification, extension or renewal of a Letter of Credit
without any increase in the stated amount of such Letter of Credit), as applicable, in each case with the same effect as though such representations and warranties had been made on and as of the date of such Borrowing; provided that to the
extent that a representation and warranty specifically refers to an earlier date, it shall be true and correct in all material respects as of such earlier date. 

(c) At the time of and immediately after giving effect to such Borrowing or the issuance, amendment, modification, renewal or
extension of such Letter of Credit (other than an amendment, modification, extension or renewal of a Letter of Credit without any increase in the stated amount of such Letter of Credit), as applicable, no Event of Default or Default shall have
occurred and be continuing. 
 (d) After giving effect to any Borrowing or the issuance, amendment, modification, renewal or
extension of any Letter of Credit (other than an amendment, modification, extension or renewal of a Letter of Credit without any increase in the stated amount of such Letter of Credit), the Revolving Exposure of all Lenders at such time then
outstanding shall not exceed the Total Line Cap. 

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

  
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 ARTICLE 5 

AFFIRMATIVE COVENANTS 

Until the date that all the Commitments have expired or terminated and the principal of and interest on each Loan and all fees,
expenses and other amounts payable under any Loan Document (other than contingent indemnification obligations for which no claim or demand has been made) have been paid in full in Cash and all Letters of Credit have expired or terminated (or have
been collateralized or back stopped by a letter of credit in a manner reasonably satisfactory to the Administrative Agent and the Issuing Banks) and all LC Disbursements shall have been reimbursed (such date, the “Termination
Date”), each of Holdings (solely as to the extent applicable to it), the Borrowers and their respective Subsidiaries covenant and agree, jointly and severally, with the Lenders that: 

Section 5.01. Financial Statements and Other Reports. The Borrower Agent will deliver to the Administrative Agent for delivery to
each Lender: 
 (a) Monthly Reports. Solely during the existence of a Cash Dominion Event, within 35 days after the
end of each of the first two Fiscal Months of each Fiscal Quarter ending after the Closing Date, the consolidated balance sheet of the Borrower Agent and its subsidiaries as at the end of such month and the related consolidated (including with
respect to statements of income, a breakdown between wholesale and retail operations) statements of income, stockholders’ equity and cash flows of the Borrower Agent and its subsidiaries for such month and for the period from the beginning of
the then current Fiscal Year to the end of such month, setting forth in each case in comparative form the corresponding figures for the corresponding periods of the previous Fiscal Year, to the extent the corresponding figures for the corresponding
periods of the previous Fiscal Year are available, all in reasonable detail, together with a Financial Officer Certification with respect thereto; 

(b) Quarterly Financial Statements. As soon as available, and in any event within 45 days after the end of each of the
first three Fiscal Quarters of each Fiscal Year (or any later date by which under applicable SEC rules the Borrower Agent is required to file its Quarterly Report on Form 10-Q), the consolidated balance sheet of the Borrower Agent and its
subsidiaries as at the end of such Fiscal Quarter and the related consolidated (including with respect to statements of income, a breakdown between wholesale and retail operations) statements of income, stockholders’ equity and cash flows of
the Borrower Agent and its subsidiaries 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 the corresponding figures from the Financial Plan for the current Fiscal
Year setting forth in each case in comparative form the corresponding figures for the corresponding periods of the previous Fiscal Year, all in reasonable detail, together with a Financial Officer Certification and a Narrative Report with respect
thereto; 

  
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 (c) Annual Financial Statements. As soon as available, and in any
event within 90 days after the end of each Fiscal Year (or any later date by which under applicable SEC rules the Borrower Agent is required to file its Annual Report on Form 10-K), (i) the consolidated balance sheet of the Borrower Agent and
its subsidiaries as at the end of such Fiscal Year and the related consolidated (including with respect to statements of income, a breakdown between wholesale and retail operations) statements of income, stockholders’ equity and cash flows of
the Borrower Agent and its subsidiaries for such Fiscal Year, setting forth in each case in comparative form the corresponding figures for the previous Fiscal Year, in reasonable detail, together with a Financial Officer Certification and a
Narrative Report with respect thereto; and (ii) with respect to such consolidated financial statements a report thereon of Ernst & Young LLP or other independent certified public accountants of recognized national standing (which
report shall be unqualified as to “going concern” and scope of audit (except for qualifications pertaining to debt maturities occurring within 12 months of such audit), and shall state that such consolidated financial statements fairly
present, in all material respects, the consolidated financial position of the Borrower Agent and its subsidiaries as at the dates indicated and the results of their operations and their Cash flows for the periods indicated in conformity with GAAP
and that the examination by such accountants in connection with such consolidated financial statements has been made in accordance with GAAP); 

(d) Compliance Certificate. Together with each delivery of financial statements of the Borrower Agent and its
subsidiaries pursuant to Section 5.01(b) and 5.01(c), (i) a duly executed and completed Compliance Certificate certifying (A) that no Default or Event of Default has occurred and is continuing (or if one is,
describing in reasonable detail such Default or Event of Default and the steps being taken to cure, remedy or waive the same) and (B) setting forth reasonably detailed calculations of the Fixed Charge Coverage Ratio as of the end of the period
to which such financial statements relate, (ii) pro forma financial statements reflecting the adjustments necessary to eliminate the accounts of Unrestricted Subsidiaries (if any) from such financial statements and (iii) a list of each
subsidiary of the Borrower Agent that identifies each subsidiary as a Subsidiary or an Unrestricted Subsidiary as of the date of delivery of such Compliance Certificate or a confirmation that there is no change in such information since the later of
the Closing Date and the date of the last such list; 
 (e) [Reserved]; 

(f) Notice of Default. Promptly upon any Responsible Officer of Holdings or any Borrower obtaining knowledge (i) of
any Default or Event of Default or that notice has been given to any Borrower with respect thereto or (ii) of the occurrence of any event or change that has caused or evidences, either in any case or in the aggregate, a Material Adverse Effect,
a detailed notice specifying the nature and period of existence of such condition, event or change, or specifying the notice given or action taken by any such Person and the nature of such claimed Default or Event of Default, event or condition, and
what action the Borrowers have taken, are taking and propose to take with respect thereto; 

  
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 (g) Notice of Litigation. Promptly upon any Responsible Officer of
any Borrower obtaining knowledge of (i) the institution of, or threat of, any Adverse Proceeding not previously disclosed in writing by the Loan Parties to the Lenders, or (ii) any material development in any Adverse Proceeding that, in
the case of either clauses (i) or (ii), could reasonably be expected to have a Material Adverse Effect, or seeks to enjoin or otherwise prevent the consummation of, or to recover any damages or obtain relief as a result of, the
transactions contemplated hereby, written notice thereof together with such other non-privileged information as may be reasonably available to the Loan Parties to enable the Lenders and their counsel to evaluate such matters; 

(h) ERISA. Promptly upon any Responsible Officer of any Borrower becoming aware of the occurrence of any ERISA Event, a
written notice specifying the nature thereof; 
 (i) Financial Plan. As soon as practicable and in any event no later
than 90 days after the beginning of each Fiscal Year, a consolidated plan and financial forecast for each Fiscal Quarter of such Fiscal Year (a “Financial Plan”), including a forecasted consolidated balance sheet and forecasted
consolidated statements of income and cash flows and projected Excess Availability of the Borrower Agent and its subsidiaries for each such Fiscal Year, prepared in reasonable detail setting forth, with appropriate discussion, the principal
assumptions upon which such financial plan is based; provided that any Financial Plan to be provided hereunder shall include a breakdown between wholesale and retail operations and in reasonable detail; 

(j) [Reserved].  

(k) [Reserved].  

(l) [Reserved].  

(m) Information Regarding Collateral. The Borrower Agent will furnish to the Administrative Agent prompt written notice
(in any event, within 15 calendar days (or such later date as agreed by the Administrative Agent in its sole discretion) of any change (i) in any Loan Party’s legal name, (ii) in any Loan Party’s identity or corporate structure,
(iii) in any Loan Party’s jurisdiction of organization or (iv) in any Loan Party’s Federal Taxpayer Identification Number or organizational identification number; 

(n) Annual Collateral Verification. Together with the delivery of each Compliance Certificate delivered in conjunction
with financial statements delivered pursuant to Section 5.01(c), the Borrower Agent shall deliver to the Administrative Agent a Perfection Certificate Supplement and a report setting forth the information required to be delivered
pursuant to Section 4.12 of the Pledge and Security Agreement, in each case, either confirming that there has been no change in such information since the date of the Perfection Certificate delivered on the Closing Date or the date of the most
recent certificate or most recent report delivered pursuant to this Section and/or identifying such changes; 

  
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 (o) Other Information. (i) Promptly upon their becoming
available, copies of (A) all financial statements, reports, notices and proxy statements sent or made available generally by the Borrower Agent or any Parent Company to its security holders acting in such capacity or by any Subsidiary of the
Borrower Agent to its security holders other than the Borrower Agent or another Subsidiary of the Borrower Agent, (B) all regular and periodic reports and all registration statements (other than on Form S-8 or similar form) and prospectuses, if
any, filed by the Borrower Agent or any of its Subsidiaries with any securities exchange or with the SEC or any governmental or private regulatory authority, (C) all press releases and other statements made available generally by the Borrower
Agent or any of its Subsidiaries to the public concerning material developments in the business of the Borrower Agent or any of its Subsidiaries and (ii) such other information and data with respect to the Borrower Agent or any of its
Subsidiaries as from time to time may be reasonably requested by the Administrative Agent or any Lender; 
 (p)
[Reserved].  
 (q) Borrowing Base Certificate. As soon as available but in any event on or prior to the
20th calendar day after the later of (i) the last day of each calendar month and (ii) the last day of each retail month (based on the Borrower Agent’s 52/53 week year end (the period ending on such later date, a “Fiscal
Month”)) (or more frequently as the Borrower Agent may elect, so long as the frequency of delivery is maintained by the Borrower Agent for the immediately following 60 day period), a Borrowing Base Certificate as of the close of business on
the last day of the immediately preceding fiscal month (or in the case of a voluntary delivery of a Borrowing Base Certificate at the election of the Borrower Agent’s, a subsequent date), together with such supporting information in connection
therewith as the Administrative Agent may reasonably request, which may include, without limitation, (A) Inventory reports by category and location, together with a reconciliation to the corresponding Borrowing Base Certificate, (B) a
reasonably detailed calculation of Eligible Inventory, (C) a reconciliation of the Loan Parties’ Inventory between the amounts shown in the Borrower Agent’s stock ledger and any Inventory reports delivered pursuant to clause
(A) above, (D) a reasonably detailed calculation of Eligible Trade Receivables and Eligible Credit Card Receivables, and (E) a reasonably detailed aging of the Loan Parties’ Accounts and a reconciliation to the corresponding
Borrowing Base Certificate; provided that (1) upon the occurrence and during the continuance of a Cash Dominion Event, the Borrower Agent shall deliver a Borrowing Base Certificate and such supporting information as is reasonably
practicable to provide on a weekly basis on Wednesday of each week (or if Wednesday is not a Business Day, on the next succeeding Business Day), as of the close of business on the immediately preceding Saturday and (2) any Borrowing Base
Certificate delivered other than with respect to month’s end may be based on such estimates by the Borrower Agent of shrink and other amounts as the Borrower Agent may deem necessary; provided, further, that a revised Borrowing Base
Certificate based on the Borrowing Base Certificate most recently delivered shall be delivered within five Business Days after the consummation of a sale or other disposition (or merger, consolidation or amalgamation that constitutes a sale or
disposition) of any Capital Stock of a Loan Party to any Person other than a Loan Party that results in the disposition of Revolving Facility First Lien Collateral with an aggregate value in excess of $20,000,000, together with such supporting
information as may be reasonably requested by the Administrative Agent; and 

  
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 (r) [Reserved].  

(s) Such (x) other certificates, reports and information (financial or otherwise) as the Administrative Agent may
reasonably request from time to time in connection with any Borrower’s or its Subsidiaries’ financial condition or business and (y) 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 the Patriot Act. 

Documents required to be delivered pursuant to this Section 5.01 may be delivered electronically and if so delivered, shall be deemed to have been
delivered on the date (i) on which the Borrower Agent (x) posts such documents (other than with respect to documents required to be delivered pursuant to Subsection 5.01(q)), (y) provides a link thereto on the Borrower
Agent’s website on the Internet at the website address listed on Schedule 9.01 or (z) with respect to the items required to be delivered pursuant to Section 5.01(o) above in respect of information filed with any
securities exchange or the SEC or any governmental or private regulatory authority (other than Form 10-K and 10-Q reports satisfying the requirements in Section 5.01(b) and (c), as applicable), makes such items available on the
website of such exchange authority or the SEC or other applicable governmental or private regulatory authority; (ii) on which such documents are posted on the Borrower Agent’s behalf on IntraLinks/SyndTrak or another relevant 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); or (iii) the date on which executed certificates or other documents are faxed to
the Administrative Agent (or electronically mailed to an address provided by the Administrative Agent); provided that, other than with respect to items required to be delivered pursuant to Section 5.01(o) above, the Borrower Agent
shall promptly notify (which may be by facsimile or electronic mail) the Administrative Agent of the posting of any such documents and provide to the Administrative Agent by electronic mail electronic versions (i.e., soft copies) of such documents.

 Notwithstanding the foregoing, the obligations in clauses (a), (b) and (c) of this Section 5.01 may be satisfied with respect to
financial information of the Borrower Agent and its subsidiaries by furnishing (A) the applicable financial statements of any Parent Company or (B) the Form 10-K or 10-Q, as applicable, of the Borrower Agent or any Parent Company, as
applicable, filed with the SEC; provided that, with respect to each of subclauses (A) and (B) of this paragraph, (i) to the extent such information relates to a direct or indirect parent of the Borrower Agent,
such information is accompanied by unaudited consolidating or other information that explains in reasonable detail the differences between the information relating to such direct or indirect parent, on the one hand, and the information relating to
the Borrower Agent and its subsidiaries on a standalone basis, on the other hand and (ii) to the extent such information is in lieu of information required to be provided under Section 5.01(c), such materials are, to the extent
applicable, accompanied by a report and opinion of Ernst & Young LLP or other independent certified public accountants meeting the requirements of such Section. 

  
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 Section 5.02. Existence. Except as otherwise permitted under
Section 6.08, each Borrower will, and will cause each of its Subsidiaries to, at all times preserve and keep in full force and effect its existence and all rights and franchises, licenses and permits material to its business except to
the extent (other than with respect to the preservation of existence of the Borrowers) failure to do so could not reasonably be expected to result in a Material Adverse Effect; provided that no Borrower or any of its Subsidiaries shall be
required to preserve any such existence, right or franchise, licenses and permits if such Person’s board of directors (or similar governing body) shall determine that the preservation thereof is no longer desirable in the conduct of the
business of such Person, and that the loss thereof is not disadvantageous in any material respect to such Person or to the Lenders. 

Section 5.03. Payment of Taxes. Each Borrower will, and will cause each of its Subsidiaries to, pay all material Taxes imposed
upon it or any of its properties or assets or in respect of any of its income, businesses or franchises before any penalty or fine accrues thereon; provided that no such Tax need be paid if (a) it is being contested in good faith by
appropriate proceedings promptly instituted and diligently conducted, so long as (i) adequate reserves or other appropriate provisions, as shall be required in conformity with GAAP, shall have been made therefor, and (ii) in the case of a
Tax which has or may become a Lien against any of the Collateral, such contest proceedings operate to stay the sale of any portion of the Collateral to satisfy such Tax or claim or (b) failure to pay or discharge the same could not reasonably
be expected to result in a Material Adverse Effect. 
 Section 5.04. Maintenance of Properties. Each Borrower will, and will
cause each of its Subsidiaries to, maintain or cause to be maintained in good repair, working order and condition, ordinary wear and tear and casualty and condemnation excepted, all property reasonably necessary to the normal conduct of business of
the Borrowers and their respective Subsidiaries and from time to time will make or cause to be made all needed and appropriate repairs, renewals and replacements thereof except as expressly permitted by this Agreement or where the failure to
maintain such properties could not reasonably be expected to have a Material Adverse Effect. 
 Section 5.05. Insurance. The
Borrowers will maintain or cause to be maintained, with financially sound and reputable insurers, such insurance coverage with respect to liabilities, losses or damage in respect of the assets, properties and businesses of the Borrowers and their
respective Subsidiaries as may customarily be carried or maintained under similar circumstances by Persons of established reputation engaged in similar businesses, in each case in such amounts (giving effect to self-insurance), with such
deductibles, covering such risks and otherwise on such terms and conditions as shall be customary for such Persons. Without limiting the generality of the foregoing, the Borrowers will maintain or cause to be maintained replacement value casualty
insurance on the Collateral under such policies of insurance, with such insurance companies, in such amounts, with such deductibles, and covering such risks as are at all times carried or maintained under similar circumstances by Persons of
established reputation engaged in similar businesses. Each such policy of insurance shall (i) name the Administrative Agent on behalf of the Lenders as an additional insured thereunder as its interests may appear and (ii) in the case of
each casualty insurance policy (including any business interruption insurance policy), contain a loss payable clause or endorsement, reasonably satisfactory in form and substance to the Administrative Agent that names the Administrative Agent, on
behalf of the Lenders as the loss payee thereunder and provides for at least 30 days’ prior written notice to the Administrative 

  
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Agent of any modification or cancellation of such policy (or ten days’ prior written notice for any cancellation due to non-payment of premiums). With respect to each improved Mortgaged
Property as to which a building thereon is located in an area identified by the Federal Emergency Management Agency (or any successor agency thereto) as a “special flood hazard area” with respect to which flood insurance has been made
available under the Flood Insurance Laws, the applicable Loan Party (a) shall obtain and maintain with financially sound and reputable insurance companies (except to the extent that any insurance company insuring such Mortgaged Property of such
Loan Party ceases to be financially sound and reputable after the Closing Date, in which case such Loan Party shall promptly replace such insurance company with a financially sound and reputable insurance company), such flood insurance in an amount
sufficient to comply with all applicable rules and regulations promulgated under the Flood Insurance Laws and otherwise in compliance with all applicable rules and regulations under the Flood Insurance Laws and (b) promptly upon request of the
Administrative Agent or any Lender, shall deliver to the Administrative Agent or such Lender as applicable, evidence of such compliance in form and substance reasonably acceptable to the Administrative Agent or such Lender, including, without
limitation, evidence of annual renewals of such flood insurance. 
 Section 5.06. Inspections. 

(a) Each Borrower will, and will cause each of its Subsidiaries to, permit any authorized representatives designated by
Administrative Agent to visit and inspect any of the properties of any such Borrower and any of its respective Subsidiaries, to inspect, copy and take extracts from its and their financial and accounting records, and to discuss its and their
affairs, finances and accounts with its and their officers and independent public accountants (provided that such Borrower may, if it so chooses, be present at or participate in any such discussion), all upon reasonable notice, reasonable
coordination in and at such reasonable times during normal business hours and as often as may reasonably be requested; provided that, excluding such visits and inspections during the continuation of an Event of Default, (x) only the
Administrative Agent on behalf of the Lenders may exercise the rights of the Administrative Agent and the Lenders under this Section 5.06(a), (y) the Administrative Agent shall not exercise such rights more often than one time
during any calendar year, and (z) only one such time per calendar year shall be at the expense of Borrowers; provided, further, that when an Event of Default exists, the Administrative Agent (or any of its respective representatives or
independent contractors) may do any of the foregoing at the expense of the Borrowers at any time during normal business hours and upon reasonable advance notice; provided that notwithstanding anything to the contrary herein, neither the
Borrower Agent nor any Subsidiary shall be required to disclose, permit the inspection, examination or making of copies or abstracts of, or any discussion of, any document, information, or other matter (i) that constitutes non-financial trade
secrets or non-financial proprietary information, (ii) in respect of which disclosure to the Administrative Agent or any Lender (or their respective representatives or contractors) is prohibited by applicable law or (iii) that is subject
to attorney-client or similar privilege or constitutes attorney work product. 

  
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 (b) At reasonable times during normal business hours, with reasonable
coordination and upon reasonable prior notice that the Administrative Agent requests, independently of or in connection with the visits and inspections provided for in clause (a) above, each Borrower and its Subsidiaries will grant
access to the Administrative Agent (including employees of Administrative Agent or any consultants, accountants, lawyers and appraisers retained by the Administrative Agent) to such Person’s books, records, accounts and Inventory so that the
Administrative Agent or an appraiser or consultants retained by the Administrative Agent may conduct an inventory appraisal subject to the terms and conditions set forth below in this clause (b). From time to time the Administrative Agent may
conduct (or engage third parties to conduct) such field examinations, verifications and evaluations as the Administrative Agent may deem necessary or appropriate; provided that, Administrative Agent (i) shall conduct (x) one field
examination and one inventory appraisal with respect to the Collateral in each consecutive 12-month period after the date of this Agreement and (y) one additional field examination and one additional inventory appraisal with respect to the
Collateral in any such consecutive 12-month period referred to in sub-clause (x) during which Excess Availability is less than 15.0% of the Total Line Cap for more than five consecutive Business Days until the date Excess Availability shall have been at least 15.0% of the
Total Line Cap for 30 consecutive calendar days, and (ii) may conduct such other field
examinations and inventory appraisals at any time upon the occurrence and during the continuance of an any Event of Default, in each case, in a form and from a third party appraiser or consultant, reasonably satisfactory to the Administrative Agent.
All such appraisals, field examinations and other verifications and evaluations shall be at the sole expense of the Loan Parties, and the Administrative Agent shall provide the Borrower Agent with a reasonably detailed accounting of all such
expenses. In addition, the Administrative Agent may conduct one additional inventory appraisal and field examination in each consecutive 12-month period after the date of this Agreement as the Administrative Agent may reasonably request at the
expense of the Lenders. 
 (c) The Loan Parties acknowledge that the Administrative Agent, after exercising its rights
of inspection, (x) may prepare and distribute to the Lenders certain Reports pertaining to the Loan Parties’ assets for internal use by the Administrative Agent and the Lenders, subject to the provisions of Section 9.13
hereof and (y) shall promptly distribute copies of any final reports from a third party appraiser or third party consultant delivered in connection with any field exam or appraisal to the Lenders. 

Section 5.07. Maintenance of Book and Records. Each Borrower will, and will cause its Subsidiaries to, maintain proper books of
record and account, in which entries that are full, true and correct in all material respects and are in conformity with GAAP shall be made of all material financial transactions and matters involving the assets and business of each Borrower and its
Subsidiaries, as the case may be. 
 Section 5.08. Compliance with Laws. Each Borrower will comply, and shall cause each of its
Subsidiaries to comply, with the requirements of all applicable laws, rules, regulations and orders of any Governmental Authority (including all Environmental Laws, OFAC, USA PATRIOT Act and United States Foreign Corrupt Practices Act of 1977, as
amended), noncompliance with which could reasonably be expected to have a Material Adverse Effect. 

  
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 Section 5.09. Environmental. 

(a) Environmental Disclosure. The Borrower Agent will deliver to the Administrative Agent and the Lenders: 

(i) as soon as practicable following receipt thereof, copies of all environmental audits, investigations, analyses and reports of any kind or
character, whether prepared by personnel of the Borrower Agent or any of its Subsidiaries or by independent consultants, governmental authorities or any other Persons, with respect to significant environmental matters at any Borrower or with respect
to any Environmental Claims, in each case, that might reasonably be expected to have a Material Adverse Effect; 
 (ii) promptly upon the
occurrence thereof, written notice describing in reasonable detail (A) any Release required to be reported by any Borrower or any of its Subsidiaries to any federal, state or local governmental or regulatory agency under any applicable
Environmental Laws that could reasonably be expected to have a Material Adverse Effect, (B) any remedial action taken by Borrower Agent or any of its Subsidiaries or any other Persons of which the Borrower Agent or any of its Subsidiaries has
knowledge in response to (1) any Hazardous Materials Activities the existence of which has a reasonable possibility of resulting in one or more Environmental Claims having, individually or in the aggregate, a Material Adverse Effect, or
(2) any Environmental Claims that, individually or in the aggregate, have a reasonable possibility of resulting in a Material Adverse Effect, and (C) any Borrower’s discovery of any occurrence or condition on any real property
adjoining or in the vicinity of any Facility that reasonably could be expected to cause such Facility or any part thereof to be subject to any material restrictions on the ownership, occupancy, transferability or use thereof under any Environmental
Laws; 
 (iii) as soon as practicable following the sending or receipt thereof by the Borrower Agent or any of its Subsidiaries, a copy of
any and all written communications with respect to (A) any Environmental Claims that, individually or in the aggregate, have a reasonable possibility of giving rise to a Material Adverse Effect, (B) any Release required to be reported by
the Borrower Agent or any of its Subsidiaries to any federal, state or local governmental or regulatory agency that reasonably could be expected to have a Material Adverse Effect, and (C) any request made to the Borrower Agent or any of its
Subsidiaries for information from any governmental agency that suggests such agency is investigating whether the Borrower Agent or any of its Subsidiaries may be potentially responsible for any Hazardous Materials Activity which is reasonably
expected to have a Material Adverse Effect; 
 (iv) prompt written notice describing in reasonable detail (A) any proposed acquisition
of stock, assets, or property by the Borrower Agent or any of its Subsidiaries that could reasonably be expected to expose the Borrower Agent or any of its Subsidiaries to, or result in, Environmental Claims that could reasonably be expected to
have, individually or in the aggregate, a Material Adverse Effect and (B) any proposed action to be taken by the Borrower Agent or any of its Subsidiaries to modify current operations in a manner that could reasonably be expected to subject the
Borrower Agent or any of its Subsidiaries to any additional material obligations or requirements under any Environmental Law; and 

  
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 (v) with reasonable promptness, such other documents and information as from time to time
may be reasonably requested by the Administrative Agent in relation to any matters disclosed pursuant to this Section 5.09(a). 

(b) Hazardous Materials Activities, Etc. Each Loan Party shall promptly take, and shall cause each of its Subsidiaries
promptly to take, any and all actions necessary to (i) cure any violation of applicable Environmental Laws by such Loan Party or its Subsidiaries that could reasonably be expected to have a Material Adverse Effect, and (ii) make an
appropriate response to any Environmental Claim against such Loan Party or any of its Subsidiaries and discharge any obligations it may have to any Person thereunder, in each case, where failure to do so could reasonably be expected to have,
individually or in the aggregate, a Material Adverse Effect. 
 Section 5.10. Designation of Subsidiaries. The board of
directors of the Borrower Agent may at any time designate any subsidiary of any Borrower as an Unrestricted Subsidiary or any Unrestricted Subsidiary as a Subsidiary; provided that (i) immediately before and after such designation, no
Default or Event of Default shall have occurred and be continuing, (ii) after giving effect to such designation, the Borrowers shall be in pro forma compliance with Section 6.18 (whether or not then applicable), (iii) no
Borrower may be designated as an Unrestricted Subsidiary, (iv) no subsidiary may be designated as an Unrestricted Subsidiary if it is a “Subsidiary” for the purpose of the Term Loan Agreement, the Senior Notes or any other Indebtedness in excess of the Threshold Amount, (v) as of
the date of the designation thereof, no Unrestricted Subsidiary shall own any Capital Stock in the Borrower Agent or its Subsidiaries or hold any Indebtedness of, or any Lien on any property of the Borrower Agent or its Subsidiaries, or
(vi) the holder of any Indebtedness of any Unrestricted Subsidiary shall not have any recourse to the Borrower Agent or its Subsidiaries with respect to such Indebtedness. The designation of any subsidiary as an Unrestricted Subsidiary shall
constitute an Investment by the Borrower Agent therein at the date of designation in an amount equal to the portion (proportionate to the Borrower Agent’s equity interest in such subsidiary) of the fair market value of the net assets of such
Subsidiary (and such designation shall only be permitted to the extent such Investment is permitted under Section 6.07); provided, that upon a redesignation of such Unrestricted Subsidiary as a Subsidiary, the Borrower Agent shall
be deemed to continue to have a permanent Investment in a Subsidiary in an amount (if positive) equal to (a) the Borrower Agent’s “Investment” in such Subsidiary at the time of such redesignation, less (b) the portion
(proportionate to the Borrower Agent’s equity interest in such Subsidiary) of the fair market value of the net assets of such Subsidiary at the time of such redesignation. The designation of any Unrestricted Subsidiary as a Subsidiary shall
constitute the incurrence at the time of designation of any Indebtedness or Liens of such Subsidiary existing at such time. 

Section 5.11. Use of Proceeds. The proceeds of the Revolving Loans, the Swingline Loans and Letters of Credit are to be used
solely (a) on the Closing Date, (i) in an aggregate principal amount of up to $346,000,000 to finance a portion of the Existing Debt Refinancing and a portion of
the Transaction Costs (exclusive of amounts described under clauses (ii) and (iii) below) and for working capital needs, (ii) to finance any amounts required to be paid as additional original issue discount or
upfront fees, and (iii) for the rollover, backstopping or cash-collateralization of the Existing Letters of Credit into Letters of Credit issued hereunder and (b) after the Closing Date, to finance the working capital needs and other general corporate 

  
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purposes of the Parent Borrower and its Subsidiaries (including for capital expenditures, acquisitions, working capital and/or purchase price adjustments, the payment of transaction fees and
expenses, other investments, restricted payments and any other purpose not prohibited by Loan Documents). No part of the proceeds of any Loan and no Letter of Credit will be used, whether directly or indirectly, for any purpose that would entail a
violation of Regulations T, U or X. 
 Section 5.12. Additional Collateral; Further Assurances. 

(a) Subject to applicable law, each Borrower and each other Loan Party shall cause each of its Domestic Subsidiaries (other
than an Excluded Subsidiary) formed or acquired after the date of this Agreement to become a Loan Party on or prior to the later to occur of (i) 30 days following the date of such creation or acquisition and (ii) the earlier of the date of
the required delivery of the next Compliance Certificate following such creation or acquisition and the date which is 45 days after the end of the most recently ended Fiscal Quarter (or such later date as may be acceptable to the Administrative
Agent in its discretion), by executing a Subsidiary Borrower Joinder Agreement or a Subsidiary Guarantor Joinder Agreement in substantially the form set forth as Exhibit E hereto (the “Subsidiary Guarantor Joinder
Agreement” and, together with each Subsidiary Borrower Joinder Agreement, each individually a “Joinder Agreement” and, collectively, the “Joinder Agreements”). Upon execution and delivery thereof, each such
Person (i) shall automatically become a Subsidiary Guarantor or a Subsidiary Borrower, as applicable, hereunder and thereupon shall have all of the rights, benefits, duties, and obligations in such capacity under the Loan Documents and
(ii) will simultaneously therewith or as soon as practicable thereafter grant Liens to the Administrative Agent, for the benefit of the Administrative Agent and the Lenders and each other Secured Party, in each case to the extent required by
the terms thereof, in any property (subject to the limitations with respect to Capital Stock set forth in paragraph (b) of this Section 5.12, the limitations with respect to real property set forth in paragraph
(d) of this Section 5.12, and any other limitations set forth in the Pledge and Security Agreement) of such Loan Party which constitutes Collateral, on such terms as may be required pursuant to the terms of the Collateral
Documents and in such priority as may be required pursuant to the terms of the Intercreditor Agreement. 
 (b) Each Borrower
and each Subsidiary that is a Loan Party will cause all Capital Stock directly owned by them to be subject at all times to a First Priority perfected Lien in favor of the Administrative Agent pursuant to the terms and conditions of the Collateral
Documents; provided that in no event will any Loan Party be required to pledge or perfect more than 65.0% of the equity interests as determined for U.S. federal income tax purposes of any Foreign Subsidiary, FSHCO Subsidiary or Disregarded
Domestic Subsidiary of such Loan Party. 
 (c) Without limiting the foregoing, each Loan Party will, and will cause each
Subsidiary that is a Loan Party to, promptly execute and deliver, or cause to be promptly executed and delivered, to the Administrative Agent such documents, agreements and instruments, and will take or cause to be taken such further actions

  
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(including the filing and recording of financing statements, fixture filings, mortgages, deeds of trust and other documents and such other actions or deliveries of the type required by Article 4,
as applicable), which the Administrative Agent may, from time to time, reasonably request to carry out the terms and conditions of this Agreement and the other Loan Documents and to ensure perfection and priority of the Liens created or intended to
be created by the Collateral Documents (to the extent required herein or therein), all at the expense of the Loan Parties. 

(d) Subject to the limitations set forth or referred to in this Section 5.12, if any Material Real Estate Assets
are acquired by any Loan Party after the Closing Date (other than assets constituting Collateral under the Pledge and Security Agreement that become subject to the Lien in favor of the Administrative Agent upon acquisition thereof), the Borrower
Agent will notify the Administrative Agent and the Lenders thereof, and, if requested by the Administrative Agent or the Required Lenders, within 90 days of such request (or such longer period as may be acceptable to the Administrative Agent) the
Borrower Agent will cause such assets to be subjected to a Lien securing the Secured Obligations and will take, and cause each Subsidiary that is a Loan Party to take, such actions as shall be necessary or reasonably requested by the Administrative
Agent to grant and perfect such Liens, including actions described in paragraph (c) of this Section and with respect to Material Real Estate Assets, clause (ii) of Section 5.13(a), all at the expense of the Loan
Parties. Notwithstanding the foregoing, no Mortgage shall be required in respect of any Material Real Estate Asset acquired by any Loan Party after the Closing Date until the date that occurs 30 days after the Administrative Agent has delivered to
the Lenders (which may be delivered electronically) the following documents in respect of such Material Real Estate Asset: (i) a completed flood hazard determination from a third party vendor, (ii) if such Material Real Estate Asset is
located in a “special flood hazard area,” (A) a notification to the applicable Loan Party of that fact and (if applicable) notification to the applicable Loan Party that flood insurance is not available and (B) evidence of
receipt by the applicable Loan Party of such notice, and (iii) if such notice is required to be provided to the applicable Loan Party and flood insurance is available in the community in which such Material Real Estate Asset is located,
evidence of flood insurance as required by Section 5.05; provided that any such Mortgage may be granted prior to the notice period specified above if the Administrative Agent shall have received written confirmation from each
applicable Lender that such Lender has completed any necessary flood insurance due diligence to its reasonable satisfaction. 

(e) After any Domestic Subsidiary ceases to constitute an Excluded Subsidiary in accordance with the definition thereof, the
Borrower Agent shall cause such Domestic Subsidiary to take all actions required by this Section 5.12 (within the time periods specified herein) as if such Domestic Subsidiary were then formed or acquired. 

Notwithstanding anything to the contrary in this Section 5.12 or any other Collateral Document, (a) the Administrative Agent shall not
require the taking of a Lien on, or require the perfection of any Lien granted in, those assets as to which the cost of obtaining or perfecting such Lien (including any mortgage, stamp, intangibles or other tax or expenses relating to such Lien) is

  
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excessive in relation to the benefit to the Lenders of the security afforded thereby as reasonably determined by the Borrower Agent and the Administrative Agent, (b) no Lien in Real Estate
Assets shall be required except in respect of Material Real Estate Assets (provided that in any jurisdiction in which a tax is required to be paid in respect of the Mortgage on real property located in such jurisdiction based on the entire
amount of the Secured Obligations, the amount secured by such Mortgage shall be limited to the estimated fair market value of the property to be subject to the Mortgage determined in a manner reasonably acceptable to Administrative Agent and the
Borrower Agent), (c) no actions shall be required to be taken in order to create or grant any security interest in any assets located outside of the United States and no foreign law security or pledge agreements shall be required and
(d) Liens required to be granted or perfected pursuant to this Section 5.12 shall be subject to the Intercreditor Agreement and to exceptions and limitations consistent with those set forth in the Collateral Documents. 

Section 5.13. Post-Closing Items. (a) The Loan Parties shall take all necessary actions to satisfy the following
requirements: (i) take each of the actions required by Section 2.21(c) within the time periods therein specified and (ii) within 90 days following the Closing Date or such longer period as the Administrative Agent may agree in
its sole discretion cause a Mortgage on the Mortgaged Property specified in Schedule 1.01(c) to be executed, delivered and recorded and in connection therewith deliver corresponding UCC fixture filings, flood hazard determination forms, title
insurance policies (including any endorsements thereto), surveys, local counsel opinions and other documentation that the Administrative Agent shall reasonably require. 

(b) The Loan Parties shall take all necessary actions to satisfy the items described on Schedule 5.13(b) within the applicable periods
of time specified in such Schedule (or such longer periods as the Administrative Agent may agree in its sole discretion). 

Section 5.14. MIRE Events. Each of the parties hereto acknowledges and agrees that, if there are any Mortgaged Properties, no MIRE
Event may be closed until the date that is (a) if there are no Mortgaged Properties in a “special flood hazard area”, ten (10) Business Days or (b) if there are Mortgaged Properties in a “special flood hazard
area”, thirty (30) days (in each case, the “Notice Period”), after the Administrative Agent has delivered to the Lenders the following documents in respect of each Mortgaged Property: (i) a “Life-of-Loan” Federal
Emergency Management Agency Standard Flood Hazard Determination with respect to each Mortgaged Property (together with a notice about special flood hazard area status and flood disaster assistance duly executed by the Borrower or the applicable Loan
Party in the event any such Mortgaged Property is located in a special flood hazard area) and (ii) evidence of flood insurance as required by Section 5.05 of the Credit Agreement; provided that any such MIRE Event may be closed prior to
the Notice Period if the Administrative Agent shall have received confirmation from each applicable Lender that such Lender has completed any necessary flood insurance due diligence to its reasonable satisfaction. 

  
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 ARTICLE 6 

NEGATIVE COVENANTS 
 Until the
Termination Date has occurred, each of Holdings (solely with respect to Section 6.16) and the other Loan Parties covenant and agree, jointly and severally, with the Lenders that: 

Section 6.01. Indebtedness. The Borrowers and the Subsidiary Guarantors shall not, nor shall they permit any of their Subsidiaries
to, directly or indirectly, create, incur, assume or otherwise become or remain liable with respect to any Indebtedness, except: 

(a) the Secured Obligations; 

(b) Indebtedness of any Borrower to any Subsidiary and of any Subsidiary to any Borrower or any other Subsidiary;
provided that in the case of any Indebtedness of a Subsidiary that is not a Loan Party owing to a Loan Party, such Indebtedness shall (x) be permitted as an Investment by Section 6.07 or (y) be of the type described in
clause (ii) of the parenthetical under clause (c) of the definition of “Investment”; provided, further, that (A) all such Indebtedness shall be evidenced by an Intercompany Note and shall be subject to a First
Priority Lien pursuant to the Pledge and Security Agreement and (B) all such Indebtedness of any Loan Party to any Subsidiary that is not a Loan Party must be expressly subordinated to the Obligations of such Loan Party on terms reasonably
acceptable to the Administrative Agent; 
 (c) the Senior Notes; 

(d) Indebtedness arising from agreements providing for indemnification, adjustment of purchase price or similar obligations
(including contingent earnout obligations) incurred in connection with asset sales or other sales or Permitted Acquisitions or other purchases of assets, or Indebtedness arising from guaranties, letters of credit, surety bonds or performance bonds
securing the performance of any such Borrower or any such Subsidiary pursuant to such agreements; 
 (e) Indebtedness which
may be deemed to exist pursuant to any performance and completion guaranties or customs, stay, performance, bid, surety, statutory, appeal or other similar obligations incurred in the ordinary course of business or in respect of any letters of
credit related thereto; 
 (f) Indebtedness in respect of Banking Services Obligations and other netting services, overdraft
protections, automated clearing-house arrangements, employee credit card programs and similar arrangements and otherwise in connection with Cash management and Deposit Accounts; 

(g) (x) guaranties of the obligations of suppliers, customers, franchisees and licensees in the ordinary course of
business and consistent with past practice as in effect on the Closing Date and (y) Indebtedness incurred in the ordinary course of business in respect of obligations of any Borrower or any Subsidiary to pay the deferred purchase price of goods
or services or progress payments in connection with such goods and services; 

  
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 (h) Guarantees by any Borrower or any Subsidiary of Indebtedness or other
obligations of any Borrower or any Subsidiary with respect to Indebtedness otherwise permitted to be incurred pursuant to this Section 6.01 or obligations not prohibited by this Agreement; provided that (A) in the case of any
Guarantees by a Loan Party of the obligations of a non-Loan Party the related Investment is permitted under Section 6.07 (B) no Guarantee by any Subsidiary of any Indebtedness permitted under Sections 6.01(c), (w), and
(y) shall be permitted unless the guaranteeing party shall have also provided a Guarantee of the Guaranteed Obligations on the terms set forth herein, (C) if the Indebtedness being Guaranteed is subordinated to the Obligations, such
Guarantee shall be subordinated to the Obligations on terms at least as favorable (as reasonably determined by the Borrower Agent) to the Lenders as those contained in the subordination of such Indebtedness and (D) any Guarantee by a Subsidiary
that is not a Loan Party of any Indebtedness permitted under Sections 6.01(r) and (v) shall only be permitted if such Guarantee meets the requirements of such Sections; 

(i) Indebtedness existing on the First Amendment Effective Date and described in Schedule 6.01(i); provided,
that, in the case of Indebtedness of either Borrower to any Subsidiary and of any Subsidiary to either Borrower or any other Subsidiary, subject to Section 5.13, (A) all such Indebtedness shall be evidenced by an Intercompany Note
and shall be subject to a First Priority Lien pursuant to the Pledge and Security Agreement (pursuant to which all such Indebtedness of any Loan Party to any Subsidiary that is not a Loan Party must be expressly subordinated to the Obligations of
such Loan Party on the terms set forth therein); 
 (j) Indebtedness of Subsidiaries that are not Loan Parties;
provided that the aggregate outstanding principal amount of such Indebtedness at any time outstanding shall not exceed the greater of $100,000,000 and 3.00% of the Consolidated Total Assets as of the last day of the last Test Period for which
financial statements most recently have been delivered pursuant to Section 5.01; 
 (k) [reserved]; 

(l) Indebtedness consisting of (i) the financing of insurance premiums or (ii) take-or-pay obligations contained in
supply arrangements, in each case, in the ordinary course of business; 
 (m) Indebtedness with respect to Capital Leases and
purchase money Indebtedness incurred prior to or within 270 days of the acquisition or lease or completion of construction, repair of, improvement to or installation of the assets acquired in connection with the incurrence of such Indebtedness in an
aggregate principal amount at any time outstanding not to exceed the greater of $65,000,000 and 2.00% of Consolidated Total Assets as of the last day of the last Test Period for which financial statements most recently have been delivered pursuant
to Section 5.01; 
 (n) Indebtedness of a Person that becomes a Subsidiary or Indebtedness assumed in connection
with an acquisition permitted hereunder after the Closing Date; provided that (i) such Indebtedness existed at the time such Person became a Subsidiary or the assets subject to such Indebtedness were acquired and was not created in
anticipation thereof, (ii) no Event of Default then exists or would result therefrom, (iii)

  
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the Borrowers and their Subsidiaries shall be in compliance on a Pro Forma Basis with the Financial Covenant (whether or not then in effect), (iv) the Total Leverage Ratio would not exceed
6.00:1.00 calculated on a Pro Forma Basis as of the last day of the most recently ended Test Period for which financial statements have been delivered pursuant to Section 5.01 and (v) the Borrower Agent shall have delivered a
certificate of a Responsible Officer of the Borrower Agent to the Administrative Agent certifying as to compliance with the requirements of clauses (i) through (iv) of this clause (n); 

(o) Indebtedness consisting of unsecured subordinated promissory notes in form and in substance reasonably acceptable to the
Administrative Agent, issued by any Borrower to any stockholders of any Parent Company or any current or former directors, officers, employees, members of management or consultants of any Parent Company, any Borrower or any Subsidiary (or their
Immediate Family Members) and not guaranteed by any Subsidiary of Holdings, to finance the purchase or redemption of Capital Stock of any Parent Company permitted by Section 6.05(a); 

(p) the Borrowers and their Subsidiaries may become and remain liable for any Indebtedness replacing, refunding or refinancing
any Indebtedness permitted under clauses (c), (i), (n), (q), (r), (v) and (y) of this Section 6.01 and any subsequent Refinancing Indebtedness in respect thereof (in any case,
“Refinancing Indebtedness”); provided that (i) the principal amount of such Indebtedness does not exceed the principal amount of the Indebtedness being refinanced, refunded or replaced, except (A) by an amount equal
to unpaid accrued interest and premiums (including tender premiums) thereon plus other reasonable and customary fees and expenses (including upfront fees and original issue discount) reasonably incurred in connection with such refinancing or
replacement, (B) by an amount equal to any existing commitments unutilized thereunder and (C) by additional amounts permitted to be incurred pursuant to this Section 6.01 (so long as such additional Indebtedness meets the other
applicable requirements of this definition and, if secured, Section 6.02), (ii) other than in the case of Refinancing Indebtedness with respect to clause (i), such Indebtedness has a final maturity on or later than (and, in the case
of any revolving Indebtedness, shall not require mandatory commitment reductions prior to) the final maturity of the Indebtedness being refinanced, refunded or replaced and, other than with respect to any revolving Indebtedness, a Weighted Average
Life to Maturity equal to or greater than the Weighted Average Life to Maturity of the Indebtedness being refinanced, refunded or replaced, (iii) the terms of such Indebtedness (excluding pricing, fees, premiums, rate floors, optional
prepayment or redemption terms (and, if applicable, subordination terms) and, with respect to clauses (q), (v) and (y) (in each case, if applicable), security), are not, taken as a whole (as reasonably determined by the Borrower Agent),
more favorable to the lenders providing such indebtedness than those applicable to the Indebtedness being refinanced, refunded or replaced (other than any covenants or any other provisions applicable only to periods after the Maturity Date (or,
solely in the case of clauses (c), (n), (q), (v) or (y), any covenants or provisions which are on then current market terms for such type of Indebtedness), (iv) such Indebtedness is secured only by
Permitted Liens of the same or lower priority as the Liens securing the Indebtedness being refinanced, refunded or replaced at the time of such refinancing, refunding or replacement (it being understood, however, that such

  
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Indebtedness may go from being secured to being unsecured), (v) such Indebtedness is incurred by any Borrower or its Subsidiary that is the obligor on the Indebtedness being refinanced,
refunded or replaced, except to the extent otherwise permitted pursuant to Section 6.01 and Section 6.07, (vi) if the Indebtedness being refinanced, refunded or replaced was originally contractually subordinated to the
Obligations in right of payment (or the Liens securing such Indebtedness were originally contractually subordinated to the Collateral), such Indebtedness is contractually subordinated to the Obligations in right of payment (or the Liens securing
such Indebtedness shall be subordinated to the Collateral) on terms not less favorable to the Lenders than those applicable to the Indebtedness (or Liens, as applicable) being refinanced, refunded or replaced, taken as a whole,
(vii) Indebtedness of any Borrower or any Subsidiary shall not refinance Indebtedness of an Unrestricted Subsidiary, (viii) as of the date of incurring such Indebtedness and after giving effect thereto, no Event of Default shall exist or
have occurred and be continuing and (ix) in the case of clause (y), if such Indebtedness being refinanced, refunded or replaced is Guaranteed, it shall not be Guaranteed by any Person other than Holdings and the Subsidiary Guarantors;

 (q) Indebtedness incurred to finance an acquisition permitted hereunder after the Closing Date; provided that
(i) no Event of Default then exists or would result therefrom, (ii) such Indebtedness shall not mature or require any payment of principal, in each case, prior to the date which is 91 days after the Maturity Date, (iii) the Borrowers
and their Subsidiaries shall be in compliance on a Pro Forma Basis with the Financial covenant (whether or not then in effect), (iv) the Total Leverage Ratio would not exceed 6.00:1.00 calculated on a Pro Forma Basis as of the last day of the
most recently ended Test Period for which financial statements have been delivered pursuant to Section 5.01 and (v) the Borrower Agent shall have delivered a certificate of a Responsible Officer of the Borrower Agent to the
Administrative Agent certifying as to compliance with the requirements of clauses (i) through (iv) of this clause (q); 

(r) senior or subordinated unsecured Indebtedness of the Borrower Agent or any Subsidiary, so long as, after giving effect
thereto, (A) no Default or Event of Default has occurred and is continuing at the time of the incurrence thereof, (B) the Total Leverage Ratio would not exceed 6.00:1.00 calculated on a Pro Forma Basis as of the last day of the most
recently ended Test Period for which financial statements have been delivered pursuant to Section 5.01 and (C) the Borrower Agent shall have delivered a certificate of a Responsible Officer of the Borrower Agent to the
Administrative Agent certifying as to compliance with the requirements of clauses (A) and (B) of this clause (r); provided that (x) any such Indebtedness shall not mature or require any scheduled
amortization or scheduled payments of principal and is not subject to mandatory redemption, repurchase, repayment or sinking fund obligation (other than AHYDO payments, customary offers to repurchase on a change of control, asset sale or casualty
event and customary acceleration rights after an event of default), in each case, prior to the date that is 91 days after the Maturity Date, (y) the terms of such Indebtedness (excluding pricing, fees, rate floors, optional prepayment or
redemption terms (and, if applicable, subordination terms)), are not, taken as a whole (as reasonably determined by the Borrower Agent), materially more favorable to the lenders providing such Indebtedness than those applicable to the Senior Notes
(other 

  
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than any covenants or any other provisions applicable only to periods after the Maturity Date) and (z) with respect to Indebtedness incurred under this clause (r) by a non-Loan Party,
the aggregate outstanding principal amount of such Indebtedness of Subsidiaries that are not Loan Parties, when aggregated with the aggregate outstanding principal amount of all Indebtedness of non-Loan Parties under Section 6.01(v)
shall not exceed, the greater of $100,000,000 and 3.00% of the Consolidated Total Assets as of the last day of the last Test Period for which financial statements have been delivered pursuant to Section 5.01; 

(s) Indebtedness under any Derivative Transaction entered into for the purpose of hedging risks associated with the Borrower
Agent’s and its Subsidiaries’ operations and not for speculative purposes; 
 (t) contingent obligations in respect
of corporate leases assigned, sold or otherwise transferred (i) as set forth on Schedule 6.01(t) or (ii) incurred or created after the Closing Date in connection with the sale of retail stores; provided that in the case
of clause (ii) above all such contingent obligations shall be unsecured and shall not permit a cross-default to this Agreement; 

(u) Indebtedness at any time outstanding in an aggregate principal amount not to exceed the greater of $150,000,000 and 4.50%
of the Consolidated Total Assets as of the last day of the last Test Period for which financial statements most recently have been delivered pursuant to Section 5.01; 

(v) Indebtedness so long as the Payment Conditions are satisfied on a Pro Forma Basis; provided that (i) except in
the case of any such Indebtedness secured by Permitted Liens, then such Indebtedness shall not mature or require any scheduled amortization or scheduled payments of principal and shall not be subject to mandatory redemption, repurchase, repayment or
sinking fund obligation (other than AHYDO payments, customary offers to repurchase on a change of control, asset sale or casualty event and customary acceleration rights after an event of default), in each case, prior to the date which is 91 days
after the Maturity Date and (ii) the aggregate outstanding principal amount of such Indebtedness of Subsidiaries that are not Loan Parties shall not exceed, together with the aggregate outstanding principal amount of all Indebtedness of
non-Loan Parties incurred pursuant to Section 6.01(r), the greater of $100,000,000 and 3.00% of the Consolidated Total Assets as of the last day of the last Test Period for which financial statements have been delivered pursuant to
Section 5.01 at any one time outstanding. 
 (w) Indebtedness incurred in respect of the Term Loan Facility in an aggregate principal amount that does not exceed $1,340,000,000 at any time outstanding;
provided that (A) such amount may be increased by the aggregate principal amount of any Incremental Loans (or any equivalent term under the Term Loan Facility) so long as the sum of the aggregate initial principal amount
of (x) any Incremental Loans and (y) any Incremental Equivalent Debt (or any equivalent term under the Term Loan Facility) does not exceed the amount permitted to be incurred under Section 2.23 of the Term Loan
Agreement as in effect on the Closing Date and (B) with respect to any refinancing of the 

  
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Term Loan Facility after the Closing Date, (i) such Indebtedness shall not have a final maturity or require
any payment of principal, in each case, prior to the date that is ninety-one (91) days) after the Maturity Date, (ii) such Indebtedness is secured only by Liens permitted under Section 6.02(t) and
Section 6.02(u); and (iii) as of the date of the consummation of such refinancing and after giving effect thereto, no Event of Default shall exist or have occurred and be continuing; 
 (w)
[reserved]; 

(x) Indebtedness incurred in connection with Sale-Leaseback Transactions permitted pursuant to Section 6.10; 

(y) Incremental Equivalent Debt, so long as
the sum of the aggregate initial principal amount of (x) any Incremental Loans and (y) any Incremental Equivalent Debt does not exceed the amount permitted to be incurred under Section 2.23 of the Term Loan
Agreement as in effect on the Closing Date;[reserved]; 
 (z) Indebtedness (including obligations in respect of letters of credit or
bank guarantees or similar instruments with respect to such Indebtedness) incurred in respect of workers compensation claims, unemployment insurance (including premiums related thereto), other types of social security, pension obligations, vacation
pay, health, disability or other employee benefits; 
 (aa) [Reserved]; 

(bb) Indebtedness representing (i) deferred compensation to directors, officers, employees, members of management and
consultants of any Parent Company, the Borrowers or any Subsidiary in the ordinary course of business and (ii) deferred compensation or other similar arrangements in connection with the Transactions, any Permitted Acquisition or any Investment
permitted hereby; 
 (cc) Indebtedness in respect of any letter of credit issued in favor of any Issuing Bank or Swingline
Lender to support any Defaulting Lender’s participation in Letters of Credit issued, or Swingline Loans made, hereunder; 

(dd) [Reserved]; 

(ee) unfunded pension fund and other employee benefit plan obligations and liabilities incurred in the ordinary course of
business to the extent that such unfunded amounts would not otherwise cause an Event of Default under Section 7.01(j); and 

(ff) without duplications of any other Indebtedness, all premiums (if any), interest (including post-petition interest and
payment in kind interest), accretion or amortization of original issue discount, fees, expenses and charges with respect to Indebtedness hereunder. 

  
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 For purposes of determining compliance with any Dollar-denominated restriction on the
incurrence of Indebtedness, the Dollar-equivalent principal amount of Indebtedness denominated in a foreign currency shall be calculated based on the relevant currency exchange rate in effect on the date such Indebtedness was incurred, in the case
of term debt, or first committed, in the case of revolving credit debt; provided that if such Indebtedness is incurred to extend, replace, refund, refinance, renew or defease other Indebtedness denominated in a foreign currency, and such extension,
replacement, refunding, refinancing, renewal or defeasance would cause the applicable Dollar-denominated restriction to be exceeded if calculated at the relevant currency exchange rate in effect on the date of such extension, replacement, refunding,
refinancing, renewal or defeasance, such Dollar-denominated restriction shall be deemed not to have been exceeded so long as the principal amount of such refinancing Indebtedness does not exceed the principal amount of such Indebtedness being
extended, replaced, refunded, refinanced, renewed or defeased, plus the aggregate amount of fees, underwriting discounts, premiums (including tender premiums) and other costs and expenses (including original issue discount) incurred in connection
with such refinancing. 
 Section 6.02. Liens. The Borrowers and the Subsidiary Guarantors shall not, nor shall they permit any
of their Subsidiaries to, create, incur, assume or permit to exist any Lien on or with respect to any property or asset of any kind (including any document or instrument in respect of goods or accounts receivable) owned by it, whether now owned or
hereafter acquired, or any income or profits therefrom, except: 
 (a) Liens granted pursuant to the Loan Documents to secure
the Secured Obligations; 
 (b) Liens for Taxes which are (i) not then due or if due obligations with respect to such
Taxes that are not at such time required to be paid pursuant to Section 5.03 or (ii) which are being contested in accordance with Section 5.03; 

(c) statutory Liens of landlords, banks (and rights of set-off), carriers, warehousemen, mechanics, repairmen, workmen and
materialmen, and other Liens imposed by law (other than any such Lien imposed pursuant to Section 401(a)(29) or 412(n) of the Code or by ERISA), in each case incurred in the ordinary course of business (i) for amounts not yet overdue by
more than 30 days, (ii) for amounts that are overdue by more than 30 days and that are being contested in good faith by appropriate proceedings, so long as such reserves or other appropriate provisions, if any, as shall be required by GAAP
shall have been made for any such contested amounts or (iii) with respect to which the failure to make payment could not reasonably be expected to have a Material Adverse Effect; 

(d) Liens incurred (i) in the ordinary course of business in connection with workers’ compensation, unemployment
insurance and other types of social security laws and regulations, (ii) in the ordinary course of business to secure the performance of tenders, statutory obligations, surety, stay, customs and appeal bonds, bids, leases, government contracts,
trade contracts, performance and return-of-money bonds and other similar obligations (exclusive of obligations for the payment of borrowed money) or (iii) pursuant to pledges and deposits of Cash or Cash Equivalents in the ordinary course of
business securing liability for reimbursement or indemnification obligations of (including obligations in respect of letters of credit or bank guarantees for the benefit of) insurance carriers providing property, casualty or liability insurance to
Holdings and its Subsidiaries; 

  
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 (e) easements, rights-of-way, restrictions, encroachments, and other minor
defects or irregularities in title, in each case which do not, in the aggregate, materially interfere with the ordinary conduct of the business of the Borrower Agent and its Subsidiaries taken as a whole, or the use of the affected property for its
intended purpose; 
 (f) any (i) interest or title of a lessor or sublessor under any lease of real estate permitted
hereunder, (ii) landlord liens permitted by the terms of any lease, (iii) restrictions or encumbrances that the interest or title of such lessor or sublessor may be subject to or (iv) subordination of the interest of the lessee or
sublessee under such lease to any restriction or encumbrance referred to in the preceding clause (iii); 
 (g) Liens
solely on any Cash earnest money deposits made by the Borrower Agent or any of its Subsidiaries in connection with any letter of intent or purchase agreement with respect to any Investment permitted hereunder; 

(h) purported Liens evidenced by the filing of precautionary UCC financing statements relating solely to operating leases of
personal property or consignment or bailee arrangements entered into in the ordinary course of business; 
 (i) Liens in
favor of customs and revenue authorities arising as a matter of law to secure payment of customs duties in connection with the importation of goods; 

(j) Liens in connection with any zoning, building or similar law or right reserved to or vested in any governmental office or
agency to control or regulate the use of any or dimensions of real property or the structure thereon; 
 (k) Liens securing
Indebtedness permitted pursuant to Section 6.01(p) (solely with respect to the permitted refinancing of Indebtedness permitted pursuant to Sections 6.01 (n), (q) and (y)); provided that (i) any such
Lien does not extend to any asset not covered by the Lien securing the Indebtedness that is refinanced and (ii) if the Indebtedness being refinanced was subject to intercreditor arrangements, then any such refinancing Indebtedness shall be
subject to intercreditor arrangements no less favorable, taken as a whole, than the intercreditor arrangements governing the Indebtedness that is refinanced or shall be otherwise reasonably acceptable to the Administrative Agent; 

(l) Liens existing on the First Amendment Effective Date and described in Schedule 6.02 and any modifications,
replacements, refinancings, renewals or extensions thereof; provided that (i) the Lien does not extend to any additional property other than (A) after-acquired property that is affixed or incorporated into the property covered by
such Lien or financed by Indebtedness permitted under Section 6.01 and (B) proceeds and products thereof and accessions thereto and improvements thereon (it being understood that individual financings of the type permitted under
Section 6.01(m) provided by any lender may be cross-collateralized to other financings of such type provided by such lender or its affiliates) and (ii) the replacement, refinancing, renewal or extension of the obligations secured or
benefited by such Liens is permitted by Section 6.01; 

  
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 (m) Liens arising out of Sale and Lease-Back Transactions permitted under
Section 6.10; 
 (n) Liens securing Indebtedness permitted pursuant to Sections 6.01(m); provided
that any such Lien shall encumber only the asset acquired with the proceeds of such Indebtedness and proceeds and products thereof, accessions thereto and improvements thereon (it being understood that individual financings of the type permitted
under Section 6.01(m) provided by any lender may be cross-collateralized to other financings of such type provided by such lender or its affiliates); 

(o) (i) Liens securing Indebtedness permitted pursuant to Section 6.01(n) on assets acquired or on the Capital
Stock of any Person (to the extent such Capital Stock would not otherwise constitute Collateral) and assets of the newly acquired Subsidiary; provided that such Lien (x) does not extend to or cover any other assets (other than the
proceeds or products thereof and accessions or additions thereto and improvements thereon) and (y) was not created in contemplation of the applicable acquisition of assets or Capital Stock; provided, further, that in the case of any
Liens on Revolving Facility First Lien Collateral, such Indebtedness shall be either secured on a pari passu basis with the Term Loan FacilitySenior Secured Notes and subject to the Intercreditor Agreement or
secured on a junior basis with respect to the Secured Obligations pursuant to an intercreditor arrangement reasonably satisfactory to the Administrative Agent and (ii) Liens securing Indebtedness incurred pursuant to
Section 6.01(q); provided that in the case of any Liens on Revolving Facility First Lien Collateral, such Indebtedness shall be either secured on a pari passu basis with the Term Loan FacilitySenior
Secured Notes and subject to the Intercreditor Agreement or secured on a junior basis with respect to the Secured Obligations pursuant to an intercreditor arrangement reasonably satisfactory to
the Administrative Agent; 
 (p) Liens that are contractual rights of setoff relating to (i) the establishment of
depositary relations with banks not given in connection with the issuance of Indebtedness, (ii) relating to pooled deposit or sweep accounts of any Borrower or any Subsidiary to permit satisfaction of overdraft or similar obligations incurred
in the ordinary course of business of any Borrower or any Subsidiary, (iii) relating to purchase orders and other agreements entered into with customers of any Borrower or any Subsidiary in the ordinary course of business, (iv) attaching
to commodity trading or other brokerage accounts incurred in the ordinary course of business and (v) encumbering reasonable customary initial deposits and margin deposits; 

(q) Liens on assets of Foreign Subsidiaries and other Subsidiaries that are not Loan Parties (including Capital Stock owned by
such Persons) securing Indebtedness of Subsidiaries that are not Loan Parties permitted pursuant to Section 6.01; 

  
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 (r) Liens securing obligations (other than obligations representing
Indebtedness for borrowed money) under operating, reciprocal easement or similar agreements entered into in the ordinary course of business of the Borrower Agent and its Subsidiaries; 

(s) Liens disclosed in the title insurance policies delivered pursuant to Sections 5.12 and 5.13 with respect to
any Mortgaged Property reasonably acceptable to the Administrative Agent; 
 (t) Liens on the Collateral securing the
Indebtedness incurred pursuant to Sections 6.01(w) and (y) and subject to the Intercreditor Agreement or another intercreditor agreement in form and substance reasonably satisfactory to the Administrative Agent; 

(u) Liens on assets securing Indebtedness in an aggregate principal amount not to exceed the greater of $65,000,000 and 2.00%
of the Consolidated Total Assets as of the last day of the last Test Period for which financial statements have been delivered pursuant to Section 5.01 at any time outstanding; provided that, in the case of any Liens on Revolving
Facility First Lien Collateral, such Indebtedness shall be either secured on a pari passu basis with the Term Loan FacilitySenior Secured Notes and subject to the Intercreditor Agreement or
secured on a junior basis with respect to the Revolving Facility First Lien Collateral pursuant to an intercreditor arrangement reasonably satisfactory to the Administrative Agent; 

(v) Liens on assets securing judgments for the payment of money not constituting an Event of Default under
Section 7.01(h); 
 (w) leases, licenses, subleases or sublicenses granted to others in the ordinary course of
business which do not (i) interfere in any material respect with the business of Holdings and its Subsidiaries (other than an Immaterial Subsidiary), or adversely affect in any material respect the value of any Collateral or adversely affect in
any material respect or could reasonably be expected to adversely affect any of the material rights or remedies of Administrative Agent with respect to any Collateral or (ii) secure any Indebtedness; 

(x) [Reserved]; 

(y) Liens securing obligations in respect of letters of credit permitted under Sections 6.01(e),
(z) and (cc); 
 (z) Liens arising out of conditional sale, title retention, consignment or similar
arrangements for the sale of any assets or property in the ordinary course of business and permitted by this Agreement; 

(aa) Liens on insurance policies and the proceeds thereof securing the financing of the premiums with respect thereto; 

  
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 (bb) If no Letters of Credit are available hereunder, and solely with the
consent of the Administrative Agent (not to be unreasonably withheld), Liens on specific items of inventory or other goods and the proceeds thereof, on premises not owned, controlled or leased by any Loan Party, securing such Person’s
obligations in respect of documentary letters of credit or banker’s acceptances issued or created for the account of such Person to facilitate the purchase, shipment or storage of such inventory or goods, in an aggregate outstanding amount not
to exceed $10,000,000 at any time; and 
 (cc) Liens securing obligations in respect of any Indebtedness permitted under
Section 6.01; provided, that (i) at the time of incurrence of such Indebtedness, the Senior Secured Leverage Ratio would not exceed 4.25 to 1.00 calculated on a Pro Forma Basis and (ii) in the case of any Liens on Revolving
Facility First Lien Collateral, such Indebtedness shall be either secured on a pari passu basis with the Term Loan FacilitySenior Secured Notes and subject to the Intercreditor Agreement or
secured on a junior basis with respect to the Secured Obligations pursuant to an intercreditor arrangement reasonably satisfactory to the Administrative Agent. 

Section 6.03. [Reserved]. 

Section 6.04. No Further Negative Pledges. Neither the Borrowers, the Subsidiary Guarantors nor any of their Subsidiaries shall
enter into any agreement prohibiting the creation or assumption of any Lien upon any of its properties or assets, whether now owned or hereafter acquired, except with respect to: 

(a) specific property to be sold pursuant to an asset sale permitted by Section 6.08; 

(b) restrictions contained in any agreement with respect to Indebtedness permitted by Section 6.01 that is secured
by a Permitted Lien, but only if such agreement applies solely to the specific asset or assets to which such Permitted Lien applies; 

(c) restrictions contained in the Senior Note Indentures and the documentation governing Indebtedness permitted by
clauses (q), (r), (u), (v), (w) and (y) of Section 6.01; 

(d) restrictions by reason of customary provisions restricting assignments, subletting or other transfers (including the
granting of any Lien) contained in leases, subleases, licenses, sublicenses and similar agreements entered into in the ordinary course of business (provided that such restrictions are limited to the property or assets secured by such Liens or
the property or assets subject to such leases, subleases, licenses, sublicenses or similar agreements, as the case may be); 

(e) Permitted Liens and restrictions in the agreements relating thereto that limit the right of the Borrower Agent or any of
its Subsidiaries to dispose of or transfer the assets subject to such Liens; 

  
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 (f) provisions limiting the disposition or distribution of assets or
property in joint venture agreements, sale-leaseback agreements, stock sale agreements and other similar agreements, which limitation is applicable only to the assets that are the subject of such agreements; 

(g) any encumbrance or restriction assumed in connection with an acquisition of property or new Subsidiaries, so long as such
encumbrance or restriction relates solely to the property so acquired and was not created in connection with or in anticipation of such acquisition; 

(h) restrictions imposed by customary provisions in partnership agreements, limited liability company organizational governance
documents, joint venture agreements and other similar agreements that restrict the transfer of ownership interests in such partnership, limited liability company, joint venture or similar Person; 

(i) restrictions on Cash or other deposits imposed by customers under contracts entered into in the ordinary course of
business; 
 (j) restrictions set forth in documents which exist on the Closing Date and are listed on Schedule 6.04
hereto; and 
 (k) restrictions or encumbrances imposed by any amendments, modifications, restatements, renewals, increases,
supplements, refundings, replacements or refinancings of the contracts, instruments or obligations referred to in clauses (a) through (j) above; provided that such amendments, modifications, restatements, renewals,
increases, supplements, refundings, replacements or refinancings are, in the good faith judgment of the Borrower Agent, no more restrictive with respect to such encumbrance and other restrictions taken as a whole than those prior to such amendment,
modification, restatement, renewal, increase, supplement, refunding, replacement or refinancing. 
 Section 6.05. Restricted
Payments; Certain Payments of Indebtedness. 
 (a) The Borrower Agent shall not pay or make, directly or indirectly, any
Restricted Payment, except that: 
 (i) the Borrower Agent may make Restricted Payments to the extent necessary to permit any Parent
Company; 
 (A) to pay (x) general administrative costs and expenses (including corporate overhead, legal or similar
expenses) and franchise fees and taxes and similar fees, taxes and expenses required to maintain the organizational existence of such Parent Company, in each case, which are reasonable and customary and incurred in the ordinary course of business,
plus any reasonable and customary indemnification claims made by directors, officers, members of management or employees of any Parent Company, in each case, to the extent attributable to the ownership or operations of any of Holdings, the Borrowers
and their Subsidiaries and (y) without duplication of preceding clause (x), any Public Company Costs; 

  
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 (B) for any taxable period in which the Borrower Agent and/or any of its
Subsidiaries is a member of a consolidated, combined or similar income tax group of which a direct or indirect parent of the Borrowers is the common parent (a “Tax Group”),to discharge the consolidated tax liabilities of such Tax
Group when and as due, to the extent such liabilities are attributable to the ownership or operations of the Borrower Agent and its Subsidiaries; provided, that the amount paid by the Borrower Agent pursuant to this paragraph (B) shall
not exceed the tax liabilities that would be due if the Borrower Agent and each Subsidiary were separate corporations filing income and similar tax returns on a consolidated or combined basis with the Borrower Agent as the common parent of such
affiliated group (calculated at the highest combined applicable federal, state, local and foreign tax rate); provided further that the permitted payment pursuant to this paragraph (B) with respect to any taxes of any Unrestricted
Subsidiary for any taxable period shall be limited to the amount actually paid with respect to such period by such Unrestricted Subsidiary to the Borrower Agent and its Subsidiaries for the purposes of paying such consolidated, combined or similar
taxes; 
 (C) to pay audit and other accounting and reporting expenses at such Parent Company to the extent relating to the
ownership or operations of the Borrowers and their Subsidiaries; 
 (D) for the payment of insurance premiums to the extent
relating to the ownership or operations of the Borrowers and their Subsidiaries; 
 (E) pay fees and expenses related to
debt or equity offerings, investments or acquisitions permitted by this Agreement (whether or not consummated); 
 (F) to
pay the consideration to finance any Investment permitted under Section 6.07 (provided that (x) such Restricted Payments under this clause (a)(i)(F) shall be made substantially concurrently with the closing of such
Investment and (y) such Parent Company shall, promptly following the closing thereof, cause all such property acquired to be contributed to the Borrowers or one of their Subsidiaries, or the merger or amalgamation of the Person formed or
acquired into the Borrowers or one of their Subsidiaries, in order to consummate such Investment in a manner that causes such Investment to comply with the applicable requirements of Section 6.07 as if undertaken as a direct Investment by such
Borrower or such Subsidiary); and 
 (G) without duplication of clause (A)(y) above, to pay customary salary, bonus and
other benefits payable to directors, officers, members of management or employees of any Parent Company to the extent such salary, bonuses and other benefits are directly attributable and reasonably allocated to the operations of the Borrowers and
their Subsidiaries, in each case, so long as such Parent Company applies the amount of any such Restricted Payment for such purpose; 

  
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 (ii) the Borrower Agent may pay (or make Restricted Payments to allow any Parent Company to
pay) for the repurchase, redemption, retirement or other acquisition or retirement for value of Capital Stock of any Parent Company held by any future, present or former employee, director, member of management, officer, manager or consultant (or
any Affiliate or Immediate Family Member thereof) of any Parent Company, the Borrowers or any Subsidiary; 
 (A) in exchange
for notes issued pursuant to Section 6.01(o), so long as the aggregate amount of all cash payments made in respect of such notes, together with the aggregate amount of Restricted Payments made (x) pursuant to clause
(D) of this clause (ii) below and (y) pursuant to Section 6.05(a)(iv), does not exceed $25,000,000 in any Fiscal Year, which, if not used in any Fiscal Year, may be carried forward to the next subsequent Fiscal
Year; 
 (B) in exchange for Capital Stock of any Parent Company; 

(C) in exchange for net proceeds of any key-man life insurance policies received during such fiscal year; or 

(D) in exchange for Cash and Cash Equivalents in an amount not to exceed, together with (x) the aggregate amount of all
cash payments made in respect of notes issued pursuant to Section 6.01(o) and (y) the aggregate amount of Restricted Payments made pursuant to Section 6.05(a)(iv), $25,000,000 in any Fiscal Year, which, if not used in
any Fiscal Year, may be carried forward to the next subsequent Fiscal Year; 
 (iii) the Borrower Agent may make Restricted Payments;
provided that at the time they are paid by the Borrower Agent, before and after giving effect to such Restricted Payments under this clause (iii), the Payment Conditions are satisfied; 

(iv) the Borrower Agent may make Restricted Payments to any Parent Company to enable such Parent Company to make Cash payments in lieu of the
issuance of fractional shares in connection with the exercise of warrants, options or other securities convertible into or exchangeable for Capital Stock of such Parent Company in an amount not to exceed, together with (x) the aggregate amount
of all cash payments made in respect of notes issued pursuant to Section 6.01(o) and (y) the aggregate amount of all Restricted Payments made pursuant to Section 6.05(a)(ii)(D), $25,000,000 in any Fiscal Year, which, if
not used in any Fiscal Year, may be carried forward to the next subsequent Fiscal Year; 
 (v) the Borrower Agent may repurchase Capital
Stock upon exercise of options or warrants if such Capital Stock represents all or a portion of the exercise price of such options or warrants as part of a “cashless” exercise; 

(vi) the Borrower Agent may make Restricted Payments the proceeds of which are applied on the Closing Date, solely to effect the consummation
of the Transactions; 
 (vii) so long as no Event of Default shall have occurred and be continuing, the Borrower Agent may (or may make
Restricted Payments to any Parent Company to enable it to) make Restricted Payments with respect to any Capital Stock in an amount not to exceed 6.00% per annum of the net Cash proceeds received by or contributed to the Borrower Agent in the
initial public offering of shares of common stock of Party City Holdco Inc. on April 16, 2015; 

  
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 (viii) the Borrower Agent may make Restricted Payments to (i) redeem, repurchase,
retire or otherwise acquire any (A) Capital Stock (“Treasury Capital Stock”) of the Borrower Agent or any Subsidiary or (B) Capital Stock of any Parent Company, in the case of each of subclauses (A) and
(B), in exchange for, or out of the proceeds of the substantially concurrent sale (other than to the Borrower Agent or a Subsidiary) of, Capital Stock of the Borrower Agent or any Parent Company to the extent contributed as a common equity
contribution to the capital of the Borrower Agent or any Subsidiary (in each case, other than Disqualified Capital Stock) (“Refunding Capital Stock”) and (ii) declare and pay dividends on the Treasury Capital Stock out of the
proceeds of the substantially concurrent sale (other than to the Borrower Agent or a Subsidiary) of the Refunding Capital Stock; 
 (ix) to
the extent constituting a Restricted Payment, the Borrower Agent may consummate any transaction permitted by Sections 6.07 (other than Sections 6.07(j) and (t)), Section 6.08 (other than Section 6.08(g))
and Sections 6.11(h); and 
 (x) the Borrower Agent may make Restricted Payments after the First Amendment Effective Date in an
aggregate amount not to exceed, together with the aggregate amount of any Restricted Debt Payments made after the First Amendment Effective Date pursuant to Section 6.05(b)(viii), $50,000,000 at any time outstanding, so long as no
Default or Event of Default shall have occurred and be continuing. 
 (b) The Borrowers and the Subsidiary Guarantors shall
not, nor shall they permit any Subsidiary to, make, directly or indirectly, any payment or other distribution (whether in Cash, securities or other property) on or in respect of principal of or interest on the Senior Notes (or Refinancing
Indebtedness in respect thereof) or any Junior Indebtedness, or any payment or other distribution (whether in Cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement,
acquisition, cancellation or termination of the Senior Notes (or any Refinancing Indebtedness in respect thereof) or any Junior Indebtedness (collectively, “Restricted Debt Payments”), except: 

(i) the defeasance, redemption, repurchase or other acquisition or retirement of the Senior Notes (or Refinancing Indebtedness in respect
thereof) or Junior Indebtedness made by exchange for, or out of the proceeds of the substantially concurrent incurrence of, Refinancing Indebtedness permitted by Section 6.01; 

(ii) payments as part of an “applicable high yield discount obligation” catch-up payment, so long as no Event of Default shall have
occurred and be continuing; 
 (iii) payments of regularly scheduled interest and fees, expenses and indemnification obligations as and when
due in respect of any Indebtedness (other than payments with respect to Subordinated Indebtedness prohibited by the subordination provisions thereof); 

(iv) payments with respect to intercompany Indebtedness permitted under Section 6.01, subject to the subordination provisions
applicable thereto; 

  
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 (v)
payments in connection with the Existing Debt
Refinancing[reserved]; 

(vi) (A) payments of any Senior Notes and/or any Junior Indebtedness in exchange for, or with proceeds of any substantially
contemporaneous issuance of Qualified Capital Stock of any Parent Company or the Borrower Agent, and any substantially contemporaneous capital contribution in respect of Qualified Capital Stock of the Borrower Agent, (B) payments of
Indebtedness by the conversion of all or any portion thereof into Qualified Capital Stock of any Parent Company or the Borrower Agent and (C) payments of interest in respect of Indebtedness in the form of payment-in-kind interest with respect
to such Indebtedness permitted under Section 6.01; 
 (vii) Restricted Debt Payments; provided that as of the date of any
such payment and after giving effect thereto, the Payment Conditions are satisfied (provided that in the case of an irrevocable notice required under the terms of the applicable agreements or instruments to be given in respect of a Restricted
Debt Payment prior to the date of the making of such payment, the Payment Conditions with respect to such Restricted Debt Payment shall be satisfied at the time of the giving of such irrevocable notice and on the date of the making of such payment);
and 
 (viii) Restricted Debt Payments made after the First Amendment Effective Date in an aggregate principal amount not to exceed,
together with the aggregate amount of any Restricted Payments made after the First Amendment Effective Date pursuant to Section 6.05(a)(x), $50,000,000, so long as no Event of Default under Sections 7.01(a), (f) or
(g) shall have occurred and be continuing. 
 Section 6.06. Restrictions on Subsidiary Distributions. Except as
provided herein or in any other Loan Document, in the Senior Note Indentures, the Term Loan Agreement or in
agreements with respect to refinancings, renewals or replacements of such Indebtedness permitted by Section 6.01, so long as such refinancing, renewal or replacement does not expand the scope of such contractual obligation, the Borrowers
and the Subsidiary Guarantors shall not, nor shall they permit any of their Subsidiaries to, create or otherwise cause or suffer to exist or become effective any consensual encumbrance or restriction of any kind on the ability of any Subsidiary of
the Borrowers to: 
 (a) pay dividends or make any other distributions on any of such Subsidiary’s Capital Stock
owned by any Borrower or any other Subsidiary; 
 (b) repay or prepay any Indebtedness owed by such Subsidiary to any
Borrower or any other Subsidiary; 
 (c) make loans or advances to any Borrower or any other Subsidiary of the Borrower
Agent; or 
 (d) transfer any of its property or assets to any Borrower or any other Subsidiary other than restrictions: 

  
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 (i) in any agreement evidencing (x) Indebtedness of a Subsidiary other than a Loan
Party permitted by Section 6.01, (y) Indebtedness permitted by Section 6.01 that is secured by a Permitted Lien if such encumbrances or restrictions apply only to the Person obligated under such Indebtedness and its
Subsidiaries or the property or assets intended to secure such Indebtedness and (z) Indebtedness permitted pursuant to clauses (p) (as it relates to Indebtedness in respect of clauses (q), (r), (u), (v),
(w) and (y) of Section 6.01), (q), (r), (u), (v), (w) and (y) of Section 6.01; 

(ii) by reason of customary provisions restricting assignments, subletting or other transfers contained in leases, subleases, licenses,
sublicenses, joint venture agreements and similar agreements entered into in the ordinary course of business; 
 (iii) that are or were
created by virtue of any Lien granted upon, transfer of, agreement to transfer or grant of any option or right with respect to any property, assets or Capital Stock not otherwise prohibited under this Agreement; 

(iv) assumed in connection with an acquisition of property or new Subsidiaries, so long as such encumbrance or restriction relates solely to
the property so acquired and was not created in connection with or in anticipation of such acquisition; 
 (v) in any agreement for the sale
or other disposition of a Subsidiary that restricts distributions by that Subsidiary pending the sale or other disposition; 
 (vi) in
provisions in agreements or instruments which prohibit the payment of dividends or the making of other distributions with respect to any class of Capital Stock of a Person other than on a pro rata basis; 

(vii) imposed by customary provisions in partnership agreements, limited liability company organizational governance documents, joint venture
agreements and other similar agreements that restrict the transfer of ownership interests in such partnership, limited liability company, joint venture or similar Person; 

(viii) on Cash or other deposits imposed by customers under contracts entered into in the ordinary course of business; 

(ix) set forth in documents which exist on the Closing Date and are listed on Schedule 6.06 hereto; and 

(x) of the types referred to in clauses (a) through (d) above imposed by any amendments, modifications, restatements,
renewals, increases, supplements, refundings, replacements or refinancings of the contracts, instruments or obligations referred to in clauses (i) through (ix) above; provided that such amendments, modifications,
restatements, renewals, increases, supplements, refundings, replacements or refinancings are, in the good faith judgment of the Borrower Agent, no more restrictive with respect to such restrictions taken as a whole than those prior to such
amendment, modification, restatement, renewal, increase, supplement, refunding, replacement or refinancing. 

  
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 Section 6.07. Investments. The Borrowers and the Subsidiary Guarantors shall not, nor shall they
permit any of their Subsidiaries to make or own any Investment in any Person except: 
 (a) Cash or Cash Equivalents; 

(b) (i) equity Investments owned as of the Closing Date in any Subsidiary, (ii) Investments made after the Closing
Date in Subsidiaries that are Loan Parties and (iii) equity Investments by a Loan Party in a non-Loan Party consisting of the Capital Stock of any Person which is not a Loan Party; 

(c) Investments (i) constituting deposits, prepayments and other credits to suppliers, (ii) made in connection with
obtaining, maintaining or renewing client and customer contracts and (iii) in the form of advances made to distributors, suppliers, licensors and licensees, in each case, in the ordinary course of business; 

(d) Investments (i) by any Subsidiary that is not a Loan Party in any other Subsidiary that is not a Loan Party and
(ii) by any Borrower or any Subsidiary Guarantor in any Subsidiary that is not a Loan Party so long as, in the case of this clause (ii), the aggregate amount of any such Investments outstanding at any time does not exceed the
greater of $100,000,000 and 3.00% of the Consolidated Total Assets as of the last day of the last Test Period for which financial statements have been delivered pursuant to Section 5.01; 

(e) (i) Permitted Acquisitions and (ii) Investments in any Subsidiary that is not a Loan Party in an amount required
to permit such Subsidiary to consummate a Permitted Acquisition (so long as the consideration for such Permitted Acquisition shall be included for the purposes of calculating any amount available for Permitted Acquisitions pursuant to clause
(d) of the proviso to the definition of “Permitted Acquisition” (without regard to the proviso contained in such clause (d))); 

(f) Investments existing on, or contractually committed to as of, the First Amendment Effective Date and described in
Schedule 6.07 and any modification, replacement, renewal or extension thereof so long as any such modification, renewal or extension thereof does not increase the amount of such Investment except by the terms thereof or as otherwise
permitted by this Section 6.07; 
 (g) Investments received in lieu of Cash in connection with any asset sale
permitted by Section 6.08; 
 (h) loans or advances to officers, directors, employees, consultants or independent
contractors of any Parent Company, the Borrower Agent or its Subsidiaries to the extent permitted by Requirements of Law, in connection with such Person’s purchase of Capital Stock of any Parent Company, in an aggregate principal amount not to
exceed $10,000,000 at any one time outstanding; 
 (i) Investments consisting of extensions of credit in the nature of
accounts receivable or notes receivable arising from the grant of trade credit in the ordinary course of business; 

  
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 (j) Investments consisting of Indebtedness permitted under
Section 6.01 (other than Indebtedness permitted under Sections 6.01(b) and (h)), Permitted Liens, Restricted Payments permitted under Section 6.05 (other than Section 6.05(a)(ix)), Restricted
Debt Payments permitted by Section 6.05 and mergers, consolidations or asset sales or dispositions permitted by Section 6.08 (other than Section 6.08(a) (if made in reliance on sub-clause (ii)(y)),
Section 6.08(b) (if made in reliance on clause (ii)) and Section 6.08(c)(i) (if made in reliance on the proviso therein) and Section 6.08(g)); 

(k) Investments in the ordinary course of business consisting of endorsements for collection or deposit and customary trade
arrangements with customers; 
 (l) Investments (including debt obligations and Capital Stock) received (i) in
connection with the bankruptcy or reorganization of any Person, (ii) in settlement of delinquent obligations of, or other disputes with, customers, suppliers and other financially troubled account debtors arising in the ordinary course of
business and/or (iii) upon the foreclosure with respect to any secured Investment or other transfer of title with respect to any secured Investment; 

(m) loans and advances of payroll payments or other compensation to employees, officers, directors, consultants or independent
contractors of any Parent Company (to the extent attributable to the ownership or operation of the Borrower Agent and its Subsidiaries), the Borrower Agent or any Subsidiary in the ordinary course of business; 

(n) Investments to the extent that payment for such Investments is made solely with Capital Stock (other than Disqualified
Capital Stock) of Holdings or any Parent Company, in each case, to the extent not resulting in a Change of Control; 
 (o)
Investments of any Person acquired by, or merged into or consolidated or amalgamated with, either Borrower or any Subsidiary pursuant to an Investment otherwise permitted by this Section 6.07 after the Closing Date to the extent that
such Investments of such Person were not made in contemplation of or in connection with such acquisition, merger, amalgamation or consolidation and were in existence on the date of such acquisition, merger, amalgamation or consolidation and any
modification, replacement, renewal or extension thereof so long as any such modification, renewal or extension thereof does not increase the amount of such Investment except as otherwise permitted by this Section 6.07 (it being
understood that the “grandfathering” of Investments pursuant to this clause (o) is not intended to limit the application of clause (d) of the definition of “Permitted Acquisition” to existing Investments in non-Loan
Parties acquired pursuant to a Permitted Acquisition); 
 (p) the Transactions; 

(q) Investments made after the First Amendment Effective Date by the Borrower Agent and its Subsidiaries in an aggregate
principal amount at any time outstanding not to exceed the greater of $50,000,000 and 1.50% of the Consolidated Total Assets as of the last day of the last Test Period for which financial statements have been delivered pursuant to
Section 5.01; 

  
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 (r) Investments made after the Closing Date by the Borrower Agent and its
Subsidiaries; provided that as of the date of such Investment and after giving effect thereto, as to any such Investment, the Payment Conditions are satisfied; 

(s) Guarantees of leases (other than Capital Leases) or of other obligations not constituting Indebtedness, in each case in the
ordinary course of business; 
 (t) Investments in Holdings in amounts and for purposes for which Restricted Payments to
Holdings are permitted under Section 6.05(a); provided that any such Investments made as provided above in lieu of such Restricted Payments shall reduce availability under any applicable Restricted Payment basket under
Section 6.05(a); 
 (u) Investments made by any Subsidiary that is not a Loan Party to the extent such
Investments are made with the proceeds received by such Subsidiary from an Investment made by a Loan Party in such Subsidiary pursuant to this Section 6.07 (other than Investments pursuant to clause (ii) of
Section 6.07(e)); 
 (v) Investments under any Derivative Transactions permitted to be entered into under
Section 6.01; and 
 (w) loans or advances in favor of franchisees of the Borrowers and their respective
Subsidiaries made in the ordinary course of business in an aggregate principal amount not to exceed $15,000,000 at any one time outstanding. 

Section 6.08. Fundamental Changes; Disposition of Assets. The Borrowers and the Subsidiary Guarantors shall not, nor shall they
permit any of their Subsidiaries to, enter into any transaction of merger or consolidation, or liquidate, wind up or dissolve itself (or suffer any liquidation or dissolution), or convey, sell, lease or sublease (as lessor or sublessor), transfer or
otherwise dispose of, in one transaction or a series of transactions, all or any part of its business, assets or property of any kind whatsoever, whether real, personal or mixed and whether tangible or intangible, whether now owned or hereafter
acquired, except: 
 (a) any Subsidiary may be merged or consolidated or amalgamated with or into any Borrower or any other
Subsidiary; provided that (i) in the case of such a merger, amalgamation or consolidation with or into any Borrower, such Borrower shall be the continuing or surviving Person (or, in the case of any such transaction involving both
Borrowers, the Borrower Agent shall be the continuing or surviving Person) and (ii) in the case of such a merger, amalgamation or consolidation with or into any Subsidiary Guarantor, either (x) such Subsidiary Guarantor shall be the
continuing or surviving Person or (y) such transaction shall be treated as an Investment and shall comply Section 6.07; 

  
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 (b) sales or other dispositions among the Borrowers and their Subsidiaries
(upon voluntary liquidation or otherwise); provided that any such sales or dispositions by a Loan Party to a Person that is not a Loan Party shall be (i) for fair market value (as reasonably determined by such Person) and at least 75.0%
of the consideration for such sale or disposition consists of Cash or Cash Equivalents payable at the time of consummation of such sale or other disposition or (ii) treated as an Investment and shall be otherwise made in compliance with
Section 6.07; 
 (c) (i) the liquidation or dissolution of any Subsidiary (so long as, in the case of the
liquidation or dissolution of the Subsidiary Borrower, the Borrower Agent receives any assets of such entity) or change in form of entity of any Subsidiary if the Borrower Agent determines in good faith that such liquidation, dissolution or change
in form is in the best interests of the Borrowers, is not materially disadvantageous to the Lenders and the Borrowers or any Subsidiary receives any assets of such dissolved or liquidated Subsidiary; provided that in the case of a dissolution
or liquidation of a Loan Party that results in a distribution of assets to a Subsidiary that is not a Loan Party, such distribution shall be treated as an Investment and shall comply with Section 6.07 (other than
Section 6.07(j)) and (ii) any merger, amalgamation, dissolution, liquidation or consolidation, the purpose of which is to effect a sale or disposition otherwise permitted under this Section 6.08 (other than clause
(a), clause (b) or this clause (c)); provided, further, in the case of a change in the form of entity of any Subsidiary that is a Loan Party, the security interests in the Collateral shall remain in full force
and effect and perfected to the same extent as prior to such change; 
 (d) (x) sales or leases of inventory or
equipment in the ordinary course of business (including on an intercompany basis) and (y) the leasing or subleasing of real property in the ordinary course of business; 

(e) (x) disposals of surplus, obsolete, used or worn out property or other property that, in the reasonable judgment of
the Borrower Agent, is no longer useful in its business and (y) any assets acquired in connection with the acquisition of another Person or a division or line of business of such Person which the Borrower Agent reasonably determines are surplus
assets; 
 (f) sales of Cash Equivalents for the fair market value thereof; 

(g) dispositions, mergers, amalgamations, consolidations or conveyances that constitute Investments permitted pursuant to
Section 6.07 (other than Section 6.07(j)), Permitted Liens, Restricted Payments permitted by Section 6.05(a) (other than Section 6.05(a)(ix)) and Sale-Leaseback Transactions permitted by
Section 6.10; 
 (h) sales or other dispositions of any assets of the Borrowers or any Subsidiary for fair market
value; provided that with respect to sales or dispositions (other than any Store Exchange) in an aggregate amount in excess of the greater of $25,000,000 and 0.75% of the Consolidated Total Assets as of the last day of the last Test Period
for which financial statements have been delivered pursuant to Section 5.01, at least 75.0% of the consideration for such sale or disposition shall consist of Cash or Cash Equivalents (provided that for purposes of the 75.0% Cash
consideration requirement (w) the amount of any Indebtedness or other liabilities (other than Indebtedness or other liabilities that are subordinated to the Obligations or that are 

  
 163 

 
owed to the Borrower Agent or a Subsidiary) of any Borrower or any Subsidiary (as shown on such person’s most recent balance sheet or in the notes thereto) that are assumed by the transferee
of any such assets and for which the Borrower Agent and its Subsidiaries shall have been validly released by all creditors in writing, (x) the amount of any trade-in value applied to the purchase price of any replacement assets acquired in
connection with such sale or disposition, (y) any Securities received by such Subsidiary from such transferee that are converted by such Subsidiary into Cash or Cash Equivalents (to the extent of the Cash or Cash Equivalents received) within
180 days following the closing of the applicable sale or disposition and (z) any Designated Non-Cash Consideration received in respect of such sale or disposition having an aggregate fair market value, taken together with all other Designated
Non-Cash Consideration received pursuant to this clause (z) that is at that time outstanding after the First Amendment Effective Date, not in excess of $40,000,000, in each case, shall be deemed to be Cash); provided,
further, that (i) immediately prior to and after giving effect to such sale or disposition, no Event of Default shall have occurred that is continuing on the date on which the agreement governing such sale or disposition is executed and
(ii) the Net Proceeds of such sale or disposition (including any “cash boot” arising in connection with a Store Exchange) shall be applied and/or reinvested as (and to the extent) required by Section 2.11(b) (with any Net
Proceeds of Term Loan / Notes Loan First Lien Collateral to be
held in a
TermNotes
 Proceeds Account (as defined in the Term Loan AgreementSenior Secured Notes) pending application for such purpose if any
Default then exists); 
 (i) to the extent that (i) such property is exchanged for credit against the purchase
price of similar replacement property or (ii) the proceeds of such disposition are promptly applied to the purchase price of such replacement property; 

(j) dispositions of Investments in joint ventures to the extent required by, or made pursuant to, buy/sell arrangements between
the joint venture parties set forth in joint venture arrangements and similar binding arrangements; 
 (k) sales, discounting
or forgiveness of Accounts in the ordinary course of business or in connection with the collection or compromise thereof; 

(l) leases, subleases, licenses or sublicenses (including the provision of software under an open source license), in each case
in the ordinary course of business and which (i) do not materially interfere with the business of the Borrowers and their Subsidiaries or (ii) relate to closed stores; 

(m) (i) termination of leases in the ordinary course of business, (ii) the expiration of any option agreement in
respect of real or personal property and (iii) any surrender or waiver of contractual rights or the settlement, release or surrender of contractual rights or other litigation claims in the ordinary course of business; 

(n) transfers of property subject to casualty, eminent domain or condemnation proceedings (including in lieu thereof); 

  
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 (o) licenses for the conduct of licensed departments within the Loan
Parties’ stores in the ordinary course of business; 
 (p) as long as (i) no Event of Default then exists or would
arise therefrom and (ii) ABL Excess Availability on the date of the proposed transaction (calculated on
a Pro Forma Basis) is equal to or greater than 10.0% of the ABL Line Cap, bulk sales or other
dispositions of the Loan Parties’ Inventory outside of the ordinary course of business in connection with store closings that are conducted on an arm’s-length basis; provided that such store closures and related Inventory
dispositions shall not exceed, in any Fiscal Year 20.0% of the number of the Loan Parties’ stores as of the beginning of such Fiscal Year (net of store relocations (x) occurring substantially contemporaneously with, but in no event later
than ten Business Days after, the related store closure date and (y) wherein a binding lease has been entered into for a new store opening prior to the related store closure date); provided, further, that all sales of Inventory in
connection with store closings in a transaction or series of related transactions shall be in accordance with liquidation agreements and with professional liquidators reasonably acceptable to the Administrative Agent and proceeds of such sales or
other dispositions shall be paid to the Blocked Accounts as provided in Section 2.21; provided, further, that if the Net Proceeds of any sale or disposition of Inventory permitted pursuant to this clause (p) exceeds
$20,000,000, the Borrower Agent shall be required to deliver an updated Borrowing Base Certificate to the Administrative Agent within five Business Days of such sale or disposition; 

(q) sales of non-core assets acquired in connection with a Permitted Acquisition and sales of Real Estate Assets acquired in a
Permitted Acquisition which, within 30 days of the date of the acquisition, are designated in writing to the Administrative Agent as being held for sale and not for the continued operation of a store; provided that (i) all Net Proceeds
received in connection therewith (except to the extent constituting Term Loan / Notes First Lien Collateral) shall be paid to the Blocked Accounts as provided in Section 2.21 and (ii) no Event of Default shall have occurred and be continuing; 

(r) exchanges or swaps, including, without limitation, transactions covered by Section 1031 of the Code, of Real Estate
Assets so long as the exchange or swap is made for fair value and on an arm’s length basis for other Real Estate Assets; provided that upon the consummation of such exchange or swap, in the case of any Loan Party, the Administrative
Agent has a perfected Lien having the same priority as any Lien held on the Real Estate Assets so exchanged or swapped; 

(s) sales and dispositions for fair market value in an aggregate amount since the First Amendment Effective Date of up to the
greater of $30,000,000 and 1.00% of the Consolidated Total Assets as of the last day of the last Test Period for which financial statements have been delivered pursuant to Section 5.01; 

(t) (i) licensing and cross-licensing arrangements involving any technology or other intellectual property of any Borrower
or any Subsidiary in the ordinary course of business and (ii) dispositions of property in the ordinary course of business consisting of the abandonment of intellectual property rights which, in the reasonable good faith determination of the
Borrower Agent, are not material to the conduct of the business of the Borrowers and the Subsidiaries; 

  
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 (u) terminations of Derivative Transactions; and 

(v) sales or dispositions of Capital Stock of Unrestricted Subsidiaries. 

To the extent any Collateral is disposed of as expressly permitted by this Section 6.08 to any Person other than a Loan Party, such Collateral
shall automatically be sold free and clear of the Liens created by the Loan Documents, and the Administrative Agent shall be authorized to take any actions deemed appropriate in order to effect the foregoing. 

Section 6.09. [Reserved]. 

Section 6.10. Sales and Lease-Backs. The Borrowers and the Subsidiary Guarantors shall not, nor shall they permit any of their
Subsidiaries to, directly or indirectly, become or remain liable as lessee or as a guarantor or other surety with respect to any lease of any property (whether real, personal or mixed), whether now owned or hereafter acquired, which such Borrower or
Subsidiary (a) has sold or transferred or is to sell or to transfer to any other Person (other than the Borrower Agent or any of its Subsidiaries) and (b) intends to use for substantially the same purpose as the property which has been or
is to be sold or transferred by such Borrower or Subsidiary to any Person (other than the Borrower Agent or any of its Subsidiaries) in connection with such lease (such a transaction described herein, a “Sale and Lease-Back
Transaction”); provided that Sale and Lease-Back Transactions shall be permitted in respect of the real properties owned by the Borrowers and/or the Subsidiary Guarantors and located at (i) 47 Elizabeth Drive, Chester, New York,
(ii) 7700 Anagram Drive, Eden Prairie, Hennepin County, MN 55344 and (iii) 2800 Purple Sage Road NW, Village of Los Lunas, New Mexico, in each case, so long as (x) 50% of the net proceeds received by the Borrowers and/or the Subsidiary Guarantors in connection with such Sale and Lease-Back Transactions are used to promptly (but in no
event later than five (5) Business Days after the Fourth Amendment Effective Date) prepay the loans under the Term Loan Agreement, (y) 50% of such net proceeds are used to promptly (but in no event later than three (3) Business Days
after the Fourth Amendment Effective Date) prepay the outstanding Loans[reserved],
(y) [reserved] and (z) the Borrower shall use commercially reasonable efforts to deliver to the Administrative Agent a Collateral Access Agreement from the purchaser or transferee of
each of the foregoing real properties on terms and conditions reasonably satisfactory to the Administrative Agent. 

Section 6.11. Transactions with Affiliates. The Borrowers and the Subsidiary Guarantors shall not, nor shall they permit any of
their Subsidiaries to enter into or permit to exist any transaction (including the purchase, sale, lease or exchange of any property or the rendering of any service) with any of their Affiliates on terms that are less favorable to such Borrower or
such Subsidiary, as the case may be, than those that might be obtained at the time in a comparable arm’s-length transaction from a Person who is not an Affiliate; provided that the foregoing restriction shall not apply to: 

(a) to the extent permitted or not restricted by this Agreement, any transaction between or among any Borrower and/or one or
more Subsidiaries; 

  
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 (b) reasonable and customary fees, indemnities and reasonable out-of-pocket
expenses paid to members of the board of directors (or similar governing body) of any Parent Company, the Borrowers and their Subsidiaries in the ordinary course of business and, in the case of payments to any Parent Company, to the extent
attributable to the operations of the Borrower Agent and its Subsidiaries; 
 (c) (i) any employment, severance
agreements or compensatory (including profit sharing) arrangements entered into by any Borrower or any of the Subsidiaries with their respective current or former officers, directors, members of management, employees, consultants or independent
contractors in the ordinary course of business, (ii) any subscription agreement or similar agreement pertaining to the repurchase of Capital Stock pursuant to put/call rights or similar rights with current or former officers, directors, members
of management, employees, consultants or independent contractors and (iii) transactions pursuant to any employee compensation, benefit plan, stock option plan or arrangement, any health, disability or similar insurance plan which covers
employees or any employment contract or arrangement; 
 (d) (x) transactions permitted by Sections 6.01(d),
(o) and (bb), 6.05 and 6.07(h), (m) and (t) and (y) issuances of Capital Stock and debt securities not restricted by this Agreement; 

(e) the transactions in existence on the Closing Date and described on Schedule 6.11 and any amendment thereto to
the extent such amendment is not adverse to the Lenders in any material respect; 
 (f) [reserved]; 

(g) the Transactions, including the payment of the Transaction Expenses; 

(h) customary compensation to Affiliates in connection with any financial advisory, financing, underwriting or placement
services or in respect of other investment banking activities and other transaction fees, which payments are approved by the majority of the members of the board of directors (or similar governing body) or a majority of the disinterested members of
the board of directors (or similar governing body) of the Borrower Agent in good faith; 
 (i) Guarantees permitted by
Section 6.01; 
 (j) loans and other transactions among the Borrowers, Holdings and any Subsidiaries to the extent
permitted under this Article 6; 
 (k) the payment of customary fees, reasonable out of pocket costs to and indemnities
provided on behalf of, directors, officers, employees, members of management, consultants and independent contractors of the Borrower Agent and its Subsidiaries in the ordinary course of business and, in the case of payments to any Parent Company,
to the extent attributable to the operations of the Borrower Agent and its Subsidiaries; 

  
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 (l) transactions with customers, clients, suppliers or joint ventures for
the purchase or sale of goods and services entered into in the ordinary course of business, which are fair to the Borrower Agent and its Subsidiaries, in the reasonable determination of the board of directors of the Borrower Agent or the senior
management thereof, or are on terms at least as favorable as might reasonably have been obtained at such time from an unaffiliated party; and 

(m) the payment of reasonable out-of-pocket costs and expenses related to registration rights and customary indemnities
provided to shareholders under any shareholder agreement. 
 Section 6.12. Conduct of Business. From and after the Closing Date,
the Borrowers and the Subsidiary Guarantors shall not, nor shall they permit any of their Subsidiaries to, engage in any material line of business other than (a) the businesses engaged in by any Borrower or Subsidiary on the Closing Date and
similar, complementary, ancillary or related businesses and (b) such other lines of business as may be consented to by Required Lenders. 

Section 6.13. Amendments or Waivers of Organizational Documents. The Borrowers and the Subsidiary Guarantors shall not, nor shall
they permit any of their Subsidiaries to amend or modify, in each case in a manner that is materially adverse to the Lenders, such Person’s Organizational Documents without obtaining the prior written consent of Required Lenders. 

Section 6.14. Amendments of or Waivers with Respect to Certain Indebtedness. The Borrowers and the Subsidiary Guarantors shall
not, nor shall they permit any of their Subsidiaries to, amend or otherwise change (x) (a) the
terms of any Senior Notes (or Refinancing Indebtedness in respect thereof) or Junior Indebtedness (or the documentation governing the foregoing) or (b) the subordination provisions of any Subordinated Indebtedness (and the component definitions
as used therein), in each case, if the effect of such amendment or change, together with all other amendments or changes made, is materially adverse to the interests of the Lenders or (y) the terms of the Term Loan Facility (or any Refinancing Indebtedness in respect thereof) that would shorten the maturity date of the Term Loan Facility or such
Refinancing Indebtedness (as the case may be) to a date which is prior to ninety-one (91) days after the Maturity Date.. 

Section 6.15. Fiscal Year. The Borrowers and the Subsidiary Guarantors shall not, nor shall they permit any of their Subsidiaries
to, change its Fiscal Year-end to a date other than December 31 or the Saturday closest to December 31. 
 Section 6.16.
Permitted Activities of Holdings. Holdings shall not (a) incur, directly or indirectly, any Indebtedness for borrowed money other than (i) the Indebtedness under the Loan Documents and the Term Loan FacilitySenior
Notes or otherwise in connection with the Transactions and (ii) Guarantees of Indebtedness of the Borrowers and their Subsidiaries permitted hereunder; (b) create or suffer to exist any
Lien upon any property or assets now owned or hereafter acquired by it other than the Liens created under the Collateral Documents or, 

  
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subject to the Intercreditor Agreement, the Term Loan FacilitySenior Secured Notes, in each case, to which it is a party or any other
Lien created in connection with the Transactions, Permitted Liens on the Collateral that are secured on a pari passu or junior basis with the Secured Obligations, so long as such Permitted Liens secure Guarantees permitted under clause
(a)(ii) above and the underlying Indebtedness subject to such Guarantee is permitted to be secured on the same basis pursuant to Section 6.02 or Liens of the type permitted under Section 6.02 (other than in respect of
debt for borrowed money); (c) engage in any business activity or own any material assets other than (i) holding 100.0% of the Capital Stock of the Borrower Agent and, indirectly, any other subsidiary, (ii) performing its obligations
under the Loan Documents and the Term Loan
FacilitySenior Secured Notes and other
Indebtedness, Liens (including the granting of Liens) and Guarantees permitted hereunder, (iii) issuing its own Capital Stock, (iv) filing tax reports and paying taxes in the ordinary course (and contesting any taxes); (v) preparing
reports to Governmental Authorities and to its shareholders; (vi) holding director and shareholder meetings, preparing corporate records and other corporate activities required to maintain its separate corporate structure or to comply with
applicable Requirements of Law; (vii) [reserved]; (viii) holding Cash and other assets received in connection with Restricted Payments or Investments made by the Borrowers and their Subsidiaries or contributions to, or proceeds from the
issuance of, issuances of Capital Stock of Holdings, in each case, pending the application thereof in a manner not prohibited by this Agreement; (x) providing indemnification for its officers, directors or members of management;
(xi) participating in tax, accounting and other administrative matters; (xii) the performance of its obligations under the other documents, agreements and Investments contemplated by the Transactions and (xiii) activities incidental
to the foregoing; (d) consolidate with or merge with or into, or convey, transfer or lease all or substantially all its assets to, any Person; provided that so long as no Default or Event of Default exists or would result therefrom,
Holdings may merge with any other Person (other than the Borrower Agent and any of its Subsidiaries) so long as (i) Holdings shall be the continuing or surviving Person or (ii) if the Person formed by or surviving any such merger or
consolidation is not Holdings, (A) the successor Holdings shall expressly assume all the obligations of Holdings under this Agreement and the other Loan Documents to which Holdings is a party pursuant to a supplement hereto or thereto in a form
reasonably satisfactory to the Administrative Agent; (B) such successor shall be an entity organized under the laws of the United States, any state thereof or the District of Columbia and (C) the Borrower Agent shall deliver a certificate
of a Responsible Officer with respect to the satisfaction of the conditions under clauses (A) and (B) hereof; provided, further, that if the conditions set forth in the preceding proviso are satisfied, the
successor Holdings will succeed to, and be substituted for, Holdings under this Agreement; or (e) fail to hold itself out to the public as a legal entity separate and distinct from all other Persons. 

Section 6.17. [Reserved]. 

Section 6.18. Fixed Charge Coverage Ratio. (a) Upon the occurrence and during the continuance of a Compliance Event, the
Borrower Agent will not permit the Fixed Charge Coverage Ratio to be less than 1.00 to 1.00. For the purposes of this Section 6.18, the Fixed Charge Coverage Ratio shall be calculated on the date of the occurrence of any Compliance Event
and, during the continuance thereof, in each case for the last Test Period for which financial statements have been or are required to be delivered pursuant to Section 5.01(b) or (c). 

  
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 (b) Notwithstanding anything to contrary in this Agreement (including
Article 7), upon an Event of Default as a result of the Borrower Agent’s failure to comply with Section 6.18(a) above, Holdings shall have the right (the “Cure Right”) (at any time during such Fiscal Quarter
or thereafter until the date that is 15 Business Days after the date that financial statements for such Fiscal Quarter are required to be delivered pursuant to Section 5.01(b) or (c)) to issue equity (which shall be common equity,
Qualified Capital Stock or other equity (such other equity to be on terms reasonably acceptable to the Administrative Agent)) for Cash or otherwise receive Cash contributions to its common equity, which shall in turn be contributed as Cash common
equity to the Borrower Agent (the “Cure Amount”), and thereupon the Borrower Agent’s compliance with Section 6.18(a) shall be recalculated giving effect to the following pro forma adjustment: Consolidated Adjusted
EBITDA shall be increased (notwithstanding the absence of an addback in the definition of “Consolidated Adjusted EBITDA”), solely for the purposes of determining compliance with Section 6.18(a) hereof, including determining
compliance with Section 6.18(a) hereof as of the end of such Fiscal Quarter and applicable subsequent periods that include such Fiscal Quarter, by an amount equal to the Cure Amount. If, after giving effect to the foregoing
recalculations (but not, for the avoidance of doubt, taking into account any immediate repayment of Indebtedness in connection therewith), the requirements of Section 6.18(a) shall be satisfied, then the requirements of
Section 6.18(a) shall be deemed satisfied as of the end of the relevant Fiscal Quarter with the same effect as though there had been no failure to comply therewith at such date, and the applicable breach or default of
Section 6.18(a) that had occurred shall be deemed cured for the purposes of this Agreement. Notwithstanding anything herein to the contrary, (i) in each four consecutive Fiscal Quarter period of the Borrower Agent there shall be at
least two Fiscal Quarters in which the Cure Right is not exercised, (ii) during the term of this Agreement, the Cure Right shall not be exercised more than five times, (iii) the Cure Amount shall be no greater than the amount required for
purposes of complying with Section 6.18(a), (iv) upon the Administrative Agent’s receipt of a written notice from the Borrower Agent that it intends to exercise the Cure Right (a “Notice of Intent to Cure”),
until the 15th Business Day following the date that financial statements for the Fiscal Quarter to which such Notice of Intent to Cure relates are required to be delivered pursuant to Section 5.01(b) or (c), none of the Administrative
Agent nor any Lender shall exercise the right to accelerate the Loans or terminate the Commitments and neither the Administrative Agent nor any other Lender or Secured Party shall exercise any right to foreclose on or take possession of the
Collateral solely on the basis of such Event of Default having occurred and being continuing under Section 6.18(a), (v) during any Test Period in which the Cure Amount is included in the calculation of Consolidated Adjusted EBITDA
pursuant to any exercise of the Cure Right, such Cure Amount shall be counted solely as an increase to Consolidated Adjusted EBITDA (and not as a reduction to Indebtedness (directly through repayment or indirectly through netting)) and solely for
the purpose of determining the Borrower Agent’s compliance with Section 6.18(a) and shall be disregarded for any other purpose, including for purposes of determining any financial ratio-based conditions, pricing or the availability
of any basket under Article 6 of this Agreement and (vi) no Lender or Issuing Lender shall be required to make any Loan hereunder, if an Event of Default under the Financial Covenant has occurred and is continuing, during the 15 Business
Day period during which Holdings may exercise a Cure Right, unless and until the Cure Amount is actually received. 

  
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 ARTICLE 7 

EVENTS OF DEFAULT 

Section 7.01. Events of Default. If any of the following events (“Events of Default”) shall occur: 

(a) Failure To Make Payments When Due. Failure by the Borrowers to pay (i) when due any installment of principal of
any Loan, whether at stated maturity, by acceleration, by notice of voluntary prepayment, by mandatory prepayment or otherwise; or (ii) any interest on any Loan or any fee or any other amount due hereunder within five Business Days after the
date due; or 
 (b) Default in Other Agreements. (i) Failure of any Loan Party or any of their respective
Subsidiaries to pay when due any principal of or interest on or any other amount payable in respect of one or more items of Indebtedness (other than Indebtedness referred to in clause (a) above) with an aggregate principal amount
exceeding the Threshold Amount, in each case beyond the grace period, if any, provided therefor; or (ii) breach or default by any Loan Party with respect to any other term of (A) one or more items of Indebtedness with an aggregate
principal amount exceeding the Threshold Amount or (B) any loan agreement, mortgage, indenture or other agreement relating to such item(s) of Indebtedness in an aggregate principal amount exceeding the Threshold Amount, in each case beyond the
grace period, if any, provided therefor, if the effect of such breach or default is to cause, or to permit the holder or holders of that Indebtedness (or a trustee or agent on behalf of such holder or holders) to cause, that Indebtedness to become
or be declared due and payable (or redeemable) prior to its stated maturity or the stated maturity of any underlying obligation, as the case may be; provided that in the case of this subclause (ii), a breach or default by any Loan
Party with respect to the Term Loan
AgreementMaterial Indebtedness will not constitute
an Event of Default unless such breach or default has continued for 60 consecutive days or the agent and/or lenders thereunder have demanded repayment of, or otherwise accelerated, any of the Indebtedness or other obligations thereunder; or

 (c) Breach of Certain Covenants. 

(i) Failure of the Borrowers or any Loan Party, as required by the relevant provision, to perform or comply with any term or condition
contained in Section 2.21, Section 5.01(f)(i), Section 5.02 (as it applies to the Borrowers), or Article 6; or 

(ii) Failure of the Borrower Agent or any Loan Party, as required by the relevant provision, to deliver a Borrowing Base Certificate required
to be delivered pursuant to Section 5.01(q) within five days of the date such Borrowing Base Certificate is required to be delivered; 

  
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 (d) Breach of Representations, Etc. Any representation, warranty,
certification or other statement made or deemed made by any Loan Party in any Loan Document or in any certificate or document required to be delivered in connection herewith or therewith shall be untrue in any material respect as of the date made or
deemed made; or 
 (e) Other Defaults Under Loan Documents. Any Loan Party shall default in the performance of or
compliance with any term contained herein or any of the other Loan Documents, other than any such term referred to in any other Section of this Article 7, and such default shall not have been remedied or waived within 30 days after receipt by
any Borrower (or the Borrower Agent on behalf of such Borrower) of written notice from the Administrative Agent of such default; or 

(f) Involuntary Bankruptcy; Appointment of Receiver, Etc. (i) A court of competent jurisdiction shall enter a
decree or order for relief in respect of the Borrowers or any of their respective Subsidiaries (other than an Immaterial Subsidiary) in an involuntary case under the Bankruptcy Code or under any other applicable bankruptcy, insolvency or similar law
now or hereafter in effect, which decree or order is not stayed; or any other similar relief shall be granted under any applicable federal or state law; or (ii) an involuntary case shall be commenced against the Borrowers or any of their
respective Subsidiaries (other than an Immaterial Subsidiary) under the Bankruptcy Code or under any other applicable bankruptcy, insolvency or similar law now or hereafter in effect; or a decree or order of a court having jurisdiction in the
premises for the appointment of a receiver, liquidator, sequestrator, trustee, custodian or other officer having similar powers over the Borrowers or any of their respective Subsidiaries other than its Immaterial Subsidiaries, or over all or a
substantial part of its property, shall have been entered; or there shall have occurred the involuntary appointment of an interim receiver, trustee or other custodian of the Borrowers or any of their respective Subsidiaries other than its Immaterial
Subsidiaries for all or a substantial part of its property; and any such event described in this clause (ii) shall continue for 60 consecutive days without having been dismissed, bonded or discharged; or 

(g) Voluntary Bankruptcy; Appointment of Receiver, Etc. (i) The Borrowers or any of their respective Subsidiaries
(other than an Immaterial Subsidiary) shall have an order for relief entered with respect to it or shall commence a voluntary case under the Bankruptcy Code or under any other applicable bankruptcy, insolvency or similar law now or hereafter in
effect, or shall consent to the entry of an order for relief in an involuntary case, or to the conversion of an involuntary case to a voluntary case, under any such law, or shall consent to the appointment of or taking possession by a receiver,
trustee or other custodian for all or a substantial part of its property; or (ii) the Borrowers or any of their respective Subsidiaries (other than an Immaterial Subsidiary) shall make a general assignment for the benefit of creditors; or
(iii) the Borrowers or any of their respective Subsidiaries (other than an Immaterial Subsidiary) shall admit in writing its inability, to pay its debts as such debts become due; or 

  
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 (h) Judgments and Attachments. Any one or more final money judgments,
writs or warrants of attachment or similar process involving in the aggregate at any time an amount in excess of the Threshold Amount (in either case to the extent not adequately covered by self-insurance (if applicable) or by insurance as to which
a third party insurance company has been notified and not denied coverage) shall be entered or filed against any Borrower or any of its Subsidiaries or any of their respective assets and shall remain undischarged, unvacated, unbonded or unstayed
pending appeal for a period of 60 days; or 
 (i) [Reserved]; or 

(j) Employee Benefit Plans. (i) There shall occur one or more ERISA Events or (ii) there shall occur the
imposition of a Lien or security interest under Section 430(k) of the Code or under ERISA, in either case of clauses (i) or (ii), which individually or in the aggregate results in liability of the Borrowers or any of their
respective Subsidiaries in an aggregate amount which would reasonably be expected to result in a Material Adverse Effect; or 

(k) Change of Control. A Change of Control shall occur; or 

(l) Guaranties, Collateral Documents and Other Loan Documents. At any time after the execution and delivery thereof,
(i) any guaranty set forth in Article 10 for any reason, other than the satisfaction in full of all Obligations, shall cease to be in full force and effect (other than in accordance with its terms) or shall be declared to be null and
void or any Guarantor shall repudiate in writing its obligations thereunder (other than as a result of the discharge of such Guarantor in accordance with the terms thereof), (ii) this Agreement or any Collateral Document ceases to be in full
force and effect (other than by reason of a release of Collateral in accordance with the terms hereof or thereof or the satisfaction in full of the Obligations in accordance with the terms hereof or any other termination of such Collateral Document
in accordance with the terms thereof) or shall be declared null and void, or the Administrative Agent shall not have or shall cease to have a valid and perfected Lien in any Collateral purported to be covered by the Collateral Documents with the
priority required by and subject to such limitations and restrictions as are set forth by the relevant Collateral Document, except to the extent (x) any such loss of perfection or priority results from the failure of the Administrative Agent or
any Secured Party to take any action within its control (unless such failure results from the breach or non-compliance by any Loan Party with the terms of the Loan Documents), (y) such loss is covered by a lender’s title insurance policy
as to which the insurer has been notified of such loss and does not deny coverage and the Administrative Agent shall be reasonably satisfied with the credit of such insurer or (z) such loss of perfected security interest may be remedied by the
filing of appropriate documentation without the loss of priority or (iii) any Loan Party shall contest the validity or enforceability of any material provision of any Loan Document in writing or deny in writing that it has any further
liability, including with respect to future advances by the Lenders, under any Loan Document to which it is a party; or 

  
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 (m) Subordination. The Obligations shall cease to constitute senior
indebtedness under the subordination provisions of any document or instrument evidencing any permitted Subordinated Indebtedness in excess of the Threshold Amount or such subordination provision shall be invalidated or otherwise cease, for any
reason, to be valid, binding and enforceable obligations of the parties thereto; 
 then, and in every such event (other than an event with respect to the
Borrowers described in clause (f) or (g) of this Article), and at any time thereafter during the continuance of such event, the Administrative Agent may, and at the request of the Required Lenders shall, by notice to the
Borrower Agent, take any of the following actions, at the same or different times: (i) terminate the Commitments, and thereupon the Commitments shall terminate immediately, (ii) declare the Loans then outstanding to be due and payable in
whole (or in part, in which case any principal not so declared to be due and payable may thereafter be declared to be due and payable), and thereupon the principal of the Loans so declared to be due and payable, together with accrued interest
thereon and all fees and other obligations of the Borrowers accrued hereunder, shall become due and payable immediately, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrowers and
(iii) require that the Borrowers deposit in the LC Collateral Account an additional amount in Cash as reasonably requested by the Issuing Banks, (not to exceed 100.0% of the relevant fact amount) of the then outstanding LC Exposure;
provided that upon the occurrence of an event with respect to the Borrowers described in clause (f) or (g) of this Article, the Commitments shall automatically terminate and the principal of the Loans then outstanding,
together with accrued interest thereon and all fees and other obligations of the Borrowers accrued hereunder, shall automatically become due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby
waived by the Borrowers, and the obligation of the Borrowers to Cash collateralize the outstanding Letters of Credit as aforesaid shall automatically become effective, in each case without further action of the Administrative Agent or any Lender.
Upon the occurrence and the continuance of an Event of Default, the Administrative Agent may, and at the request of the Required Lenders shall, exercise any rights and remedies provided to the Administrative Agent under the Loan Documents or at law
or equity, including all remedies provided under the UCC. 
 ARTICLE 8 

THE ADMINISTRATIVE AGENT 
 Each
of the Lenders, on behalf of itself and any of its Affiliates that are Secured Parties and the Issuing Banks hereby irrevocably appoints JPMCB (or any successor appointed pursuant hereto) as its agent and authorizes the Administrative Agent to take
such actions on its behalf, including execution of the other Loan Documents, and to exercise such powers as are delegated to the Administrative Agent by the terms of the Loan Documents, together with such actions and powers as are reasonably
incidental thereto. 

  
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 Any Person serving as 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, unless the context otherwise
requires or unless such Person is in fact not a Lender, include each Person serving as Administrative Agent hereunder in its individual capacity, and such Person and its Affiliates may accept deposits from, lend money to, act as the financial
advisor or in any other advisory capacity for and generally engage in any kind of business with the Loan Parties or any subsidiary of a Loan Party or other Affiliate thereof as if it were not the Administrative Agent hereunder. The Lenders
acknowledge that, pursuant to such activities, the Administrative Agent or its Affiliates may receive information regarding any Loan Party or any of its Affiliates (including information that may be subject to confidentiality obligations in favor of
such Loan Party or such Affiliate) and acknowledge that the Administrative Agent shall not be under any obligation to provide such information to them. 

The Administrative Agent shall not have any duties or obligations except those expressly set forth in the Loan Documents. Without limiting the
generality of the foregoing, (a) the Administrative Agent shall not be subject to any fiduciary or other implied duties, regardless of whether a Default or Event of Default has occurred and is continuing and without limiting the generality of
the foregoing, the use of the term “agent” herein and in the other Loan Documents 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 instead, such term is used merely as a matter of market custom, and is intended to create or reflect only an administrative relationship between independent contracting parties, (b) the Administrative Agent shall not
have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated by the Loan Documents that the Administrative Agent is required to exercise in writing as directed by
the Required Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances as provided in Section 9.02); 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 laws, 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 any Loan Party or any of its Subsidiaries that is communicated to or obtained by the Person serving as Administrative Agent
or any of its Affiliates in any capacity. The Administrative Agent shall not be liable for any action taken or not taken by it with the consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be
necessary, or as the Administrative Agent shall believe in good faith shall be necessary, under the circumstances as provided in Section 9.02) or in the absence of its own gross negligence or willful misconduct as determined by the final
non-appealable judgment of a court of competent jurisdiction, in connection with its duties expressly set forth herein. The Administrative Agent shall not be deemed to have knowledge of any Default or Event of Default unless and until written notice
thereof is given to the Administrative Agent by any Borrower or any Lender, and the Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in
connection with any Loan Document, (ii) the contents of any certificate, report or other document delivered hereunder or in connection with any Loan Document, (iii) the performance or observance of any of the covenants, agreements or other
terms or conditions set forth in any Loan Document or the occurrence of any Default or Event of Default, (iv) the validity, enforceability, effectiveness or genuineness of any Loan Document or any other agreement, instrument or document,
(v) the creation, perfection or priority of Liens on the Collateral or the existence, value or sufficiency of the Collateral, (vi) the satisfaction of any condition set forth in Article 4 or elsewhere in any Loan Document, other
than to confirm receipt of items expressly required to be delivered to the Administrative Agent or (vii) the properties, books or records of any Loan Party or any Affiliate thereof. 

  
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 Each Lender agrees that, except with the written consent of the Administrative Agent, it
will not take any enforcement action hereunder or under any other Loan Document, accelerate the Obligations under any Loan Documents, or exercise any right that it might otherwise have under applicable law or otherwise to credit bid at foreclosure
sales, UCC sales, any sale under Section 363 of the Bankruptcy Code or other similar dispositions of Collateral. Notwithstanding the foregoing, however, a Lender may take action to preserve or enforce its rights against a Loan Party where a
deadline or limitation period is applicable that would, absent such action, bar enforcement of the Obligations held by such Lender, including the filing of proofs of claim in a case under the Bankruptcy Code. 

No holder of Secured Hedging Obligations shall have any rights in connection with the management or release of any Collateral or of the
obligations of any Loan Guarantor under this Agreement. 
 Notwithstanding anything to the contrary contained herein or in any of the other
Loan Documents, the Borrowers, the Administrative Agent and each Secured Party agrees that (i) no Secured Party shall have any right individually to realize upon any of the Collateral or to enforce the Loan Guaranty, it being understood and
agreed that all powers, rights and remedies hereunder may be exercised solely by the Administrative Agent, on behalf of the Secured Parties in accordance with the terms hereof and all powers, rights and remedies under the other Loan Documents may be
exercised solely by the Administrative Agent, and (ii) in the event of a foreclosure by the Administrative Agent on any of the Collateral pursuant to a public or private sale or in the event of any other disposition (including pursuant to
Section 363 of the Bankruptcy Code), (A) the Administrative Agent, as agent for and representative of the Secured Parties, shall be entitled, for the purpose of bidding and making settlement or payment of the purchase price for all or any
portion of the Collateral sold at any such sale, to use and apply any of the Obligations as a credit on account of the purchase price for any collateral payable by the Administrative Agent at such sale or other disposition and
(B) Administrative Agent or any Lender may be the purchaser or licensor of any or all of such Collateral at any such sale or other disposition. 

Each of the Lenders hereby irrevocably authorizes (and by entering into a Hedge Agreement with respect to Secured Hedging Obligations or by
entering into documentation in connection with Banking Services Obligations, each of the other Secured Parties hereby authorizes and shall be deemed to authorize) the Administrative Agent, on behalf of all Secured Parties to take any of the
following actions upon the instruction of the Required Lenders: 
 (a) consent to the sale or other disposition of all or any portion of the
Collateral free and clear of the Liens securing the Secured Obligations in connection with any such sale or other transfer pursuant to the applicable provisions of the Bankruptcy Code, including Section 363 thereof; 

  
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 (b) credit bid all or any portion of the Secured Obligations, or purchase all or any portion
of the Collateral, (in each case, either directly or through one or more acquisition vehicles) in connection with any sale or other disposition of all or any portion of the Collateral pursuant to the applicable provisions of the Bankruptcy Code,
including under Section 363 thereof; 
 (c) credit bid all or any portion of the Secured Obligations, or purchase all or any portion of
the Collateral, (in each case, either directly or through one or more acquisition vehicles) in connection with any sale or other disposition of all or any portion of the Collateral pursuant to the applicable provisions of the UCC, including pursuant
to Sections 9-610 or 9-620 of the UCC; 
 (d) credit bid all or any portion of the Secured Obligations, or purchase all or any portion of the
Collateral, (in each case, either directly or through one or more acquisition vehicles) in connection with any sale, foreclosure or other disposition conducted in accordance with applicable law following the occurrence of an Event of Default,
including by power of sale, judicial action or otherwise; and/or 
 (e) estimate the amount of any contingent or unliquidated Secured
Obligations of such Lender or other Secured Party; 
 it being understood that no Lender shall be required to fund any amounts in connection with any
purchase of all or any portion of the Collateral by the Administrative Agent pursuant to the foregoing clauses (b), (c) or (d) without its prior written consent. 

Each Lender and other Secured Party agrees that the Administrative Agent is under no obligation to credit bid any part of the Secured
Obligations or to purchase or retain or acquire any portion of the Collateral; provided that, in connection with any credit bid or purchase under clause (b), (c) or (d) of the preceding paragraph, the Secured Obligations owed to all
of the Secured Parties (other than with respect to contingent or unliquidated liabilities as set forth in the next succeeding paragraph) shall be entitled to be, and shall be, credit bid by the Administrative Agent on a ratable basis. 

With respect to each contingent or unliquidated claim that is a Secured Obligation, the Administrative Agent is hereby authorized, but is not
required, to estimate the amount of any such claim for purposes of the credit bid or purchase so long as the fixing or liquidation of such claim would not unduly delay the ability of the Administrative Agent to credit bid the Secured Obligations or
purchase the Collateral at such sale or other disposition. In the event that the Administrative Agent, in its sole and absolute discretion, elects not to estimate any such contingent or unliquidated claim or any such claim cannot be estimated
without unduly delaying the ability of the Administrative Agent to credit bid or purchase in accordance with the second preceding paragraph, then those of the contingent or unliquidated claims not so estimated shall be disregarded, shall not be
credit bid, and shall not be entitled to any interest in the portion or the entirety of the Collateral purchased by means of such credit bid. 

  
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 Each Secured Party whose Secured Obligations are credit bid under clauses (b), (c) or
(d) of the third preceding paragraph shall be entitled to receive interests in the Collateral or other asset or assets acquired in connection with such credit bid (or in the Capital Stock of the acquisition vehicle or vehicles that are used to
consummate such acquisition) on a ratable basis in accordance with the percentage obtained by dividing (x) the amount of the Secured Obligations of such Secured Party that were credit bid in such credit bid, sale or other disposition, by
(y) the aggregate amount of all Secured Obligations that were credit bid in such credit bid, sale or other disposition. 
 In addition,
in case of the pendency of any proceeding under any Debtor Relief Law or any other judicial proceeding relative to any Loan Party, each Secured Party agrees that the Administrative Agent (irrespective of whether the principal of any Loan or LC
Exposure 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 the Borrowers) 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, 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 Banks and the Administrative Agent
(including any claim for the reasonable compensation, expenses, disbursements and advances of the Lenders, the Issuing Banks and the Administrative Agent and their respective agents and counsel and all other amounts to the extent due to the Lenders,
the Issuing Banks and the Administrative Agent under Sections 2.12 and 9.03) 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 
 (c) any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such
judicial proceeding is hereby authorized by each Lender and Issuing Bank 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
Issuing Banks, 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 amount to the extent due to the
Administrative Agent under Sections 2.12 and 9.03. 
 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 Issuing Bank any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Lender or any Issuing Bank or to
authorize the Administrative Agent to vote in respect of the claim of any Lender or any Issuing Bank in any such proceeding. 
 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

  
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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 of a Letter of Credit, that by its terms must be fulfilled to the satisfaction of a Lender or the applicable Issuing Bank, the Administrative Agent may presume that such condition is satisfactory to
such Lender or such Issuing Bank unless the Administrative Agent shall have received notice to the contrary from such Lender or such Issuing Bank 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 Borrowers), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel,
accountants or experts. 
 The Administrative Agent may perform any and all its duties and exercise its rights and powers by or through any
one or more sub-agents appointed by the Administrative Agent. The Administrative Agent and any such sub-agent may perform any and all its duties and exercise its rights and powers through their respective Related Parties. The exculpatory provisions
of 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 the Administrative Agent. 
 The Administrative Agent may resign at any time by giving ten days written
notice to the Lenders, the Issuing Banks and the Borrowers. If the Administrative Agent is a Defaulting Lender or an Affiliate of a Defaulting Lender, either the Required Lenders or the Borrowers may, upon ten days’ notice remove the
Administrative Agent. Upon receipt of any such notice of resignation or delivery of such removal notice, the Required Lenders shall have the right, with the consent of the Borrowers (not to be unreasonably withheld or delayed), to appoint a
successor Administrative Agent which shall be a commercial bank with an office in New York, New York, or an Affiliate of any such bank having combined capital and surplus in excess of $1,000,000,000 and a “U.S. person” and a
“financial institution” within the meaning of Treasury Regulations Section 1.1441-1T(c); provided that during the existence and continuation of an Event of Default under Section 7.01(a) or, with respect to the
Borrowers, Section 7.01(f) or (g), no consent of the Borrowers shall be required. If no successor shall have been so appointed as provided above and shall have accepted such appointment within 30 days after the retiring
Administrative Agent gives notice of its resignation, then (a) in the case of a retirement, the retiring Administrative Agent may (but shall not be obligated to), on behalf of the Lenders and the Issuing Banks, appoint a successor
Administrative Agent meeting the qualifications set forth above or (b) in the case of a removal, the Borrowers may, after consulting with the Required Lenders, appoint a successor Administrative Agent meeting the qualifications set forth above;
provided that (x) in the case of a retirement, if such Administrative Agent shall notify the Borrowers and the Lenders that no qualifying Person has accepted such appointment or (y) in the case of a removal, the Borrowers notify the
Required Lenders that no qualifying Person has accepted such appointment, then, in each case, such resignation or removal shall nonetheless become effective in accordance with such notice and (i) the retiring or removed Administrative Agent
shall be discharged from its duties and obligations hereunder and under the other Loan Documents; provided that (a) solely for purposes of maintaining any security interest granted to a retiring Administrative Agent in its capacity as
collateral agent under any Loan Document for the 

  
 179 

 
benefit of the Secured Parties, the retiring Administrative Agent shall continue to be vested with such security interest as collateral agent for the benefit of the Secured Parties and, in the
case of any Collateral in the possession of the Administrative Agent, shall continue to hold such Collateral, in each case until such time as a successor Administrative Agent is appointed and accepts such appointment in accordance with this
paragraph (it being understood and agreed that the retiring Administrative Agent shall have no duly or obligation to take any further action under any Loan Document, including any action required to maintain the perfection of any such security
interest), and (b) the Required Lenders shall succeed to and become vested with all the rights, powers, privileges and duties of the retiring Administrative Agent and (ii) 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 Issuing Bank directly (and each Lender and Issuing Bank will cooperate with the Borrowers to enable the Borrowers to take such actions), until such time
as the Required Lenders or the Borrowers, as applicable, appoint a successor Administrative Agent, as provided for above in this Article 8 and meeting the qualifications set forth above. Upon the acceptance of its appointment as
Administrative Agent hereunder by a successor, such successor shall succeed to and become vested with all the rights, powers, privileges and duties of the retiring Administrative Agent (other than any rights to indemnity payments owed to the
retiring Administrative Agent), and the retiring Administrative Agent shall be discharged from its duties and obligations hereunder. The fees payable by the Borrowers to a successor Administrative Agent shall be the same as those payable to its
predecessor, unless otherwise agreed between the Borrowers and such successor. After the Administrative Agent’s resignation hereunder, the provisions of this Article and Section 9.03 shall continue in effect for the benefit of such
retiring Administrative Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while it was acting as Administrative Agent and in respect of the matters referred to in the
proviso under clause (a) above. 
 Each Lender and Issuing Bank acknowledges and agrees that the extensions of credit made hereunder
are commercial loans and letters of credit and not investments in a business enterprise or securities. Each Lender and each Issuing Bank further represents that it is engaged in making, acquiring or holding commercial loans and/or issuing letters of
credit in the ordinary course of its business and has, independently and without reliance upon either Administrative Agent or 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 and decision to enter into this Agreement. Each Lender and each Issuing Bank also acknowledges that it will, independently and without reliance upon either Administrative Agent or any other Lender or any of their Related
Parties and based on such documents and information (which may contain material, non-public information within the meaning of the United States securities laws concerning the Borrowers and their Affiliates) as it shall from time to time deem
appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or related agreement or any document furnished hereunder or thereunder and in deciding whether or to the
extent to which it will continue as a Lender and/or Issuing Bank or assign or otherwise transfer its rights, interests and obligations hereunder. Except for notices, reports and other documents expressly required to be furnished to the Lenders by
the Administrative Agent herein, the Administrative Agent shall not have any duty or responsibility to provide any Lender with any credit or other information concerning the business, prospects, operations, property, financial and other condition or
creditworthiness of any of the Loan Parties or any of their respective Affiliates which may come into the possession of the Administrative Agent or any of its Related Parties. 

  
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 The Administrative Agent shall not be responsible or have any liability for, or have any
duty to ascertain, inquire into, monitor the list or identities of, or enforce, compliance with the provisions hereof relating to Disqualified Institutions. Without limiting the generality of the foregoing, the Administrative Agent shall not
(x) be obligated to ascertain, monitor or inquire as to whether any Lender or Participant or prospective Lender or Participant is a Disqualified Institution or (y) have any liability with respect to or arising out of any assignment or
participation of Loans, or disclosure of confidential information, to any Disqualified Institution. 
 Each Lender hereby agrees that
(a) it has requested a copy of each Report prepared by or on behalf of the Administrative Agent; (b) Administrative Agent (i) makes no representation or warranty, express or implied, as to the completeness or accuracy of any Report or
any of the information contained therein or any inaccuracy or omission contained in or relating to a Report and (ii) shall not be liable for any information contained in any Report; (c) the Reports are not comprehensive audits or
examinations, and that any Person performing any field examination will inspect only specific information regarding the Loan Parties and will rely significantly upon the Loan Parties’ books and records, as well as on representations of the Loan
Parties’ personnel and that the Administrative Agent undertakes no obligation to update, correct or supplement the Reports; (d) it will keep all Reports confidential and strictly for its internal use, not share the Report with any Loan
Party or any other Person except as otherwise permitted pursuant to this Agreement; and (e) without limiting the generality of any other indemnification provision contained in this Agreement, (i) it will hold the Administrative Agent and
any such other Person preparing a Report harmless from any action the indemnifying Lender may take or conclusion the indemnifying Lender may reach or draw from any Report in connection with any extension of credit that the indemnifying Lender has
made or may make to the Borrowers, or the indemnifying Lender’s participation in, or the indemnifying Lender’s purchase of, a Loan or Loans; and (ii) it will pay and protect, and indemnify, defend, and hold the Administrative Agent
and any such other Person preparing a Report harmless from and against, the claims, actions, proceedings, damages, costs, expenses, and other amounts (including reasonable attorneys’ fees) incurred by either Administrative Agent or such other
Person as the direct or indirect result of any third parties who might obtain all or part of any Report through the indemnifying Lender. 

Anything herein to the contrary notwithstanding, the Arrangers, the joint bookrunners, Syndication Agent and Co-Documentation Agents shall not
have any right, power, obligation, liability, responsibility or duty under this Agreement, except in its capacity, as applicable, as the Administrative Agent, a Lender or an Issuing Bank hereunder. Without limiting the foregoing, none of such
Persons shall have or be deemed to have a fiduciary relationship with any Lender. Each Lender hereby makes the same acknowledgments with respect to the relevant Lenders in their respective capacities as Arranger, the joint bookrunner, Syndication
Agent and Co-Documentation Agent, as applicable, as it makes with respect to the Administrative Agent in the preceding paragraph. 
 The
Lenders are not partners or co-venturers, and no Lender shall be liable for the acts or omissions of, or (except as otherwise set forth herein in case of the Administrative Agent) authorized to act for, any other Lender. 

  
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 Each of the Lenders and each Issuing Bank irrevocably authorize and instruct the
Administrative Agent to, and the Administrative Agent shall, 
 (a) release any Lien on any property granted to or held by
the Administrative Agent under any Loan Document (i) upon the occurrence of the Termination Date, (ii) that is sold or to be sold or transferred as part of or in connection with any sale or other transfer permitted under the Loan Documents
to a Person that is not a Loan Party, (iii) that does not constitute (or ceases to constitute) Collateral, (iv) if the property subject to such Lien is owned by a Subsidiary Guarantor, upon the release of such Subsidiary Guarantor from its
Loan Guaranty in accordance with the Loan Documents or (v) if approved, authorized or ratified in writing by the Required Lenders in accordance with Section 9.02; 

(b) release any Subsidiary Guarantor from its obligations under the Loan Guaranty if such Person ceases to be a Subsidiary (or
becomes an Excluded Subsidiary, provided, however, that the release of any Subsidiary Guarantor from its obligations under this Agreement if such Subsidiary Guarantor becomes an Excluded Subsidiary of the type described in clause (a) of the
definition thereof shall only be permitted if at the time such Subsidiary Guarantor becomes an Excluded Subsidiary of such type, (1) no Default or Event of Default shall have occurred and be outstanding, (2) after giving pro forma effect
to such release and the consummation of the transaction or event that causes such Person to be an Excluded Subsidiary of such type, the Borrower is deemed to have made a new Investment in such Person (as if such Person were then newly acquired) and
such Investment is permitted at such time and (3) a Responsible Officer of the Borrower Agent certifies to the Administrative Agent compliance with preceding clauses (1) and (2)) as a result of a transaction permitted hereunder;
provided, further, that no such release shall occur if such Subsidiary Guarantor continues to be a guarantor in respect of the Senior Notes, any
Incremental Equivalent Debt, the Term Loan Facility or any Refinancing Indebtedness in respect of any of the foregoing; and 

(c) subordinate any Lien on any property granted to or held by the Administrative Agent under any Loan Document to the holder
of any Lien on such property that is permitted by Section 6.02(m), Section 6.02(n), Section 6.02(o) and, solely to the extent such Liens do not secure any Indebtedness for borrowed money (other than Indebtedness under the Term Loan Facility, so long as such Indebtedness remains subject to the Intercreditor Agreement), Section 6.02(u). 
 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, or to release any Loan Guarantor from its obligations under the Guaranty pursuant to
this Article 8 and Section 10.13 hereunder. In each case as specified in this Article 8, the Administrative Agent will (and each Lender hereby authorizes the Administrative Agent to), at the Borrowers’ expense, execute
and deliver to the applicable Loan Party such documents as such Loan Party 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, or to release such Loan Guarantor from its obligations under the Loan Guaranty, in each case in accordance with the terms of the Loan Documents and this Article 8. 

  
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 The Administrative Agent is authorized to enter into the Intercreditor Agreement and any
other intercreditor agreement contemplated hereby with respect to Indebtedness that is (i) required or permitted to be subordinated hereunder and/or (ii) secured by Liens and which Indebtedness contemplates an intercreditor, subordination
or collateral trust agreement (any such other intercreditor agreement, an “Additional Agreement”), and the parties hereto acknowledge that the Intercreditor Agreement and any Additional Agreement is binding upon them. Each Lender
(a) hereby consents to the subordination of the Liens on the Collateral other than the Revolving Facility First Lien Collateral securing the Secured Obligations on the terms set forth in the Intercreditor Agreement, (b) hereby agrees that
it will be bound by and will take no actions contrary to the provisions of the Intercreditor Agreement or any Additional Agreement and (c) hereby authorizes and instructs the Administrative Agent to enter into the Intercreditor Agreement or any
Additional Agreement and to subject the Liens on the Collateral securing the Secured Obligations to the provisions thereof. The foregoing provisions are intended as an inducement to the Secured Parties to extend credit to the Borrowers and such
Secured Parties are intended third-party beneficiaries of such provisions and the provisions of the Intercreditor Agreement or any Additional Agreement. 

Each Lender and Issuer appoints and designates JPMCB as collateral agent hereunder and each Lender and Issuing Bank hereby authorizes JPMCB to
act as collateral agent in accordance with the terms hereof and the other Loan Documents and authorizes JPMCB, as the Administrative Agent, to take such actions on its behalf and to exercise such powers as are delegated to the Administrative Agent
and/or collateral agent by the terms hereof or thereof, together with such actions and powers as are reasonably incidental thereto. In its capacity, the Administrative Agent and/or collateral agent is a “representative” of the Secured
Parties within the meaning of the term “secured party” as defined in the New York Uniform Commercial Code. Each Lender authorizes the Administrative Agent to enter into each of the Collateral Documents to which it is a party and to take
all action contemplated by such documents. The Administrative Agent shall have the exclusive right on behalf of the Lenders to enforce the payment of the principal of and interest on any Loan after the date such principal or interest has become due
and payable pursuant to the terms of this Agreement. Each Lender agrees that no Secured Party (other than the Administrative Agent) shall have the right individually to seek to realize upon the security granted by any Collateral Document, it being
understood and agreed that such rights and remedies may be exercised solely by the Administrative Agent for the benefit of the Secured Parties upon the terms of the Collateral Documents. In the event that any Collateral is hereafter pledged by any
Person as collateral security for the Secured Obligations, the Administrative Agent is hereby authorized, and hereby granted a power of attorney, to execute and deliver on behalf of the Secured Parties any Loan Documents necessary or appropriate to
grant and perfect a Lien on such Collateral in favor of the Administrative Agent on behalf of the Secured Parties. 
 To the extent the
Administrative Agent (or any affiliate thereof) is not reimbursed and indemnified by the Borrowers, the Lenders will reimburse and indemnify the Administrative Agent (and any affiliate thereof) in proportion to their respective Applicable Percentage
(determined as if there were no Defaulting Lenders) for and against any and all liabilities, obligations, losses, damages, penalties, claims, actions, judgments, costs, expenses or disbursements of whatsoever kind or nature which may be imposed on,
asserted against or 

  
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incurred by the Administrative Agent (or any affiliate thereof) in performing its duties hereunder or under any other Loan Document or in any way relating to or arising out of this Agreement or
any other Loan Document; provided that no Lender shall be liable for any portion of such liabilities, obligations, losses, damages, penalties, claims, actions, judgments, suits, costs, expenses or disbursements resulting from the
Administrative Agent’s (or such affiliate’s) gross negligence or willful misconduct (as determined by a court of competent jurisdiction in a final and non-appealable decision). 

JPMCB has adopted internal policies and procedures that address requirements placed on federally regulated lenders under the National Flood
Insurance Reform Act of 1994 and related legislation (the “Flood Laws”). JPMCB, as administrative agent or collateral agent on a syndicated facility, will post on the applicable electronic platform (or otherwise distribute to each
Lender in the syndicate) documents that it receives in connection with the Flood Laws. Each Lender and Participant acknowledges and agrees that, pursuant to the Flood Laws, each federally regulated Lender (whether acting as a Lender or Participant
in the facility) is responsible for assuring its own compliance with the flood insurance requirements. 
 ARTICLE 9 

MISCELLANEOUS 

Section 9.01. Notices. 

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

80 Grasslands Road 
 Elmsford, New
York 10523 
 Attn: Michael A. Correale, Chief Financial Officer 

Tel.: (914) 784-4050 
 Fax:
(914) 345-2056 
 Email: mccorreale@amscan.com 

with copy to: 
 80 Grasslands Road

 Elmsford, New York 10523 

Attn: Joseph Zepf, General Counsel and Secretary 

Tel.: (914) 784-4188 
 Fax:
(914) 345-3982 
 Email: jzepf@amscan.com 

  
 184 

 100 Federal Street 

35th Floor 
 Boston, MA 02110 

Attn: Joshua Nelson, Managing Director 

Tel.: (617) 227-1050 
 Fax:
(617) 227-3514 
 Email: jnelson@thl.com 

Ropes & Gray LLP 
 1211
Avenue of the Americas 
 New York, NY 10036-8704 

Attn: Jay J. Kim 
 Tel.:
(212) 497-3626 
 Fax: (646) 728-1667 

Email: jay.kim@ropesgray.com 

(ii) if to the Administrative Agent, an Issuing Bank or the Swingline Lender, at: 

277 Park925 Westchester Avenue 

22nd3rd Floor 

New YorkWhite Plains, NY 1017210604 
 Attention:
Salvatore P.
DemmaDonna DiForio, Executive Director 

Tel.:
(914) 993 7967 
 Facsimile No: (646914) 
534-2268949-4871
 
 Email: Salvatore.p.demma@chaseDONNA.DIFORIO@jpmorgan
.com 
 (iii) if to any other Lender, to it at its address or facsimile number
set forth in its Administrative Questionnaire. 
 All such notices and other communications (i) sent by hand or overnight courier service, or mailed by
certified or registered mail, shall be deemed to have been given when received, (ii) 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), or (iii) delivered through Electronic Systems to the extent provided in subsection (b) below shall be effective as provided in such subsection (b).

 (b) Notices and other communications to the Lenders hereunder may be delivered or furnished by Electronic Systems pursuant
to procedures set forth herein or otherwise approved by the Administrative Agent. Each of the Administrative Agent and the Borrower Agent (on behalf of the Loan Parties) may, in its discretion, agree to accept notices and other communications to it
hereunder by Electronic Systems pursuant to procedures set forth herein or otherwise approved by it; provided that approval of such procedures may be limited to particular notices or communications. All such notices and other communications
(i) sent to an e-mail address shall be 

  
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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) 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 (b)(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, e-mail 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 of the recipient. 

(c) Any party hereto may change its address, facsimile number or e-mail address for notices and other communications hereunder
by notice to the other parties hereto. 
 (d) Electronic Systems. 

(i) Each Loan Party agrees that the Administrative Agent may, but shall not be obligated to, make Communications (as defined below) available
to the Issuing Banks and the other Lenders by posting the Communications on Debt Domain, Intralinks, Syndtrak, ClearPar or a substantially similar Electronic System. “Communications” means, collectively, any notice, demand,
communication, information, document or other material provided by or on behalf of any Loan Party pursuant to any Loan Document or the transactions contemplated therein which is distributed by the Administrative Agent, any Lender or the Issuing
Banks by means of electronic communications pursuant to this Section, including through an Electronic System. 
 (ii) Any Electronic System
used by the Administrative Agent is provided “as is” and “as available.” The Agent Parties (as defined below) do not warrant the adequacy of such Electronic Systems and expressly disclaim liability for errors or omissions in the
Communications. No warranty of any kind, express, implied or statutory, including any warranty of merchantability, fitness for a particular purpose, 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 any Electronic System. In no event shall the Administrative Agent or any of its Related Parties (collectively, the “Agent Parties”) have any liability to the Borrowers or the
other Loan Parties, any Lender, any Issuing Bank or any other Person or entity for damages of any kind, including direct or indirect, special, incidental or consequential damages, losses or expenses (whether in tort, contract or otherwise) arising
out of any Borrower’s, any Loan Party’s or the Administrative Agent’s transmission of communications through an Electronic System, except to the extent such liability is determined by a court of competent jurisdiction in a final and
non-appealable judgment to have resulted from the gross negligence, bad faith or willful misconduct of such Agent Parties. 

  
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 Section 9.02. Waivers; Amendments. 

(a) No failure or delay by the Administrative Agent, any Issuing Bank or any Lender in exercising any right or power hereunder
or under any other Loan Document shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further
exercise thereof or the exercise of any other right or power. The rights and remedies of the Administrative Agent, the Issuing Banks and the Lenders hereunder and under any other Loan Document are cumulative and are not exclusive of any rights or
remedies that they would otherwise have. No waiver of any provision of any Loan Document or consent to any departure by any Loan Party therefrom shall in any event be effective unless the same shall be permitted by paragraph (b) of this
Section, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. Without limiting the generality of the foregoing, to the extent permitted by law, the making of a Loan or issuance of a
Letter of Credit shall not be construed as a waiver of any Default or Event of Default, regardless of whether the Administrative Agent, any Lender or Issuing Bank may have had notice or knowledge of such Default or Event of Default at the time. 

(b) Subject to clauses (A) and (B) below and Section 2.14, neither this Agreement nor any other
Loan Document nor any provision hereof or thereof may be waived, amended or modified except (i) in the case of this Agreement, pursuant to an agreement or agreements in writing entered into by the Borrowers and the Required Lenders (or the
Administrative Agent with the consent of the Required Lenders), or (ii) in the case of any other Loan Document (other than any such amendment to effectuate any modification thereto expressly contemplated by the terms of such other Loan
Documents), pursuant to an agreement or agreements in writing entered into by the Administrative Agent and the Loan Party or Loan Parties that are parties thereto, with the consent of the Required Lenders; provided that: 

(A) notwithstanding the foregoing, no such agreement shall, without the consent of each Lender directly and adversely affected
thereby (but without the necessity of obtaining the consent of the Required Lenders), 
 (1) increase the Commitment of such
Lender (other than with respect to any Commitment Increase pursuant to Section 2.23 in respect of which such Lender has agreed to be an Additional Lender); it being understood that no amendment, modification or waiver of, or consent to
departure from, any condition precedent, representation, warranty, covenant, Default, Event of Default, mandatory prepayment or mandatory reduction of the Commitments shall constitute an increase of any Commitment of such Lender; 

(2) reduce or forgive the principal amount of any Loan or postpone the date of any scheduled payment of interest or fees
payable hereunder; 
 (3) extend the scheduled final maturity of any Loan, extend the stated expiration date of any Letter
of Credit beyond the Maturity Date (in each case, other than extension for administrative reasons agreed by the Administrative Agent); 

  
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 (4) reduce the rate of interest (other than to waive any obligations of the
Borrowers to pay interest at the default rate of interest under Section 2.13(c)) or the amount of any fees owed to such Lender; it being understood that any change in the definition of Average Historical Excess Availability used in the
calculations of such interest or fees (or the component definitions) shall not constitute a reduction in any rate of interest or fees; 

(5) extend the expiry date of such Lender’s Commitment; it being understood that no amendment, modification or waiver of,
or consent to departure from, any condition precedent, representation, warranty, covenant, Default, Event of Default, mandatory prepayment or mandatory reduction of the Commitments shall constitute an extension of any Commitment of such Lender; and

 (6) amend or modify the provisions of Sections 2.11(a), 2.11(c), 2.18(a) (with respect to pro rata
allocation among Lenders), 2.18(b) and 2.18(c) of this Agreement in a manner that would by its terms alter the order of payments or the pro rata sharing of payments required thereby (except as otherwise provided in this
Section 9.02); and 
 (B) notwithstanding the foregoing, no such agreement shall: 

(1) change any of the provisions of this Section or the definitions of “Required Lenders”, or “Super Majority Lenders” or “Super Majority FILO Lenders”, in each case, to reduce any of the voting percentages required to waive, amend or modify any rights thereunder or make any determination or grant any consent thereunder, without the prior written consent of each
Lender; 
 (2) release all or substantially all of the Collateral (except as otherwise permitted herein or in the
other Loan Documents, including pursuant to Article 8 or Section 10.12 hereof), without the prior written consent of each Lender; 

(3) release all or substantially all of the value of the Loan Guaranties (except as otherwise permitted herein or in the other
Loan Documents, including pursuant to Section 10.13 hereof), without the prior written consent of each Lender; 
 (4)
enter into an amendment or waiver the effect of which would be to increase the percentages set forth in the definition of Trade Receivables Component, Inventory Component, and/or Credit Card Receivables Component, without the consent of the Super
Majority Lenders; 
 (5) change the definition of the term “ABL Borrowing Base”, or any component definition thereof, the effect of which would be to increase amounts
available to be borrowed, without the consent of the Super Majority Lenders; or 

  
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 (6)
change the definition of “FILO Borrowing Base”, “FILO Line Cap” and the component definitions thereof which would increase availability under the
FILO Facility without the consent of the Super-Majority FILO Lenders[reserved]; 
 provided, further, that no such agreement shall amend, modify or otherwise affect the rights
or duties of the Administrative Agent, any Issuing Bank or the Swingline Lender hereunder without the prior written consent of the Administrative Agent, such Issuing Bank or the Swingline Lender, as the case may be. The Administrative Agent may also
amend the Commitment Schedule to reflect assignments entered into pursuant to Section 9.04. Notwithstanding anything to the contrary herein, no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent
hereunder, except that the Commitment of such Lender may not be increased without the consent of such Lender (it being understood that any Commitment or Loan held or deemed held by any Defaulting Lender shall be excluded from a vote of the Lenders
hereunder requiring any consent of the Lenders, except as provided in Section 2.22(b)). 
 Notwithstanding anything to the contrary contained in this
Section 9.02, (i) guarantees, collateral security agreements, pledge agreements and related documents (if any) executed by the Loan Parties in connection with this Agreement may be in a form reasonably determined by the Administrative
Agent and may be amended, supplemented and/or waived with the consent of the Administrative Agent at the request of the Borrowers (or the Borrower Agent on behalf of Borrowers) without the input or need to obtain the consent of any other Lenders if
such amendment or waiver is delivered in order (x) to comply with local law or advice of local counsel, (y) to cure ambiguities, omissions or defects or (z) to cause such guarantees, collateral security agreements, pledge agreement or
other document to be consistent with this Agreement and the other Loan Documents, (ii) the Borrowers and the Administrative Agent may, without the input or consent of any other Lender (other than each applicable Additional Lender, in the case
of Section 2.23), effect amendments to this Agreement and the other Loan Documents as may be necessary in the reasonable opinion of the Borrowers and the Administrative Agent to effect the provisions of Sections 2.22 or 2.23 and (iii) if
the Administrative Agent and the Borrowers have jointly identified an obvious error or any error or omission of a technical nature, in each case, in any provision of the Loan Documents, then the Administrative Agent and the Borrowers shall be
permitted to amend such provision. 
 Section 9.03. Expenses; Indemnity; Damage Waiver. 

(a) The Borrowers shall pay (i) all reasonable and documented out-of-pocket expenses incurred by each Arranger, the
Administrative Agent and their respective Affiliates (but limited, in the case of legal fees and expenses, to the actual reasonable and documented out-of-pocket fees, disbursements and other charges of one firm of outside counsel to all such persons
taken as a whole and, if necessary, of one counsel in any relevant material jurisdiction to such Persons, taken as a whole) in connection with the syndication and distribution (including, without limitation, via the internet or through an Electronic
System) of the credit facilities provided for herein, the preparation, execution, delivery and administration of the Loan Documents and related documentation, including in connection with any amendments, modifications or

  
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waivers of the provisions of any Loan Documents (whether or not the transactions contemplated thereby shall be consummated, but only to the extent such amendments, modifications or waivers were
requested by the Borrowers to be prepared) and (ii) all reasonable and documented out-of-pocket expenses incurred by the Administrative Agent, the Arrangers, Issuing Banks or the Lenders and their respective Affiliates (but limited, in the case
of legal fees and expenses, to the actual reasonable and documented out-of-pocket fees, disbursements and other charges of one firm of outside counsel to all such persons taken as a whole and, if necessary, of one counsel in any relevant material
jurisdiction to such persons, taken as a whole) in connection with the enforcement, collection or protection of its rights in connection with the Loan Documents, including its rights under this Section, or in connection with the Loans made or
Letters of Credit issued hereunder. Expenses reimbursable by the Borrowers under this Section include, subject to any other applicable provision of any Loan Document, reasonable and documented out-of-pocket costs and expenses incurred in connection
with: (A) appraisals and field examinations and the preparation of Reports based thereon, (B) the fees charged by a third party retained by the Administrative Agent or (notwithstanding any reference to “out-of-pocket” above in
this Section 9.03) the internally allocated fees for each Person employed by the Administrative Agent with respect to each field examination, (C) lien and title searches and title insurance, (D) taxes, fees and other charges for
recording the Mortgages, filing financing statements and continuations, and other actions to perfect, protect, and continue the Administrative Agent’s Liens and (E) forwarding loan proceeds and costs and expenses of preserving and
protecting the Collateral. Other than to the extent required to be paid on the Closing Date, all amounts due under this paragraph (a) shall be payable by the Borrowers within 30 days of receipt of an invoice relating thereto, setting forth such
expenses in reasonable detail and together with backup documentation supporting such reimbursement requests. 
 (b) The
Borrowers shall indemnify each Arranger, the Administrative Agent, each Issuing Bank and each Lender, and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each
Indemnitee harmless from, any and all losses, claims, damages, liabilities and expenses (but limited, in the case of legal fees and expenses, to the actual reasonable and documented out-of-pocket fees, disbursements and other charges of one counsel
to all Indemnitees taken as a whole and, solely in the case of a conflict of interest, one additional counsel to all affected Indemnitees, taken as a whole, and, if reasonably necessary, one local counsel in any relevant material jurisdiction to all
Indemnitees, taken as a whole and, solely in the case of an actual or potential conflict of interest, one additional local counsel to all affected Indemnitees, taken as a whole) incurred by or asserted against any Indemnitee arising out of, in
connection with, or as a result of (i) the execution or delivery of the Loan Documents or any agreement or instrument contemplated thereby, the performance by the parties hereto of their respective obligations thereunder or the consummation of
the Transactions or any other transactions contemplated hereby or thereby, (ii) the use of the proceeds of the Loans or any Letter of Credit (including any refusal by an Issuing Bank to honor a demand for payment under a Letter of Credit if the
documents presented in connection with such demand do not strictly comply with the terms of such Letter of Credit), (iii) the failure 

  
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of a Loan Party to deliver to the Administrative Agent the required receipts or other required documentary evidence with respect to a payment made by a Loan Party for Taxes pursuant to
Section 2.17 or (iv) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory and regardless of whether any Indemnitee is a party thereto
(and regardless of whether such matter is initiated by a third party or by the Borrowers, any other Loan Party or any of their respective Affiliates); provided that such indemnity shall not, as to any Indemnitee, be available to the extent
that such losses, claims, damages, liabilities or related expenses are (i) determined by a court of competent jurisdiction by final and non-appealable judgment to have resulted from the gross negligence, bad faith or willful misconduct of such
Indemnitee or of any affiliate of such Indemnitee or, to the extent such judgment finds such Indemnitee in material breach of the Loan Documents or (ii) arise out of any claim, litigation, investigation or proceeding brought by such Indemnitee
(or its Related Parties) against another Indemnitee (or its Related Parties) (other than any claim, litigation, investigation or proceeding brought by or against the Administrative Agent, acting in its capacity as the Administrative Agent or any
Arranger, acting in its capacity as an Arranger) that does not involve any act or omission of the Sponsors,
Holdings, any Borrower or any of their Subsidiaries. Each Indemnitee shall be obligated to refund or return any and all amounts paid by any Borrower pursuant to this
Section 9.03(b) to such Indemnitee for any fees, expenses, or damages to the extent such Indemnitee is not entitled to payment of such amounts in accordance with the terms hereof. All amounts due under this paragraph
(b) shall be payable by the Borrowers within 30 days (x) after written demand thereof, in the case of any indemnification obligations and (y) in the case of reimbursement of costs and expenses, after receipt of an invoice relating
thereto, setting forth such expenses in reasonable detail and together with backup documentation supporting such reimbursement requests. This Section 9.03 shall not apply to Taxes other than Taxes that represent losses, claims, damages,
liabilities or related expenses arising from any non-Tax claim. Payments under this Section 9.03(b) shall be made by the Borrowers to the Administrative Agent for the benefit of the relevant Indemnitee. 

Section 9.04. Waiver of Claim. To the extent permitted by applicable law, no party to this Agreement shall assert, and each hereby
waives, any claim against any other party hereto or any Related Party thereof, 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, except, in the case of the Borrowers, to the extent
such damages would otherwise be subject to indemnification pursuant to the terms of Section 9.03. 
 Section 9.05.
Successors and Assigns. 
 (a) The provisions of this Agreement shall be binding upon and inure to the benefit of the
parties hereto and their respective successors and assigns permitted hereby (including any Affiliate of the Issuing Banks that issues any Letter of Credit), except that (i) except as provided under Section 6.08, the Borrowers
may not assign or otherwise transfer any of their rights or obligations hereunder without the prior written 

  
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consent of each Lender (and any attempted assignment or transfer by any Borrower without such consent shall be null and void) and (ii) no Lender may assign or otherwise transfer its rights
or obligations hereunder except in accordance with this Section. Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby
(including any Affiliate of the Issuing Banks that issues any Letter of Credit), Participants (to the extent provided in paragraph (c) of this Section) and, to the extent expressly contemplated hereby, the Related Parties of each of the
Administrative Agent, the Issuing Banks and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement. 

(b) (i) Subject to the limitations set forth in paragraph (a) above and the conditions set forth in paragraph
(b)(ii) below, any Lender may assign to one or more Eligible Assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans at the time owing to it) with the prior
written consent (such consent not to be unreasonably withheld or delayed except in connection with a proposed assignment to any Disqualified Institution) of: 

(A) the Borrower Agent; provided that, the Borrower Agent shall have been deemed to have consented to any such
assignment unless it shall have objected thereto by written notice to the Administrative Agent within 15 Business Days after receiving written notice thereof; provided, further, that no consent of the Borrower Agent shall be required for an
assignment to another Lender, an Affiliate of a Lender, an Approved Fund or, if an Event of Default under Section 7.01(a) or Section 7.01(f) or (g) (with respect to the Borrowers only) has occurred and is
continuing, any other Eligible Assignee; 
 (B) the Administrative Agent; and 

(C) each Issuing Bank (solely in the case of assignments of ABL Revolving Commitments and ABL Revolving Loans). 

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

(A) except in the case of an assignment to another Lender, an Affiliate of a Lender or an Approved Fund or an assignment of
the entire remaining amount of the assigning Lender’s Commitment or Loans of any Class, the amount of the Commitment or the principal amount of 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 and determined on an aggregate basis in the event of concurrent assignments to Related Funds or by Related Funds (as defined below)) shall not be less
than $5,000,000 unless each of the Borrower Agent and the Administrative Agent otherwise consent; 

  
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 (B) 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; 
 (C) the parties to
each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption via an electronic settlement system acceptable to the Administrative Agent (or, if previously agreed with the Administrative Agent, manually), and
shall pay to the Administrative Agent a processing and recordation fee of $3,500 (which fee may be waived or reduced in the sole discretion of the Administrative Agent); and 

(D) the Eligible Assignee, if it shall not be a Lender, shall deliver on or prior to the effective date of such assignment, to
the Administrative Agent (1) an Administrative Questionnaire and (2) if applicable, any Internal Revenue Service forms required under Section 2.17. 

The term “Related Funds” shall mean with respect to any Lender that is an Approved Fund, any other Approved Fund that is managed by
the same investment advisor as such Lender or by an Affiliate of such investment advisor. 
 (iii) Subject to acceptance and
recording thereof pursuant to paragraph (b)(iv) of this Section, from and after the effective date specified in each Assignment and Assumption the Eligible Assignee thereunder shall be a party hereto and, to the extent of the interest
assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its
obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be
entitled to the benefits of Sections 2.15, 2.16, 2.17 and 9.03 with respect to facts and circumstances occurring on or prior to the effective date of such assignment and subject to its obligations thereunder and under
Section 9.13). If any such assignment by a Lender holding a Note hereunder occurs after the issuance of any Note hereunder to such Lender, the assigning Lender shall, upon the effectiveness of such assignment or as promptly thereafter as
practicable, surrender such Note to the Administrative Agent for cancellation, and thereupon the applicable Borrower shall issue and deliver a new Note, if so requested by the assignee and/or assigning Lender, to such assignee and/or to such
assigning Lender, with appropriate insertions, to reflect the new Commitments and/or outstanding Loans of the assignee and/or the assigning Lender. 

If any assignment or participation under this Section 9.05 is made to (1) any Affiliate of any Disqualified Institution
(other than any bona fide debt fund that is not itself a Disqualified Institution) or (2) any Disqualified Institution without the Borrower Agent’s prior written consent (any such Person, a “Disqualified Person”), then the
Borrower Agent may, at its sole expense and effort, upon notice to the applicable Disqualified Person and the Administrative Agent, (A) terminate any Commitment of such Disqualified Person and repay the outstanding amount of Loans, together
with accrued and unpaid interest thereon, accrued and unpaid fees and all other amounts owing to such Disqualified Person, (B) in the case of any outstanding Loans,  

  
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purchase such Loans by paying the lesser of (x) par and (y) the amount that such Disqualified Person paid to acquire such Loans, plus in the case of each of clauses (x) and (y),
accrued and unpaid interest thereon, accrued and unpaid fees and all other amounts due and payable to it hereunder and/or (C) require such Disqualified Person to assign, without recourse (in accordance with and subject to the restrictions
contained in this Section 9.05), all of its interests, rights and obligations under this Agreement to one or more Eligible Assignees at the lesser of (x) par and (y) the amount that such Disqualified Person paid to acquire such Loans,
plus in the case of each of clauses (x) and (y), accrued and unpaid interest thereon, accrued and unpaid fees and all other amounts due and payable to it hereunder; provided that (I) in the case of clauses (A) and (B), the Borrower
Agent shall be liable to the relevant Disqualified Person under Section 2.16 if any LIBO Rate Loan owing to such Disqualified Person is repaid or purchased other than on the last day of the Interest Period relating thereto and (II) in the case
of clause (C), the relevant assignment shall otherwise comply with this Section 9.05 (except that no registration and processing fee required under this Section 9.05 shall be required with any assignment pursuant to this paragraph).
Nothing in this Section 9.05 shall be deemed to prejudice any right or remedy that Holdings or any Borrower may otherwise have at law or equity. Each Lender acknowledges and agrees that Holdings and its Subsidiaries will suffer irreparable harm
if such Lender breaches any obligation under this Section 9.05 insofar as such obligation relates to any assignment or participation to any Disqualified Institution. Additionally, each Lender agrees that Holdings and/or either Borrower may seek
to obtain specific performance or other equitable or injunctive relief to enforce this paragraph against any Disqualified Person and the immediately following paragraph of this Section 9.05 against any Disqualified Institution, in each case
with respect to such breach without posting a bond or presenting evidence of irreparable harm. 
 Notwithstanding anything to the contrary
contained in this Agreement, each Disqualified Institution (A) will not receive information provided solely to Lenders by any Borrower, the Administrative Agent or any Lender and will not be permitted to attend or participate in conference
calls or meetings attended solely by the Lenders and the Administrative Agent, other than the right to receive notices of prepayments and other administrative notices in respect of its Loans or Commitments required to be delivered to Lenders
pursuant to Article II and (B) (x) for purposes of determining whether the Required Lenders have (i) consented (or not consented) to any amendment, modification, waiver, consent or other action with respect to any of the terms of any
Loan Document or any departure by any Loan Party therefrom, (ii) otherwise acted on any matter related to any Loan Document, or (iii) directed or required the Administrative Agent or any Lender to undertake any action (or refrain from
taking any action) with respect to or under any Loan Document, shall not have any right to consent (or not consent), otherwise act or direct or require the Administrative Agent or any Lender to take (or refrain from taking) any such action, and all
Loans held by any Disqualified Institution shall be deemed to be not outstanding for all purposes of calculating whether the Required Lenders or all Lenders have taken any actions, except that no amendment, modification or waiver of any Loan
Document shall, without the consent of the applicable Disqualified Institution, deprive any Disqualified Institution of its pro rata share of any payment to which all Lenders of the applicable Class of Loans are entitled and (y) hereby agrees
that if a proceeding under any Debtor Relief Law shall be commenced by or against a Borrower or any other Loan Party, such Disqualified Institution will be deemed to vote in the same proportion as Lenders that are not Disqualified Institutions. 

  
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 The Administrative Agent shall have the right, and the Borrowers hereby expressly authorize
the Administrative Agent, to provide the Disqualified Institutions List to each Lender requesting the same (provided that such Lender agrees to maintain the confidentiality of the Disqualified Institutions List (which agreement may be by way of a
“click through” or other affirmative action on the part of the recipient to access the Disqualified Institutions List and acknowledge its confidentiality obligations in respect thereof)). 

The Administrative Agent shall not be responsible or have any liability for, or have any duty to ascertain, inquire into, monitor the list or identities of,
or enforce, compliance with the provisions hereof relating to Disqualified Institutions or Disqualified Person. Without limiting the generality of the foregoing, the Administrative Agent shall not (x) be obligated to ascertain, monitor or
inquire as to whether any Lender or Participant or prospective Lender or Participant is a Disqualified Institution or Disqualified Person or (y) have any liability with respect to or arising out of any assignment or participation of Loans, or
disclosure of confidential information, to any Disqualified Institution or Disqualified Person. 
 (iv) The Administrative Agent, acting for
this purpose as an agent of the Borrowers, shall maintain at one of its offices a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders and their respective successors and
assigns, and the Commitment of, and principal amount of and interest on the Loans and LC Disbursements owing to, each Lender pursuant to the terms hereof from time to time (the “Register”). Failure to make any such recordation, or
any error in such recordation, shall not affect the Borrowers’ obligations in respect of such Loans and LC Disbursements. The entries in the Register shall be conclusive, absent manifest error, and the Borrowers, the Administrative Agent, the
Issuing Banks and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender and the owner of the amounts owing to it under the Loan Documents as reflected in the Register for all purposes of
the Loan Documents, notwithstanding notice to the contrary. The Register shall be available for inspection by the Borrowers, the Issuing Banks and any Lender (but only as to its own holdings), at any reasonable time and from time to time upon
reasonable prior notice. 
 (v) Upon its receipt of a duly completed Assignment and Assumption executed by an assigning Lender and an
Eligible Assignee, the Eligible Assignee’s completed Administrative Questionnaire and tax certifications required by Section 9.05(b)(ii)(D)(2) (unless the assignee shall already be a Lender hereunder), the processing and recordation
fee referred to in paragraph (b) of this Section, if applicable, and any written consent to such assignment required by paragraph (b) of this Section, the Administrative Agent shall promptly accept such Assignment and
Assumption and record the information contained therein in the Register. No assignment shall be effective for purposes of this Agreement unless it has been recorded in the Register as provided in this paragraph. 

(vi) By executing and delivering an Assignment and Assumption, the assigning Lender thereunder and the Eligible Assignee thereunder shall be
deemed to confirm and agree with each other and the other parties hereto as follows: (A) such assigning Lender warrants that it is the legal and beneficial owner of the interest being assigned thereby free and clear of any adverse claim and
that its Commitment, and the outstanding balances of its Revolving Loans, in each case without giving effect to assignments thereof which have not 

  
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become effective, are as set forth in such Assignment and Assumption, (B) except as set forth in (A) above, such assigning Lender makes no representation or warranty and assumes no
responsibility with respect to any statements, warranties or representations made in or in connection with this Agreement, or the execution, legality, validity, enforceability, genuineness, sufficiency or value of this Agreement, any other Loan
Document or any other instrument or document furnished pursuant hereto, or the financial condition of the Borrowers or any Subsidiary or the performance or observance by the Borrowers or any Subsidiary of any of its obligations under this Agreement,
any other Loan Document or any other instrument or document furnished pursuant hereto; (C) such assignee represents and warrants that it is an Eligible Assignee, legally authorized to enter into such Assignment and Assumption; (D) such
assignee confirms that it has received a copy of this Agreement and the Intercreditor Agreement, together with copies of the most recent financial statements referred to in Section 3.04(a) or delivered pursuant to
Section 5.01 and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into such Assignment and Assumption; (E) such assignee will independently and without reliance
upon the Administrative Agent, such assigning Lender or any other Lender and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under this
Agreement; (F) such assignee appoints and authorizes the Administrative Agent to take such action as agent on its behalf and to exercise such powers under this Agreement as are delegated to the Administrative Agent, by the terms hereof,
together with such powers as are reasonably incidental thereto; and (G) such assignee agrees that it will perform in accordance with their terms all the obligations which by the terms of this Agreement are required to be performed by it as a
Lender. 
 (c) (i) Any Lender may, without the consent of any Borrower, the Administrative Agent, the Issuing Banks, the
Swingline Lender or any other Lender, sell participations to one or more banks or other entities (other than any Disqualified Institution) (a “Participant”) in all or a portion of such Lender’s rights and obligations under this
Agreement (including all or a portion of its Commitment and the Loans owing to it); provided that (A) such Lender’s obligations under this Agreement shall remain unchanged, (B) such Lender shall remain solely responsible to the
other parties hereto for the performance of such obligations and (C) the Borrowers, the Administrative Agent, the Issuing Banks and the other Lenders shall continue to deal solely and directly with such Lender in connection with such
Lender’s rights and obligations under this Agreement. Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any
amendment, modification or waiver of any provision of this Agreement; provided that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver
described in (x) clause (A) to the first proviso to Section 9.02(b) that directly and adversely affects the Loans or Commitments in which such Participant has an interest and (y) clause (B) to the first proviso
to Section 9.02(b). Subject to paragraph (c)(ii) of this Section, the Borrowers agree that each Participant shall be entitled to the benefits of Sections 2.15, 2.16 and 2.17 to the same extent as if it were a
Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section. To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 9.09 as though it were a Lender;
provided that such Participant agrees to be subject to Section 2.18(c) as though it were a Lender. 

  
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 (ii) A Participant shall not be entitled to receive any greater payment under
Section 2.15, 2.16 or 2.17 than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation to such Participant is made with the
Borrower Agent’s prior written consent expressly acknowledging such Participant may receive a greater benefit. A Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 2.17
unless the Borrower Agent is notified of the participation sold to such Participant and such Participant agrees, for the benefit of the Borrowers, to comply with Section 2.17(e) as though it were a Lender. 

Each Lender that sells a participation shall, acting for this purpose as a non-fiduciary agent of the Borrowers, maintain at one of its
offices a copy of a register for the recordation of the names and addresses of each Participant and their respective successors and assigns, and principal amount of and interest on the Loans (the “Participant Register”). The entries
in the Participant Register shall be conclusive, absent manifest error, and such Lender may treat each Person whose name is recorded in the Participant Register pursuant to the terms hereof as the owner of such participation for all purposes of this
Agreement, notwithstanding notice to the contrary. 
 (d) Any Lender may at any time pledge or assign a security interest in
all or any portion of its rights under this Agreement (other than to any Disqualified Institution or natural person) to secure obligations of such Lender, including without limitation any pledge or assignment to secure obligations to a Federal Reserve
BankNYFRB or other central bank having
jurisdiction over such Lender, and this Section 9.05 shall not apply to any such pledge or assignment of a security interest; provided that no such pledge or assignment of a security interest shall release a Lender from any of its
obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto. 
 (e)
Notwithstanding anything to the contrary contained herein, any Lender (a “Granting Lender”) may grant to a special purpose funding vehicle (an “SPC”), identified as such in writing from time to time by the Granting
Lender to the Administrative Agent and the Borrower Agent, the option to provide to the Borrowers all or any part of any Loan that such Granting Lender would otherwise be obligated to make to the Borrowers pursuant to this Agreement; provided
that (i) nothing herein shall constitute a commitment by any SPC to make any Loan; (ii) if an SPC elects not to exercise such option or otherwise fails to provide all or any part of such Loan, the Granting Lender shall be obligated to make
such Loan pursuant to the terms hereof; and (iii) if an SPC elects to exercise such option and provides all or any part of such Loan, such SPC shall be recorded in the Register as the Lender with respect to the portion of a Loan made by such
SPC. The making of a Loan by an SPC hereunder shall utilize the Commitment of the Granting Lender to the same extent, and as if, such Loan were made by such Granting Lender. Each party hereto hereby agrees that (i) neither the grant to any SPC
nor the exercise by any SPC of such option shall increase the costs or 

  
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expenses or otherwise increase or change the obligations of the Borrowers under this Agreement (including its obligations under Section 2.15, 2.16 or 2.17) and no SPC
shall be entitled to any greater amount under Section 2.13, 2.14 or 2.15 or any other provision of this Agreement or any other Loan Document that the Granting Lender would have been entitled to receive, (ii) no SPC
shall be liable for any indemnity or similar payment obligation under this Agreement (all liability for which shall remain with the Granting Lender) and (iii) the Granting Lender shall for all purposes including approval of any amendment,
waiver or other modification of any provision of the Loan Documents, remain the Lender of record hereunder. In furtherance of the foregoing, each party hereto hereby agrees (which agreement shall survive the termination of this Agreement) that,
prior to the date that is one year and one day after the payment in full of all outstanding commercial paper or other senior indebtedness of any SPC, it will not institute against, or join any other Person in instituting against, such SPC any
bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings under the laws of the United States or any State thereof; provided that (i) in the case of the Borrowers, such SPC’s Granting Lender is in compliance in
all material respects with its obligations to the Borrowers hereunder and (ii) each Lender designating any SPC hereby agrees to indemnify, save and hold harmless each other party hereto for any loss, cost, damage or expense arising out of its
inability to institute such a proceeding against such SPC during such period of forbearance. In addition, notwithstanding anything to the contrary contained in this Section 9.05, any SPC may (i) with notice to, but without the prior
written consent of, the Borrower Agent or the Administrative Agent and without paying any processing fee therefor, assign all or a portion of its interests in any Loans to the Granting Lender, which assignment shall be recorded in the register, and
(ii) disclose on a confidential basis any non-public information relating to its Loans to any rating agency, commercial paper dealer or provider of any surety, guarantee or credit or liquidity enhancement to such SPC. 

Section 9.06. Survival. All covenants, agreements, representations and warranties made by the Loan Parties in the Loan Documents
and in the certificates or other instruments delivered in connection with or pursuant to this Agreement or any other Loan Document shall be considered to have been relied upon by the other parties hereto and shall survive the execution and delivery
of the Loan Documents and the making of any Loans and issuance of any Letters of Credit, regardless of any investigation made by any such other party or on its behalf and notwithstanding that the Administrative Agent, an Issuing Bank or any Lender
may have had notice or knowledge of any Default or Event of Default or incorrect representation or warranty at the time any credit is extended hereunder, and shall continue in full force and effect until the Termination Date. The provisions of
Sections 2.15, 2.16, 2.17, 9.03 and 9.13 and Article 8 shall survive and remain in full force and effect regardless of the consummation of the transactions contemplated hereby, the repayment of the
Loans, the expiration or termination of the Letters of Credit and the Commitments, the occurrence of the Termination Date or the termination of this Agreement or any provision hereof but in each case, subject to the limitations set forth in this
Agreement. 

  
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 Section 9.07. Counterparts; Integration; Effectiveness. This Agreement may be
executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement, the other Loan Documents and
the Fee Letter and any separate letter agreements with respect to fees payable to the Administrative Agent constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and
understandings, oral or written, relating to the subject matter hereof. Except as provided in Section 4.01, this Agreement shall become effective when it shall have been executed by Holdings, the Borrowers, the Subsidiaries of the
Borrowers party hereto and the Administrative Agent and when the Administrative Agent shall have received counterparts hereof which, when taken together, bear the signatures of each of the other parties hereto, and thereafter shall be binding upon
and inure to the benefit of the parties hereto and their respective successors and permitted assigns. Delivery of an executed counterpart of a signature page of this Agreement by facsimile or by email as a “.pdf” or “.tif”
attachment shall be effective as delivery of a manually executed counterpart of this Agreement. 
 Section 9.08. Severability.
To the extent permitted by law, any provision of any Loan Document held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability
without affecting the validity, legality and enforceability of the remaining provisions thereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction. 

Section 9.09. Right of Setoff. If an Event of Default shall have occurred and be continuing, upon the written consent of the
Administrative Agent, each Issuing Lender and each Lender and each of its Affiliates 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 obligations at any time owing by the Administrative Agent, such Issuing Bank or such Lender or Affiliate (including, without limitation, by branches and agencies of the Administrative
Agent, such Issuing Bank or such Lender, wherever located) to or for the credit or the account of any Borrower or any Loan Guarantor against any of and all the Secured Obligations held by the Administrative Agent, such Issuing Bank or such Lender or
Affiliate, irrespective of whether or not the Administrative Agent, such Issuing Bank or such Lender or Affiliate shall have made any demand under the Loan Documents and although such obligations may be unmatured. The applicable Lender shall
promptly notify the Borrower Agent and the Administrative Agent of such set-off or application; provided that any failure to give or any delay in giving such notice shall not affect the validity of any such set-off or application under this
Section. The rights of each Lender under this Section are in addition to other rights and remedies (including other rights of setoff) which such Lender may have. NOTWITHSTANDING THE FOREGOING, AT ANY TIME THAT ANY OF THE SECURED OBLIGATIONS SHALL BE
SECURED BY REAL PROPERTY LOCATED IN CALIFORNIA, NO LENDER SHALL EXERCISE A RIGHT OF SETOFF LENDER’S LIEN OR COUNTERCLAIM OR TAKE ANY COURT OR ADMINISTRATIVE ACTION OR INSTITUTE ANY PROCEEDING TO ENFORCE ANY PROVISION OF THIS AGREEMENT OR ANY
LOAN DOCUMENT UNLESS IT IS TAKEN WITH THE CONSENT OF THE LENDERS REQUIRED BY SECTION 9.02 OF THIS AGREEMENT OR APPROVED IN WRITING BY THE ADMINISTRATIVE AGENT, IF SUCH SETOFF OR ACTION OR PROCEEDING WOULD OR MIGHT (PURSUANT TO SECTIONS
580a, 580b, 580d AND 726 OF THE CALIFORNIA CODE OF CIVIL PROCEDURE OR SECTION 2924 OF THE CALIFORNIA CIVIL CODE, IF APPLICABLE, OR OTHERWISE) AFFECT OR IMPAIR 

  
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THE VALIDITY, PRIORITY, OR ENFORCEABILITY OF THE LIENS GRANTED TO THE ADMINISTRATIVE AGENT PURSUANT TO THE COLLATERAL DOCUMENTS OR THE ENFORCEABILITY OF THE PROMISSORY NOTES AND OTHER OBLIGATIONS
HEREUNDER, AND ANY ATTEMPTED EXERCISE BY ANY LENDER OR ANY SUCH RIGHT WITHOUT OBTAINING SUCH CONSENT OF THE PARTIES AS REQUIRED ABOVE, SHALL BE NULL AND VOID. THIS PARAGRAPH SHALL BE SOLELY FOR THE BENEFIT OF EACH OF THE LENDERS AND THE
ADMINISTRATIVE AGENT HEREUNDER. 
 Section 9.10. GOVERNING LAW; JURISDICTION; CONSENT TO SERVICE OF PROCESS. 

(a) THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS (OTHER THAN AS EXPRESSLY SET FORTH IN OTHER LOAN DOCUMENTS) AND ANY CLAIM,
CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS (OTHER THAN AS EXPRESSLY SET FORTH IN THE OTHER LOAN DOCUMENTS), WHETHER IN TORT, CONTRACT (AT LAW OR IN EQUITY) OR OTHERWISE, SHALL BE GOVERNED BY, AND
CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
 (b) EACH PARTY HERETO HEREBY IRREVOCABLY
AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE EXCLUSIVE JURISDICTION OF ANY U.S. FEDERAL OR NEW YORK STATE COURT SITTING IN THE BOROUGH OF MANHATTAN, IN THE CITY OF NEW YORK (OR ANY APPELLATE COURT THEREFROM) OVER ANY SUIT, IN ANY
ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO ANY LOAN DOCUMENTS AND AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING SHALL (EXCEPT AS PERMITTED BELOW) BE HEARD AND DETERMINED IN SUCH NEW YORK STATE OR, TO THE EXTENT PERMITTED
BY LAW, FEDERAL COURT. THE PARTIES HERETO AGREE THAT SERVICE OF ANY PROCESS, SUMMONS, NOTICE OR DOCUMENT BY REGISTERED MAIL ADDRESSED TO SUCH PERSON SHALL BE EFFECTIVE SERVICE OF PROCESS AGAINST SUCH PERSON FOR ANY SUIT, ACTION OR PROCEEDING BROUGHT
IN ANY SUCH COURT. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY OBJECTION TO THE LAYING OF VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT AND ANY CLAIM THAT ANY SUCH SUIT, ACTION OR PROCEEDING
HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. EACH PARTY
HERETO AGREES THAT THE ADMINISTRATIVE AGENT AND LENDERS RETAIN THE RIGHT TO BRING PROCEEDINGS AGAINST ANY LOAN PARTY IN THE COURTS OF ANY OTHER JURISDICTION SOLELY IN CONNECTION WITH THE EXERCISE OF ANY RIGHTS UNDER ANY COLLATERAL DOCUMENT. 

  
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 (c) EACH PARTY 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 SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT IN ANY COURT
REFERRED TO IN PARAGRAPH (B) OF THIS SECTION. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY CLAIM OR DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION, SUIT OR
PROCEEDING IN ANY SUCH COURT. 
 (d) TO THE EXTENT PERMITTED BY LAW, EACH PARTY TO THIS AGREEMENT HEREBY IRREVOCABLY WAIVES
PERSONAL SERVICE OF ANY AND ALL PROCESS UPON IT AND AGREES THAT ALL SUCH SERVICE OF PROCESS MAY BE MADE BY REGISTERED MAIL (OR ANY SUBSTANTIALLY SIMILAR FORM OF MAIL) DIRECTED TO IT AT ITS ADDRESS FOR NOTICES AS PROVIDED FOR IN
SECTION 9.01. EACH PARTY TO THIS AGREEMENT HEREBY WAIVES ANY OBJECTION TO SUCH SERVICE OF PROCESS AND FURTHER IRREVOCABLY WAIVES AND AGREES NOT TO PLEAD OR CLAIM IN ANY ACTION OR PROCEEDING COMMENCED HEREUNDER OR UNDER ANY LOAN DOCUMENT
THAT SERVICE OF PROCESS WAS INVALID AND INEFFECTIVE. NOTHING IN THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT WILL AFFECT THE RIGHT OF ANY PARTY TO THIS AGREEMENT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW. 

Section 9.11. 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 SUIT, ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY) DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT, ANY OTHER LOAN DOCUMENT OR THE
TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. EACH PARTY HERETO (a) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK
TO ENFORCE THE FOREGOING WAIVER AND (b) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 

Section 9.12. Headings. Article and Section headings and the Table of Contents used herein are for convenience of reference only,
are not part of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement. 

  
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 Section 9.13. Confidentiality. The Administrative Agent, each Issuing Bank and
each Lender agrees (and each Lender agrees to cause its SPC, if any) to maintain the confidentiality of the Confidential Information (as defined below), except that Confidential Information may be disclosed (a) to its and its Affiliates’
directors (or equivalent managers), officers, employees, independent auditors, or other experts and advisors, including accountants, legal counsel and other advisors (collectively, the “Representatives”) on a “need to
know” basis solely in connection with the transactions completed hereby and who are informed of the confidential nature of such Confidential Information and are or have been advised of their obligation to keep such Confidential Information of
this type confidential; provided that such Person shall be responsible for its Affiliates’ and their Representatives’ compliance with this paragraph, (b) upon the demand or request of any regulatory (including any
self-regulatory body, such as the National Association of Insurance Commissioners), governmental or administrative authority purporting to have jurisdiction over such Person or its Affiliates (in which case such Person shall (i) except with
respect to any audit or examination conducted by bank accountants or any Governmental Authority exercising examination or regulatory authority, to the extent practicable and not prohibited by law, inform the Borrower Agent promptly in advance
thereof and (ii) use commercially reasonable efforts to ensure that any such information so disclosed is accorded confidential treatment), (c) to the extent compelled by legal process in, or reasonably necessary to, the defense of such
legal, judicial or administrative proceeding, in any legal, judicial or administrative proceeding or otherwise as required by applicable Requirements of Law, rule or regulation (in which case such party shall (i) to the extent practicable and
not prohibited by law, inform the Borrower Agent promptly in advance thereof and (ii) use commercially reasonable efforts to ensure that any such information so disclosed is accorded confidential treatment), (d) to any other party to this
Agreement, (e) subject to an acknowledgment and agreement by such recipient that such information is being disseminated on a confidential basis (on substantially the terms set forth in this paragraph or as is otherwise reasonably acceptable to
the Borrower Agent), to (i) any Eligible Assignee of or Participant in, or any prospective Eligible Assignee of or Participant in, any of its rights or obligations under this Agreement, including, without limitation, any SPC (in each case other
than a Disqualified Institution), (ii) any pledgee referred to in Section 9.05 or (iii) any actual or prospective, direct or indirect contractual counterparty (or its advisors) to any swap or derivative transaction (including
any credit default swap) or similar product relating to the Loan Parties and their obligations subject to acknowledgment and agreement by such recipient that such information is being disseminated on a confidential basis (on substantially the terms
set forth in this paragraph or as is otherwise reasonably acceptable to the Borrower Agent), (f) with the prior written consent of the Borrower Agent, (g) to any rating agency in connection with obtaining ratings for the Borrowers, the Term Loan Facility or the Senior Notes, (h) to the extent applicable and reasonably necessary or
advisable, for purposes of establishing a “due diligence” defense and (i) to the extent such Confidential Information (i) becomes publicly available other than as a result of a breach of this Section by such Person, its
Affiliates or their respective Representatives or (ii) becomes available to the Administrative Agent, an Issuing Bank or any Lender on a non-confidential basis other than as a result of a breach of this Section from a source other than any Loan
Party. For the purposes of this Section, “Confidential Information” means all information received from any Loan Party relating to the Loan Parties or their businesses, any Sponsor or the Transactions other than any such information that is available to the Administrative Agent,
any Issuing Bank or any Lender on a non-confidential basis prior to disclosure by any Loan Party and other information pertaining to 

  
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this Agreement routinely provided by arrangers to data service providers, including league table providers, that serve the lending industry; provided that, in the case of information
received from the Borrower after the Closing Date, such information is clearly identified at the time of delivery as confidential. For the avoidance of doubt, in no event shall any disclosure of such Confidential Information be made to any
Disqualified Institution (at the time such disclosure was made). 
 EACH LENDER ACKNOWLEDGES THAT INFORMATION AS DEFINED IN SECTION 9.12
FURNISHED TO IT PURSUANT TO THIS AGREEMENT MAY INCLUDE MATERIAL NON-PUBLIC INFORMATION CONCERNING THE COMPANY, AND ITS AFFILIATES, THE OTHER LOAN PARTIES AND THEIR RELATED PARTIES OR THEIR RESPECTIVE SECURITIES, AND CONFIRMS THAT IT HAS DEVELOPED
COMPLIANCE PROCEDURES REGARDING THE USE OF MATERIAL NON-PUBLIC INFORMATION AND THAT IT WILL HANDLE SUCH MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE WITH THOSE PROCEDURES AND APPLICABLE LAW, INCLUDING FEDERAL AND STATE SECURITIES LAWS. 

Section 9.14. No Fiduciary Duty. Each of the Administrative Agent, Arrangers, Co-Documentation Agents and Syndication Agent, each
Lender and their respective Affiliates (collectively, solely for purposes of this paragraph, the “Lenders”), may have economic interests that conflict with those of the Loan Parties, their stockholders and/or their respective affiliates.
Each Loan Party agrees that nothing in the Loan Documents or otherwise will be deemed to create an advisory, fiduciary or agency relationship or fiduciary or other implied duty between any Lender, on the one hand, and any Loan Party, its respective
stockholders or its respective affiliates, on the other. The Loan Parties acknowledge and agree that: (i) the transactions contemplated by the Loan Documents (including the exercise of rights and remedies hereunder and thereunder) are
arm’s-length commercial transactions between the Lenders, on the one hand, and each Loan Party, on the other, and (ii) in connection therewith and with the process leading thereto, (x) no Lender has assumed an advisory or fiduciary
responsibility in favor of any Loan Party, its respective stockholders or its respective affiliates with respect to the transactions contemplated hereby (or the exercise of rights or remedies with respect thereto) or the process leading thereto
(irrespective of whether any Lender has advised, is currently advising or will advise any Loan Party, its respective stockholders or its respective Affiliates on other matters) or any other obligation to any Loan Party except the obligations
expressly set forth in the Loan Documents and (y) each Lender is acting solely as principal and not as the agent or fiduciary of such Loan Party, its respective management, stockholders, creditors or any other Person. Each Loan Party
acknowledges and agrees that such Loan Party has consulted its own legal and financial advisors to the extent it deemed appropriate and that it is responsible for making its own independent judgment with respect to such transactions and the process
leading thereto. Each Loan Party agrees that it will not claim that any Lender has rendered advisory services of any nature or respect, or owes a fiduciary or similar duty to such Loan Party, in connection with such transaction or the process
leading thereto. 
 Section 9.15. Several Obligations. The respective obligations of the Lenders hereunder are several and not
joint and the failure of any Lender to make any Loan or perform any of its obligations hereunder shall not relieve any other Lender from any of its obligations hereunder. 

  
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 Section 9.16. USA PATRIOT Act. Each Lender that is subject to the requirements
of the USA PATRIOT Act hereby notifies the Loan Parties that pursuant to the requirements of the USA PATRIOT Act, it is required to obtain, verify and record information that identifies each Borrower and Loan Guarantor, which information includes
the name, address and tax identification number of each Loan Party and other information that will allow such Lender to identify the Loan Parties in accordance with the USA PATRIOT Act. This notice is given in accordance with the requirements of the
USA PATRIOT Act and is effective as to the Lenders and the Administrative Agent. 
 Section 9.17. Disclosure. Each Loan Party
and each Lender hereby acknowledges and agrees that the Administrative Agent and/or its Affiliates from time to time may hold investments in, make other loans to or have other relationships with any of the Loan Parties and their respective
Affiliates. 
 Section 9.18. Appointment for Perfection. Each Lender hereby appoints each other Lender as its agent for the
purpose of perfecting Liens, for the benefit of the Administrative Agent and the Lenders, in assets which, in accordance with Article 9 of the UCC or any other applicable law can be perfected only by possession. Should any Lender (other than the
Administrative Agent) obtain possession of any such Collateral, such Lender shall notify the Administrative Agent thereof; and, promptly upon the Administrative Agent’s request therefor shall deliver such Collateral to the Administrative Agent
or otherwise deal with such Collateral in accordance with the Administrative Agent’s instructions. 
 Section 9.19. 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 which are treated as interest on such Loan under applicable law
(collectively the “Charges”), shall exceed the maximum lawful rate (the “Maximum Rate”) which may be contracted for, charged, taken, received or reserved by the Lender holding such Loan in accordance with applicable
law, the rate of interest payable in respect of such Loan hereunder, together with all Charges payable in respect thereof, shall be limited to the Maximum Rate and, to the extent lawful, the interest and Charges that would have been payable in
respect of such Loan but were not payable as a result of the operation of this Section shall be cumulated and the interest and Charges payable to such Lender in respect of other Loans or periods shall be increased (but not above the Maximum Rate
therefor) until such cumulated amount, together with interest thereon at the Federal Funds Effective Rate to the date of repayment, shall have been received by such Lender. 

Section 9.20. Intercreditor Agreement. REFERENCE IS MADE TO THE INTERCREDITOR AGREEMENT. EACH LENDER HEREUNDER (a) CONSENTS
TO THE SUBORDINATION OF LIENS PROVIDED FOR IN THE INTERCREDITOR AGREEMENT, (b) AGREES THAT IT WILL BE BOUND BY AND WILL TAKE NO ACTIONS CONTRARY TO THE PROVISIONS OF THE INTERCREDITOR AGREEMENT AND (c) AUTHORIZES AND INSTRUCTS THE
ADMINISTRATIVE AGENT TO ENTER INTO THE INTERCREDITOR AGREEMENT AS REVOLVING FACILITY AGENT AND ON BEHALF OF SUCH LENDER. THE PROVISIONS OF THIS SECTION 9.20 ARE NOT INTENDED TO SUMMARIZE ALL RELEVANT PROVISIONS OF THE INTERCREDITOR AGREEMENT,
THE FORM OF WHICH IS ATTACHED AS AN EXHIBIT TO THIS AGREEMENT. REFERENCE MUST BE MADE TO THE INTERCREDITOR AGREEMENT ITSELF TO UNDERSTAND ALL TERMS AND CONDITIONS THEREOF. EACH LENDER 

  
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IS RESPONSIBLE FOR MAKING ITS OWN ANALYSIS AND REVIEW OF THE INTERCREDITOR AGREEMENT AND THE TERMS AND PROVISIONS THEREOF, AND NEITHER THE ADMINISTRATIVE AGENT NOR ANY OF ITS AFFILIATES MAKES ANY
REPRESENTATION TO ANY LENDER AS TO THE SUFFICIENCY OR ADVISABILITY OF THE PROVISIONS CONTAINED IN THE INTERCREDITOR AGREEMENT. THE FOREGOING PROVISIONS ARE INTENDED AS AN INDUCEMENT TO THE LENDERS UNDER THE TERM LOAN AGREEMENTSENIOR
SECURED NOTES TO EXTEND CREDIT AND SUCH LENDERS ARE INTENDED THIRD PARTY BENEFICIARIES OF SUCH PROVISIONS AND THE PROVISIONS OF THE INTERCREDITOR AGREEMENT. 

Section 9.21. Conflicts. Notwithstanding anything to the contrary contained herein, in any other Loan Document (including, without
limitation, any Letter of Credit application but excluding the Intercreditor Agreement), in the event of any conflict or inconsistency between this Agreement and any other Loan Document (including, without limitation, any Letter of Credit
application but excluding the Intercreditor Agreement), the terms of this Agreement shall govern and control; provided that in the case of any conflict or inconsistency between the Intercreditor Agreement and any other Loan Document, the
terms of the Intercreditor Agreement shall govern and control. 
 Section 9.22. [Reserved]. 

Section 9.23. Borrower Agent. (a) Parent Borrower is hereby appointed by each of the Borrowers as its contractual
representative hereunder and under each other Loan Document, and each of the Borrowers irrevocably authorizes the Borrower Agent to act as the contractual representative of such Borrower with the rights and duties expressly set forth herein and in
the other Loan Documents. The Borrower Agent agrees to act as such contractual representative upon the express conditions contained in this Section 9.23. Additionally, the Borrowers hereby appoint the Borrower Agent as their agent to
receive, to the extent so requested by such Borrower, the proceeds of the Loans in its account(s), at which time the Borrower Agent shall promptly disburse such Loans to the appropriate Borrower(s). The Administrative Agent and the Lenders, and
their respective officers, directors, agents or employees, shall not be liable to the Borrower Agent or any Borrower for any action taken or omitted to be taken by the Borrower Agent or the Borrowers pursuant to this Section 9.23. 

(b) The Borrower Agent shall have and may exercise such powers under the Loan Documents as are specifically delegated to the Borrower Agent by
the terms of each thereof, together with such powers as are reasonably incidental thereto. The Borrower Agent shall have no implied duties to the Borrowers hereunder, or any obligation to the Lenders to take any action hereunder except any action
specifically provided by the Loan Documents to be taken by the Borrower Agent. 
 Section 9.24. 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 its respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of and the Borrowers or any other Loan Party, that at least one of the following is and will be true: 

  
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 (i) such Lender is not using “plan assets” (within the meaning of
the Plan Asset Regulations) of one or more Benefit Plans in connection with the Loans, the Letters of Credit or the Commitments, 

(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, and the conditions for exemptive relief thereunder are and will continue to be
satisfied in connection therewith, 
 (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 

(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) The Administrative Agent hereby informs the Lenders that each such Person is not undertaking to provide
impartial investment advice, or to give advice in a fiduciary capacity, in connection with the transactions contemplated hereby, and that such Person has a financial interest in the transactions contemplated hereby in that such Person or an
Affiliate thereof (i) may receive interest or other payments with respect to the Loans, the Letters of Credit, the Commitments and this Agreement, (ii) may recognize a gain if it extended the Loans, the Letters of Credit or the Commitments
for an amount less than the amount being paid for an interest in the Loans, the Letters of Credit or the Commitments by such Lender or (iii) may receive fees or other payments in connection with the transactions contemplated hereby, the Loan
Documents or otherwise, including structuring fees, commitment fees, arrangement fees, facility fees, upfront fees, underwriting fees, ticking fees, agency fees, administrative agent or collateral agent fees, utilization fees, minimum usage fees,
letter of credit fees, fronting fees, deal-away or alternate transaction fees, amendment fees, processing fees, term out premiums, banker’s acceptance fees, breakage or other early termination fees or fees similar to the foregoing. 

  
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 Section 9.25.
Acknowledgement Regarding Any Supported QFCs. To the extent that the Loan Documents provide support, through a guarantee or otherwise, for Swap Agreements 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). 
 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. 
 ARTICLE 10 

LOAN GUARANTY 

Section 10.01. Guaranty. Each Loan Guarantor hereby agrees that it is jointly and severally liable for, and, as primary obligor
and not merely as surety, and absolutely and unconditionally and irrevocably guarantees to the Administrative Agent for the ratable benefit of the Issuing Banks and the other Secured Parties the full and prompt payment upon the failure of the
Borrowers to do so, when and as the same shall become due, whether at stated maturity, upon acceleration or otherwise, and at all times thereafter, of the Secured Obligations (collectively the “Guaranteed Obligations”;
provided, however, that the definition of “Guaranteed Obligations” shall not create any guarantee by any Loan Guarantor of (or grant of security interest by any Loan Guarantor to support, as applicable) any Excluded Swap
Obligations of such Loan Guarantor for purposes of determining any obligations of any Loan Guarantor). Each Loan Guarantor further agrees that the Guaranteed Obligations may be extended or renewed in whole 

  
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or in part without notice to or further assent from it, and that it remains bound upon its guarantee notwithstanding any such extension or renewal. If any or all of the Guaranteed Obligations
becomes due and payable hereunder, each Loan Guarantor, unconditionally and irrevocably, promises to pay such indebtedness to the Administrative Agent and/or the other Secured Parties, on demand, together with any and all expenses which may be
incurred by the Administrative Agent and the other Secured Parties in collecting any of the Guaranteed Obligations to the extent reimbursable in accordance with Section 9.03. Each Loan Guarantor unconditionally and irrevocably guarantees
the payment of any and all of the Guaranteed Obligations to the Secured Parties whether or not due or payable by the Borrowers upon the occurrence of any of the events specified in Sections 7.01(f) or (g), and in such event,
irrevocably and unconditionally promises to pay such indebtedness to the Secured Parties, on demand, in lawful money of the United States. 

Section 10.02. Guaranty of Payment. This Loan Guaranty is a guaranty of payment and not of collection. Each Loan Guarantor waives
any right to require the Administrative Agent, any Issuing Bank or any Lender to sue any Borrower, any other Loan Guarantor, any other guarantor, or any other Person obligated for all or any part of the Guaranteed Obligations (each, an
“Obligated Party”), or otherwise to enforce its rights in respect of any Collateral securing all or any part of the Guaranteed Obligations. The Administrative Agent may enforce this Loan Guaranty upon the occurrence and during the
continuance of an Event of Default. 
 Section 10.03. No Discharge or Diminishment of Loan Guaranty. 

(a) Except as otherwise provided for herein, the obligations of each Loan Guarantor hereunder are unconditional, irrevocable
and absolute and not subject to any reduction, limitation, impairment or termination for any reason (other than as set forth in Section 10.13), including: (i) any claim of waiver, release, extension, renewal, settlement, surrender,
alteration, or compromise of any of the Guaranteed Obligations, by operation of law or otherwise; (ii) any change in the corporate existence, structure or ownership of any Borrower or any other guarantor of or other Person liable for any of the
Guaranteed Obligations; (iii) any insolvency, bankruptcy, reorganization or other similar proceeding affecting any Obligated Party, or their assets or any resulting release or discharge of any obligation of any Obligated Party; (iv) the
existence of any claim, setoff or other rights which any Loan Guarantor may have at any time against any Obligated Party, the Administrative Agent, any Issuing Bank, any Lender, or any other Person, whether in connection herewith or in any unrelated
transactions; (v) any direction as to application of payments by any Borrower or by any other party; (vi) any other continuing or other guaranty, undertaking or maximum liability of a guarantor or of any other party as to the Guaranteed
Obligations; (vii) any payment on or in reduction of any such other guaranty or undertaking; (viii) any dissolution, termination or increase, decrease or change in personnel by the Borrowers or (ix) any payment made to any Secured
Party on the Guaranteed Obligations which any such Secured Party repays to any Borrower pursuant to court order in any bankruptcy, reorganization, arrangement, moratorium or other debtor relief proceeding, and each Loan Guarantor waives any right to
the deferral or modification of its obligations hereunder by reason of any such proceeding. 

  
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 (b) Except for termination of a Loan Guarantor’s obligations hereunder
or as expressly permitted by Section 10.13, the obligations of each Loan Guarantor hereunder are not subject to any defense or setoff, counterclaim, recoupment, or termination whatsoever by reason of the invalidity, illegality, or
unenforceability of any of the Guaranteed Obligations or otherwise, or any provision of applicable law or regulation purporting to prohibit payment by any Obligated Party, of the Guaranteed Obligations or any part thereof. 

(c) Further, the obligations of any Loan Guarantor hereunder are not discharged or impaired or otherwise affected by:
(i) the failure of the Administrative Agent, any Issuing Bank or any Secured Party to assert any claim or demand or to enforce any remedy with respect to all or any part of the Guaranteed Obligations; (ii) any waiver or modification of or
supplement to any provision of any agreement relating to the Guaranteed Obligations; (iii) any release, non-perfection, or invalidity of any indirect or direct security for the obligations of the Borrowers for all or any part of the Guaranteed
Obligations or any obligations of any other guarantor of or other Person liable for any of the Guaranteed Obligations; (iv) any action or failure to act by the Administrative Agent, any Issuing Bank or any Secured Party with respect to any
Collateral securing any part of the Guaranteed Obligations; or (v) any default, failure or delay, willful or otherwise, in the payment or performance of any of the Guaranteed Obligations, or any other circumstance, act, omission or delay that
might in any manner or to any extent vary the risk of such Loan Guarantor or that would otherwise operate as a discharge of any Loan Guarantor as a matter of law or equity (other than as set forth in Section 10.13). 

Section 10.04. Defenses Waived. To the fullest extent permitted by applicable law, and except for termination of a Loan
Guarantor’s obligations hereunder or as expressly permitted by Section 10.13, each Loan Guarantor hereby waives any defense based on or arising out of any defense of any Borrower or any other Loan Guarantor or arising out of the
disability of the Borrowers or any other Loan Guarantor or any other party or the unenforceability of all or any part of the Guaranteed Obligations or any part thereof from any cause, or the cessation from any cause of the liability of any Borrower
or any other Loan Guarantor. Without limiting the generality of the foregoing, each Loan Guarantor irrevocably waives acceptance hereof, presentment, demand, protest and, to the fullest extent permitted by law, any notice not provided for herein,
including notices of nonperformance, notices of protest, notices of dishonor, notices of acceptance of this Loan Guaranty, and notices of the existence, creation or incurring of new or additional Guaranteed Obligations, as well as any requirement
that at any time any action be taken by any Person against any Obligated Party, or any other Person including any right (except as shall be required by applicable statute and cannot be waived) to require any Secured Party to (i) proceed against
any Borrower, any other guarantor or any other party, (ii) proceed against or exhaust any security held from any Borrower, any other guarantor or any other party or (iii) pursue any other remedy in any Secured Party’s power
whatsoever. The Administrative Agent may, at its election, foreclose on any Collateral held by it by one or more judicial or non-judicial sales, whether or not every aspect of any such sale is commercially reasonable (to the extent permitted by
applicable law), accept an assignment of any such Collateral in lieu of foreclosure or otherwise act or fail to act with respect to any Collateral securing all or a part of the Guaranteed Obligations, and the Administrative Agent may, at its
election, compromise or adjust 

  
 209 

 
any part of the Guaranteed Obligations, make any other accommodation with any Obligated Party or exercise any other right or remedy available to it against any Obligated Party, or any security,
without affecting or impairing in any way the liability of such Loan Guarantor under this Loan Guaranty except as otherwise provided in Section 10.13. To the fullest extent permitted by applicable law, each Loan Guarantor waives any
defense arising out of any such election even though that election may operate, pursuant to applicable law, to impair or extinguish any right of reimbursement or subrogation or other right or remedy of any Loan Guarantor against any Obligated Party
or any security. 
 Section 10.05. Authorization. The Loan Guarantors authorize the Secured Parties without notice or demand
(except as shall be required by applicable statute and cannot be waived), and without affecting or impairing its liability hereunder (except as set forth in Section 10.13), from time to time to: 

(a) change the manner, place or terms of payment of, and/or change or extend the time of payment of, renew, increase,
accelerate or alter, any of the Guaranteed Obligations (including any increase or decrease in the principal amount thereof or the rate of interest or fees thereon), any security therefor, or any liability incurred directly or indirectly in respect
thereof, and this Loan Guaranty shall apply to the Guaranteed Obligations as so changed, extended, renewed or altered; 
 (b)
take and hold security for the payment of the Guaranteed Obligations and sell, exchange, release, impair, surrender, realize upon or otherwise deal with in any manner and in any order any property by whomsoever at any time pledged or mortgaged to
secure, or howsoever securing, the Guaranteed Obligations or any liabilities (including any of those hereunder) incurred directly or indirectly in respect thereof or hereof, and/or any offset thereagainst; 

(c) exercise or refrain from exercising any rights against the Borrowers, any other Loan Party or others or otherwise act or
refrain from acting; 
 (d) release or substitute any one or more endorsers, guarantors, the Borrowers, other Loan Parties or
other obligors; 
 (e) settle or compromise any of the Guaranteed Obligations, any security therefor or any liability
(including any of those hereunder) incurred directly or indirectly in respect thereof or hereof, and may subordinate the payment of all or any part thereof to the payment of any liability (whether due or not) of the Borrowers to their creditors
other than the Secured Parties; 
 (f) apply any sums by whomsoever paid or howsoever realized to any liability or
liabilities of the Borrowers to the Secured Parties regardless of what liability or liabilities of the Borrowers remain unpaid; 

(g) consent to or waive any breach of, or any act, omission or default under, this Agreement, any other Loan Document, any
Hedge Agreement or any of the instruments or agreements referred to herein or therein, or otherwise amend, modify or supplement this Agreement, any other Loan Document, any Hedge Agreement or any of such other instruments or agreements; and/or 

  
 210 

 (h) take any other action which would, under otherwise applicable principles
of common law, give rise to a legal or equitable discharge of the Loan Guarantors from their respective liabilities under this Loan Guaranty. 

Section 10.06. Rights of Subrogation. Any indebtedness of the Borrowers now or hereafter owing to any Loan Guarantor is hereby
subordinated to the Obligations owing to the Secured Parties; and if the Administrative Agent so requests at a time when an Event of Default exists, all such indebtedness of the Borrowers to such Loan Guarantor shall be collected, enforced and
received by such Loan Guarantor for the benefit of the Secured Parties and be paid over to the Administrative Agent on behalf of the Secured Parties on account of the Guaranteed Obligations to the Secured Parties, but without affecting or impairing
in any manner the liability of such Loan Guarantor under the other provisions of this Loan Guaranty. Prior to the transfer by any Loan Guarantor of any note or negotiable instrument evidencing any such indebtedness of the Borrowers to such Loan
Guarantor, such Loan Guarantor shall mark such note or negotiable instrument with a legend that the same is subject to this subordination. No Loan Guarantor will assert any right, claim or cause of action, including, without limitation, a claim of
subrogation, contribution or indemnification that it has against any Loan Party or any collateral in respect of this Loan Guaranty until the occurrence of the Termination Date. 

Section 10.07. Reinstatement; Stay of Acceleration. If at any time any payment of any portion of the Guaranteed Obligations is
rescinded or must otherwise be restored or returned upon the insolvency, bankruptcy, or reorganization of any Borrower or otherwise, each Loan Guarantor’s obligations under this Loan Guaranty with respect to that payment shall be reinstated at
such time as though the payment had not been made. If acceleration of the time for payment of any of the Guaranteed Obligations is stayed upon the insolvency, bankruptcy or reorganization of any Borrower, all such amounts otherwise subject to
acceleration under the terms of any agreement relating to the Guaranteed Obligations shall nonetheless be payable by the other Loan Guarantors forthwith on demand by the Administrative Agent. 

Section 10.08. Information. Each Loan Guarantor assumes all responsibility for being and keeping itself informed of the
Borrowers’ financial condition and assets, and of all other circumstances bearing upon the risk of nonpayment of the Guaranteed Obligations and the nature, scope and extent of the risks that each Loan Guarantor assumes and incurs under this
Loan Guaranty, and agrees that none of the Administrative Agent, any Issuing Bank or any Lender shall have any duty to advise any Loan Guarantor of information known to it regarding those circumstances or risks. 

Section 10.09. [Reserved]. 

Section 10.10. Maximum Liability. It is the desire and intent of the Loan Guarantors and the Secured Parties that this Loan
Guaranty shall be enforced against the Loan Guarantors to the fullest extent permissible under the laws and public policies applied in each jurisdiction in which enforcement is sought. The provisions of this Loan Guaranty are severable, and in any
action or proceeding involving any state corporate law, or any state, Federal or foreign bankruptcy, 

  
 211 

 
insolvency, reorganization or other law affecting the rights of creditors generally, if the obligations of any Loan Guarantor under this Loan Guaranty would otherwise be held or determined to be
avoidable, invalid or unenforceable on account of the amount of such Loan Guarantor’s liability under this Loan Guaranty, then, notwithstanding any other provision of this Loan Guaranty to the contrary, the amount of such liability shall,
without any further action by the Loan Guarantors or the Secured Parties, be automatically limited and reduced to the highest amount that is valid and enforceable as determined in such action or proceeding (such highest amount determined hereunder
being the relevant Loan Guarantor’s “Maximum Liability”). Each Loan Guarantor agrees that the Guaranteed Obligations may at any time and from time to time exceed the Maximum Liability of each Loan Guarantor without impairing
this Loan Guaranty or affecting the rights and remedies of the Secured Parties hereunder; provided that nothing in this sentence shall be construed to increase any Loan Guarantor’s obligations hereunder beyond its Maximum Liability. 

Section 10.11. Contribution. In the event any Loan Guarantor (a “Paying Guarantor”) shall make any payment or
payments under this Loan Guaranty or shall suffer any loss as a result of any realization upon any Collateral granted by it to secure its obligations under this Loan Guaranty, each other Loan Guarantor (each a “Non-Paying
Guarantor”) shall contribute to such Paying Guarantor an amount equal to such Non-Paying Guarantor’s “Guarantor Percentage” of such payment or payments made, or losses suffered, by such Paying Guarantor. For purposes of this
Article 10, each Non-Paying Guarantor’s “Guarantor Percentage” with respect to any such payment or loss by a Paying Guarantor shall be determined as of the date on which such payment or loss was made by reference to the
ratio of (a) such Non- Paying Guarantor’s Maximum Liability as of such date (without giving effect to any right to receive, or obligation to make, any contribution hereunder) or, if such Non-Paying Guarantor’s Maximum Liability has
not been determined, the aggregate amount of all monies received by such Non-Paying Guarantor from the Borrowers after the Closing Date (whether by loan, capital infusion or by other means) to (b) the aggregate Maximum Liability of all Loan
Guarantors hereunder (including such Paying Guarantor) as of such date (without giving effect to any right to receive, or obligation to make, any contribution hereunder), or to the extent that a Maximum Liability has not been determined for any Loan
Guarantor, the aggregate amount of all monies received by such Loan Guarantors from the Borrowers after the Closing Date (whether by loan, capital infusion or by other means). Nothing in this provision shall affect any Loan Guarantor’s several
liability for the entire amount of the Guaranteed Obligations (up to such Loan Guarantor’s Maximum Liability). Each of the Loan Guarantors covenants and agrees that its right to receive any contribution under this Loan Guaranty from a
Non-Paying Guarantor shall be subordinate and junior in right of payment to the Secured Obligations until the Termination Date. This provision is for the benefit of the Administrative Agent, the Issuing Banks, the Lenders and the other Secured
Parties and may be enforced by any one, or more, or all of them in accordance with the terms hereof. 
 Section 10.12. Liability
Cumulative. The liability of each Loan Guarantor under this Article 10 is in addition to and shall be cumulative with all liabilities of such Loan Guarantor to the Administrative Agent, the Issuing Banks and the Lenders under this
Agreement and the other Loan Documents to which such Loan Guarantor is a party or in respect of any obligations or liabilities of the other Loan Guarantors, without any limitation as to amount, unless the instrument or agreement evidencing or
creating such other liability specifically provides to the contrary. 

  
 212 

 Section 10.13. Release of Loan Guarantors. Notwithstanding anything in
Section 9.02(b) to the contrary, a Subsidiary Guarantor shall automatically be released from its obligations hereunder and its Loan Guaranty shall be automatically released (i) upon the consummation of any transaction permitted
hereunder if as a result thereof such Subsidiary Guarantor shall cease to be a Subsidiary (or becomes an Excluded Subsidiary, provided, however, that the release of any Subsidiary Guarantor from its obligations under this Agreement if such
Subsidiary Guarantor becomes an Excluded Subsidiary of the type described in clause (a) of the definition thereof shall only be permitted if at the time such Subsidiary Guarantor becomes an Excluded Subsidiary of such type, (1) no Default
or Event of Default shall have occurred and be outstanding, (2) after giving pro forma effect to such release and the consummation of the transaction or event that causes such Person to be an Excluded Subsidiary of such type, the Borrower is
deemed to have made a new Investment in such Person (as if such Person were then newly acquired) and such Investment is permitted at such time and (3) a Responsible Officer of the Borrower Agent certifies to the Administrative Agent compliance
with preceding clauses (1) and (2)); provided, further, that no such release shall occur if such Subsidiary Guarantor continues to be a guarantor in respect of the Senior Notes, any Incremental Equivalent Debt, any Refinancing Equivalent Debt, the ABL Facility or any Refinancing Indebtedness in
respect of any of the foregoing or (ii) upon the occurrence of the Termination Date. In connection with any such release, the Administrative Agent shall promptly execute and deliver to any Loan Guarantor, at such Loan Guarantor’s expense,
all documents that such Loan Guarantor shall reasonably request to evidence termination or release. Any execution and delivery of documents pursuant to the preceding sentence of this Section 10.13 shall be without recourse to or warranty
by the Administrative Agent (other than to the Administrative Agent’s authority to deliver such documents). 

Section 10.14. Keepwell. Each Qualified ECP Guarantor hereby jointly and severally absolutely, unconditionally and
irrevocably undertakes to provide such funds or other support as may be needed from time to time by each other Loan Party to honor all of its obligations under this Loan Guaranty in respect of Swap Obligations (provided, however, that each Qualified
ECP Guarantor shall only be liable under this Section 10.14 for the maximum amount of such liability that can be hereby incurred without rendering its obligations under this Section 10.14 or otherwise under this Loan Guaranty voidable
under applicable law relating to fraudulent conveyance or fraudulent transfer, and not for any greater amount). Except as otherwise provided herein, the obligations of each Qualified ECP Guarantor under this Section 10.14 shall remain in full
force and effect until the termination of all Swap Obligations. Each Qualified ECP Guarantor intends that this Section 10.14 constitute, and this Section 10.14 shall be deemed to constitute, a “keepwell, support, or other
agreement” for the benefit of each other Loan Party for all purposes of Section 1a(18)(A)(v)(II) of the Commodity Exchange Act. 

Section 10.15.
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 such parties, each party hereto acknowledges that any liability of any 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. 

  
 213 

 (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 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. 

  
 214 

 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. 

 

			
	PC INTERMEDIATE HOLDINGS INC.
	By:	 	          

	Name: 
	Title:
	
	PARTY CITY HOLDINGS INC.
	PARTY CITY CORPORATION
	ANAGRAM EDEN PRAIRIE PROPERTY
	HOLDINGS LLC
	ANAGRAM INTERNATIONAL, INC.
	ANAGRAM INTERNATIONAL HOLDINGS, INC.
	AM-SOURCE, LLC
	AMSCAN INC.
	By:	 	          

	Name: 
	Title:
	
	TRISAR, INC.
	By:	 	          

	Name: 
	Title:
	
	US BALLOON MANUFACTURING CO., INC.
	AMSCAN NM LAND, LLC
	AMSCAN PURPLE SAGE LLC
	By:	 	          

	Name: 
	Title:

  
 [Signature page to Party City ABL Credit Agreement] 

 
	
	JPMORGAN CHASE BANK, N.A., individually, as Administrative Agent, Swingline Lender, Issuing Bank and as Lender
	
	    By:_______________________________________
	          Name:
	          Title:
	
	    By:_______________________________________
	          Name:
	          Title:

  
 [Signature page to Party City ABL Credit Agreement] 

 
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Issuing Bank and as Lender
	
	    By:_______________________________________
	          Name:
	          Title:
	
	    By:_______________________________________
	          Name:
	          Title:

  
 [Signature page to Party City ABL Credit Agreement] 

 
	
	BANK OF AMERICA, N.A., Issuing Bank and as Lender
	
	    By:_______________________________________
	          Name:
	          Title:
	
	    By:_______________________________________
	          Name:
	          Title:

  
 [Signature page to Party City ABL Credit Agreement] 

 
	
	__________________________________________,
	as Lender
	
	    By:______________________________________
	          Name:
	          Title:
	
	    By:______________________________________
	          Name:
	          Title: 

  
 [Signature page to Party City ABL Credit Agreement] 

 Schedule
1.01(a) 
 COMMITMENT SCHEDULE 

 

									
	 Lender 
	  	ABL Revolving
Commitment 	 	  	FILO
Commitment 	 
	 JPMorgan Chase Bank, N.A.
	  	$	103,125,000.00	 	  	$	6,875,000	 
	 Bank of America, N.A.
	  	$	103,125,000.00	 	  	$	6,875,000	 
	 Wells Fargo Bank, N.A.
	  	$	103,125,000.00	 	  	$	6,875,000	 
	 MUFG Union Bank, N.A.
	  	$	53,125,000.00	 	  	$	6,875,000	 
	 TD Bank, N.A.
	  	$	66,250,000.00	 	  	$	3,750,000	 
	 U.S. Bank National Association
	  	$	56,250,000.00	 	  	$	3,750,000	 
	 Bank of Montreal
	  	$	37,500,000.00	 	  	$	2,500,000	 
	 City National Bank
	  	$	37,500,000.00	 	  	$	2,500,000	 
	 Deutsche Bank AG New York Branch
	  	$	10,000,000.00	 	  	 	N/A	 
	 Barclays Bank PLC
	  	$	10,000,000.00	 	  	 	N/A	 
	 Credit Suisse AG
	  	$	10,000,000.00	 	  	 	N/A	 
	 Goldman Sachs Bank USA 
	  	$	10,000,000.00	 	  	 	N/A	 
	 Total:
	  	$	600,000,000.00	 	  	$	40,000,000.00	 
	 Lender 
	  	 
 
	ABL Revolving

Commitment 
	 
  
	  	 
 
	FILO
 Commitment

	 
  

	 JPMorgan Chase Bank, N.A.
	  	$	103,125,000.00	 	  	$	6,875,000	 
	 Bank of America, N.A.
	  	$	103,125,000.00	 	  	$	6,875,000	 
	 Wells Fargo Bank, N.A.
	  	$	103,125,000.00	 	  	$	6,875,000	 
	 MUFG Union Bank, N.A.
	  	$	53,125,000.00	 	  	$	6,875,000	 
	 TD Bank, N.A.
	  	$	66,250,000.00	 	  	$	3,750,000	 
	 U.S. Bank National Association
	  	$	56,250,000.00	 	  	$	3,750,000	 
	 Bank of Montreal
	  	$	37,500,000.00	 	  	$	2,500,000	 
	 City National Bank
	  	$	37,500,000.00	 	  	$	2,500,000	 
	 Deutsche Bank AG New York Branch
	  	$	10,000,000.00	 	  	 	N/A	 
	 Barclays Bank PLC
	  	$	10,000,000.00	 	  	 	N/A	 
	 Credit Suisse AG
	  	$	10,000,000.00	 	  	 	N/A	 
	 Goldman Sachs Bank USA 
	  	$	10,000,000.00	 	  	 	N/A	 
	 Total:
	  	$	600,000,000.00	 	  	$	40,000,000.00

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