Document:

Agreement dated May 22, 2012

 Exhibit 10.1 
 EXECUTION VERSION 
 AGREEMENT 

DATED 22 MAY 2012 
 EUR 750,000,000 REVOLVING CREDIT FACILITY 
 for 

D.E MASTER BLENDERS 1753 B.V. 
 (to be renamed: D.E MASTER BLENDERS 1753 N.V.) 
 with 

COÖPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A. 
 and 
 DEUTSCHE BANK AG, LONDON BRANCH 

as Coordinators 
 COÖPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A. 
 DEUTSCHE BANK
AG, LONDON BRANCH 
 ING BANK N.V. 
 J.P. MORGAN LIMITED 
 LLOYDS TSB BANK PLC 

and 
 THE
ROYAL BANK OF SCOTLAND N.V. 
 as Bookrunning Mandated Lead Arrangers 

BANK OF TOKYO-MITSUBISHI UFJ (HOLLAND) N.V. 
 GOLDMAN SACHS BANK USA 
 and 

NATIONAL AUSTRALIA BANK LIMITED 
 as Mandated Lead Arrangers 
 DANSKE BANK A/S 

as Lead Arranger 
 and 
 DEUTSCHE BANK LUXEMBOURG S.A. 

as Facility Agent 
  

 
 Allen & Overy LLP 

 CONTENTS 

 

							
	Clause	 	 	  	Page	 
			
	 1.
	 	Interpretation	  	 	1	  
	 2.
	 	Facility	  	 	15	  
	 3.
	 	Purpose	  	 	16	  
	 4.
	 	Conditions Precedent	  	 	16	  
	 5.
	 	Utilisation - Loans	  	 	16	  
	 6.
	 	Repayment	  	 	17	  
	 7.
	 	Prepayment and Cancellation	  	 	18	  
	 8.
	 	Interest	  	 	21	  
	 9.
	 	Terms	  	 	23	  
	 10.
	 	Market Disruption	  	 	23	  
	 11.
	 	Taxes	  	 	24	  
	 12.
	 	Increased Costs	  	 	27	  
	 13.
	 	Mitigation	  	 	29	  
	 14.
	 	Payments	  	 	30	  
	 15.
	 	Guarantee and Indemnity	  	 	32	  
	 16.
	 	Representations and Warranties	  	 	36	  
	 17.
	 	Information Covenants	  	 	41	  
	 18.
	 	Financial Covenant	  	 	43	  
	 19.
	 	General Covenants	  	 	46	  
	 20.
	 	Default	  	 	52	  
	 21.
	 	The Administrative Parties	  	 	56	  
	 22.
	 	Evidence and Calculations	  	 	61	  
	 23.
	 	Fees	  	 	61	  
	 24.
	 	Indemnities and Break Costs	  	 	62	  
	 25.
	 	Expenses	  	 	64	  
	 26.
	 	Amendments and Waivers	  	 	64	  
	 27.
	 	Changes to the Parties	  	 	66	  
	 28.
	 	Finance Party Default	  	 	71	  
	 29.
	 	Disclosure of Information	  	 	78	  
	 31.
	 	Set-Off	  	 	82	  
	 32.
	 	Pro Rata Sharing	  	 	82	  
	 33.
	 	Severability	  	 	83	  
	 34.
	 	Counterparts	  	 	83	  
	 35.
	 	Notices	  	 	83	  
	 36.
	 	Language	  	 	86	  
	 37.
	 	Governing Law	  	 	86	  
	 38.
	 	Enforcement	  	 	86	  

							
	Schedule	 	 	  	Page	 
			
	 1.
	 	Original Parties	  	 	88	  
	 2.
	 	Conditions Precedent Documents	  	 	89	  
		 	 Part 1 To be delivered before the first Request
	  	 	89	  
		 	 Part 2 For an Additional Guarantor
	  	 	91	  
	 3.
	 	Form of Request	  	 	93	  
	 4.
	 	Calculation of the Mandatory Cost	  	 	94	  
	 5.
	 	Form of Transfer Certificate	  	 	96	  
	 6.
	 	Existing Security and Financial Indebtedness	  	 	98	  
	 7.
	 	Form of Compliance Certificate	  	 	99	  
	 8.
	 	Form of Increase Confirmation	  	 	100	  
	 9.
	 	Form of Accession Agreement	  	 	102	  
	 10.
	 	Form of Resignation Request	  	 	103	  
	 11.
	 	Form of Confidentiality Undertaking	  	 	104	  
		
	 Signatories
	  	 	109	  

 THIS AGREEMENT is dated 22 May 2012 and is made 

BETWEEN: 
  

	(1)	D.E MASTER BLENDERS 1753 B.V. (previously known as DE International Holdings B.V. and (to be renamed: D.E MASTER BLENDERS 1753 N.V.)), private limited liability
company (besloten vennootschap met beperkte aansprakelijkheid) incorporated under Dutch law having its official seat in Joure, The Netherlands and registered with the Dutch commercial register under number 54760968 (the Company);

  

	(2)	DE US, INC. (the Original Guarantor); 

  

	(3)	COÖPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A., DEUTSCHE BANK AG, LONDON BRANCH, ING BANK N.V., J.P. MORGAN LIMITED, LLOYDS TSB BANK PLC and
THE ROYAL BANK OF SCOTLAND N.V. as bookrunning mandated lead arrangers (in this capacity the BMLAs); 

  

	(4)	BANK OF TOKYO-MITSUBISHI UFJ (HOLLAND) N.V., GOLDMAN SACHS BANK USA and NATIONAL AUSTRALIA BANK LIMITED as mandated lead arrangers (in this capacity the
MLAs); 

  

	(5)	DANSKE BANK A/S as lead arranger (in this capacity the LA and, together with the BMLAs and the MLAs, the Arrangers); 

 

	(6)	COÖPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A. and DEUTSCHE BANK AG, LONDON BRANCH as coordinators (in this capacity the Coordinators);

  

	(7)	THE FINANCIAL INSTITUTIONS listed in Schedule 1 (Original Parties) as original lenders (the Original Lenders); 

 

	(8)	DEUTSCHE BANK LUXEMBOURG S.A. as facility agent (in this capacity the Facility Agent); and 

 

	(9)	THE ROYAL BANK OF SCOTLAND PLC, a company incorporated in Scotland with registered number SC090312 and having its registered office at 36 St Andrew Square,
Edinburgh EH2 2YB (RBS plc). 

 IT IS AGREED as follows: 

 

	1.	INTERPRETATION 

  

	1.1	Definitions 

 In this
Agreement: 
 Acceptable Bank means: 
  

	 	(a)	a bank or financial institution which has a rating for its long-term unsecured and non credit-enhanced debt obligations of A- or higher by S&P or Fitch or A3 or
higher by Moody’s or a comparable rating from an internationally recognised credit rating agency; or 

  

	 	(b)	any other bank or financial institution approved by the Majority Lenders from time to time. 

  
 1 

 Accession Agreement means a letter, substantially in the form of Schedule 9 (Form of
Accession Agreement), with such amendments as the Facility Agent and the Company may agree. 
 Additional Guarantor means
a member of the Group which becomes a Guarantor after the date of this Agreement. 
 Administrative Party means a
Coordinator, an Arranger or the Facility Agent. 
 Affiliate means: 

 

	 	(a)	a Subsidiary or a Holding Company of a person or any other Subsidiary of that Holding Company; and 

 

	 	(b)	in the case of The Royal Bank of Scotland N.V., also includes The Royal Bank of Scotland plc and its Subsidiaries, and vice versa. Notwithstanding the foregoing, in
relation to The Royal Bank of Scotland plc, the term “Affiliate” shall not include (i) the U.K. government or any member or instrumentality thereof, including Her Majesty’s Treasury and UK Financial Investments Limited (or any
directors, officers, employees or entities thereof) or (ii) any persons or entities controlled by or under common control with the U.K. government or any member or instrumentality thereof (including Her Majesty’s Treasury and UK Financial
Investments Limited) and which are not part of The Royal Bank of Scotland Group plc and its subsidiaries or subsidiary undertakings. 

 Applicable Law means, in respect of any person, property, transaction or event, all present or future applicable laws, statutes, regulations, treaties, judgments and decrees and (whether or not
having the force of law but, if not having the force of law, being of a type (a) with which persons to which it applies customarily comply or (b) failing compliance with which persons to which it applies may be subject to liability or
penalty) all applicable official directives, rules, guidelines, orders and policies of any governmental body having authority over that person, and all applicable orders and decrees of courts and arbitrators. 

Availability Period means the period from and including the date of this Agreement to and including the date falling three months
before the Final Maturity Date. 
 Break Costs means the amount (if any) which a Lender is entitled to receive under
Subclause 24.3 (Break Costs). 
 Bridge Facility means a first USD 1,800,000,000 bridge facility made
or to be made available prior to the Merger under a bridge facility agreement by and between, amongst others, the Original Guarantor and one or more third party lenders, or a second USD 1,800,000,000 bridge facility made or to be made available
under a bridge facility agreement by and between, amongst others, DEMB International B.V. and one or more third party lenders, which second bridge facility shall finance the repayment of the first bridge facility and itself be repaid shortly
after the Separation with cash on hand at the time of the Separation. 
 Business Day means a day (other than a Saturday
or a Sunday) on which banks are open for general business in London, Luxembourg and Amsterdam and which is also a TARGET Day. 

Code means the United States Internal Revenue Code of 1986. 

Commitment means: 
  

	 	(a)	for an Original Lender, the amount set opposite its name in Schedule 1 (Original Parties) under the heading Commitments and the amount of any other Commitment it
acquires; and 

  
 2 

	 	(b)	for any other Lender, the amount of any Commitment it acquires, 

 to the extent not cancelled, transferred or reduced under this Agreement. 

Compliance Certificate means a certificate substantially in the form of Schedule 7 (Form of Compliance Certificate) setting out,
among other things, calculations of the financial covenant. 
 Confidential Information means all information relating to
the Company, the Group, the Finance Documents or the Facility of which a Finance Party becomes aware in its capacity as, or for the purpose of becoming, a Finance Party or which is received by a Finance Party in relation to, or for the purpose of
becoming a Finance Party under, the Finance Documents or the Facility from either: 
  

	 	(a)	any member of the Group or any of its advisers; or 

  

	 	(b)	another Finance Party, if the information was obtained by that Finance Party directly or indirectly from any member of the Group or any of its advisers,

  
 3 

 in whatever form, and includes information given orally and any document, electronic file or
any other way of representing or recording information which contains or is derived or copied from such information but excludes information that: 
  

	 	(i)	is or becomes public information other than as a direct or indirect result of any breach by that Finance Party of Clause 29 (Disclosure of Information); or

  

	 	(ii)	is identified in writing at the time of delivery as non-confidential by any member of the Group or any of its advisers; or 

 

	 	(iii)	is known by that Finance Party before the date the information is disclosed to it in accordance with paragraphs (a) above or (b) above or is lawfully obtained
by that Finance Party after that date, from a source which is, as far as that Finance Party is aware, unconnected with the Group and which, in either case, as far as that Finance Party is aware, has not been obtained in breach of, and is not
otherwise subject to, any obligation of confidentiality. 

 Confidentiality Undertaking means a
confidentiality undertaking substantially in the form set out in Schedule 11 (Form of Confidentiality Undertaking) or in any other form agreed between the Company and the Facility Agent. 

DCC means the Dutch Civil Code (Burgerlijk Wetboek). 

Default means: 
  

	 	(a)	an Event of Default; or 

  

	 	(b)	an event or circumstance which would be (with the expiry of a grace period, the giving of notice or the making of any determination under the Finance Documents or any
combination of them) an Event of Default. 

 Discharged RBS NV Rights and Obligations has the meaning given
to that term in Subclause 27.14 (The Royal Bank of Scotland). 
 Disruption Event means: 

 

	 	(a)	a material disruption to the payment or communications systems or to the financial markets which are required to operate in order for payments to be made (or other
transactions to be carried out) in connection with the transactions contemplated by the Finance Documents, which is not caused by, and is beyond the control of, any of the Parties; or 

 

	 	(b)	the occurrence of any other event which results in a disruption (of a technical or systems-related nature) to the treasury or payments operations of a Party preventing
it, or any other Party from: 

 (i) performing its payment obligations under the Finance Documents; or 

(ii) communicating with other Parties under the Finance Documents, 

and which is not caused by, and is beyond the control of, the Party whose operations are disrupted. 

Dutch Obligor means an Obligor incorporated under Dutch law. 

  
 4 

 ERISA means the United States Employee Retirement Income Security Act of 1974 and the
regulations promulgated and rankings issues thereunder, each as amended from time to time. 
 ERISA Event means:

  

	 	(a)	any “reportable event”, as defined in Section 4043 of ERISA or the regulations issued under it with respect to an ERISA Plan (other than an event for
which the 30 day notice period is waived under subsection 22, 23, 25, 27 or 28 of Section 4043 of PBGC Regulation); 

  

	 	(b)	failure an Obligor or any Related Person to meet the minimum funding standard of Section 412 or 430 of the Code of Section 302 of ERISA) with respect to any
ERISA Plan, whether or not waived; 

  

	 	(c)	the filing pursuant to Section 302(c) of ERISA of an application for a waiver of the minimum funding standard with respect to any ERISA Plan;

  

	 	(d)	the incurrence by an Obligor or any Related Person of any liability under Title IV of ERISA with respect to the termination of any ERISA Plan; 

 

	 	(e)	the receipt by an Obligor or any Related Person from the PBGC or a plan administrator of any notice relating to an intention to terminate any ERISA Plan or to appoint a
trustee to administer any ERISA 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 ERISA Plan;

  

	 	(f)	the incurrence by an Obligor or any Related Person of any liability with respect to the withdrawal or partial withdrawal from any ERISA Plan or Multiemployer Plan;

  

	 	(g)	the receipt by an Obligor or any Related Person of any notice, or the receipt by any Multiemployer Plan from an Obligor or any Related Person of any notice, concerning
the imposition of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, insolvent or in reorganisation, within the meaning of Title IV of ERISA; 

 

	 	(h)	the substantial cessation of operations within the meaning of Section 4062(e) of ERISA with the respect to an ERISA Plan; or 

 

	 	(i)	the making of any amendment to any ERISA Plan which could result in the imposition of Security or the posting of a bond or other security. 

ERISA Plan means an employee pension benefit plan (other than a Multiemployer Plan) subject to the provisions of Title IV of ERISA
or Section 412 of the Code or Section 302 of ERISA, and in respect of which an Obligor or any Related Person 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. 
 EURIBOR means for a Term of any Loan or overdue amount denominated in euro: 

 

	 	(a)	the applicable Screen Rate; or 

  

	 	(b)	if no Screen Rate is available for that Term of that Loan or overdue amount, the arithmetic mean (rounded upward to four decimal places) of the rates as supplied to the
Facility Agent at its request quoted by the Reference Banks to leading banks in the European interbank market, 

  
 5 

 as of 11.00 a.m. (Brussels time) on the Rate Fixing Day for the offering of deposits in
euro for a period comparable to that Term and, if any such rate is below zero, EURIBOR shall be deemed to be zero. 
 euro
and EUR means the single currency of the Participating Member States. 
 Event of Default means an event or
circumstance specified as such in Clause 20 (Default). 
 Facility means the credit facility made available under this
Agreement. 
 Facility Office means the office(s) notified by a Lender to the Facility Agent: 

 

	 	(a)	on or before the date it becomes a Lender; or 

  

	 	(b)	by not less than five Business Days’ notice, 

 as the office(s) through which it will perform its obligations under this Agreement. 
 FATCA means: 
  

	 	(a)	sections 1471 to 1474 of the Code or any associated regulations; 

  

	 	(b)	any law or regulation enacted in any jurisdiction relating to the sections of the Code specified under paragraph (a) above; or 

 

	 	(c)	any agreement relating to paragraphs (a) or (b) of this definition with the IRS, the United States government or any governmental or taxation authority in any
other jurisdiction. 

 Fee Letter means any letter entered into by reference to this Agreement or the
Mandate Letter between one or more Administrative Parties and the Company setting out the amount of certain fees referred to in this Agreement. 
 Final Maturity Date means the fifth anniversary of the date of this Agreement. 
 Finance Document means: 
  

	 	(a)	this Agreement; 

  

	 	(b)	a Fee Letter; 

  

	 	(c)	an Accession Agreement; 

  

	 	(d)	a Resignation Request; or 

  

	 	(e)	any other document designated as such by the Facility Agent and the Company in writing. 

Finance Party means a Lender or an Administrative Party. 
 Financial Indebtedness means any indebtedness for or in respect of: 
  

	 	(a)	moneys borrowed; 

  

	 	(b)	any acceptance credit (including any dematerialised equivalent); 

  

	 	(c)	any bond, note, debenture, loan stock or other similar instrument; 

  
 6 

	 	(d)	any agreement treated as a finance or capital lease in accordance with generally accepted accounting principles in the jurisdiction of incorporation of the Company;

  

	 	(e)	receivables sold or discounted (other than any receivables to the extent they are sold on a non-recourse basis); 

 

	 	(f)	any derivative transaction protecting against or benefiting from fluctuations in any rate or price (and, when calculating the value of any derivative transaction, only
the marked-to-market value shall be taken into account); 

  

	 	(g)	any other transaction (including any forward sale or purchase agreement) which has the commercial effect of a borrowing; 

 

	 	(h)	any counter-indemnity obligation in respect of any guarantee, indemnity, bond, letter of credit or any other instrument issued by a bank or financial institution; or

  

	 	(i)	any guarantee, indemnity or similar assurance against financial loss of any person in respect of any item referred to in the above paragraphs, 

without double counting. 
 Financial Year means: 
  

	 	(a)	the period on and from 1 July 2012 to and including 31 December 2013; or 

 

	 	(b)	thereafter, each period of twelve months ending on 31 December. 

 Fitch means Fitch Ratings Limited or any successor to its ratings business. 

Fraudulent Transfer Law means any applicable United States bankruptcy and State fraudulent transfer and conveyance statute and any
related case law. 
 Group means the Company and its Subsidiaries. 

Guarantor means the Original Guarantor or an Additional Guarantor. 

Holding Company of any other person, means a person in respect of which that other person is a Subsidiary. 

IFRS means international accounting standards within the meaning of the IAS Regulation 1606/2002 to the extent applicable to the
relevant financial statements. 
 Increased Cost means: 

 

	 	(a)	an additional or increased cost; 

  

	 	(b)	a reduction in the rate of return from a Facility or on a Finance Party’s (or its Affiliate’s) overall capital; or 

 

	 	(c)	a reduction of an amount due and payable under any Finance Document, 

 which is incurred or suffered by a Finance Party or any of its Affiliates but only to the extent attributable to that Finance Party having entered into any Finance Document or funding or performing its
obligations under any Finance Document. 

  
 7 

 IRS means the United States Internal Revenue Service. 

Lender means: 
  

	 	(a)	an Original Lender; or 

  

	 	(b)	any person which becomes a Party in accordance with Subclause 27.2 (Assignments and transfers by Lenders). 

Loan means, unless otherwise stated in this Agreement, the principal amount of each borrowing under this Agreement or the principal
amount outstanding of that borrowing. 
 Majority Lenders means, subject to Subclause 28.6
(Disenfranchisement of Defaulting Lenders), a Lender or Lenders whose Commitments aggregate 662/3 per
cent. or more of the Total Commitments (or, if the Total Commitments have been reduced to zero, aggregated
662/3 per cent. or more of the Total Commitments immediately before the
reduction). 
 Mandate Letter means the mandate letter dated 18 April 2012 between the Company and the Coordinators.

 Mandatory Cost means the percentage rate per annum calculated by the Facility Agent in accordance with Schedule 4
(Calculation of the Mandatory Cost). 
 Margin means the rate per annum calculated in accordance with Subclause 8.3
(Margin adjustments ratings). 
 Margin Regulations means Regulations T, U and X issued by the Board of Governors of the
United States Federal Reserve System. 
 Margin Stock means “margin stock” or “margin securities” as
defined in the Margin Regulations. 
 Material Adverse Effect means a material adverse effect on: 

 

	 	(a)	the business or financial condition of the Group as a whole; 

  

	 	(b)	the ability of the Obligors (taken as a whole) to perform their payment obligations under any Finance Document or their obligations under Clause 18 (Financial
Covenant); 

  

	 	(c)	the validity or enforceability of any Finance Document; or 

  

	 	(d)	any right or remedy of a Finance Party in respect of a Finance Document. 

 Material Subsidiary means, at any time, a Subsidiary of the Company if the turnover of that Subsidiary then equals or exceeds 5 per cent. of the consolidated turnover of the Group. 

For this purpose: 
  

	 	(a)	subject to paragraph (b) below: 

  

	 	(i)	the contribution of a Subsidiary of the Company will be determined from its financial statements which were consolidated into the latest audited consolidated financial
statements of the Company; and 

  

	 	(ii)	the financial condition of the Group will be determined from the latest audited consolidated financial statements of the Company; 

  
 8 

	 	(b)	if a Subsidiary of the Company becomes a member of the Group after the date on which the latest audited consolidated financial statements of the Company were prepared:

  

	 	(i)	the contribution of the Subsidiary will be determined from its latest financial statements; and 

 

	 	(ii)	the financial condition of the Group will be determined from the latest audited consolidated financial statements of the Company but adjusted to take into account any
subsequent acquisition or disposal of a business or a company (including that Subsidiary); 

  

	 	(c)	the contribution of a Subsidiary will, if it has Subsidiaries, be determined from its consolidated financial statements; 

 

	 	(d)	if a Material Subsidiary disposes of all or substantially all of its assets to another member of the Group, it will immediately cease to be a Material Subsidiary and
the other member of the Group (if it is not the Company or already a Material Subsidiary) will immediately become a Material Subsidiary; 

  

	 	(e)	a Subsidiary of the Company (if it is not already a Material Subsidiary) will become a Material Subsidiary on completion of any other intra-Group transfer or
reorganisation if it would have been a Material Subsidiary had the intra-Group transfer or reorganisation occurred on the date of the latest audited consolidated financial statements of the Company; and 

 

	 	(f)	except as specifically mentioned in paragraph (d) above, a member of the Group will remain a Material Subsidiary until the next audited consolidated financial
statements of the Company show otherwise under paragraph (a) above. 

 If there is a dispute as to whether or
not a member of the Group is a Material Subsidiary, a certificate of the auditors of the Company will be, in the absence of manifest error, conclusive and binding on all Parties. 

Maturity Date means the last day of the Term of a Loan. 
 Merger has the meaning given to that term in the definition of Separation in Subclause 1.1 (Definitions). 
 Moody’s means Moody’s Investors Service Limited or any successor to its ratings business. 
 Multiemployer Plan means any multiemployer plan, as defined in Section 4001(a)(3) of ERISA which is contributed to by (or to which there is an obligation to contribute of) an Obligor or any
Related Person and each such plan for the five year period immediately following the latest date on which an Obligor or any Related Person contributed to or had an obligation to contribute to such a plan. 

Obligor means the Company or a Guarantor. 
 Original Obligor means the Company or the Original Guarantor. 
 Original
Financial Statements means an unaudited consolidated opening balance sheet of the Company as at 30 June 2012. 

  
 9 

 Participating Member State means a member state of the European Communities that
adopts or has adopted the euro as its lawful currency under the legislation of the European Community for Economic Monetary Union. 
 Party means a party to this Agreement. 
 PBGC means the Pension
Benefit Guaranty Corporation or any governmental authority succeeding to any of its functions. 
 Pension Plan means any
plan, program or arrangement that provides pension or retirement benefits (whether or not registered under any applicable pension laws or Tax laws in any country) which is maintained or contributed to by an Obligor or any of its Subsidiaries in
respect of any individuals employed by an Obligor or any of its Subsidiaries other than an ERISA Plan. 
 Potential
Preferential Terms has the meaning given to that term in Subclause 19.14 (Maintenance of ranking). 
 Pro Rata Share
means: 
  

	 	(a)	for the purpose of determining a Lender’s share in a utilisation of the Facility, the proportion which its Commitment bears to the Total Commitments; and

  

	 	(b)	for any other purpose on a particular date: 

  

	 	(i)	the proportion which a Lender’s share of the Loans (if any) bears to all the Loans; 

 

	 	(ii)	if there is no Loan outstanding on that date, the proportion which its Commitment bears to the Total Commitments on that date; or 

 

	 	(iii)	if the Total Commitments have been cancelled, the proportion which its Commitment bore to the Total Commitments immediately before being cancelled.

 Rate Fixing Day means the second TARGET Day before the first day of a Term or such other day as the
Facility Agent determines is generally treated as the rate fixing day by market practice in the relevant interbank market. 

RBS Effective Date has the meaning given to that term in Subclause 27.14 (The Royal Bank of Scotland). 

RBS NV means The Royal Bank of Scotland N.V., a company incorporated under the laws of The Netherlands with registered number
33002587 and having its registered and head office at Gustav Mahlerlaan 350, 1082 ME Amsterdam, The Netherlands. 
 Reference
Banks means Deutsche Bank Luxembourg S.A., Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. and ING Bank N.V. and any other bank or financial institution appointed as such by the Facility Agent under this Agreement. 

Regulation has the meaning given to that term in Subclause 16.16 (Centre of main interests and establishments). 

Related Fund in relation to a fund (the “first fund”), means a fund which is managed or advised by the same
investment manager or investment adviser as the first fund or, if it is managed by a different investment manager or investment adviser, a fund whose investment manager or investment adviser is an Affiliate of the investment manager or investment
adviser of the first fund. 

  
 10 

 Related Person means any trade or business, whether or not incorporated, which,
together with an Obligor is treated as a single employer under Section 414 of the Code. 
 Relevant Financing Arrangement
has the meaning given to that term in Subclause 19.14 (Maintenance of ranking). 
 Repeating Representations
means at any time the representations and warranties which are then made or deemed to be repeated under Subclause 16.20 (Times for making representations and warranties) or any other Finance Document. 

Representative means any delegate, agent, manager, administrator, nominee, attorney, trustee or custodian. 

Resignation Request means a letter in the form of Schedule 10 (Form of Resignation Request), with such amendments as the Facility
Agent and the Company may agree. 
 Request means a request for a Loan, substantially in the form of Schedule 3 (Form of
Request). 
 Rollover Loan means, unless provided to the contrary in this Agreement, one or more Loans: 

 

	 	(a)	to be made on the same day that a maturing Loan is due to be repaid; 

  

	 	(b)	the aggregate amount of which is equal to or less than the maturing Loan; and 

 

	 	(c)	to be made for the purpose of refinancing a maturing Loan. 

 S&P means Standard & Poor’s Rating Services, a division of The McGraw-Hill Companies, Inc. or any successor to its ratings business. 

Sara Lee Corporate Facility means the Five Year Competitive Advance and Revolving Credit Facility Agreement originally dated
4 December 2006 between, among others, Sara Lee Corporation as the Borrower and JPMorgan Chase Bank, National Association as Administrative Agent (as amended and restated on 27 June 2011). 

Sara Lee Corporation means Sara Lee Corporation, an entity incorporated under the laws of the State of Maryland. 

Sara Lee Debt Securities means the debt securities to be issued by Sara Lee Corporation in connection with the USPP. 

Screen Rate means the percentage rate per annum determined by the Banking Federation of the European Union, for the relevant
currency and Term displayed on the appropriate page of the Reuters screen selected by the Facility Agent. If the relevant page is replaced or the service ceases to be available, the Facility Agent (after consultation with the Company and the
Lenders) may specify another page or service displaying the appropriate rate. 
 Security Interest means any mortgage,
pledge, lien, charge or other security interest securing any obligation of any person or any other agreement or arrangement having a similar effect. 
 Separation means (i) the distribution by Sara Lee Corporation of all of the stock of the Original Guarantor to its shareholders (the Spin-Off), and (ii) the subsequent merger of a
wholly-owned subsidiary of the Company with and into the Original Guarantor, with the Original Guarantor surviving as a subsidiary of the Company and shareholders receiving stock of the Company in exchange for their shares of the Original Guarantor
(the Merger), both substantially in accordance with the Form F-1 Registration Statement filed by the Company with the SEC on 13 April 2012 without any amendments that are or could reasonably be expected to be materially adverse to the
interests of the Finance Parties. 

  
 11 

 Separation Date means the date on which the Separation is completed substantially in
accordance with the Form F-1 Registration Statement filed by the Company with the SEC on 13 April 2012 without any amendments that are or could reasonably be expected to be materially adverse to the interests of the Finance Parties. 

Spin-Off has the meaning given to that term in the definition of Separation. 

Subsidiary means an entity of which a person has direct or indirect control or owns directly or indirectly more than 50 per
cent. of the voting capital or similar right of ownership and control for this purpose means the power to direct the management and the policies of the entity whether through the ownership of voting capital, by contract or otherwise.

 TARGET Day means a day on which the Trans European Automated Real time Gross Settlement Express transfer payment system
is open for the settlement of payment in euro. 
 Tax means any tax, levy, impost, duty or other charge or withholding of
a similar nature (including any related penalty or interest). 
 Tax Deduction means a deduction or withholding for or on
account of Tax from a payment under a Finance Document. 
 Tax Payment means a payment made by an Obligor to a Finance
Party in any way relating to a Tax Deduction or under any indemnity given by that Obligor in respect of Tax under any Finance Document. 
 Term means each period determined under this Agreement by reference to which interest on a Loan or an overdue amount is calculated. 

Total Commitments means the aggregate of the Commitments of all the Lenders. 

Total Consolidated Assets means the sum of the assets of the Group as shown in: 

 

	 	(a)	the most recent consolidated financial statements delivered by the Company in accordance with Subclause 17.1 (Financial statements); or 

 

	 	(b)	before the date on which the Company first delivers consolidated financial statements under Subclause 17.1 (Financial statements), the Original Financial Statements.

 Transfer Certificate means a certificate, substantially in the form of Schedule 5 (Form of Transfer
Certificate), with such amendments as the Facility Agent may approve or reasonably require or any other form agreed between the Facility Agent and the Company. 
 UK means the United Kingdom. 
 USD means the lawful currency of the
United States of America. 
 U.S. Bankruptcy Law means the United States Bankruptcy Code or any other United States
Federal or State bankruptcy, insolvency or similar law. 

  
 12 

 U.S. Debtor means an Obligor that is incorporated or organized under the laws of the
United States of America or any State of the United States of America (including the District of Columbia) or that has a place of business or property in the United States of America. 

U.S. Guarantor means any Guarantor that is a U.S. Debtor. 
 USPP means the private placement of debt securities with a maturity of between 7 and 10 years and a total amount of USD 650,000,000 initially by Sara Lee Corporation and to be exchanged for debt
securities of the Original Guarantor in connection with the Spin-Off. 
 Utilisation Date means each date on which the
Facility is utilised. 
 Withdrawal Liability means any liability to a Multiemployer Plan as a result of a complete or
partial withdrawal (as such terms are defined in Part I of Subtitle E of Title IV of ERISA) from that Multiemployer Plan. 
  

	1.2	Construction 

  

	 	(a)	Adjusted EBITDA, Adjusted Leverage, Borrowings, Cash, Cash Equivalent Investments, EBIT, EBITDA, Exceptional Items,
Finance Lease, Financial Semester, Financial Year, GAAP, Group, IFRS, Non-Group Entity, Pension Items, Relevant Period, Semester Date, Total Net Debt and Trade
Instruments have the meanings given to them in Clause 18 (Financial Covenant). 

  

	 	(b)	In this Agreement, unless the contrary intention appears, a reference to: 

  

	 	(i)	an amendment includes a supplement, novation, extension (whether of maturity or otherwise), restatement, re-enactment or replacement (however fundamental and
whether or not more onerous) and amended will be construed accordingly; 

  

	 	(ii)	assets includes present and future properties, revenues and rights of every description; 

 

	 	(iii)	an authorisation includes an authorisation, consent, approval, resolution, permit, licence, exemption, filing, registration or notarisation;

  

	 	(iv)	a director, in relation to a Dutch Obligor, means a managing director (bestuurder) and board of directors means its managing board
(bestuur); 

  

	 	(v)	disposal means a sale, transfer, assignment, grant, lease, licence, declaration of trust or other disposal, whether voluntary or involuntary, and dispose
will be construed accordingly; 

  

	 	(vi)	indebtedness includes any obligation (whether incurred as principal or as surety and whether present or future, actual or contingent) for the payment or
repayment of money; 

  

	 	(vii)	customer due diligence requirements are to the identification checks that a Finance Party requests in order to meet its obligations under any applicable law or
regulation to identify a person who is (or is to become) its customer; 

  

	 	(viii)	a person includes any individual, company, corporation, unincorporated association or body (including a partnership, trust, fund, joint venture or consortium),
government, state, agency, organisation or other entity whether or not having separate legal personality; 

  
 13 

	 	(ix)	a regulation includes any regulation, rule, official directive, request or guideline (whether or not having the force of law but, if not having the force of law,
being of a type with which any person to which it applies is accustomed to comply) of any governmental, inter-governmental or supranational body, agency, department or regulatory, self-regulatory or other authority or organisation;

  

	 	(x)	a currency is a reference to the lawful currency for the time being of the relevant country; 

 

	 	(xi)	a Default being outstanding means that it has not been remedied or waived; 

 

	 	(xii)	a provision of law is a reference to that provision as extended, applied, amended or re-enacted and includes any subordinate legislation; 

 

	 	(xiii)	a Clause, a Subclause or a Schedule is a reference to a clause or subclause of, or a schedule to, this Agreement; 

 

	 	(xiv)	a Party or any other person includes its successors in title, permitted assigns and permitted transferees; 

 

	 	(xv)	a Finance Document or other document or security includes (without prejudice to any prohibition on amendments) any amendment to that Finance Document or other document
or security, including any change in the purpose of, any extension for or any increase in the amount of a facility or any additional facility; and 

  

	 	(xvi)	a time of day is a reference to Luxembourg time. 

  

	 	(c)	Unless the contrary intention appears, a reference to a month or months is a reference to a period starting on one day in a calendar month and ending on
the numerically corresponding day in the next calendar month or the calendar month in which it is to end, except that: 

  

	 	(i)	if the numerically corresponding day is not a Business Day, the period will end on the next Business Day in that month (if there is one) or the preceding Business Day
(if there is not); 

  

	 	(ii)	if there is no numerically corresponding day in that month, that period will end on the last Business Day in that month; and 

 

	 	(iii)	notwithstanding subparagraph (i) above, a period which commences on the last Business Day of a month will end on the last Business Day in the next month or the
calendar month in which it is to end, as appropriate. 

  

	 	(d)	Unless expressly provided to the contrary in a Finance Document, a person who is not a party to a Finance Document may not enforce any of its terms under the Contracts
(Rights of Third Parties) Act 1999 and, notwithstanding any term of any Finance Document, no consent of any third party is required for any amendment (including any release or compromise of any liability) or termination of any Finance Document.

  

	 	(e)	Unless the contrary intention appears: 

  

	 	(i)	a reference to a Party will not include that Party if it has ceased to be a Party under this Agreement; 

 

	 	(ii)	a word or expression used in any other Finance Document or in any notice given in connection with any Finance Document has the same meaning in that Finance Document or
notice as in this Agreement; and 

  
 14 

	 	(iii)	any obligation of an Obligor under the Finance Documents which is not a payment obligation remains in force for so long as any payment obligation of an Obligor is, may
be or is capable of becoming outstanding under the Finance Documents. 

  

	 	(f)	The headings in this Agreement do not affect its interpretation. 

  

	1.3	Dutch terms 

 In this
Agreement, where it relates to a Dutch Obligor, a reference to: 
  

	 	(a)	a necessary action to authorise where applicable, includes without limitation: 

 

	 	(i)	any action required to comply with the Works Councils Act of the Netherlands (Wet op de ondernemingsraden); and 

 

	 	(ii)	obtaining an unconditional positive advice (advies) from the competent works council(s); 

 

	 	(b)	a winding-up, administration or dissolution includes a bankruptcy (faillissement) or dissolution (ontbinding);

  

	 	(c)	a moratorium includes surseance van betaling and a moratorium is declared or occurs includes surseance verleend;

  

	 	(d)	any step or procedure taken in connection with insolvency proceedings includes a Dutch entity having filed a notice under Section 36 of the Tax
Collection Act of the Netherlands (Invorderingswet 1990); 

  

	 	(e)	a trustee in bankruptcy includes a curator; 

  

	 	(f)	an administrator includes a bewindvoerder; and 

  

	 	(g)	an attachment includes a beslag. 

  

	2.	FACILITY 

  

	2.1	Facility 

 Subject to the
terms of this Agreement, the Lenders make available to the Company a revolving credit facility in an aggregate amount equal to the Total Commitments. 
  

	2.2	Nature of a Finance Party’s rights and obligations 

 Unless all the Finance Parties agree otherwise: 
  

	 	(a)	the obligations of a Finance Party under the Finance Documents are several; 

 

	 	(b)	failure by a Finance Party to perform its obligations under the Finance Documents does not affect the obligations of any other person under the Finance Documents;

  

	 	(c)	no Finance Party is responsible for the obligations of any other Finance Party under the Finance Documents; 

 

	 	(d)	the rights of a Finance Party under the Finance Documents are separate and independent rights; 

  
 15 

	 	(e)	a Finance Party may, except as otherwise stated in the Finance Documents, separately enforce those rights; and 

 

	 	(f)	a debt arising under the Finance Documents to a Finance Party is a separate and independent debt. 

 

	3.	PURPOSE 

  

	3.1	Loans 

 Each Loan may only
be used for the general corporate purposes of the Group (including any acquisitions but excluding the refinancing of the Bridge Facility or backstopping any financial markets issuing programme). 

 

	3.2	No obligation to monitor 

No Finance Party is bound to monitor or verify the utilisation of the Facility. 

 

	4.	CONDITIONS PRECEDENT 

  

	4.1	Conditions precedent documents 

  

	 	(a)	A Request may not be given until the Facility Agent has notified the Company and the Lenders that it has received (or waived receipt of) all of the documents and
evidence set out in Part 1 of Schedule 2 (Conditions Precedent Documents) in form and substance satisfactory to the Facility Agent. 

  

	 	(b)	The Facility Agent must give this notification to the Company and the Lenders promptly upon being so satisfied. 

 

	4.2	Further conditions precedent 

 The obligations of each Lender to participate in any Loan are subject to the further conditions precedent that on both the date of the Request and the Utilisation Date for that Loan: 

 

	 	(a)	the Repeating Representations are correct in all material respects; and 

  

	 	(b)	no Default or, in the case of a Rollover Loan, no Event of Default is outstanding or would result from the proposed Loan. 

 

	4.3	Maximum number 

 Unless
the Facility Agent otherwise agrees, a Request may not be given if, as a result, there would be more than 15 Loans outstanding. 
  

	5.	UTILISATION—LOANS 

  

	5.1	Giving of Requests 

  

	 	(a)	The Company may borrow a Loan by giving to the Facility Agent a duly completed Request. 

 

	 	(b)	Unless the Facility Agent otherwise agrees, the latest time for receipt by the Facility Agent of a duly completed Request is 11.00 a.m. one Business Day before the Rate
Fixing Day for the proposed borrowing. 

  

	 	(c)	Each Request is irrevocable. 

  
 16 

	5.2	Completion of Requests 

 A
Request for a Loan will not be regarded as having been duly completed unless: 
  

	 	(a)	the proposed Utilisation Date is a Business Day falling within the Availability Period; 

 

	 	(b)	the amount of the Loan requested is: 

  

	 	(i)	a minimum of EUR 10,000,000 and an integral multiple of EUR 1,000,000; 

 

	 	(ii)	the maximum undrawn amount available under the Facility on the proposed Utilisation Date; or 

 

	 	(iii)	such other amount as the Facility Agent may agree; and 

  

	 	(c)	the proposed Term complies with this Agreement. 

 Only one Loan may be requested in a Request. 
  

	5.3	Advance of Loan 

  

	 	(a)	The Facility Agent must promptly notify each Lender of the details of the requested Loan and the amount of its share in that Loan. 

 

	 	(b)	The amount of each Lender’s share of the requested Loan will be its Pro Rata Share on the proposed Utilisation Date. 

 

	 	(c)	No Lender is obliged to participate in a Loan if, as a result: 

  

	 	(i)	its share in the Loans would exceed its Commitment; or 

  

	 	(ii)	the Loans would exceed the Total Commitments. 

  

	 	(d)	If the conditions set out in this Agreement have been met, each Lender must make its share in the requested Loan available to the Facility Agent for the Company through
its Facility Office on the Utilisation Date. 

  

	6.	REPAYMENT 

  

	 	(a)	Subject to paragraph (c) below, the Company must repay each Loan in full on its Maturity Date. 

 

	 	(b)	Subject to the other terms of this Agreement, any amounts repaid under paragraph (a) above may be re-borrowed. 

 

	 	(c)	Without prejudice to the Company’s obligation under paragraph (a) above, if: 

 

	 	(i)	one or more Loans are to be made available to the Company: 

  

	 	(A)	on the same day that a maturing Loan is due to be repaid by the Company; and 

 

	 	(B)	in whole or in part for the purpose of refinancing the maturing Loan, and 

  
 17 

	 	(ii)	the proportion borne by each Lender’s share in the maturing Loan to the amount of the maturing Loan is the same as the proportion borne by that Lender’s share
in the new Loans to the aggregate amount of those new Loans, 

 the aggregate amount of the new Loans will be
treated as if applied in or towards repayment of the maturing Loan so that: 
  

	 	(A)	if the amount of the maturing Loan exceeds the aggregate amount of the new Loans: 

 

	 	I.	the Company will only be required to pay an amount in cash in the relevant currency equal to that excess; and 

 

	 	II.	each Lender’s share (if any) in the new Loans will be treated as having been made available and applied by the Company in or towards repayment of that
Lender’s share (if any) in the maturing Loan and that Lender will not be required to make its share in the new Loans available in cash; and 

  

	 	(B)	if the amount of the maturing Loan is equal to or less than the aggregate amount of the new Loans: 

 

	 	I.	the Company will not be required to make any payment in cash; and 

  

	 	II.	each Lender will be required to make its share in the new Loans available in cash only to the extent that its share in the new Loans exceeds that Lender’s share in
the maturing Loan and the remainder of that Lender’s share in the new Loans will be treated as having been made available and applied by the Company in or towards repayment of that Lender’s share in the maturing Loan.

  

	7.	PREPAYMENT AND CANCELLATION 

  

	7.1	Mandatory prepayment – illegality 

  

	 	(a)	A Lender must notify the Facility Agent and the Company promptly if it becomes aware that it is unlawful in any applicable jurisdiction for that Lender to perform any
of its obligations under a Finance Document or to fund or maintain its share in any Loan. 

  

	 	(b)	After notification under paragraph (a) above the Facility Agent must, if requested by the Lender in the notification under paragraph (a) above, notify the
Company promptly that: 

  

	 	(i)	the Company must repay or prepay the share of that Lender in each Loan on the date specified in paragraph (c) below; and 

 

	 	(ii)	the Commitment of that Lender will be immediately cancelled, 

 provided that the Company may replace that Lender in accordance with paragraph (d) of Subclause 7.6 (Right of replacement, repayment and cancellation of a single Lender) on or before the date
applicable under paragraph (c) below in relation to each Loan. 
  

	 	(c)	The date for repayment or prepayment of a Lender’s share in a Loan will be: 

 

	 	(i)	the last day of the current Term of that Loan; or 

  

	 	(ii)	if earlier, the date specified by the Lender in the notification under paragraph (a) above and which must not be earlier than the last day of any applicable grace
period allowed by law. 

  
 18 

	7.2	Mandatory prepayment – change of control 

  

	 	(a)	For the purposes of this Subclause: 

 a change of control occurs if, after the Separation Date, any person or group of persons acting in concert gains control of more than 50 per cent. of the shares (or voting rights attaching to
shares) in the Company; 
 acting in concert means acting together pursuant to an agreement or understanding (whether
formal or informal); 
 control has the meaning given to that term in section 5:45 of the Dutch Financial Markets
Supervision Act; 
 shares has the meaning given to it in section 5:33 of the Dutch Financial Markets Supervision Act; and

 voting rights has the meaning given to it in section 5:33 of the Dutch Financial Markets Supervision Act. 

 

	 	(b)	The Company must promptly notify the Facility Agent if it becomes aware of any change of control, and the Facility Agent shall notify the Lenders of any notification it
receives from the Company under this paragraph (b). 

  

	 	(c)	After a change of control, a Lender is not obliged to participate in a Loan other than a Rollover Loan. 

 

	 	(d)	After a change of control, the Lenders shall negotiate with the Company in good faith for a period of not more than 15 Business Days from the date of the notification
by the Company to the Facility Agent under paragraph (b) above with a view to agreeing whether the Facility can continue to be made available. 

  

	 	(e)	If no agreement is reached by the Company and the Lenders under paragraph (d) above before the last day of the time period set out therein, if any Lender so
requires, the Facility Agent must, by giving 20 Business Days’ notice to the Company: 

  

	 	(i)	cancel that Lender’s Commitments; 

  

	 	(ii)	declare that the Company must immediately repay or prepay the share of that Lender in each Loan made to it together with accrued interest and all other amounts accrued
under the Finance Documents towards that Lender; and 

  

	 	(iii)	the Commitment of that Lender will be immediately cancelled. 

  

	 	(f)	If no agreement is reached by the Company and the Lenders under paragraph (d) above before the last day of the time period set out therein, if the Majority Lenders
so require, the Facility Agent must, by notice to the Company: 

  

	 	(i)	cancel the Total Commitments; and 

  

	 	(ii)	declare all outstanding Loans, together with accrued interest and all other amounts accrued under the Finance Documents, to be immediately due and payable.

 Any such notice will take effect in accordance with its terms 

  
 19 

	7.3	Voluntary prepayment 

  

	 	(a)	The Company may, by giving not less than five Business Days’ prior notice to the Facility Agent, prepay any Loan at any time in whole or in part.

  

	 	(b)	A prepayment of part of a Loan must be in a minimum amount of EUR 10,000,000 and an integral multiple of EUR 1,000,000. 

 

	7.4	Automatic cancellation 

The Commitment of each Lender will be automatically cancelled at the close of business on the last day of the Availability Period.

  

	7.5	Voluntary cancellation 

  

	 	(a)	The Company may, by giving not less than five Business Days’ prior notice to the Facility Agent, cancel the unutilised amount of the Total Commitments in whole or
in part. 

  

	 	(b)	Partial cancellation of the Total Commitments must be in a minimum amount of EUR 10,000,000 and an integral multiple of EUR 1,000,000.

  

	 	(c)	Any cancellation in part will be applied against the Commitment of each Lender pro rata. 

 

	7.6	Right of replacement, repayment and cancellation of a single Lender 

 

	 	(a)	If the Company is, or will be, required to pay to a Lender: 

  

	 	(i)	a Tax Payment; or 

  

	 	(ii)	an Increased Cost, 

 the Company
may, while the requirement continues, give notice to the Facility Agent requesting prepayment and cancellation in respect of that Lender. 
  

	 	(b)	After notification under paragraph (a) above: 

  

	 	(i)	the Company must repay or prepay that Lender’s share in each Loan on the date specified in paragraph (c) below; and 

 

	 	(ii)	the Commitment of that Lender will be immediately cancelled. 

  

	 	(c)	The date for repayment or prepayment of a Lender’s share in a Loan will be: 

 

	 	(i)	the last day of the Term for that Loan; or 

  

	 	(ii)	if earlier, the date specified by the Company in its notification. 

  

	 	(d)	Subject to paragraph (e) below, if the circumstances set out in paragraph (a) above or Subclause 7.1(a) (Mandatory prepayment – illegality) apply in
relation to a Lender, the Company may replace that Lender by requiring that Lender to (and, to the extent permitted by law, that Lender shall) comply with Subclause 28.5 (Replacement of a Defaulting Lender) as if references in that Subclause to a
Defaulting Lender were references to that Lender. 

  
 20 

	 	(e)	A Lender in respect of which the circumstances set out in paragraph (a) above or Subclause 7.1(a) (Mandatory prepayment – illegality) apply shall
not be obliged to comply with paragraph (d) above if doing so would or could be unlawful in any applicable jurisdiction for that Lender. 

  

	7.7	Re-borrowing of Loans 

Any voluntary prepayment of a Loan under Subclause 7.3 (Voluntary prepayment) may be re-borrowed on the terms of this Agreement. Any other
prepayment of a Loan may not be re-borrowed. 
  

	7.8	Miscellaneous provisions 

  

	 	(a)	Any notice of prepayment and/or cancellation under this Agreement is irrevocable and must specify the relevant date(s) and the affected Loans and Commitments. The
Facility Agent must notify the Lenders promptly of receipt of any such notice. 

  

	 	(b)	All prepayments under this Agreement must be made with accrued interest on the amount prepaid. No premium or penalty is payable in respect of any prepayment except for
Break Costs. 

  

	 	(c)	The Majority Lenders may agree a shorter notice period for a voluntary prepayment or a voluntary cancellation. 

 

	 	(d)	No prepayment or cancellation is allowed except in accordance with the express terms of this Agreement. 

 

	 	(e)	No amount of the Total Commitments cancelled under this Agreement may subsequently be reinstated. 

 

	8.	INTEREST 

  

	8.1	Calculation of interest 

The rate of interest on each Loan for each Term is the percentage rate per annum equal to the aggregate of the applicable: 

 

	 	(a)	Margin; 

  

	 	(b)	EURIBOR; and 

  

	 	(c)	Mandatory Cost. 

  

	8.2	Payment of interest 

Except where it is provided to the contrary in this Agreement, the Company must pay accrued interest on each Loan made to it on the last
day of each Term and also, if the Term is longer than six months, on the dates falling at six-monthly intervals after the first day of that Term. 
  

	8.3	Margin adjustments ratings 

  

	 	(a)	In this Subclause: 

 Rating
Agency means Fitch, Moody’s, S&P or any other internationally recognised rating agency approved by the Majority Lenders. 

  
 21 

	 	(b)	The initial Margin is 0.85 per cent. per annum. 

  

	 	(c)	If no long-term credit rating has been given to the Company by a Rating Agency on or before 31 December 2012, the Margin will be the highest applicable rate set
out in the table below, being 1.05 per cent. per annum. 

  

	 	(d)	Subject to the other provisions of this Subclause, the Margin will be subsequently calculated by reference to the table below from the date on which the Company first
receives a long-term credit rating from a Rating Agency: 

  

							
	 Column 1
Long-term credit rating of
the Company
	  	Column 2 Margin
(per cent. per annum)
	 Fitch
	  	Moody’s	  	S&P	  	
	 3 A-
	  	3 A3	  	3 A-	  	0.60
	 BBB+
	  	Baa1	  	BBB+	  	0.75
	 BBB
	  	Baa2	  	BBB	  	0.85
	
£ BBB-
	  	£ Baa3
	  	£ BBB-
	  	1.05

  

	 	(e)	The Company must notify the Facility Agent within 5 Business Days of receipt of any notification to it by a Rating Agency of a change in the long-term credit rating of
the Company. If the long-term credit ratings given to the Company by two or more Rating Agencies are such that a different Margin is applicable to each credit rating, the applicable Margin will be the average of the Margins applicable to the
relevant ratings as set out in the table in paragraph (d) above opposite the relevant credit ratings. 

  

	 	(f)	Any change in the Margin will, subject to paragraphs (g) below, take effect on the next Business Day following the date of publication of the relevant changed
long-term credit rating of the Company. 

  

	 	(g)	For so long as: 

  

	 	(i)	the Company is in default of its obligations under this Agreement to notify the Facility Agent of any change in its long-term credit rating under paragraph
(e) above; 

  

	 	(ii)	(at any time after 31 December 2012) no long-term credit rating from a Rating Agency is available for the Company; or 

 

	 	(iii)	an Event of Default is outstanding, 

 the Margin will be the highest applicable rate set out in the table above, being 1.05 per cent. per annum. 
  

	8.4	Interest on overdue amounts 

  

	 	(a)	If an Obligor fails to pay any amount payable by it under the Finance Documents, it must immediately on demand by the Facility Agent pay interest on the overdue amount
from its due date up to the date of actual payment, both before, on and after judgment. 

  

	 	(b)	Interest on an overdue amount is payable at a rate determined by the Facility Agent to be one per cent. per annum above the rate which would have been payable if the
overdue amount had, during the period of non-payment, constituted a Loan. For this purpose, the Facility Agent may (acting reasonably): 

  

	 	(i)	select successive Terms of any duration of up to three months; and 

  
 22 

	 	(ii)	determine the appropriate Rate Fixing Day for that Term. 

  

	 	(c)	Notwithstanding paragraph (b) above, if the overdue amount is a principal amount of a Loan and becomes due and payable before the last day of its current Term,
then: 

  

	 	(i)	the first Term for that overdue amount will be the unexpired portion of that Term; and 

 

	 	(ii)	the rate of interest on the overdue amount for that first Term will be one per cent. per annum above the rate then payable on that Loan. 

After the expiry of the first Term for that overdue amount, the rate on the overdue amount will be calculated in accordance with paragraph
(b) above. 
  

	 	(d)	Interest (if unpaid) on an overdue amount will be compounded with that overdue amount at the end of each of its Terms but will remain immediately due and payable.

  

	8.5	Notification of rates of interest 

 The Facility Agent must promptly notify each relevant Party of the determination of a rate of interest under this Agreement. 

 

	9.	TERMS 

  

	9.1	Selection 

  

	 	(a)	Each Loan has one Term only. 

  

	 	(b)	The Company must select the Term for a Loan in the relevant Request. 

  

	 	(c)	Subject to the following provisions of this Clause, each Term for a Loan will be three or six months or any other period agreed by the Company and all the Lenders.

  

	9.2	No overrunning the Final Maturity Date 

 If a Term would otherwise overrun the Final Maturity Date, it will be shortened so that it ends on the Final Maturity Date. 

 

	9.3	Notification 

 The
Facility Agent must notify each relevant Party of the duration of each Term promptly after ascertaining its duration. 
  

	10.	MARKET DISRUPTION 

  

	10.1	Failure of a Reference Bank to supply a rate 

 If EURIBOR is to be calculated by reference to the Reference Banks but a Reference Bank does not supply a rate by 12.00 noon on a Rate Fixing Day, the applicable EURIBOR will, subject as provided below,
be calculated on the basis of the rates of the remaining Reference Banks. 
  

	10.2	Market disruption 

  

	 	(a)	In this Clause, each of the following events is a market disruption event: 

  
 23 

	 	(i)	EURIBOR is to be calculated by reference to the Reference Banks but none or only one of the Reference Banks supplies a rate by 12.00 noon on the Rate Fixing Day; or

  

	 	(ii)	the Facility Agent receives by close of business on the Rate Fixing Day notification from Lenders whose shares in the relevant Loan exceed 35 per cent. of that
Loan that the cost to them of obtaining matching deposits in the relevant interbank market is in excess of EURIBOR for the relevant Term. 

  

	 	(b)	The Facility Agent must promptly notify the Company and the Lenders of a market disruption event. 

 

	 	(c)	After notification under paragraph (b) above, the rate of interest on each Lender’s share in the affected Loan for the relevant Term will be the aggregate of
the applicable: 

  

	 	(i)	Margin; 

  

	 	(ii)	rate notified to the Facility Agent by that Lender as soon as practicable, and in any event before interest is due to be paid in respect of that Term, to be that which
expresses as a percentage rate per annum the cost to that Lender of funding its share in that Loan from whatever source it may reasonably select; and 

  

	 	(iii)	Mandatory Cost. 

  

	10.3	Alternative basis of interest or funding 

  

	 	(a)	If a market disruption event occurs and the Facility Agent or the Company so requires, the Company and the Facility Agent must enter into negotiations for a period of
not more than 30 days with a view to agreeing an alternative basis for determining the rate of interest and/or funding for the affected Loan. 

  

	 	(b)	Any alternative basis agreed will be, with the prior consent of all the Lenders, binding on all the Parties. 

 

	11.	TAXES 

  

	11.1	General 

 In this Clause:

 Tax Credit means a credit against any Tax or any relief or remission for Tax (or its repayment). 

Treaty Lender means a Lender which is entitled under the provisions of a Treaty to receive payments of interest from a person
resident in the jurisdiction of the Obligor without, or with a lower, Tax Deduction. 
 Treaty State means a jurisdiction
having a double taxation agreement (a Treaty) with the jurisdiction of the Obligor which makes provision for full or partial exemption from or right to a full or partial refund of tax imposed by the jurisdiction of the Borrower on interest.

 VAT means any tax imposed in accordance with the council directive of 28 November 2006 on the common system of
value added tax (EC Directive 2006/112) or any other tax of a similar fiscal nature (including but not limited to goods and services tax), whether imposed in a member state of the European Union or elsewhere, in substitution for or levied in
addition to such tax. 

  
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	11.2	Tax gross-up 

  

	 	(a)	Each Obligor must make all payments to be made by it under the Finance Documents without any Tax Deduction, unless a Tax Deduction is required by law.

  

	 	(b)	If an Obligor or a Finance Party is aware that an Obligor must make a Tax Deduction (or that there is a change in the rate or the basis of a Tax Deduction), it must
promptly notify the Facility Agent. The Facility Agent must then promptly notify the affected Parties. 

  

	 	(c)	If a Tax Deduction is required by law to be made by an Obligor, the amount of the payment due from the Obligor will be increased to an amount which (after making the
Tax Deduction) leaves an amount equal to the payment which would have been due if no Tax Deduction had been required. 

  

	 	(d)	An Obligor is not required to make an increased payment to a Finance Party under paragraph (c) above for a Tax Deduction (A) in respect of tax imposed by the
jurisdiction of the Obligor from a payment of interest on a Loan, if the Obligor making the payment is able to demonstrate that the payment could have been made to the Finance Party without the Tax Deduction had that Finance Party complied with its
obligations under paragraph (h), or (i) in respect of a Finance Party that is a Treaty Lender, (B) in respect of tax imposed by the jurisdiction in which such Finance Party is incorporated or, if different, the jurisdiction (or
jurisdictions) in which such Finance Party is treated as resident for tax purposes, or in which such Finance Party’s Facility Office is located, if such tax is imposed on or measured by such Finance Party’s overall net income (however
denominated), or if such tax is a franchise tax imposed on such Finance Party (in lieu of net income taxes). 

  

	 	(e)	Paragraph (c) above will apply to a Tax Deduction that relates to a payment made to a Lender that is a Treaty Lender entitled to receive payments with a lower Tax
Deduction under a Treaty. Paragraph (d) shall apply, mutatis mutandis to the amount of the Tax Deduction that is in excess of the lower Tax Deduction provided for by the Treaty. 

 

	 	(f)	If an Obligor is required to make a Tax Deduction, that Obligor must make the minimum Tax Deduction allowed by law and must make any payment required in connection with
that Tax Deduction within the time allowed by law. 

  

	 	(g)	Within 30 days of making either a Tax Deduction or a payment required in connection with a Tax Deduction, the Obligor making that Tax Deduction or payment must deliver
to the Facility Agent for the relevant Finance Party evidence satisfactory to that Finance Party (acting reasonably) that the Tax Deduction has been made or (as applicable) the appropriate payment has been paid to the relevant taxing authority.

  

	 	(h)	In the event a payment under the Finance Documents is to be made to a Finance Party by a U.S. Debtor, such Finance Party shall promptly co-operate by using reasonable
endeavours in completing any procedural formalities necessary for such U.S. Debtor to obtain authorisation to make that payment without a, or with a lower Tax Deduction including, to the extent reasonably practicable, making a filing for the
appropriate application for relief. 

  

	 	(i)	A Treaty Lender and each Obligor which makes a payment to which that Treaty Lender is entitled shall co-operate by using reasonable endeavours in completing any
procedural formalities necessary for that Obligor to obtain authorisation to make that payment without a, or with a lower Tax Deduction including, to the extent reasonably practicable, making a filing for the appropriate application for relief.

  
 25 

	11.3	Tax indemnity 

  

	 	(a)	Except as provided below, the Company must indemnify (within three Business Days of demand) a Finance Party against any loss or liability or cost which that Finance
Party determines (in its absolute discretion) will be or has been suffered (directly or indirectly) by that Finance Party for or on account of Tax in relation to a payment received or receivable (or any payment deemed to be received or receivable)
under a Finance Document. 

  

	 	(b)	Paragraph (a) above does not apply: 

  

	 	(i)	with respect to any Tax assessed on a Finance Party under the laws of the jurisdiction in which: 

 

	 	(A)	that Finance Party is incorporated or, if different, the jurisdiction (or jurisdictions) in which that Finance Party is treated as resident for tax purposes; or

  

	 	(B)	that Finance Party’s Facility Office is located in respect of amounts received or receivable in that jurisdiction, 

if that Tax is imposed on or calculated by reference to the net income received or receivable (but not any sum deemed to be received or
receivable) by that Finance Party; or 
  

	 	(ii)	to the extent a loss, liability or cost: 

  

	 	(A)	is compensated for by an increased payment under Subclause 11.2 (Tax gross-up); or 

 

	 	(B)	would have been compensated for by an increased payment under Subclause 11.2 (Tax gross-up) but was not so compensated solely because the exclusion in paragraph
(d) of Subclause 11.2 (Tax gross-up) applied. 

  

	 	(c)	A Finance Party making, or intending to make, a claim under paragraph (a) above must promptly notify the Company of the event which will give, or has given, rise
to the claim. 

  

	 	(d)	A Finance Party must, on receiving a payment from an Obligor under this Subclause, notify the Facility Agent. 

 

	11.4	Tax Credit 

 If an Obligor
makes a Tax Payment and the relevant Finance Party determines (in its absolute discretion) that: 
  

	 	(a)	a Tax Credit is attributable either to an increased payment of which that Tax Payment forms part, or to that Tax Payment; and 

 

	 	(b)	it has obtained, used and retained that Tax Credit, 

 the Finance Party must pay an amount to the Obligor which that Finance Party determines (in its absolute discretion) will leave it (after that payment) in the same after-Tax position as it would have been
if the Tax Payment had not been required to be made by the Obligor. 
  

	11.5	Stamp taxes 

 The Company
must pay and indemnify (within three Business Days of demand) each Finance Party against any cost, loss or liability that Finance Party incurs in relation to all stamp duty, stamp duty land tax, registration or other similar Tax payable in
connection with the entry into, performance or enforcement of any Finance Document, except for any such Tax payable in connection with the entry into of a Transfer Certificate. 

  
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	11.6	Value added taxes 

  

	 	(a)	All amounts set out, or expressed to be payable under a Finance Document by any Party to a Finance Party which (in whole or in part) constitute the consideration for
any supply for VAT purposes are deemed to be exclusive of any VAT which is or becomes chargeable on that supply, and accordingly, subject to paragraph (b) below, if VAT is chargeable on any supply made by any Finance Party to any Party under a
Finance Document and the Finance Party is required to account for the VAT, that Party must pay to the Finance Party (in addition to and at the same time as paying the consideration for such supply) an amount equal to the amount of the VAT (and such
Finance Party must promptly provide an appropriate VAT invoice to that Party). 

  

	 	(b)	If VAT is or becomes chargeable on any supply made by any Finance Party (the Supplier) to any other Finance Party (the Recipient) under a Finance
Document, and any Party other than the Recipient (the Relevant Party) is required by the terms of any Finance Document to pay an amount equal to the consideration for that supply to the Supplier (rather than being required to reimburse or
indemnify the Recipient in respect of that consideration), the Relevant Party must also pay to the Supplier (if that Supplier is required to account for the VAT) or the Recipient (if the Recipient is required to account for the VAT) (in addition to
and at the same time as paying that amount) an amount equal to the amount of VAT. The Recipient must promptly pay to the Relevant Party an amount equal to any credit or repayment from the relevant tax authority which the Recipient reasonably
determines relates to the VAT chargeable on that supply. 

  

	 	(c)	Where a Finance Document requires any Party to reimburse or indemnify a Finance Party for any costs or expenses, that Party must also at the same time reimburse and
indemnify (as the case may be) the Finance Party against all VAT incurred by the Finance Party in respect of such costs or expenses but only to the extent that the Finance Party (reasonably) determines that it is not entitled to credit or repayment
from the relevant tax authority in respect of the VAT. 

  

	 	(d)	Any reference in this Subclause to any Party will, at any time when that Party is treated as a member of a group for VAT purposes, include (where appropriate and unless
the context otherwise requires) a reference to the person who is treated as making the supply, or (as appropriate) receiving the supply, under the grouping rules (as provided for in Article 11 of Council Directive 2006/112/EC (or as implemented by a
member state of the European Union). 

  

	 	(e)	If VAT is chargeable on any supply made by a Finance Party to any Party under a Finance Document and if reasonably requested by the Finance Party, the Party must
promptly give the Finance Party details of its VAT registration number and any other information as is reasonably requested in connection with the Finance Party’s reporting requirements for the supply. 

 

	12.	INCREASED COSTS 

  

	12.1	Increased Costs 

  

	 	(a)	In this Clause 12: 

  
 27 

 Basel III Costs means any Increased Cost which is attributable to or results from the
implementation or application of, or compliance with, Basel III or any law or regulation that implements or applies Basel III including any of the changes designed to strengthen any capital standards or introduce minimum liquidity or other
requirements referenced in Basel III. 
 Basel III means: 

 

	 	(i)	the following documents published by the Basel Committee on Banking Supervision relating to “Basel III” in December 2010: 

 

	 	(A)	“Basel III: A global regulatory framework for more resilient banks and banking systems”; 

 

	 	(B)	“Basel III: International framework for liquidity risk measurement, standards and monitoring”; and 

 

	 	(C)	“Guidance for national authorities operating the countercyclical capital buffer” published by the Basel Committee on Banking Supervision in December 2010

  

	 	    	each as amended, supplemented or restated; 

  

	 	(ii)	the rules for global systemically important banks contained in “Global systemically important banks: assessment methodology and the additional loss absorbency
requirement – Rules text” published by the Basel Committee on Banking Supervision in November 2011 (as amended, supplemented or restated), 

 and, in each case, any follow-up agreement, guidance, standards or paper published by the Basel Committee on Banking Supervision relating to “Basel III”. 

Dodd-Frank Act means the Dodd-Frank Wall Street Reform and Consumer Protection Act, Pub.L. 111-203, signed into law July 21,
2010 (including all regulations, rules, requirements, requests, guidelines or directives in connection with this act). 
  

	(b)	Except as provided in Subclause 12.2 (Exceptions), the Company must within 10 Business Days of demand pay to a Finance Party the amount of any Increased Cost incurred
by that Finance Party or any of its Affiliates as a result of: 

  

	 	(i)	the introduction of, or any change in, or any change in the interpretation, administration or application of, any law or regulation after the date of this Agreement;

  

	 	(ii)	compliance with any law or regulation made after the date of this Agreement; or 

 

	 	(iii)	any Basel III Costs or any cost arising under or in connection with the implementation of the Dodd-Frank Act. 

 

	12.2	Exceptions 

 The Company
need not make any payment for an Increased Cost to the extent that the Increased Cost is: 
  

	 	(a)	compensated for under another Clause or would have been but for an exception to that Clause; 

 

	 	(b)	attributable to a Finance Party or its Affiliate wilfully failing to comply with any law or regulation; or 

  
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	 	(c)	attributable to the implementation or application of or compliance with the International Convergence of Capital Measurement and Capital Standards, a Revised
Framework published by the Basel Committee on Banking and Supervision in June 2004 in the form existing on the date of this Agreement (Basel II) or any other law or regulation which implements Basel II (whether such implementation,
application or compliance is by a government, regulator, Finance Party or any of its Affiliates), excluding any Basel III Costs. 

  

	12.3	Claims 

	(a)	A Finance Party intending to make a claim for an Increased Cost must notify the Facility Agent of the circumstances giving rise to and the amount of the claim,
following which the Facility Agent will promptly notify the Company. 

  

	(b)	Each Finance Party must, as soon as practicable after a demand by the Facility Agent, provide a certificate confirming the amount of its Increased Cost.

  

	13.	MITIGATION 

  

	13.1	Mitigation 

  

	(a)	Each Finance Party must, in consultation with the Company, take all reasonable steps to mitigate any circumstances which arise and which result or would result in:

  

	 	(i)	any Tax Payment or Increased Cost being payable to that Finance Party; 

  

	 	(ii)	that Finance Party being able to exercise any right of prepayment and/or cancellation under this Agreement by reason of any illegality; or 

 

	 	(iii)	that Finance Party incurring any cost of complying with the minimum reserve requirements of the European Central Bank, 

including transferring its rights and obligations under the Finance Documents to an Affiliate or changing its Facility Office. 

 

	(b)	Paragraph (a) above does not in any way limit the obligations of any Obligor under the Finance Documents. 

 

	(c)	Each Finance Party shall notify the Facility Agent promptly upon becoming aware that any of the circumstances set out in paragraph (a) above have arisen in
relation to that Finance Party, and the Facility Agent shall notify the Company promptly of any such notification it receives from a Finance Party. 

  

	(d)	The Company must within 10 Business Days of demand indemnify each Finance Party for all costs and expenses reasonably incurred by that Finance Party as a result of any
step taken by it under this Subclause. 

  

	(e)	A Finance Party is not obliged to take any step under this Subclause if, in the opinion of that Finance Party (acting reasonably), to do so might be prejudicial to it.

  

	13.2	Conduct of business by a Finance Party 

 No term of any Finance Document will: 
  

	 	(a)	interfere with the right of any Finance Party to arrange its affairs (Tax or otherwise) in whatever manner it thinks fit; 

  
 29 

	 	(b)	oblige any Finance Party to investigate or claim any credit, relief, remission or repayment available to it in respect of Tax or the extent, order and manner of any
claim; or 

  

	 	(c)	oblige any Finance Party to disclose any information relating to its affairs (Tax or otherwise) or any computation in respect of Tax. 

 

	14.	PAYMENTS 

  

	14.1	Place 

 Unless a Finance
Document specifies that payments under it are to be made in another manner, all payments by a Party (other than the Facility Agent) under the Finance Documents must be made to the Facility Agent to its account at such office or bank in the principal
financial centre of a Participating Member State or London, as it may notify to that Party for this purpose by not less than five Business Days’ prior notice. 
  

	14.2	Funds 

 Payments under the
Finance Documents to the Facility Agent must be made for value on the due date at such times and in such funds as the Facility Agent may specify to the Party concerned as being customary at the time for the settlement of transactions in that
currency in the place for payment. 
  

	14.3	Distribution 

  

	(a)	Each payment received by the Facility Agent under the Finance Documents for another Party must, except as provided below, be made available by the Facility Agent to
that Party by payment (as soon as practicable after receipt) to its account with such office or bank in the principal financial centre of a Participating Member State or London, as it may notify to the Facility Agent for this purpose by not less
than five Business Days’ prior notice. 

  

	(b)	The Facility Agent may (with the consent of the Obligor or in accordance with Clause 31 (Set-Off)) apply any amount received by it for an Obligor in or towards payment
(on the date and in the currency and funds of receipt) of any amount due from that Obligor under the Finance Documents or in or towards the purchase of any amount of any currency to be so applied. 

 

	(c)	Where a sum is paid to the Facility Agent under this Agreement for another Party, the Facility Agent is not obliged to pay that sum to that Party until it has
established that it has actually received it. However, the Facility Agent may assume that the sum has been paid to it, and, in reliance on that assumption, make available to that Party a corresponding amount. If it transpires that the sum has not
been received by the Facility Agent, that Party must immediately on demand by the Facility Agent refund any corresponding amount made available to it together with interest on that amount from the date of payment to the date of receipt by the
Facility Agent at a rate calculated by the Facility Agent to reflect its cost of funds. 

  

	14.4	Currency 

  

	(a)	Unless a Finance Document specifies that payments under it are to be made in a different manner, the currency of each amount payable under the Finance Documents is
determined under this Subclause. 

  

	(b)	Amounts payable in respect of Taxes, fees, costs and expenses are payable in the currency in which they are incurred. 

  
 30 

	(c)	Each other amount payable under the Finance Documents is payable in euros. 

 

	14.5	No set-off or counterclaim 

All payments made by an Obligor under the Finance Documents must be calculated and made without (and free and clear of any deduction for)
set-off or counterclaim. 
  

	14.6	Business Days 

  

	(a)	If a payment under the Finance Documents is due on a day which is not a Business Day, the due date for that payment will instead be the next Business Day in the same
calendar month (if there is one) or the preceding Business Day (if there is not). 

  

	(b)	During any extension of the due date for payment of any principal under this Agreement interest is payable on that principal at the rate payable on the original due
date. 

  

	14.7	Partial payments 

  

	(a)	If the Facility Agent receives a payment insufficient to discharge all the amounts then due and payable by the Obligors under the Finance Documents, the Facility Agent
must apply that payment towards the obligations of the Obligors under the Finance Documents in the following order: 

  

	 	(i)	first, in or towards payment pro rata of any unpaid fees, costs and expenses of the Administrative Parties under the Finance Documents; 

 

	 	(ii)	secondly, in or towards payment pro rata of any accrued interest or fee due but unpaid under this Agreement; 

 

	 	(iii)	thirdly, in or towards payment pro rata of any principal amount due but unpaid under this Agreement; and 

 

	 	(iv)	fourthly, in or towards payment pro rata of any other sum due but unpaid under the Finance Documents. 

 

	(b)	The Facility Agent must, if so directed by the Majority Lenders, vary the order set out in subparagraphs (a)(ii) to (iv) above. 

 

	(c)	This Subclause will override any appropriation made by an Obligor. 

  

	14.8	Disruption to payment systems 

  

	(a)	If the Facility Agent determines (in its discretion) that a Disruption Event has occurred or the Company notifies the Facility Agent that a Disruption Event has
occurred, the Facility Agent: 

  

	 	(i)	may, and must if requested by the Company, enter into discussions with the Company for a period of not more than 5 Business Days with a view to agreeing any changes to
the operation or administration of the Facility (changes) as the Facility Agent may decide is necessary; 

  

	 	(ii)	is not obliged to enter into discussions with the Company in relation to any changes if, in its opinion, it is not practicable so to do and has no obligation to agree
to any changes; 

  

	 	(iii)	may consult with the Finance Parties in relation to any changes but is not obliged so to do if, in its opinion, it is not practicable in the circumstances; and

  

	 	(iv)	must notify the Finance Parties of any changes agreed under this Subclause. 

  
 31 

	(b)	Any agreement between the Facility Agent and the Company will be, (whether or not it is finally determined that a Disruption Event has occurred), binding on the Parties
notwithstanding the provisions of Clause 26 (Amendments and Waivers). 

  

	(c)	The Facility Agent accepts the discretions given to it by this Subclause only on the basis that it will not be liable (either in contract or tort) for any damages,
costs or losses of any kind which any Party may incur or sustain as a result of the Facility Agent taking or not taking any action under this Subclause. 

  

	(d)	If the Facility Agent makes any payment to any person in respect of a liability incurred as a result of taking or not taking any action under this Subclause, each
Lender must indemnify the Facility Agent for that Lender’s Pro Rata Share of such payment made or of any loss or liability incurred by the Facility Agent under this Subclause (unless the Facility Agent has been reimbursed by an Obligor under a
Finance Document). 

  

	(e)	Paragraph (d) above applies notwithstanding: 

  

	 	(i)	any other term of any Finance Document (including any term in Clause 21 (The Administrative Parties); and 

 

	 	(ii)	irrespective of whether the payment was made as a result of actual or alleged negligence or gross negligence or wilful misconduct of the Facility Agent but so that the
Facility Agent has no indemnity for claims against it which arise as a result of fraud by the Facility Agent. 

  

	14.9	Timing of payments 

 If a
Finance Document does not provide for when a particular payment is due, that payment will be due within three Business Days of demand by the relevant Finance Party. 
  

	15.	GUARANTEE AND INDEMNITY 

  

	15.1	Guarantee and indemnity 

Each Guarantor jointly and severally and irrevocably and unconditionally: 

 

	 	(a)	guarantees to each Finance Party punctual performance by the Company of all its obligations under the Finance Documents; 

 

	 	(b)	undertakes with each Finance Party that, whenever the Company does not pay any amount when due under or in connection with any Finance Document, that Guarantor must
immediately on demand by the Facility Agent pay that amount as if it were the principal obligor in respect of that amount; and 

  

	 	(c)	agrees with each Finance Party that if, for any reason, any amount claimed by a Finance Party under this Clause is not recoverable from that Guarantor on the basis of a
guarantee then that Guarantor will be liable as a principal debtor and primary obligor to indemnify that Finance Party in respect of any loss it incurs as a result of the Company failing to pay any amount expressed to be payable by it under a
Finance Document on the date when it ought to have been paid. The amount payable by a Guarantor under this indemnity will not exceed the amount it would have had to pay under this Clause had the amount claimed been recoverable on the basis of a
guarantee. 

  
 32 

	15.2	Continuing guarantee 

This guarantee is a continuing guarantee and will extend to the ultimate balance of all sums payable by the Company under the Finance
Documents, regardless of any intermediate payment or discharge in whole or in part. 
  

	15.3	Reinstatement 

  

	 	(a)	If any discharge (whether in respect of the obligations of any Obligor or any security for those obligations or otherwise) or arrangement is made in whole or in part on
the faith of any payment, security or other disposition which is avoided or must be restored on insolvency, liquidation, administration or otherwise without limitation, the liability of each Guarantor under this Clause will continue or be reinstated
as if the discharge or arrangement had not occurred. 

  

	 	(b)	Each Finance Party may concede or compromise any claim that any payment, security or other disposition is liable to avoidance or restoration. 

 

	15.4	Waiver of defences 

 The
obligations of each Guarantor under this Clause will not be affected by any act, omission or thing (whether or not known to it or any Finance Party) which, but for this provision, would reduce, release or prejudice any of its obligations under
this Clause. This includes: 
  

	 	(a)	any time or waiver granted to, or composition with, any person; 

  

	 	(b)	any release of any person under the terms of any composition or arrangement; 

 

	 	(c)	the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect, take up or enforce, any rights against, or security over assets
of, any person; 

  

	 	(d)	any non-presentation or non-observance of any formality or other requirement in respect of any instrument or any failure to realise the full value of any security;

  

	 	(e)	any incapacity or lack of power, authority or legal personality of or dissolution or change in the members or status of any person; 

 

	 	(f)	any amendment of a Finance Document or any other document or security; 

  

	 	(g)	any unenforceability, illegality, invalidity or non-provability of any obligation of any person under any Finance Document or any other document or security; or

  

	 	(h)	any insolvency or similar proceedings. 

  

	15.5	Immediate recourse 

  

	 	(a)	Each Guarantor waives any right it may have of first requiring any Finance Party (or any trustee or agent on its behalf) to proceed against or enforce any other right
or security or claim payment from any person before claiming from that Guarantor under this Clause. 

  

	 	(b)	This waiver applies irrespective of any law or any provision of a Finance Document to the contrary. 

  
 33 

	15.6	Appropriations 

 Until all
amounts which may be or become payable by the Obligors under or in connection with the Finance Documents have been irrevocably paid in full, each Finance Party (or any trustee or agent on its behalf) may without affecting the liability of any
Guarantor under this Clause: 
  

	 	(a)    (i)	refrain from applying or enforcing any other moneys, security or rights held or received by that Finance Party (or any trustee or agent on its behalf) against those
amounts; or 

  

	 	(ii)	apply and enforce them in such manner and order as it sees fit (whether against those amounts or otherwise); and 

 

	 	(b)	hold in an interest-bearing suspense account any moneys received from any Guarantor or on account of that Guarantor’s liability under this Clause.

  

	15.7	Non-competition 

 Unless:

  

	 	(a)	all amounts which may be or become payable by the Obligors under or in connection with the Finance Documents have been irrevocably paid in full; or

  

	 	(b)	the Facility Agent otherwise directs, 

 no Guarantor will exercise any rights which it may have by reason of performance by it of its obligations under the Finance Documents or by reason of any amount being payable, or liability arising, under
this Clause: 
  

	 	(i)	to be indemnified by an Obligor; 

  

	 	(ii)	to claim any contribution from any other guarantor of any Obligor’s obligations under the Finance Documents; 

 

	 	(iii)	to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights of the Finance Parties under the Finance Documents or of any
other guarantee or security taken pursuant to, or in connection with, the Finance Documents by any Finance Party; 

  

	 	(iv)	to bring legal or other proceedings for an order requiring any Obligor to make any payment, or perform any obligation, in respect of which any Guarantor has given a
guarantee, undertaking or indemnity under Subclause 15.1 (Guarantee and indemnity); 

  

	 	(v)	to exercise any right of set-off against any Obligor; or 

  

	 	(vi)	to claim or prove as a creditor of any Obligor in competition with any Finance Party. 

Each Guarantor must hold in trust for and immediately pay or transfer to the Facility Agent for the Finance Parties any payment or
distribution or benefit of security received by it contrary to this Clause or in accordance with any directions given by the Facility Agent under this Clause. 
  

	15.8	Release of Guarantors’ right of contribution 

 If any Guarantor ceases to be a Guarantor in accordance with the terms of the Finance Documents for the purpose of any sale or other disposal of that Guarantor: 

  
 34 

	 	(a)	that Guarantor will be released by each other Guarantor from any liability whatsoever to make a contribution to any other Guarantor arising by reason of the performance
by any other Guarantor of its obligations under the Finance Documents; and 

  

	 	(b)	each other Guarantor will waive any rights it may have by reason of the performance of its obligations under the Finance Documents to take the benefit (in whole or in
part and whether by way of subrogation or otherwise) of any right of any Finance Party under any Finance Document where the rights or security are granted by or in relation to the assets of the retiring Guarantor. 

 

	15.9	Additional security 

 This
guarantee is in addition to and is not in any way prejudiced by any other guarantee or security now or subsequently held by any Finance Party. 
  

	15.10	Limitations- U.S. Guarantors 

  

	(a)	Each U.S. Guarantor acknowledges that: 

  

	 	(i)	it will receive valuable direct or indirect benefits as a result of the transactions financed by the Finance Documents; 

 

	 	(ii)	those benefits will constitute reasonably equivalent value and fair consideration for the purpose of any Fraudulent Transfer Law; and 

 

	 	(iii)	each Finance Party has acted in good faith in connection with the guarantee given by the Guarantor and the transactions contemplated by the Finance Documents.

  

	(b)	Each Finance Party agrees that each U.S. Guarantor’s liability under this Clause is limited so that no obligation of, or transfer by, any U.S. Guarantor under this
Clause is subject to avoidance and turnover under any Fraudulent Transfer Law. 

  

	(c)	Each U.S. Guarantor represents and warrants to each Finance Party that: 

  

	 	(i)	the aggregate amount of its debts (including its obligations under the Finance Documents) is less than the aggregate value (being the lesser of fair valuation and
present fair saleable value) of its assets; 

  

	 	(ii)	its capital is not unreasonably small to carry on its business as it is being conducted; 

 

	 	(iii)	it has not incurred and does not intend to incur debts beyond its ability to pay as they mature; and 

 

	 	(iv)	it has not made a transfer or incurred any obligation under any Finance Document with the intent to hinder, delay or defraud any of its present or future creditors.

  

	(d)	Each representation and warranty in this Subclause: 

  

	 	(i)	is made by each U.S. Guarantor on the date of this Agreement; 

  

	 	(ii)	is deemed to be repeated by: 

  

	 	(A)	each Additional Guarantor on the date that Additional Guarantor becomes a U.S. Guarantor; and 

 

	 	(B)	each U.S. Guarantor on the date of each Request and the first day of each Term; and 

 

	 	(iii)	is, when repeated, applied to the circumstances existing at the time of repetition. 

  
 35 

	15.11	Limitations – Dutch Obligors 

 Notwithstanding the other provisions of this Clause, no Guarantor which is a Dutch Obligor shall be liable under this guarantee to the extent that, if it were liable, its entry into this guarantee would
violate sections 2:98c or 2.207c DCC. 
  

	16.	REPRESENTATIONS AND WARRANTIES 

  

	16.1	Representations and warranties 

 The representations and warranties set out in this Clause are made by each Obligor or (if the relevant provision so states) the Company to each Finance Party. 

 

	16.2	Status 

  

	(a)	It is a limited liability company, duly incorporated and validly existing under the laws of its jurisdiction of incorporation. 

 

	(b)	It and each of its Material Subsidiaries has the power to own its assets and carry on its business as it is being conducted. 

 

	16.3	Powers and authority 

 It
has the power to enter into and perform, and has taken all necessary action to authorise the entry into and performance of, the Finance Documents to which it is or will be a party and the transactions contemplated by those Finance Documents.

  

	16.4	Legal validity 

  

	(a)	Subject to any general principles of law limiting its obligations and referred to in any legal opinion required under this Agreement, each Finance Document to which it
is a party is its legally binding, valid and enforceable obligation. 

  

	(b)	Each Finance Document to which it is a party is in the proper form for its enforcement in the jurisdiction of its incorporation. 

 

	16.5	Non-conflict 

 The entry
into and performance by it of, and the transactions contemplated by, the Finance Documents do not conflict with: 
  

	 	(a)	any law or regulation applicable to it; 

  

	 	(b)	its or any of its Material Subsidiaries’ constitutional documents; or 

 

	 	(c)	any document which is binding upon it or any of its Material Subsidiaries or any of its or its Material Subsidiaries’ assets, 

in each case, to the extent that the conflict has or is reasonably likely to have a Material Adverse Effect. 

  
 36 

	16.6	No default 

  

	(a)	No Default is outstanding or will result from the entry into of, or the performance of any transaction contemplated by, any Finance Document. 

 

	(b)	No other event or circumstance is outstanding which constitutes a default under any document which is binding on it or any of its Subsidiaries or any of its or its
Subsidiaries’ assets to an extent or in a manner which has or is reasonably likely to have a Material Adverse Effect. 

  

	16.7	Authorisations 

 All
authorisations required by it in connection with the entry into, performance, validity and enforceability of, and the transactions contemplated by, the Finance Documents have been obtained or effected (as appropriate) and are in full force and
effect. 
  

	16.8	Financial statements 

 Its
audited financial statements most recently delivered to the Facility Agent (and, in the case of the Company at the date of this Agreement, the Original Financial Statements): 

 

	 	(a)	have been prepared in accordance with GAAP, consistently applied; and 

  

	 	(b)	fairly represent its financial condition (consolidated, if applicable) as at the date to which they were drawn up, 

except, in each case, as disclosed to the contrary in those financial statements. 

 

	16.9	No material adverse change 

In the case of the Company only, as at the date of this Agreement there has been no material adverse change in the consolidated financial
condition of the Company since the date to which the Original Financial Statements were drawn up. 
  

	16.10	  Litigation 

No litigation, arbitration or administrative proceedings against any member of the Group has been started or, to its knowledge, threatened
which, if adversely determined, might reasonably be expected to have a Material Adverse Effect. 
  

	16.11	Information Package 

  

	(a)	In this Subclause, Information Package means the written information package prepared on behalf of, and approved by, the Company in connection with this
Agreement. 

  

	(b)	In the case of the Company only: 

  

	 	(i)	the factual information contained in the Information Package was true and accurate in all material respects as at its date or (if appropriate) as at the date (if any)
at which it is stated to be given; 

  

	 	(ii)	the financial projections contained in the Information Package have been prepared as at its date, on the basis of recent historical information and assumptions believed
by the Company to be fair and reasonable; 

  
 37 

	 	(iii)	each expression of opinion, expectation, intention or policy contained in the Information Package was made after careful consideration and enquiry and is believed by
the Company to be fair and reasonable as at the date at which it is stated to be given and can be properly supported; 

  

	 	(iv)	the Information Package did not omit as at its date any information which, if disclosed, would make the Information Package untrue or misleading in any material
respect; and 

  

	 	(v)	as at the date of this Agreement, nothing has occurred since the date of the Information Package which, if disclosed, would make the Information Package untrue or
misleading in any material respect. 

  

	16.12	Taxes on payments 

 As at
the date of this Agreement, all amounts payable by it under the Finance Documents may be made without any Tax Deduction, provided that in the case of a U.S. Debtor, this representation shall only be made with respect to payments treated as interest
for U.S. federal income tax purposes. 
  

	16.13	Stamp duties 

 As at the
date of this Agreement, no stamp or registration duty or similar Tax or charge is payable in its jurisdiction of incorporation in respect of any Finance Document. 
  

	16.14	Immunity 

  

	 	(a)	The entry into by it of each Finance Document constitutes, and the exercise by it of its rights and performance of its obligations under each Finance Document will
constitute, private and commercial acts performed for private and commercial purposes. 

  

	 	(b)	It will not be entitled to claim immunity from suit, execution, attachment or other legal process in any proceedings taken in its jurisdiction of incorporation in
relation to any Finance Document. 

  

	16.15	Jurisdiction/governing law 

  

	(a)	In this Subclause: 

 Relevant
Jurisdiction means in relation to an Obligor: 
  

	 	(i)	its jurisdiction of incorporation; and 

  

	 	(ii)	any jurisdiction where it conducts its business. 

  

	(b)	Subject to any general principles or other matters of law limiting its obligations and referred to in any legal opinion issued in connection with this Agreement, its:

  

	 	(i)	irrevocable submission under the Finance Documents to the jurisdiction of the courts of England; 

 

	 	(ii)	agreement that each Finance Document is governed by English law; and 

  

	 	(iii)	agreement not to claim any immunity to which it or its assets may be entitled, 

 are legal, valid and binding under the laws of its Relevant Jurisdiction; and 

  
 38 

	(c)	subject to any general principles or other matters of law limiting its obligations and referred to in any legal opinion issued in connection with this Agreement, any
judgment obtained in England will be recognised and be enforceable by the courts of its Relevant Jurisdiction. 

  

	16.16	  Centre of main interests and establishments 

 For the purposes of The Council of the European Union Regulation No. 1346/2000 on Insolvency Proceedings (the Regulation), its centre of main interest (as that term is used in Article 3(1) of
the Regulation is situated in its jurisdiction of incorporation and it has no “establishment” (as that term is used in Article 2(h) of the Regulation) in any other jurisdiction. 

 

	16.17	  Pari passu ranking 

 Its payment obligations under the Finance Documents rank at least pari passu with the claims of all its other unsecured and unsubordinated creditors except those creditors whose claims are
mandatorily preferred by laws of general application to companies. 
  

	16.18  	United States Laws 

  

	(a)	In this Subclause: 

investment company has the meaning given to it in the United States Investment Company Act of 1940. 

public utility has the meaning given to it in the United States Federal Power Act of 1920. 

 

	(b)	It is not: 

  

	 	(i)	a public utility or subject to regulation under the United States Federal Power Act of 1920; 

 

	 	(ii)	required to be registered as an investment company or subject to regulation under the United States Investment Company Act of 1940; or 

 

	 	(iii)	subject to regulation under any United States Federal or State law or regulation that limits its ability to incur or guarantee indebtedness. 

 

	16.19  	Pension Plans 

  

	(a)	ERISA 

  

	 	(i)	No Obligor has breached the fiduciary rules of ERISA or engaged in any non-exempt prohibited transaction in connection with which it would be subjected to (in the case
of any such breach) a suit for damages or (in the case of any such prohibited transaction) either a civil penalty assessed under Section 502(i) of ERISA or a tax imposed by Section 4975 of the Code that, in any case, could, singly or in
the aggregate, have a Material Adverse Effect. 

  

	 	(ii)	No ERISA Event has occurred or is reasonably expected to occur that, when taken together with all other such ERISA Events for which liability is reasonably expected to
occur, could reasonably be expected to result in a Material Adverse Effect. As of the date of the last completed actuarial evaluation, no ERISA Plan had any unfunded liability determined under ERISA and the Code and using assumptions and methods
that are appropriate in the circumstances and in accordance with generally accepted actuarial principles and practices, except for any such unfunded liability that is being amortised in accordance with ERISA and the Code and except for any unfunded
liability which could not have a Material Adverse 

  
 39 

	 	
Effect. All contributions, including any special payments to amortise any such unfunded liability, required to have been made in accordance with ERISA, the Code and the terms of each ERISA Plan
have been made. No event has occurred and no condition exists with respect to any ERISA Plan that has resulted or is reasonably likely to result in the distress or involuntary termination of such ERISA Plan. 

 

	 	(iii)	Full timely payment has been made of all amounts, if any, which any Obligor or Related Person is required under Applicable Law, the terms of each ERISA Plan or
Multiemployer Plan, or any collective bargaining agreement to have paid as contributions to such ERISA Plan or Multiemployer Plan, other than any failures to timely or fully make such a payment that, singly or in the aggregate, could not reasonably
be expected to have a Material Adverse Effect. 

  

	(b)	Other Pension Plans 

  

	 	(i)	Each Pension Plan of each Obligor and its Subsidiaries is in substantial compliance with all applicable pension benefits and Tax laws, except for any non-compliance
that, singly or in the aggregate, could not have a Material Adverse Effect. 

  

	 	(ii)	As of the date of the last completed actuarial evaluation, no Pension Plan of an Obligor or any of its Subsidiaries, which is a registered pension plan under applicable
pension benefits or Tax laws, had any unfunded liability determined under all Applicable Laws and using assumptions and methods that are appropriate in the circumstances and in accordance with generally accepted actuarial principles and practices in
the relevant country where such Pension Plan is registered, except for any such unfunded liability that is being amortised, if required, in accordance with Applicable Laws. 

 

	 	(iii)	All contributions, including any special payments to amortise any unfunded liability, required to have been made under all Applicable Laws and the terms of each Pension
Plan have been made. 

  

	 	(iv)	No event has occurred and no condition exists with respect to any Pension Plan that has resulted or is reasonably likely to result in any Pension Plan being ordered or
required to be wound up in whole by any Applicable Laws relating to pension benefits or having its registration revoked or refused for the purposes of any Applicable Laws relating to pension benefits or Tax laws or being placed under the
administration of any relevant pension benefits regulatory authority or being required to pay any Taxes or penalties under any applicable pension benefits or Tax laws except, in each case, as could not reasonably be expected to have a Material
Adverse Effect. 

  

	 	(v)	No event has occurred and no condition exists that has resulted, or could reasonably be expected to result, in any Obligor or any of its Subsidiaries being required to
pay, repay or refund any amount (other than contributions required to be made or benefits or expenses required to be paid in the ordinary course) to or on account of any Pension Plan or a current or former member thereof where such requirement to
pay, repay or refund could have a Material Adverse Effect. 

  

	 	(vi)	No event has occurred and no condition exists that has resulted, or could reasonably be expected to result, in a payment being made out of a guarantee fund established
under any Applicable Laws relating to pension benefits in respect of a Pension Plan. 

  
 40 

	16.20	 Times for making representations and warranties 

  

	(a)	The representations and warranties set out in this Clause are made by each Original Obligor on the date of this Agreement. 

 

	(b)	Unless a representation and warranty is expressed to be given at a specific date, each representation and warranty is deemed to be repeated by:

  

	 	(i)	each Additional Guarantor and the Company on the date on which that Additional Guarantor becomes an Obligor; and 

 

	 	(ii)	each Obligor on the date of each Request and the first day of each Term. 

  

	(c)	When the representation and warranty in Subclause 16.6(a) (No default) is repeated on a Request for a Rollover Loan, the reference to a Default will be construed as a
reference to an Event of Default. 

  

	(d)	When a representation and warranty is repeated, it is applied to the circumstances existing at the time of repetition. 

 

	17.	INFORMATION COVENANTS 

  

	17.1	Financial statements 

  

	(a)	The Company must supply to the Facility Agent in sufficient copies for all the Lenders: 

 

	 	(i)	its audited consolidated financial statements for each of its Financial Years; 

 

	 	(ii)	the audited financial statements of each Guarantor for each of its financial years; and 

 

	 	(iii)	its interim consolidated financial statements for each six month period ending on a Semester Date. 

 

	(b)	All financial statements must be supplied as soon as they are available and: 

 

	 	(i)	in the case of the Company’s audited consolidated financial statements, within 120 days; 

 

	 	(ii)	in the case of each Guarantor’s audited financial statements, within 120 days; and 

 

	 	(iii)	in the case of the Company’s interim consolidated financial statements, within 90 days, 

of the end of the relevant financial period. 
  

	17.2	Form of financial statements 

  

	(a)	The Company must ensure that each set of financial statements supplied under this Agreement gives (if audited) a true and fair view of, or (if unaudited) fairly
represents, the financial condition (consolidated or otherwise) of the relevant person as at the date to which those financial statements were drawn up. 

  

	(b)	The Company must notify the Facility Agent of any change to the manner in which its audited consolidated financial statements are prepared. 

 

	(c)	If requested by the Facility Agent, the Company must supply to the Facility Agent: 

 

	 	(i)	a full description of any change notified under paragraph (b) above; and 

  
 41 

	 	(ii)	sufficient information to enable the Finance Parties to make a proper comparison between the financial position shown by the set of financial statements prepared on the
changed basis and its most recent audited consolidated financial statements delivered to the Facility Agent under this Agreement. 

  

	(d)	If requested by the Facility Agent, the Company must enter into discussions for a period of not more than 30 days with a view to agreeing any amendments required to be
made to this Agreement to place the Company and the Lenders in the same position as they would have been in if the change had not happened. Any agreement between the Company and the Facility Agent will be, with the prior consent of the Majority
Lenders, binding on all the Parties. 

  

	(e)	If no agreement is reached under paragraph (d) above on the required amendments to this Agreement, the Company must ensure that its auditors certify those
amendments; the certificate of the auditors will be, in the absence of manifest error, binding on all the Parties. 

  

	17.3	Compliance Certificate 

  

	(a)	The Company must supply to the Facility Agent a Compliance Certificate with each set of its financial statements sent to the Facility Agent under this Agreement.

  

	(b)	A Compliance Certificate must be signed by two authorised signatories of the Company and, in the case of a Compliance Certificate supplied with its annual audited
consolidated financial statements, its auditors. 

  

	17.4	Information—miscellaneous 

 The Company must supply to the Facility Agent, in sufficient copies for all the Lenders if the Facility Agent so requests: 
  

	 	(a)	copies of all documents dispatched by the Company to its shareholders (or any class of them) or its creditors generally or any class of them at the same time as they
are despatched; 

  

	 	(b)	promptly upon becoming aware of them, details of any litigation, arbitration or administrative proceedings against any member of the Group which are current, threatened
or pending and which, if adversely determined, might reasonably be expected to have a Material Adverse Effect; 

  

	 	(c)	promptly on request, a list of the then current Material Subsidiaries; and 

 

	 	(d)	promptly on request, such further information regarding the financial condition, business and operations of any member of the Group as any Finance Party through the
Facility Agent may reasonably request and which may be supplied without breaching any law or regulation or duty of confidentiality (not entered into in contemplation of this paragraph (d)) binding on the relevant member of the Group.

  

	17.5	Notification of Default 

  

	(a)	Unless the Facility Agent has already been so notified by another Obligor, each Obligor must notify the Facility Agent of any Default (and the steps, if any, being
taken to remedy it) promptly upon becoming aware of its occurrence. 

  

	(b)	Promptly on request by the Facility Agent, the Company must supply to the Facility Agent a certificate, signed by two of its authorised signatories on its behalf,
certifying that no Default is outstanding or, if a Default is outstanding, specifying the Default and the steps, if any, being taken to remedy it. 

  
 42 

	17.6	Year end 

  

	(a)	Subject to paragraph (b) below, the Company must not change its financial year end. 

 

	(b)	The Company must change its financial year end so that its first financial year end after the date of this Agreement is 31 December 2013 and the second financial
year end after the date of this Agreement is 31 December 2014. 

  

	17.7	Customer due diligence requirements 

 Each Obligor must promptly on the request of any Finance Party supply to that Finance Party any documentation or other evidence which is reasonably requested by that Finance Party (whether for itself, on
behalf of any Finance Party or any prospective new Lender) to enable a Finance Party or prospective new Lender to carry out and be satisfied with the results of all applicable customer due diligence requirements. 

 

	18.	FINANCIAL COVENANT 

  

	18.1	Definitions 

 In this
Clause: 
 Adjusted EBITDA means, in relation to a Relevant Period, EBITDA for that Relevant Period excluding results from
discontinued operations. 
 Adjusted Leverage means, in respect of any Relevant Period, the ratio of Total Net Debt on the
last day of that Relevant Period to Adjusted EBITDA in respect of that Relevant Period. 
 Borrowings means, at any time,
the aggregate outstanding principal, capital, carrying or nominal amount of any indebtedness of members of the Group for or in respect of: 
  

	 	(a)	moneys borrowed and net debit balances at banks or other financial institutions; 

 

	 	(b)	any acceptances under any acceptance credit or bill discount facility (or dematerialised equivalent); 

 

	 	(c)	any note purchase facility or the issue of bonds (but not Trade Instruments), notes, debentures, loan stock or any similar instrument; 

 

	 	(d)	any Finance Lease; and 

  

	 	(e)	any counter-indemnity obligation in respect of a guarantee, bond, standby or documentary letter of credit or any other instrument (but not, in any case, Trade
Instruments) issued by a bank or financial institution in respect of an underlying liability of an entity which is not a member of the Group which liability would fall within one of the other paragraphs of this definition, 

without double counting. 
 Cash means, at any time, the aggregate amount of cash as defined in the consolidated financial statements of the Company in accordance with GAAP. 

  
 43 

 Cash Equivalent Investments means, at any time, the aggregate amount of cash
equivalents as defined in the consolidated financial statements of the Company in accordance with GAAP. 
 EBIT means, in
respect of any Relevant Period, the consolidated operating profit of the Group before taxation: 
  

	 	(a)	before deducting any interest, commission, fees, discounts, prepayment fees, premiums or charges and other finance payments whether paid, payable or capitalised
by any member of the Group (calculated on a consolidated basis) in respect of that Relevant Period; 

  

	 	(b)	not including any accrued interest owing to any member of the Group; 

  

	 	(c)	before taking into account any Exceptional Items; 

  

	 	(d)	plus or minus the Group’s share of the profits or losses (after finance costs and tax) of Non-Group Entities after deducting the amount of any profit of any
Non-Group Entity to the extent that the amount of the profit included in the financial statements of the Group exceeds the amount actually received in cash by members of the Group through distributions by the Non-Group Entity;

  

	 	(e)	before taking into account any unrealised gains or losses on any commodity instrument, derivative instrument or financial instrument (other than any derivative
instrument which is accounted for on a hedge accounting basis); 

  

	 	(f)	before taking into account any gain or loss arising from an upward or downward revaluation of non-current assets; 

 

	 	(g)	before taking into account any Pension Items; 

  

	 	(h)	excluding the charge to profit represented by the expensing of performance stock units, in each case, to the extent added, deducted or taken into account, as the
case may be, for the purposes of determining operating profits of the Group before taxation. 

 EBITDA
means, in respect of any Relevant Period, EBIT for that Relevant Period after adding back any amount attributable to the amortisation, depreciation of members of the Group 
 Exceptional Items means any exceptional, one off, non-recurring or extraordinary items which represent gains or losses including those arising on: 

 

	 	(a)	the restructuring of the activities of an entity and reversals of any provisions for the cost of restructuring; 

 

	 	(b)	disposals, revaluations or impairment of non-current assets; and 

  

	 	(c)	curtailments and past service costs related to post retirement benefits 

 Finance Lease means any lease or hire purchase contract which would, in accordance with GAAP, be treated as a finance or capital lease. 

Financial Semester means the period commencing on the day after a Semester Date and ending on the next Semester Date. 

Financial Year means: 
  

	 	(a)	the period on and from 1 July 2012 to and including 31 December 2013; or 

  
 44 

	 	(b)	thereafter, each period of twelve months ending on 31 December. 

 GAAP means: 
  

	 	(a)	in relation to the Company, generally accepted accounting principles in the jurisdiction of incorporation of the Company, including IFRS; and 

 

	 	(b)	in relation to any other Obligor, generally accepted accounting principles in its jurisdiction of incorporation, including IFRS. 

Group means the Company and its Subsidiaries. 
 IFRS means international accounting standards within the meaning of the IAS Regulation 1606/2002 to the extent applicable to the relevant financial statements. 

Non-Group Entity means any investment or entity (which is not itself a member of the Group) in which any member of the Group has a
(non-controlling) ownership interest. 
 Pension Items means any income or charge attributable to a post-employment
benefit scheme other than the current service costs and any past service costs and curtailments and settlements attributable to the scheme. 
 Relevant Period means: 
  

	 	(a)	the period from 1 July 2012 to 31 December 2012; 

  

	 	(b)	each period of twelve months (or, in the case of a period ending on a date that is less than twelve months after 30 June 2012, the period from 1 July 2012 up
to and including that date) ending on or about the last day of the Financial Year; and 

  

	 	(c)	each period of twelve months (or, in the case of a period ending on a date that is less than twelve months after 30 June 2012, the period from 1 July 2012 up
to and including that date) ending on or about the last day of each Financial Semester. 

 Semester Date
means each of 30 June and 31 December. 
 Total Net Debt means, at any time, the aggregate amount of all obligations
of members of the Group for or in respect of Borrowings at that time but: 
  

	 	(a)	excluding any such obligations to any other member of the Group; 

  

	 	(b)	including, in the case of Finance Leases only, their capitalised value; and 

 

	 	(c)	deducting the aggregate amount of Cash and Cash Equivalent Investments held by any member of the Group at that time, 

and so that no amount shall be included or excluded more than once. 

Trade Instruments means any performance bonds, advance payment bonds or documentary letters of credit issued in respect of the
obligations of any member of the Group arising in the ordinary course of trading of that member of the Group. 

  
 45 

	18.2	Interpretation 

  

	(a)	Except as provided to the contrary in this Agreement, an accounting term used in this Clause is to be construed in accordance with the principles applied in connection
with the Original Financial Statements. 

  

	(b)	Any amount in a currency other than euros is to be taken into account at its euro equivalent calculated on the basis of: 

 

	(i)	the Facility Agent’s spot rate of exchange for the purchase of the relevant currency in the London foreign exchange market with euros at or about 11.00 a.m. on the
day the relevant amount falls to be calculated; or 

  

	(ii)	if the amount is to be calculated on the last day of a financial period of the Company, the relevant rates of exchange used by the Company in, or in connection with,
its financial statements for that period. 

  

	(c)	No item must be credited or deducted more than once in any calculation under this Clause. 

 

	18.3	Leverage 

 The Company
must ensure that Total Net Debt does not, at the end of each Relevant Period and for the first time on 31 December 2012, exceed 3.5 times Adjusted EBITDA. 
  

	18.4	Financial testing 

  

	(a)	The financial covenant set out in Subclause 18.3 (Leverage) shall be calculated in accordance with GAAP and tested by reference to each of the financial statements
delivered pursuant to paragraphs (a)(i) and (a)(iii) of Subclause 17.1 (Financial statements) and each Compliance Certificate delivered pursuant to Subclause 17.3 (Compliance Certificate). 

 

	(b)	For each Relevant Period ending on a date which is less than 12 months after 30 June 2012, Adjusted EBITDA, EBIT and EBITDA shall be calculated by reference to the
amount of Adjusted EBITDA, EBIT and EBITDA as disclosed in the financial statements and/or the Compliance Certificates for the Financial Semesters ending after 30 June 2012, annualised on a straight line basis. 

 

	19.	GENERAL COVENANTS 

  

	19.1	General 

 Each Obligor
agrees to be bound by the covenants set out in this Clause relating to it and, where the covenant is expressed to apply to any other member of the Group, each Obligor must ensure that its relevant Subsidiaries perform that covenant. 

 

	19.2	Authorisations 

 Each
Obligor must promptly: 
  

	 	(a)	obtain, maintain and comply with the terms; and 

  

	 	(b)	upon request by the Facility Agent, supply certified copies to the Facility Agent, 

of any authorisation required under any law or regulation to enable it to perform its obligations under, or for the validity or
enforceability of, any Finance Document. 

  
 46 

	19.3	Compliance with laws 

Each member of the Group must comply in all respects with all laws to which it is subject where failure to do so has or is reasonably
likely to have a Material Adverse Effect. 
  

	19.4	Intentionally left blank 

[            ] 

 

	19.5	Pari passu ranking 

 Each
Obligor must ensure that its payment obligations under the Finance Documents at all times rank at least pari passu with all its other present and future unsecured payment obligations, except for obligations mandatorily preferred by law applying to
companies generally. 
  

	19.6	Negative pledge 

  

	(a)	Except as provided below, no member of the Group may create or allow to exist any Security Interest on any of its assets. 

 

	(b)	No member of the Group may: 

  

	 	(i)	sell, transfer or otherwise dispose of any of its assets on terms where it is or may be leased to or re-acquired or acquired by a member of the Group or any of its
related entities; 

  

	 	(ii)	sell, transfer or otherwise dispose of any of its receivables on recourse terms; 

 

	 	(iii)	enter into any arrangement under which money or the benefit of a bank or other account may be applied, set-off or made subject to a combination of accounts; or

  

	 	(iv)	enter into any other preferential arrangement having a similar effect, 

 in circumstances where the transaction is entered into primarily as a method of raising Financial Indebtedness or of financing the acquisition of an asset. 

 

	(c)	Paragraphs (a) and (b) do not apply to: 

  

	 	(i)	any Security Interest listed in Schedule 6 (Existing Security and Financial Indebtedness) and any renewal or replacement of any such Security Interest, except to the
extent the principal amount secured by that Security Interest exceeds the amount stated in that Schedule; 

  

	 	(ii)	any lien arising by operation of law and in the ordinary course of trading (including pursuant to a supplier’s standard or usual terms); 

 

	 	(iii)	any Security Interest arising under any retention of title, conditional sale arrangements or arrangements having similar in respect of goods supplied to a member of the
Group in the ordinary course of trading and on the supplier’s standard or usual terms and not arising as a result of any default or omission by any member of the Group; 

 

	 	(iv)	any Security Interest on an asset, or an asset of any person, acquired by a member of the Group after the date of this Agreement but only for the period of 12 months
from the date of acquisition and to the extent that the principal amount secured by that Security Interest has not been incurred or increased in contemplation of, or since, the acquisition; 

  
 47 

	 	(v)	any Security Interest arising under clause 24 or clause 25 of the general terms and conditions (algemene bankvoorwaarden) of any member of the Dutch
Bankers’ Association (Nederlandse Vereniging van Banken) or any similar term applied by a financial institution pursuant to its general terms and conditions; 

 

	 	(vi)	any Security Interest created by a member of the Group in favour of and for the exclusive benefit of an Obligor, provided that the benefit of that Security Interest is
not assigned or transferred by the Obligor in favour of which such Security Interest is created to any person; 

  

	 	(vii)	any Security Interest provided in substitution for any Security Interest which is permitted under paragraph (i) above, over the same assets;

  

	 	(viii)	any cash pooling, netting or set-off arrangement entered into by any member of the Group in the ordinary course of its banking arrangements for the purpose of netting
debit and credit balances of members of the Group and any Security Interest created over credit balances in the Group’s bank accounts or other cash equivalents in the ordinary course of the Group’s banking arrangements for the purposes of
such cash pooling, netting or set-off arrangement and any Security Interest created over rights of recourse and subrogation of any member of the Group in connection with such member’s joint and several liability in the ordinary course of the
Group’s banking arrangements; and 

  

	 	(ix)	any payment or close out netting or set-off arrangement pursuant to any hedging transaction entered into by a member of the Group for the purpose of:

  

	 	(A)	hedging any risk to which any member of the Group is exposed in its ordinary course of trading; or 

 

	 	(B)	its interest rate or currency management operations which are carried out in the ordinary course of business, 

in each case, for non-speculative purposes only; and 
  

	 	(x)	any Security Interest securing indebtedness the amount of which (when aggregated with the amount of any other indebtedness which has the benefit of a Security Interest
not allowed under the preceding sub-paragraphs) does not at any time exceed an amount equal to 15 per cent. of the Total Consolidated Assets. 

  

	19.7	Disposals 

  

	(a)	Except as provided below, no member of the Group may, either in a single transaction or in a series of transactions and whether related or not, dispose of all or any
part of its assets. 

  

	(b)	Paragraph (a) does not apply to any disposal: 

  

	 	(i)	made in the ordinary course of trading of the disposing entity; 

  

	 	(ii)	of assets in exchange for other assets comparable or superior as to type, value and quality; 

 

	 	(iii)	of an asset from any member of the Group to another member of the Group; 

  

	 	(iv)	for market value of surplus, obsolete, redundant or worn-out assets not required for the efficient operations of the business of the Group; 

  
 48 

	 	(v)	of cash or cash equivalents for purposes not otherwise prohibited under this Agreement and on arm’s length terms; 

 

	 	(vi)	on arm’s length terms of assets acquired in accordance with the terms of, and after the date of, this Agreement, if such assets are not necessary or desirable for
the principal business areas to which the assets acquired as part of the relevant acquisition (taken as a whole) relate; 

  

	 	(vii)	of assets as a result of the enforcement by a third party of any Security Interest permitted under Subclause 19.6 (Negative pledge); 

 

	 	(viii)	consisting of the Separation and any restructuring steps related thereto and consistent with the Form F-1 Registration Statement filed by the Company with the SEC on
13 April 2012 (without any amendments that are or could reasonably be expected to be materially adverse to the interests of the Finance Parties); 

  

	 	(ix)	of assets provided that the proceeds of such disposal are re-invested by the relevant member of the Group in the acquisition of other assets comparable or superior as
to type, value and quality within 12 months of receipt; 

  

	 	(x)	of assets provided that the Company promptly procures that the proceeds of such disposal are applied in prepayment (to the extent there are any Loans outstanding at
that time) and cancellation of the Facility and the Total Commitments are reduced by an amount equal to the proceeds of the disposal; or 

  

	 	(xi)	where the higher of the market value and consideration receivable (when aggregated with the higher of the market value and consideration for any other disposal not
allowed under the preceding sub-paragraphs) does not in any Financial Year of the Company exceed an amount equal to 15 per cent. of the Total Consolidated Assets. 

 

	19.8	Financial Indebtedness 

  

	(a)	Except as provided below, no member of the Group (other than an Obligor) may incur or permit to be outstanding any Financial Indebtedness. 

 

	(b)	Paragraph (a) does not apply to: 

  

	 	(i)	any Financial Indebtedness incurred under the Finance Documents; 

  

	 	(ii)	any Financial Indebtedness owed by a member of the Group to another member of the Group; 

 

	 	(iii)	any Financial Indebtedness of any person acquired by a member of the Group which is incurred under arrangements in existence at the date of acquisition, but only for a
period of six months from the date of acquisition; 

  

	 	(iv)	any hedging transaction entered into by a member of the Group for the purpose of: 

 

	 	(A)	hedging any risk to which any member of the Group is exposed in its ordinary course of trading; or 

 

	 	(B)	its interest rate or currency management operations which are carried out in the ordinary course of business, 

  
 49 

 in each case, for non-speculative purposes only; 

 

	 	(v)	any liability arising under a declaration of joint and several liability (hoofdelijke aansprakelijkheid) as referred to in Article 2:403 of the DCC (and any
residual liability under such declaration arising pursuant to Section 2:404(2) of the DCC) provided that such 403 declaration is issued by the Company or any other member of the Group in respect of members of the Group only;

  

	 	(vi)	any trade credit for the supply of goods or services to any member of the Group incurred by any member of the Group in the ordinary course of trading;

  

	 	(vii)	any counter-indemnity obligation in respect of a guarantee, indemnity, bond, standby or documentary letter of credit or any other instrument issued by a bank or
financial institution, other than such instrument issued in respect of Financial Indebtedness; 

  

	 	(viii)	any Financial Indebtedness in connection with any cash pooling, netting, set-off or zero-balancing arrangement (including, for the avoidance of doubt, any account
balancing or interest compensation arrangement) entered into by any member of the Group in the ordinary course of its banking arrangements for the purposes of netting debit and credit balances between members of the Group only;

  

	 	(ix)	any Financial Indebtedness of any member of the Group under any facilities or agreements existing as of the date of this Agreement which are listed in Schedule 6
(Existing Security and Financial Indebtedness) under the heading “Existing Financial Indebtedness” and any extensions, renewals, refinancings or replacements of any such Financial Indebtedness, provided that the principal amount of such
facilities does not exceed the amount stated in Schedule 6 (Existing Security and Financial Indebtedness) under the heading “Existing Financial Indebtedness”; 

 

	 	(x)	any Financial Indebtedness arising under the Bridge Facilities provided that such Financial Indebtedness is incurred not more than 5 days before the Spin-Off and are
repaid in full not more than 5 days after the Spin-Off; or 

  

	 	(xi)	Financial Indebtedness which in aggregate does not at any time exceed an amount equal to 15 per cent. of the Total Consolidated Assets. 

 

	19.9	Change of business 

 The
Company must ensure that no substantial change is made to the general nature of the business of the Group from that carried on at the date of this Agreement. 
  

	19.10	 Mergers 

 No member
of the Group may enter into any amalgamation, demerger, merger or reconstruction other than under: 
  

	 	(a)	an intra-Group re-organisation on a solvent basis provided that, in the case of a re-organisation of a member of the Group that is an Obligor, that Obligor is
the surviving or successor entity; or 

  

	 	(b)	any other transaction agreed by the Majority Lenders. 

  
 50 

	19.11	 Environmental matters 

  

	(a)	In this Subclause: 

Environmental Approval means any authorisation required under any Environmental Law for the operation of the business of any member
of the Group conducted on or from properties owned or used by any member of the Group; 
 Environmental Claim means any
claim, proceeding, formal notice or investigation by any person in respect of any Environmental Law; and 
 Environmental
Law means any applicable law or regulation which relates to: 
  

	 	(i)	the pollution or protection of the environment; or 

  

	 	(ii)	any emission or substance capable of causing harm to any living organism or the environment. 

 

	(b)	Each member of the Group must: 

  

	 	(i)	comply with all Environmental Law; and 

  

	 	(ii)	obtain, maintain and ensure compliance with all requisite Environmental Approvals, 

where failure to do so has or is reasonably likely to have a Material Adverse Effect or result in any liability for a Finance Party.

  

	19.12	 United States Laws 

  

	(a)	No Obligor may: 

  

	 	(i)	extend credit for the purpose, directly or indirectly, of buying or carrying Margin Stock; or 

 

	 	(ii)	use any Loan, directly or indirectly, to buy or carry Margin Stock or for any other purpose in violation of the Margin Regulations. 

 

	(b)	No Obligor may use any part of any Loan to acquire any security in a transaction that is subject to the reporting requirements of section 13 or 14 of the United
States Securities Exchange Act of 1934. 

  

	19.13	 Insurance 

 Each
member of the Group must insure its business and assets with insurance companies to such an extent and against such risks as companies engaged in a similar business normally insure, where failure to do so has or would be reasonably likely to have a
Material Adverse Effect. 
 19.14 Maintenance of ranking 
  

	(a)	For the purpose of this Subclause: 

 Relevant Financing Arrangement means the USPP and any other agreement or arrangement relating to Financial Indebtedness in an amount (in any one agreement or a series of agreements forming part of
the same financing arrangement) greater than EUR 75,000,000 or its equivalent in any currency entered into between a member of the Group and a person which is not a member of the Group, provided that the Bridge Facilities shall be excluded from the
definition of “Relevant Financing Arrangement” so long as such Bridge Facilities are funded not more than 10 days prior to the Spin-Off (as defined in the definition of “Separation”) and are repaid in full not more than 10 days
after the Spin-Off . 

  
 51 

	(b)	The Company agrees that promptly upon entry into, amendment or restatement of any Relevant Financing Arrangement by any member of the Group that contains Potential
Preferential Terms, it shall supply to the Facility Agent certified copies of the relevant extracts of that Relevant Financing Arrangement (or that Relevant Financing Arrangement as amended or restated) (or a related document) setting out:

  

	 	(i)	sufficient details to determine that such document is a Relevant Financing Arrangement; and 

 

	 	(ii)	the terms of any guarantee, preference, prepayment obligation, covenant, representation, warranty, event of default (howsoever described) or any other term (in each
case under that Relevant Financing Arrangement (or a related document)) that would or could be more beneficial to the creditor under that Relevant Financing Arrangement (or that Relevant Financing Arrangement as amended or restated) than the
provisions of this Agreement (Potential Preferential Terms). 

  

	(c)	If the Facility Agent (acting on the instructions of the Majority Lenders, acting reasonably) determines that a Potential Preferential Term is more beneficial to the
provider of the relevant Relevant Financing Arrangement than the provisions of this Agreement (a Preferential Term) then: 

  

	 	(i)	this Agreement will automatically be deemed to have been amended to incorporate that Preferential Term with effect on and from the date of the entry into, amendment or
restatement of the relevant Relevant Financing Arrangement; and 

  

	 	(ii)	the Company shall (at its own expense), promptly upon notification by the Facility Agent that a Potential Preferential Term is a Preferential Term, enter into such
documentation (including without limitation an amendment agreement to this Agreement) and take such other action as the Facility Agent may reasonably request in order that the Finance Parties benefit from that Preferential Term in relation to this
Agreement 

  

	(d)	The Company must ensure that the obligations of the Obligors under the Finance Documents are at all times supported by Security Interests, guarantees and indemnities
from members of the Group at least equivalent to and as favourable to the Finance Parties as (and from (without limitation) the same members of the Group as) any Security Interests, guarantees and indemnities provided by members of the Group in
respect of any obligations under any Relevant Financing Arrangement (including, if required, by procuring that one or more Subsidiaries become an Additional Guarantor in accordance with Subclause 27.9 (Additional Guarantors)).

  

	20.	DEFAULT 

  

	20.1	Events of Default 

  

	(a)	Each of the events or circumstances set out in this Clause (other than Subclause 20.14 (Acceleration)) is an Event of Default. 

 

	(b)	In this Clause: 

 Material
Group Member means an Obligor or a Material Subsidiary; and 
 Permitted Transaction means: 

  
 52 

	 	(i)	an intra-Group re-organisation of a member of the Group on a solvent basis provided that, in the case of a re-organisation of a member of the Group that is an
Obligor, that Obligor is the surviving or successor entity; 

  

	 	(ii)	a liquidation of any member of the Group which is not an Obligor on a solvent basis provided that any payments or assets distributed as a result of such
liquidation on are distributed to other members of the Group; or 

  

	 	(iii)	any other transaction agreed by the Majority Lenders. 

  

	20.2	Non-payment 

 An Obligor
does not pay on the due date any amount payable by it under the Finance Documents in the manner required under the Finance Documents, unless the non-payment: 
  

	 	(a)	is caused by technical or administrative error and is remedied within three Business Days of the due date; or 

 

	 	(b)	is caused by a Disruption Event and is remedied within three Business Days of the due date. 

 

	20.3	Breach of other obligations 

  

	(a)	An Obligor does not comply with Subclause 19.5 (Pari passu ranking), Subclause 19.7 (Disposals), Subclause 19.8 (Financial Indebtedness), Subclause 19.9 (Change of
business), Subclause 19.10 (Mergers), Subclause 19.14 (Maintenance of ranking) or any term of Clause 18 (Financial Covenant). 

  

	(b)	An Obligor does not comply with any term of the Finance Documents (other than any term referred to in Subclause 20.2 (Non-payment) or in paragraph (a) above),
unless the non-compliance: 

  

	 	(i)	is capable of remedy; and 

  

	 	(ii)	is remedied within 30 days of the earlier of the Facility Agent giving notice of the failure to comply to the Company and any Obligor becoming aware of the
non-compliance. 

  

	20.4	Misrepresentation 

 A
representation or warranty made or deemed to be repeated by an Obligor in any Finance Document or in any document delivered by or on behalf of any Obligor under any Finance Document is incorrect or misleading in any material respect when made or
deemed to be repeated, unless the circumstances giving rise to the misrepresentation or breach of warranty: 
  

	 	(a)	are capable of remedy; and 

  

	 	(b)	are remedied within 30 days of the earlier of the Facility Agent giving notice of the misrepresentation or breach of warranty to the Company and any Obligor becoming
aware of the misrepresentation or breach of warranty. 

  

	20.5	Cross-default 

 Any of the
following occurs in respect of a member of the Group: 
  

	 	(a)	any of its Financial Indebtedness is not paid when due (after the expiry of any originally applicable grace period); 

  
 53 

	 	(b)	any of its Financial Indebtedness: 

  

	 	(i)	becomes prematurely due and payable; 

  

	 	(ii)	is placed on demand; or 

  

	 	(iii)	is capable of being declared by or on behalf of a creditor to be prematurely due and payable or of being placed on demand, 

in each case, as a result of an event of default or any provision having a similar effect (howsoever described); or 

 

	 	(c)	any commitment for its Financial Indebtedness is cancelled or suspended as a result of an event of default or any provision having a similar effect (howsoever
described), 

 unless the aggregate amount of Financial Indebtedness falling within all or any of paragraphs
(a) to (c) above is less than EUR 40,000,000 or its equivalent. 
  

	20.6	Insolvency 

 Any of the
following occurs in respect of a Material Group Member: 
  

	 	(a)	it is, or is deemed for the purposes of any applicable law to be, unable to pay its debts as they fall due or insolvent; 

 

	 	(b)	it admits its inability to pay its debts as they fall due; 

  

	 	(c)	it suspends making payments on any of its debts or announces an intention to do so by reason of actual or anticipated financial difficulties; 

 

	 	(d)	by reason of actual or anticipated financial difficulties, it begins negotiations with any creditor for the rescheduling or restructuring of any of its indebtedness; or

  

	 	(e)	any of its indebtedness is subject to a moratorium. 

  

	20.7	Insolvency proceedings 

  

	(a)	Except as provided below, any of the following occurs in respect of a Material Group Member: 

 

	 	(i)	any step is taken with a view to the suspension of payments, a moratorium or a composition, compromise, assignment or similar arrangement with any of its creditors;

  

	 	(ii)	a meeting of its shareholders, directors or other officers is convened for the purpose of considering any resolution for, to petition for or to file documents with a
court or any registrar for, its winding-up, administration or dissolution or any such resolution is passed; 

  

	 	(iii)	any person presents a petition, or files documents with a court or any registrar, for its winding-up, administration, dissolution or reorganisation (by way of voluntary
arrangement, scheme of arrangement or otherwise); 

  

	 	(iv)	any Security Interest is enforced over any of its assets; 

  

	 	(v)	an order for its winding-up, administration or dissolution is made; 

  
 54 

	 	(vi)	any liquidator, trustee in bankruptcy, judicial custodian, compulsory manager, receiver, administrative receiver, administrator or similar officer is appointed in
respect of it or any of its assets; 

  

	 	(vii)	its shareholders, directors or other officers request the appointment of, or give notice of their intention to appoint, a liquidator, trustee in bankruptcy, judicial
custodian, compulsory manager, receiver, administrative receiver, administrator or similar officer; or 

  

	 	(viii)	any other analogous step or procedure is taken in any jurisdiction. 

  

	(b)	Paragraph (a) above does not apply to: 

  

	 	(i)	any step or procedure which is part of a Permitted Transaction; or 

  

	 	(ii)	a petition for winding-up presented by a creditor which is frivolous or vexatious and being contested in good faith and is discharged, stayed or struck out within 30
days. 

  

	20.8	Creditors’ process 

  

	(a)	Subject to paragraph (b) below, any attachment, sequestration, distress, execution or analogous event in respect of any indebtedness, other obligation or claim
having an aggregate value of at least EUR 15,000,000, affects any asset(s) of a member of the Group having an aggregate value of at least EUR 15,000,000, and is not discharged within 30 days. 

 

	(b)	A Dutch executory attachment (executoriaal beslag) in connection with any claim with a value of at least EUR 15,000,000 affects any asset(s) of a member of the
Group having an aggregate value of at least EUR 15,000,000. 

  

	20.9	United States Bankruptcy Laws 

 Any of the following occurs in respect of a U.S. Debtor: 
  

	 	(a)	it makes a general assignment for the benefit of creditors; 

  

	 	(b)	it commences a voluntary case or proceeding under any U.S. Bankruptcy Law; or 

 

	 	(c)	an involuntary case under any U.S. Bankruptcy Law is commenced against it and is not controverted within 20 days or is not dismissed or stayed within 60 days after
commencement of the case; or 

  

	 	(d)	an order for relief or other order approving any case or proceeding is entered under any U.S. Bankruptcy Law. 

 

	20.10	  Cessation of business 

 A Material Group Member ceases, or threatens to cease, to carry on business except: 
  

	 	(a)	as part of a Permitted Transaction; or 

  

	 	(b)	as a result of any disposal allowed under this Agreement. 

  

	20.11	 Effectiveness of Finance Documents 

  

	(a)	It is or becomes unlawful for any Obligor to perform any of its obligations under the Finance Documents. 

  
 55 

	(b)	Any Finance Document is not effective in accordance with its terms or is alleged by an Obligor to be ineffective in accordance with its terms for any reason.

  

	(c)	An Obligor repudiates a Finance Document or evidences an intention to repudiate a Finance Document. 

 

	20.12	 Ownership of the Guarantors 

 A Guarantor is not or ceases to be a Subsidiary of the Company. 
  

	20.13	 Material adverse change 

 Any event or series of events occurs which, in the reasonable opinion of the Majority Lenders, has or is reasonably likely to have a Material Adverse Effect. 

 

	20.14	 Acceleration 

 If an
Event of Default described in Subclause 20.9 (United States Bankruptcy Laws) occurs, the Total Commitments will, if not already cancelled under this Agreement, be immediately and automatically cancelled and all amounts outstanding under the Finance
Documents will be immediately and automatically due and payable, without the requirement of notice or any other formality. If an Event of Default (other than an Event of Default described in Subclause 20.9 (United States Bankruptcy Laws)) is
outstanding, the Facility Agent may, and must if so instructed by the Majority Lenders, by notice to the Company: 
  

	 	(a)	cancel all or any part of the Total Commitments; and/or 

  

	 	(b)	declare that all or part of any amounts outstanding under the Finance Documents are: 

 

	 	(i)	immediately due and payable; and/or 

  

	 	(ii)	payable on demand by the Facility Agent acting on the instructions of the Majority Lenders; and/or 

 

	 	(c)	by notice to the Company, require the Company to give a guarantee or Security Interest in favour of the Finance Parties and/or the Facility Agent and the Company must
comply with that request. 

 Any notice given under this Subclause will take effect in accordance with its terms.

  

	21.	THE ADMINISTRATIVE PARTIES 

  

	21.1	Appointment and duties of the Facility Agent 

  

	(a)	Each Finance Party (other than the Facility Agent) irrevocably appoints the Facility Agent to act as its agent under and in connection with the Finance Documents.

  

	(b)	Each Finance Party irrevocably authorises the Facility Agent to: 

  

	 	(i)	perform the duties and to exercise the rights, powers and discretions that are specifically given to it under the Finance Documents, together with any other incidental
rights, powers and discretions; and 

  

	 	(ii)	enter into and deliver each Finance Document expressed to be entered into by the Facility Agent. 

  
 56 

	(c)	The Facility Agent has only those duties which are expressly specified in the Finance Documents. Those duties are solely of a mechanical and administrative nature.

  

	21.2	Roles of the Coordinators and Arrangers 

 Except as specifically provided in the Finance Documents, no Coordinator or Arranger has any obligations of any kind to any other Party in connection with any Finance Document. 

 

	21.3	No fiduciary duties 

  

	(a)	Nothing in the Finance Documents makes an Administrative Party a trustee or fiduciary for any other Party or any other person; and 

 

	(b)	no Administrative Party need hold in trust any moneys paid to it or recovered by it for a Party in connection with the Finance Documents or be liable to account for
interest on those moneys. 

  

	21.4	Individual position of an Administrative Party 

  

	(a)	If it is also a Lender, each Administrative Party has the same rights and powers under the Finance Documents as any other Lender and may exercise those rights and
powers as though it were not an Administrative Party. 

  

	(b)	Each Administrative Party may: 

  

	 	(i)	carry on any business with an Obligor or its related entities (including acting as an agent or a trustee for any other financing); and 

 

	 	(ii)	retain any profits or remuneration it receives under the Finance Documents or in relation to any other business it carries on with an Obligor or its related entities.

  

	21.5	Reliance 

 The Facility
Agent may: 
  

	 	(a)	rely on any notice or document believed by it to be genuine and correct and to have been signed by, or with the authority of, the proper person;

  

	 	(b)	rely on any statement made by any person regarding any matters which may reasonably be assumed to be within his knowledge or within his power to verify;

  

	 	(c)	assume, unless the context otherwise requires, that any communication made by an Obligor is made on behalf of and with the consent and knowledge of each Obligor;

  

	 	(d)	engage, pay for and rely on professional advisers selected by it (including those representing a Party other than the Facility Agent); and 

 

	 	(e)	act under the Finance Documents through its personnel and agents. 

  

	21.6	Majority Lenders’ instructions 

  

	(a)	The Facility Agent is fully protected if it acts on the instructions of the Majority Lenders in the exercise of any right, power or discretion or any matter not
expressly provided for in the Finance Documents. Any such instructions given by the Majority Lenders will be binding on all the Lenders. In the absence of instructions, the Facility Agent may act as it considers to be in the best interests of all
the Lenders. 

  
 57 

	(b)	The Facility Agent may assume that unless it has received notice to the contrary, any right, power, authority or discretion vested in any Party or the Majority Lenders
has not been exercised. 

  

	(c)	The Facility Agent may refrain from acting in accordance with the instructions of the Majority Lenders (or, if appropriate, the Lenders) until it has received security
satisfactory to it, whether by way of payment in advance or otherwise, against any liability or loss which it may incur in complying with the instructions. 

 

	(d)	The Facility Agent is not authorised to act on behalf of a Lender (without first obtaining that Lender’s consent) in any legal or arbitration proceedings in
connection with any Finance Document. 

  

	21.7	Responsibility 

  

	(a)	No Administrative Party is responsible for the adequacy, accuracy or completeness of any statement or information (whether written or oral) made in or supplied in
connection with any Finance Document. 

  

	(b)	No Administrative Party is responsible for the legality, validity, effectiveness, adequacy, completeness or enforceability of any Finance Document or any other
document. 

  

	(c)	Without affecting the responsibility of any Obligor for information supplied by it or on its behalf in connection with any Finance Document, each Lender confirms that
it: 

  

	 	(i)	has made, and will continue to make, its own independent appraisal of all risks arising under or in connection with the Finance Documents (including the financial
condition and affairs of each Obligor and its related entities and the nature and extent of any recourse against any Party or its assets); and 

  

	 	(ii)	has not relied exclusively on any information provided to it by any Administrative Party in connection with any Finance Document or agreement entered into in
anticipation of or in connection with any Finance Document. 

  

	21.8	Exclusion of liability 

  

	(a)	No Administrative Party is liable or responsible to any other Finance Party for any action taken or not taken by it in connection with any Finance Document, unless
directly caused by its gross negligence or wilful misconduct. 

	(b)	No Party (other than the relevant Administrative Party) may take any proceedings against any officers, employees or agents of an Administrative Party in respect of any
claim it might have against that Administrative Party or in respect of any act or omission of any kind by that officer, employee or agent in connection with any Finance Document. Any officer, employee or agent of an Administrative Party may rely on
this Subclause and enforce its terms under the Contracts (Rights of Third Parties) Act 1999. 

	(c)	The Facility Agent is not liable for any delay (or any related consequences) in crediting an account with an amount required under the Finance Documents to be paid by
the Facility Agent if the Facility Agent has taken all necessary steps as soon as reasonably practicable to comply with the regulations or operating procedures of any recognised clearing or settlement system used by the Facility Agent for that
purpose. 

	(d)    (i)	Nothing in this Agreement will oblige any Administrative Party to satisfy any customer due diligence requirement in relation to the identity of any person on behalf of
any Finance Party. 

  
 58 

	 	(ii)	Each Finance Party confirms to each Administrative Party that it is solely responsible for any customer due diligence requirements it is required to carry out and that
it may not rely on any statement in relation to those requirements made by any other person. 

  

	21.9	Default 

  

	(a)	The Facility Agent is not obliged to monitor or enquire whether a Default has occurred. The Facility Agent is not deemed to have knowledge of the occurrence of a
Default. 

  

	(b)	If the Facility Agent: 

  

	 	(i)	receives notice from a Party referring to this Agreement, describing a Default and stating that the event is a Default; or 

 

	 	(ii)	is aware of the non-payment of any principal, interest or fee payable to a Finance Party (other than the Facility Agent, a Coordinator or an Arranger) under this
Agreement, 

 it must promptly notify the other Finance Parties. 

 

	21.10	  Information 

  

	(a)	The Facility Agent must promptly forward to the person concerned the original or a copy of any document which is delivered to the Facility Agent by a Party for that
person. 

  

	(b)	Except where a Finance Document specifically provides otherwise, the Facility Agent is not obliged to review or check the adequacy, accuracy or completeness of any
document it forwards to another Party. 

  

	(c)	Except as provided above, the Facility Agent has no duty: 

  

	 	(i)	either initially or on a continuing basis to provide any Lender with any credit or other information concerning the risks arising under or in connection with the
Finance Documents (including any information relating to the financial condition or affairs of any Obligor or its related entities or the nature or extent of recourse against any Party or its assets) whether coming into its possession before, on or
after the date of this Agreement; or 

  

	 	(ii)	unless specifically requested to do so by a Lender in accordance with a Finance Document, to request any certificate or other document from any Obligor.

  

	(d)	In acting as the Facility Agent, the Facility Agent will be regarded as acting through its agency division which will be treated as a separate entity from its other
divisions and departments. Any information acquired by the Facility Agent which, in its opinion, is acquired by another division or department or otherwise than in its capacity as the Facility Agent may be treated as confidential by the Facility
Agent and will not be treated as information possessed by the Facility Agent in its capacity as such. 

  

	(e)	The Facility Agent is not obliged to disclose to any person any confidential information supplied to it by or on behalf of a member of the Group solely for the purpose
of evaluating whether any waiver or amendment is required in respect of any term of the Finance Documents. 

  

	(f)	Each Obligor irrevocably authorises the Facility Agent to disclose to the other Finance Parties any information which, in its opinion, is received by it in its capacity
as the Facility Agent. 

  
 59 

	21.11	  Indemnities 

  

	(a)	Without limiting the liability of any Obligor under the Finance Documents, each Lender must indemnify the Facility Agent for that Lender’s Pro Rata Share of any
loss or liability incurred by the Facility Agent in acting as the Facility Agent (unless the Facility Agent has been reimbursed by an Obligor under a Finance Document), except to the extent that the loss or liability is caused by the Facility
Agent’s gross negligence or wilful misconduct. 

  

	(b)	If a Party owes an amount to the Facility Agent under the Finance Documents, the Facility Agent may, after giving notice to that Party: 

 

	 	(i)	deduct from any amount received by it for that Party any amount due to the Facility Agent from that Party under a Finance Document but unpaid; and

  

	 	(ii)	apply that amount in or towards satisfaction of the owed amount. 

 That Party will be regarded as having received the amount so deducted. 
  

	21.12	  Compliance 

Each Administrative Party may refrain from doing anything (including disclosing any information) which might, in its opinion, constitute a
breach of any law or regulation or be otherwise actionable at the suit of any person, and may do anything which, in its opinion, is necessary or desirable to comply with any law or regulation. 

 

	21.13	  Resignation of the Facility Agent 

  

	(a)	The Facility Agent may resign and appoint any of its Affiliates as successor Facility Agent by giving notice to the other Finance Parties and the Company.

  

	(b)	Alternatively, the Facility Agent may resign by giving notice to the Finance Parties and the Company, in which case the Majority Lenders may appoint a successor
Facility Agent. 

  

	(c)	If no successor Facility Agent has been appointed under paragraph (b) above within 30 days after notice of resignation was given, the Facility Agent may appoint a
successor Facility Agent. 

  

	(d)	The person(s) appointing a successor Facility Agent must consult with the Company prior to the appointment. 

 

	(e)	The resignation of the Facility Agent and the appointment of any successor Facility Agent will both become effective only when the successor Facility Agent notifies all
the Parties that it accepts its appointment. 

 On giving the notification the successor Facility Agent will
succeed to the position of the Facility Agent and the term Facility Agent will mean the successor Facility Agent. 
  

	(f)	The retiring Facility Agent must, at its own cost: 

  

	 	(i)	make available to the successor Facility Agent those documents and records and provide any assistance as the successor Facility Agent may reasonably request for the
purposes of performing its functions as the Facility Agent under the Finance Documents; and 

  

	 	(ii)	enter into and deliver to the successor Facility Agent those documents and effect any registrations as may be required for the transfer or assignment of all of its
rights and benefits under the Finance Documents to the successor Facility Agent. 

  
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	(g)	Upon its resignation becoming effective, this Clause will continue to benefit the retiring Facility Agent in respect of any action taken or not taken by it in
connection with the Finance Documents while it was the Facility Agent, and, subject to paragraph (f) above, it will have no further obligations under any Finance Document. 

 

	(h)	The Majority Lenders may, by notice to the Facility Agent, require it to resign under paragraph (b) above. 

 

	21.14	  Relationship with Lenders 

  

	(a)	The Facility Agent may treat each Lender as a Lender, entitled to payments under this Agreement and as acting through its Facility Office(s) until it has received not
less than five Business Days’ prior notice from that Lender to the contrary. 

  

	(b)	The Facility Agent may at any time, and must if requested to do so by the Majority Lenders, convene a meeting of the Lenders. 

 

	(c)	The Facility Agent must keep a record of all the Parties and supply any other Party with a copy of the record on request. The record will include each Lender’s
Facility Office(s) and contact details for the purposes of this Agreement. 

  

	21.15	  Notice period 

Where this Agreement specifies a minimum period of notice to be given to the Facility Agent, the Facility Agent may, at its discretion,
accept a shorter notice period. 
  

	22.	EVIDENCE AND CALCULATIONS 

  

	22.1	Accounts 

 Accounts
maintained by a Finance Party in connection with this Agreement are prima facie evidence of the matters to which they relate for the purpose of any litigation or arbitration proceedings. 

 

	22.2	Certificates and determinations 

 Any certification or determination by a Finance Party of a rate or amount under the Finance Documents will be, in the absence of manifest error, conclusive evidence of the matters to which it relates.

  

	22.3	Calculations 

 Any
interest or fee accruing under this Agreement accrues from day to day and is calculated on the basis of the actual number of days elapsed and a year of 360 or 365 days or otherwise, depending on what the Facility Agent determines is market practice.

  

	23.	FEES 

  

	23.1	Facility Agent’s fee 

The Company must pay to the Facility Agent for its own account an agency fee in the amount and manner agreed in the Fee Letter between the
Facility Agent and the Company. 

  
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	23.2	Coordination Fee 

 The
Company must pay to the Coordinators for their own account coordination fees in the amount and manner agreed in the Fee Letter between the Coordinators and the Company. 

 

	23.3	Arrangement fees 

  

The Company must pay to the Arrangers for their own account arrangement fees in the amount and manner agreed in the Fee Letter between the
Arrangers and the Company. 
  

	23.4	Commitment fee 

  

	(a)	The Company must pay to the Facility Agent for each Lender a commitment fee computed at the rate of 35 per cent. of the then applicable Margin per annum on the
undrawn, uncancelled amount of each Lender’s Commitment. 

  

	(b)	Accrued commitment fee is payable quarterly in arrear. Accrued commitment fee is also payable to the Facility Agent for a Lender on the date its Commitment is cancelled
in full. 

  

	23.5	Utilisation fee 

  

	(a)	The Company must pay to the Facility Agent for each Lender a utilisation fee computed at the rate of: 

 

	 	(i)	for each day on which the aggregate amount of the Loans equals or exceeds EUR 1 but is equal to or less than one third of the Total Commitments at that time,
0.125 per cent. per annum; 

  

	 	(ii)	for each day on which the aggregate amount of the Loans exceeds one third of the Total Commitments at that time but is equal to or less than two thirds of the Total
Commitments at that time, 0.25 per cent. per annum; and 

  

	 	(iii)	for each day on which the aggregate amount of the Loans exceeds two thirds of the Total Commitments at that time, 0.50 per cent. per annum.

  

	(b)	Utilisation fee is payable on the amount of each Lender’s share in the Loans. 

 

	(c)	Accrued utilisation fee is payable quarterly in arrear. Accrued utilisation fee is also payable to the Facility Agent for a Lender on the date that its Commitment is
cancelled and its share in the Loans prepaid or repaid in full. 

  

	24.	INDEMNITIES AND BREAK COSTS 

  

	24.1	Currency indemnity 

  

	(a)	If any sum due from an Obligor under the Finance Documents (a Sum), or any order, judgment or award given or made in relation to a Sum, has to be converted from
the currency (the First Currency) in which that Sum is payable into another currency (the Second Currency) for the purpose of: 

  

	 	(i)	making or filing a claim or proof against that Obligor; 

  

	 	(ii)	obtaining or enforcing an order, judgment or award in relation to any litigation or arbitration proceedings, 

  
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 that Obligor shall as an independent obligation, within three Business Days of demand,
indemnify each Finance Party to whom that Sum is due against any cost, loss or liability arising out of or as a result of the conversion including any discrepancy between (A) the rate of exchange used to convert that Sum from the First Currency
into the Second Currency and (B) the rate or rates of exchange available to that person at the time of its receipt of that Sum. 
  

	(b)	Each Obligor waives any right it may have in any jurisdiction to pay any amount under the Finance Documents in a currency or currency unit other than that in which it
is expressed to be payable. 

  

	24.2	Other indemnities 

  

	(a)	The Company must within 10 Business Days of demand indemnify each Finance Party against any loss or liability which that Finance Party incurs as a consequence of:

  

	 	(i)	the occurrence of any Event of Default; 

  

	 	(ii)	any failure by an Obligor to pay any amount due under a Finance Document on its due date, including any resulting from any distribution or redistribution of any amount
among the Lenders under this Agreement; 

  

	 	(iii)	(other than by reason of negligence or default by that Finance Party) a Loan not being made after a Request has been delivered for that Loan; or

  

	 	(iv)	a Loan (or part of a Loan) not being prepaid in accordance with this Agreement. 

 The Company’s liability in each case includes any loss or expense on account of funds borrowed, contracted for or utilised to fund any amount payable under any Finance Document or any Loan.

  

	(b)	The Company must within 10 Business Days of demand indemnify the Facility Agent against any loss or liability incurred by the Facility Agent as a result of:

  

	 	(i)	investigating any event which the Facility Agent reasonably believes to be a Default; or 

 

	 	(ii)	acting or relying on any notice which the Facility Agent reasonably believes to be genuine, correct and appropriately authorised. 

24.3 Break Costs 
  

	(a)	The Company must within 10 Business Days of demand pay to each Lender its Break Costs if a Loan or an overdue amount is repaid or prepaid otherwise than on the last day
of any Term applicable to it. 

  

	(b)	Break Costs are the amount (if any) determined by the relevant Lender by which: 

 

	 	(i)	the interest (excluding Margin and Mandatory Costs) which that Lender would have received for the period from the date of receipt of any part of its share in a Loan or
an overdue amount to the last day of the applicable Term for that Loan or overdue amount if the principal or overdue amount received had been paid on the last day of that Term; 

exceeds 
  

	 	(ii)	the amount which that Lender would be able to obtain by placing an amount equal to the amount received by it on deposit with a leading bank in the appropriate interbank
market for a period starting on the Business Day following receipt and ending on the last day of the applicable Term. 

  
 63 

	(c)	Each Lender must supply to the Facility Agent for the Company details of the amount and basis of calculation (in reasonable detail) of any Break Costs claimed by it
under this Subclause. The Company agrees that if requested to do so by a Finance Party that is required to supply information under this paragraph (c), it will enter into a Confidentiality Undertaking before that Finance Party is required to provide
it with any information that is of a confidential or proprietary nature. 

  

	25.	EXPENSES 

  

	25.1	Initial costs 

 The
Company must within 10 Business Days of demand pay to each Administrative Party the amount of all costs and expenses (including legal fees) reasonably incurred by it in connection with the negotiation, preparation, printing, entry into and
syndication of the Finance Documents. 
  

	25.2	Subsequent costs 

 The
Company must within 10 Business Days of demand pay to the Facility Agent the amount of all costs and expenses (including legal fees) reasonably incurred by it in connection with: 

 

	 	(a)	the negotiation, preparation, printing and entry into of any Finance Document (other than a Transfer Certificate) entered into after the date of this Agreement; and

  

	 	(b)	any amendment, waiver or consent requested by or on behalf of an Obligor or specifically allowed by a Finance Document. 

 

	25.3	Enforcement costs 

 The
Company must pay to each Finance Party the amount of all costs and expenses (including legal fees) incurred by it in connection with the enforcement of, or the preservation of any rights under, any Finance Document. 

 

	26.	AMENDMENTS AND WAIVERS 

  

	26.1	Procedure 

  

	(a)	Except as provided in this Clause, any term of the Finance Documents may be amended or waived with the agreement of the Company and the Majority Lenders. The Facility
Agent may effect, on behalf of any Finance Party, an amendment or waiver allowed under this Clause. 

  

	(b)	The Facility Agent must promptly notify the other Parties of any amendment or waiver effected by it under paragraph (a) above. Any such amendment or waiver is
binding on all the Parties. 

  

	(c)	Each Guarantor agrees to any amendment or waiver allowed by this Clause which is agreed to by the Company. This includes any amendment or waiver which would, but for
this paragraph, require the consent of each Guarantor if the guarantee under the Finance Documents is to remain in full force and effect. 

  

	(d)	In respect of any amendment or waiver to this Agreement which is intended to take effect on or after 1 January 2013, the Obligors acknowledge that certain of the
provisions of this Agreement may need to be amended to take account of FATCA before any such amendment or waiver can take effect. The Company and the Facility Agent (acting on the instructions of all the Lenders) shall enter into negotiations in
good faith with a view to agreeing such amendments as are (in the reasonable opinion of all the Lenders) appropriate or desirable to take account of FATCA at that time. 

  
 64 

	26.2	Exceptions 

  

	(a)	An amendment or waiver which relates to: 

  

	 	(i)	the definition of Majority Lenders in Subclause 1.1 (Definitions); 

  

	 	(ii)	Subclause 2.2 (Nature of a Finance Party’s rights and obligations); 

  

	 	(iii)	an extension of the date of payment of any amount to a Lender under the Finance Documents; 

 

	 	(iv)	a reduction in the Margin or a reduction in the amount of any payment or change in currency of principal, interest, fee or other amount payable to a Lender under the
Finance Documents; 

  

	 	(v)	an increase in, or an extension of, a Commitment or the Total Commitments; 

 

	 	(vi)	a release of an Obligor other than in accordance with the terms of this Agreement; 

 

	 	(vii)	a term of a Finance Document which expressly requires the consent of each Lender; 

 

	 	(viii)	the right of a Lender to assign or transfer its rights or obligations under the Finance Documents; 

 

	 	(ix)	Subclause 19.14 (Maintenance of ranking); or 

  

	 	(x)	this Clause, 

 may only be made
with the consent of all the Lenders. 
  

	(b)	An amendment or waiver which relates to the rights or obligations of an Administrative Party may only be made with the consent of that Administrative Party.

  

	(c)	A Fee Letter may be amended or waived with the agreement of the Administrative Party that is a party to that Fee Letter and the Company. 

 

	26.3	Change of currency 

  

	(a)	Unless otherwise prohibited by law, if more than one currency or currency unit are at the same time recognised by the central bank of any country as the lawful currency
of that country, then: 

  

	 	(i)	any reference in the Finance Documents to, and any obligations arising under the Finance Documents in, the currency of that country shall be translated into, or paid
in, the currency or currency unit of that country designated by the Facility Agent (after consultation with the Company); and 

  

	 	(ii)	any translation from one currency or currency unit to another shall be at the official rate of exchange recognised by the central bank for the conversion of that
currency or currency unit into the other, rounded up or down by the Facility Agent (acting reasonably). 

  

	(b)	If a change in any currency of a country occurs, this Agreement will, to the extent the Facility Agent (acting reasonably and after consultation with the Company)
specifies to be necessary, be amended to comply with any generally accepted conventions and market practice in the European interbank market and otherwise to reflect the change in currency. 

  
 65 

	26.4	Waivers and remedies cumulative 

 The rights of each Finance Party under the Finance Documents: 
  

	 	(a)	may be exercised as often as necessary; 

  

	 	(b)	are cumulative and not exclusive of its rights under the general law; and 

  

	 	(c)	may be waived only in writing and specifically. 

 Delay in exercising or non-exercise of any right is not a waiver of that right. 
  

	27.	CHANGES TO THE PARTIES 

  

	27.1	Assignments and transfers by Obligors 

 No Obligor may assign or transfer any of its rights and obligations under the Finance Documents without the prior consent of all the Lenders. 

 

	27.2	Assignments and transfers by Lenders 

 Subject to the following provisions of this Clause, a Lender (the Existing Lender) may at any time: 
  

	 	(a)	assign any of its rights; or 

  

	 	(b)	transfer by way of novation any of its rights or obligations under this Agreement, 

to any other person (the New Lender). 
  

	27.3	Conditions to assignment or transfer—consents 

  

	(a)	The consent of the Company is required for any assignment or transfer unless: 

 

	 	(i)	the New Lender is another Lender or an Affiliate of a Lender; 

  

	 	(ii)	the assignment or transfer is by RBS NV to RBS plc pursuant to Subclause 27.14 (The Royal Bank of Scotland); or 

 

	 	(iii)	an Event of Default is outstanding. 

 The consent of the Company (if required) must not be unreasonably withheld or delayed. The Company will be deemed to have given its consent five Business Days after the Company is given notice of the
request unless it is expressly refused by the Company within that time. 
  

	(b)	The Company may not withhold its consent solely because the assignment or transfer might increase the Mandatory Cost. 

 

	27.4	Other conditions to assignment or transfer 

  

	(a)	Unless the Company and the Facility Agent otherwise agree, an assignment or transfer of part of a Commitment or the rights and obligations under this Agreement by the
Existing Lender must be in a minimum amount of EUR 5,000,000 or (if less) its remaining Commitment. 

  

	(b)	The Facility Agent is not obliged to enter into a Transfer Certificate or otherwise give effect to an assignment or transfer until it has completed all customer due
diligence requirements to its satisfaction. The Facility Agent must promptly notify the Existing Lender and the New Lender if there are any such requirements. 

  
 66 

	(c)	If the consent of the Company is required for any assignment or transfer (irrespective of whether it may be unreasonably withheld or not), the Facility Agent is not
obliged to enter into a Transfer Certificate if the Company expressly refuses its consent within five Business Days after the Company is given notice of the request for the relevant assignment or transfer. 

 

	(d)	Unless the Facility Agent otherwise agrees, the New Lender must pay to the Facility Agent for its own account, on or before the date any assignment or transfer occurs,
a fee of EUR 3,000. 

  

	(e)	Any reference in this Agreement to a Lender includes a New Lender but excludes a Lender if no amount is or may be owed to or by it under this Agreement.

  

	27.5	Procedure for assignment of rights 

 An assignment of rights will only be effective on receipt by the Facility Agent of written confirmation from the New Lender (in form and substance satisfactory to the Facility Agent) that the New Lender
will, in relation to the assigned rights, assume obligations to the other Finance Parties equivalent to those it would have been under if it had been an Original Lender. 

 

	27.6	Procedure for transfer using a Transfer Certificate. 

  

	(a)	In this Subclause: 

 Transfer
Date means, in relation to a transfer, the later of: 
  

	 	(i)	the proposed Transfer Date specified in that Transfer Certificate; and 

  

	 	(ii)	the date on which the Facility Agent enters into that Transfer Certificate. 

 

	(b)	A transfer of rights or obligations using a Transfer Certificate will be effective if: 

 

	 	(i)	the Existing Lender and the New Lender deliver to the Facility Agent a duly completed Transfer Certificate; and 

 

	 	(ii)	the Facility Agent enters into it. 

  

	(c)	On the Transfer Date: 

  

	 	(i)	the New Lender will assume the rights and obligations of the Existing Lender expressed to be the subject of the novation in the Transfer Certificate in substitution for
the Existing Lender; 

  

	 	(ii)	the Existing Lender will be released from those obligations and cease to have those rights; and 

 

	 	(iii)	the New Lender will become a Lender under this Agreement and be bound by the terms of this Agreement as Lender. 

 

	(d)	The Facility Agent must enter into a Transfer Certificate delivered to it and which appears on its face to be in order as soon as reasonably practicable and, as soon as
reasonably practicable after it has entered into a Transfer Certificate, send a copy of that Transfer Certificate to the Company. 

  
 67 

	(e)	Each Party (other than the Existing Lender and the New Lender) irrevocably authorises the Facility Agent to enter into and deliver any duly completed Transfer
Certificate on its behalf. 

  

	27.7	Limitation of responsibility of Existing Lender 

  

	(a)	Unless expressly agreed to the contrary, an Existing Lender makes no representation or warranty and assumes no responsibility to a New Lender for:

  

	 	(i)	the financial condition of an Obligor; or 

  

	 	(ii)	the legality, validity, effectiveness, enforceability, adequacy, accuracy, completeness or performance of: 

 

	 	(A)	any Finance Document or any other document; 

  

	 	(B)	any statement or information (whether written or oral) made in or supplied in connection with any Finance Document, or 

 

	 	(C)	any observance by any Obligor of its obligations under any Finance Document or any other document, 

and any representations or warranties implied by law are excluded. 

 

	(b)	Each New Lender confirms to the Existing Lender and the other Finance Parties that it: 

 

	 	(i)	has made, and will continue to make, its own independent appraisal of all risks arising under or in connection with the Finance Documents (including the financial
condition and affairs of each Obligor and its related entities and the nature and extent of any recourse against any Party or its assets) in connection with its participation in this Agreement; and 

 

	 	(ii)	has not relied exclusively on any information supplied to it by the Existing Lender in connection with any Finance Document. 

 

	(c)	Nothing in any Finance Document requires an Existing Lender to: 

  

	 	(i)	accept a re-transfer from a New Lender of any of the rights and obligations assigned or transferred under this Clause; or 

 

	 	(ii)	support any losses incurred by the New Lender by reason of the non-performance by any Obligor of its obligations under any Finance Document or otherwise.

  

	27.8	Costs resulting from change of Lender or Facility Office 

 If: 
  

	 	(a)	a Lender assigns or transfers any of its rights and obligations under the Finance Documents or changes its Facility Office; and 

 

	 	(b)	as a result of circumstances existing at the date the assignment, transfer or change occurs, an Obligor would be obliged to pay a Tax Payment or an Increased Cost,

 then unless the assignment or transfer is made as a result of Clause 13 (Mitigation), the relevant Obligor need
only pay that Tax Payment or Increased Cost to the same extent that it would have been obliged to if no assignment, transfer or change had occurred. 

  
 68 

	27.9	Additional Guarantors 

  

	(a)	If the Company: 

  

	 	(i)	requests that one of its wholly-owned Subsidiaries becomes an Additional Guarantor; or 

 

	 	(ii)	it is required to make one of its wholly-owned Subsidiaries an Additional Guarantor, 

it must give not less than 10 Business Days prior notice to the Facility Agent (and the Facility Agent must promptly notify the Lenders).

  

	(b)	If the accession of an Additional Guarantor requires any Finance Party to carry out customer due diligence requirements in circumstances where the necessary information
is not already available to it, the Company must promptly on request by any Finance Party supply to that Finance Party any documentation or other evidence which is reasonably requested by that Finance Party (whether for itself, on behalf of any
Finance Party or any prospective new Lender) to enable a Finance Party or prospective new Lender to carry out and be satisfied with the results of all applicable customer due diligence requirements. 

 

	(c)	The prior consent of the Majority Lenders is required in relation to the accession of any Subsidiary of the Company as an Additional Guarantor, unless such accession is
required in order to comply with Clause 19.14 (Maintenance of ranking). 

  

	(d)	The Obligors acknowledge that the right to accede Additional Guarantors on or after 1 January 2013 is subject to certain of the provisions of the Finance Documents
being amended to take account of FATCA before any such accession can take effect. The Company and the Facility Agent (acting on the instructions of all the Lenders) shall enter into negotiations in good faith with a view to agreeing such amendments
as are (in the reasonable opinion of all the Lenders) appropriate or desirable to take account of FATCA at that time. 

  

	(e)	If one of the wholly-owned Subsidiaries of the Company is to become an Additional Guarantor, then the Company must (following consultation with the Facility Agent)
deliver to the Facility Agent the relevant documents and evidence listed in Part 2 of Schedule 2 (Conditions Precedent Documents). 

  

	(f)	The relevant Subsidiary will become an Additional Guarantor when the Facility Agent notifies the other Finance Parties and the Company that it has received all of the
documents and evidence referred to in paragraph (d) above in form and substance satisfactory to it. The Facility Agent must give this notification as soon as reasonably practicable. 

 

	(g)	Delivery of an Accession Agreement, entered into by the relevant Subsidiary and the Company, to the Facility Agent constitutes confirmation by that Subsidiary and the
Company that the Repeating Representations are correct as at the date of delivery. 

  

	27.10	  Resignation of a Guarantor 

  

	(a)	The Company may request that a Guarantor ceases to be a Guarantor by giving to the Facility Agent a duly completed Resignation Request. 

 

	(b)	The Facility Agent must accept a Resignation Request and notify the Company and the Lenders of its acceptance if: 

 

	 	(i)	all the Lenders have consented to the Resignation Request; 

  
 69 

	 	(ii)	it is not aware that a Default is outstanding or would result from the acceptance of the Resignation Request; and 

 

	 	(iii)	no amount owed by that Guarantor under this Agreement is still outstanding. 

 

	(c)	The Guarantor will cease to be a Guarantor when the Facility Agent gives the notification referred to in paragraph (b) above. 

 

	(d)	A Guarantor may also cease to be a Guarantor in any other manner approved by all the Lenders. 

 

	27.11 	Changes to the Reference Banks 

  

	(a)	If a Reference Bank (or, if a Reference Bank is not a Lender, the Lender of which it is an Affiliate) ceases to be a Lender, the Facility Agent must (in consultation
with the Company) appoint another Lender or an Affiliate of a Lender to replace that Reference Bank. 

  

	(b)	The Facility Agent may, and must promptly on request by the Company, appoint additional Lenders (or their Affiliates) so there are at least three Reference Banks.

  

	27.12 	Security over Lenders’ rights 

 In addition to the other rights provided to Lenders under this Clause 27, each Lender may without consulting with or obtaining consent from any Obligor, at any time charge, assign or otherwise create any
Security Interest in or over (whether by way of collateral or otherwise) all or any of its rights under any Finance Document to secure obligations of that Lender including, without limitation: 

 

	 	(a)	any charge, assignment or other Security Interest to secure obligations to a federal reserve or central bank; and 

 

	 	(b)	in the case of any Lender which is a fund, any charge, assignment or other Security Interest granted to any holders (or trustee or representatives of holders) of
obligations owed, or securities issued, by that Lender as security for those obligations or securities, 

 except
that no such charge, assignment or Security Interest shall: 
  

	 	(i)	release a Lender from any of its obligations under the Finance Documents or substitute the beneficiary of the relevant charge, assignment or Security Interest for the
Lender as a party to any of the Finance Documents; or 

  

	 	(ii)	require any payments to be made by an Obligor other than or in excess of, or grant to any person any more extensive rights than, those required to be made or granted to
the relevant Lender under the Finance Documents. 

  

	27.13 	Register 

 The Facility
Agent, acting solely for this purpose as an agent of the Company, shall maintain at one of its offices a copy of each written confirmation from the New Lender referred to in Subclause 27.5 and any notice or confirmation of a replacement or
substitution of a Lender otherwise made under this Agreement delivered to it in respect of the Loans and the Commitments, and a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal amounts of
and interest on the Loans owing to, each Lender pursuant to the terms hereof from time to time (the Register). The entries in the Register shall be conclusive (absent manifest error), and the Company, the Facility Agent and the Lenders shall
treat each person whose name is recorded in 

  
 70 

 
the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by the
Company and any Lender (with respect to its own interest only) at any reasonable time and from time to time upon reasonable prior notice. The Facility Agent shall register promptly in the Register any assignment made in accordance with this
Agreement; provided that (i) the Facility Agent shall not have any liability to any person as a result of any failure to register any such assignment and (ii) the failure of the Facility Agent to record any such assignment in the Register
shall not affect the validity or enforceability of any such assignment. 
  

	27.14 	The Royal Bank of Scotland 

  

	(a)	Notwithstanding any other term of this Clause 27, the Parties hereby agree that on the RBS Effective Date: 

 

	 	(i)	each of the Obligors and RBS NV in its capacity as Lender shall be released from furher obligations towards one another under the Finance Documents and their respective
rights against one another under the Finance Documents shall be cancelled (being the Discharged RBS NV Rights and Obligations); 

  

	 	(ii)	each of the Obligors and RBS plc shall assume obligations towards one another and/or acquire rights against one another which differ from the Discharged RBS Rights and
Obligations only insofar as that Obligor and RBS plc have assumed and/or acquired the same in place of that Obligor and RBS NV; 

  

	 	(iii)	the Facility Agent, the Arrangers, RBS plc and the other Lenders shall acquire the same rights and assume the same obligations between themselves as they would have
acquired and assumed had RBS plc been an Original Lender with the rights and/or obligations acquired or assumed by it as a result of the transfer and to the extent the Facility Agent, the Arrangers and RBS NV shall each be released from further
obligations to each other under the Finance Documents; and 

  

	 	(iv)	RBS plc shall become a Lender. 

  

	(b)	For the purposes of this Subclause 27.14, the RBS Effective Date means the date on which a substantial part of the business activities of RBS NV is transferred
to RBS plc by way of a statutory transfer scheme as notified to the Facility Agent by RBS plc. 

  

	(c)	The Facility Agent shall, as soon as reasonably practicable after it has received notice from RBS plc of the occurrence of the RBS Effective Date, send a copy of that
notice to the Company. 

  

	28.	FINANCE PARTY DEFAULT 

  

	28.1	General 

 In this Clause:

 The definitions of Lender and Commitment will include an Increase Lender (as defined in Subclause 28.4
(Increase)) and an increased Commitment under this Clause respectively. 
 Defaulting Lender means any Lender:

  

	 	(a)	which has failed to make its share in a Loan available or has given notice to the Facility Agent or the Company (which has notified the Facility Agent) that it will not
make available its share in any Loan by the relevant Utilisation Date in accordance with this Agreement; 

  
 71 

	 	(b)	which has rescinded or repudiated a Finance Document; or 

  

	 	(c)	with respect to which an Insolvency Event has occurred and is continuing, 

 unless, in the case of paragraph (a) above: 
  

	 	(i)	its failure to pay is caused by: 

  

	 	(A)	administrative or technical error; or 

  

	 	(B)	a Disruption Event, and 

payment is made within 5 Business Days of its due date; or 

 

	 	(ii)	the Lender is disputing in good faith whether it is contractually obliged to make the relevant payment. 

Impaired Agent means the Facility Agent at any time when: 

 

	 	(a)	it has failed to make (or has notified a Party that it will not make) a payment required to be made by it under the Finance Documents by the due date for payment;

  

	 	(b)	it rescinds or repudiates a Finance Document, 

  

	 	(c)	(if the Facility Agent is also a Lender) it is a Defaulting Lender under paragraph (a) or (b) of the definition of Defaulting Lender;

  

	 	(d)	an Insolvency Event has occurred and is continuing with respect to the Facility Agent; 

unless, in the case of paragraph (a) above: 
  

	 	(i)	its failure to pay is caused by: 

  

	 	(A)	administrative or technical error; or 

  

	 	(B)	a Disruption Event, and 

payment is made within 5 Business Days of its due date; or 

 

	 	(ii)	the Facility Agent is disputing in good faith whether it is contractually obliged to make the relevant payment. 

Insolvency Event in relation to a Finance Party means that the Finance Party: 

 

	 	(a)	is dissolved (other than as a result of a consolidation, amalgamation or merger); 

 

	 	(b)	becomes insolvent or is unable to pay its debts or fails or admits in writing its inability generally to pay its debts as they become due; 

 

	 	(c)	makes a general assignment, arrangement or composition with or for the benefit of its creditors; 

 

	 	(d)	 institutes or has instituted against it, by a regulator, supervisor or similar official with primary insolvency, rehabilitative or regulatory
jurisdiction over it in the jurisdiction of its incorporation or organisation or the jurisdiction of its head or home office, a proceeding 

  
 72 

	 	
seeking a judgment of insolvency or bankruptcy or any other relief under bankruptcy or insolvency law or other similar law affecting creditors’ rights, or a petition is presented for its
winding-up or liquidation by it or such regulator, supervisor or similar official; 

  

	 	(e)	has instituted against it a proceeding seeking judgment of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law or other similar law
affecting creditors’ rights, or a petition is presented for its winding up or liquidation and, in the case of any such proceeding or petition presented against it, that proceeding or petition is instituted or presented by a person or an entity
not described in paragraph (d) above and: 

  

	 	(i)	results in a judgment of insolvency or bankruptcy or the entry of an order for relief or the making of an order for its winding-up or liquidation; or

  

	 	(ii)	is not dismissed, discharged, stayed or restrained in each case within 30 days of its institution or presentation; 

 

	 	(f)	has a resolution passed for its winding-up, official management or liquidation (other than as a result of a consolidation, amalgamation or merger);

  

	 	(g)	seeks or becomes subject to the appointment of an administrator, provisional liquidator, conservator, receiver, trustee, custodian or other similar official for it or
for all or substantially all its assets; 

  

	 	(h)	has a secured party take possession of all or substantially all its assets or has a distress, execution, attachment, sequestration or other legal process levied,
enforced or sued on or against all or substantially all its assets and that secured party maintains possession, or any such process is not dismissed, discharged, stayed or restrained, in each case within 30 days of it; 

 

	 	(i)	causes or its subject to any event which, under the applicable laws of any jurisdiction, has an analogous effect to any of the events specified in paragraphs
(a) to (h) (inclusive) above; or 

  

	 	(j)	takes any action in furtherance of, or indicating its consent to, approval of, or acquiescence, in any of the acts referred to above. 

 

	28.2	No commitment fee 

 No
commitment fee is payable to the Facility Agent (for the account of a Lender) on any undrawn, uncancelled amount of any Commitment of that Lender for any day on which that Lender is a Defaulting Lender. 

 

	28.3	Right of cancellation in relation to a Defaulting Lender 

  

	(a)	If any Lender becomes a Defaulting Lender, the Company may, at any time whilst the Lender continues to be a Defaulting Lender, give the Facility Agent no less than 5
Business Days notice of cancellation of each undrawn Commitment of that Lender. 

  

	(b)	On the notice referred to in paragraph (a) above becoming effective, each undrawn Commitment of the Defaulting Lender will immediately be reduced to zero.

  

	(c)	The Facility Agent must as soon as practicable after receipt of a notice referred to in paragraph (a) above, notify all the Lenders. 

  
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	(d)	Notwithstanding any other provision in this Agreement, any Commitments cancelled under this Subclause may be reinstated in accordance with Subclause 28.4 (Increase).

  

	28.4	Increase 

  

	(a)	The Company may give notice to the Facility Agent by no later than the date falling 20 Business Days after the effective date of a cancellation of:

  

	 	(i)	the undrawn Commitments of a Defaulting Lender under Subclause 28.3 (Right of cancellation in relation to a Defaulting Lender), or 

 

	 	(ii)	the Commitment of a Lender in accordance with: 

  

	 	(A)	Clause 7.1 (Mandatory prepayment – illegality), or 

  

	 	(B)	paragraph (a) of Clause 7.6 (Right of replacement, repayment and cancellation of a single Lender), 

request that the Commitments be increased in aggregate up to the amount of the undrawn Commitments which have been cancelled. 

 

	(b)	Following a request under paragraph (a) above: 

  

	 	(i)	the increased Commitment will be assumed by one or more person (each an Increase Lender) selected by the Company (which must not be a member of the Group) and
each of which confirms that it has assumed all the obligations of a Lender corresponding to that increased Commitment as if it had been an Original Lender; 

 

	 	(ii)	each of the Obligors and any Increase Lender will assume obligations towards one another and/or acquire rights against one another as the Obligors and the Increase
Lender would have assumed and/or acquired had the Increase Lender been an Original Lender; 

  

	 	(iii)	each Increase Lender will become a Party as a Lender and any Increase Lender and each of the other Finance Parties will assume obligations towards one another and
acquire rights against one another as that Increase Lender and those Finance Parties would have assumed and/or acquired had the Increase Lender been an Original Lender; 

 

	 	(iv)	the Commitments of the other Lenders will continue in full force and effect; and 

 

	 	(v)	the increase will become effective on the date referred to in the notice delivered under paragraph (a) above or any later date on which the conditions set out in
paragraph (c) below are satisfied. 

  

	(c)	An increase in the Commitments relating to a Facility will only be effective on: 

 

	 	(i)	the execution by the Facility Agent of confirmation (the Increase Confirmation) from the Increase Lender substantially in the form set out in Schedule 8 (Form of
Increase Confirmation) that the Increase Lender will assume the same obligations to the other Finance Parties as it would have been under if it had been an Original Lender; and 

 

	 	(ii)	in relation to an Increase Lender which is not a Lender immediately prior to the relevant increase, the Facility Agent being satisfied that it has complied with all
necessary customer due diligence requirements in relation to that increase. The Facility Agent must promptly notify the Company, and the Increase Lender upon being so satisfied. 

  
 74 

	(d)	Each Increase Lender, by entering into the Increase Confirmation, confirms that the Facility Agent has authority to enter into on its behalf any amendment or waiver
that has been approved by or on behalf of the relevant Lenders in accordance with this Agreement on or before the date on which the increase becomes effective. 

 

	(e)	The Company must promptly on demand pay the Facility Agent the amount of all costs and expenses (including legal fees) reasonably incurred by either it and including
any receiver or delegate of the Facility Agent in connection with any increase in Commitments under this Clause. 

  

	(f)	The Increase Lender must, on the date on which the increase takes effect, pay to the Facility Agent (for its own account) a fee in an amount equal to the fee which
would be payable under Subclause 27.4 (Other conditions to assignment or transfer) if the increase was a transfer under Clause 27 (Changes to the Parties) and if the Increase Lender was a New Lender. 

 

	(g)	The Company may pay to the Increase Lender a fee in the amount and at the times agreed between the Company and the Increase Lender in a letter which for these purposes
is designated a Finance Document. 

  

	(h)	Subclause 27.7 (Limitation of responsibility of Existing Lender) applies in relation to an Increase Lender as if references in that Subclause to:

  

	 	(i)	an Existing Lender were references to all the Lenders immediately prior to the relevant increase; 

 

	 	(ii)	the New Lender were references to that Increase Lender; and 

  

	 	(iii)	a re-transfer and re-assignment were references to respectively a transfer and assignment. 

 

	(i)	The Facility Agent must, as soon as reasonably practicable, after it has executed an Increase Confirmation send a copy to the Company. 

28.5 Replacement of a Defaulting Lender 
  

	(a)	The Company may, at any time a Lender has become and continues to be a Defaulting Lender, by giving no less than 5 Business Days’ notice to the Facility Agent and
that Lender: 

  

	 	(i)	replace that Lender by requiring that Lender to (and that Lender must) transfer in accordance with this Agreement all (and not part only) of its rights and obligations
under this Agreement; 

  

	 	(ii)	require that Lender to (and that Lender must) transfer in accordance with this Agreement all (and not part only) of the undrawn Commitment of that Lender; or

  

	 	(iii)	require that Lender to (and that Lender must) transfer in accordance with this Agreement all (and not part only) of its rights and obligations in respect of the
Facility, 

 to another person (a Replacement Lender) selected by the Company, and which confirms its
willingness to assume and does assume all the obligations or all the relevant obligations of the transferring Lender in accordance with Clause 27 (Changes to the Parties) for a purchase price in cash payable at the time of transfer which is either:

  
 75 

	 	(A)	in an amount equal to the outstanding principal amount of that Lender’s participation in the outstanding Loans and all accrued interest, Break Costs and other
amounts payable in relation to that Commitment under the Finance Documents; or 

  

	 	(B)	in an amount agreed between that Defaulting Lender, the Replacement Lender and the Company and which does not exceed the amount described in paragraph (A) above.

  

	(b)	Any transfer of rights and obligations of a Defaulting Lender under this Clause is subject to the following conditions: 

 

	 	(i)	the Company has no right to replace the Facility Agent; 

  

	 	(ii)	neither the Facility Agent nor the Defaulting Lender will have any obligation to the Company to find a Replacement Lender; 

 

	 	(iii)	the transfer must take place no later than 30 days after the notice referred to in paragraph (a) above; and 

 

	 	(iv)	in no event will the Defaulting Lender be required to pay or surrender to the Replacement Lender any of the fees received by the Defaulting Lender under the Finance
Documents; and 

  

	 	(v)	the Defaulting Lender will only be obliged to transfer its rights and obligations under paragraph (a) above once it is satisfied that it has complied with all
necessary customer due diligence requirements in relation to that transfer to the Replacement Lender. 

  

	(c)	The Defaulting Lender must perform the requirements described in paragraph (b)(v) above as soon as reasonably practicable following delivery of a notice referred to in
paragraph (a) above and must notify the Facility Agent and the Company when it is satisfied that it has complied with those requirements. 

 28.6 Disenfranchisement of Defaulting Lenders 
  

	(a)	For so long as a Defaulting Lender has any undrawn Commitment, in ascertaining: 

 

	 	(i)	the Majority Lenders; or 

  

	 	(ii)	whether: 

  

	 	(A)	any given percentage (including, for unanimity) of the Total Commitments; or 

 

	 	(B)	the agreement of any specified group of Lenders, 

 has been obtained to approve any request for a consent, waiver, amendment or other vote under the Finance Documents, that Defaulting Lender’s Commitment under the Facility will be reduced by the
amount of its undrawn Commitments under the Facility and, to the extent that the reduction results in that Defaulting Lender’s Total Commitments being zero, that Defaulting Lender will be deemed not to be a Lender for the purposes of paragraphs
(i) and (ii) above. 
  

	(b)	For the purposes of this Clause, the Facility Agent may assume that the following Lenders are Defaulting Lenders: 

 

	 	(i)	any Lender which has notified the Facility Agent that it has become a Defaulting Lender; 

  
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	 	(ii)	any Lender in relation to which it is aware that any of the events or circumstances referred to in paragraphs (a), (b) or (c) of the definition of
Defaulting Lender has occurred, 

 unless it has received notice to the contrary from the Lender concerned
(together with any supporting evidence reasonably requested by the Facility Agent) or the Facility Agent is otherwise aware that the Lender has ceased to be a Defaulting Lender. 

 

	28.7	Impaired Agent 

  

	(a)	If, at any time, the Facility Agent becomes an Impaired Agent, an Obligor or a Lender which is required to make a payment under the Finance Documents to the Facility
Agent may instead either pay that amount direct to the required recipient(s) or if in its absolute discretion it considers that it is not reasonably practicable to pay that amount direct to the required recipient(s), pay that amount or the relevant
part of that amount to an interest-bearing account held with an Acceptable Bank and in relation to which no Insolvency Event has occurred and is continuing, in the name of the Obligor or the Lender making the payment (the Paying Party) and
designated as an account for the benefit of the Party beneficially entitled to that payment under the Finance Documents (the Recipient Party). In each case the payments must be made on the due date for payment under the Finance Documents.

  

	(b)	All interest accrued on the amount standing to the credit of the account will be for the benefit of the Recipient Party or Recipient Parties pro rata to their
respective entitlements. 

  

	(c)	A Party which has made a payment in accordance with this Clause will be discharged of the relevant payment obligation under the Finance Documents and will not take any
credit risk with respect to the amounts standing to the credit of the account. 

  

	(d)	Promptly on the appointment of a successor Facility Agent under this Agreement, each Paying Party must (other than to the extent that the relevant Party has given an
instruction under paragraph (e) below) give all requisite instructions to the bank with whom the account is held to transfer the amount (together with any accrued interest) to the successor Facility Agent for distribution to the relevant
Recipient Party or Recipient Parties in accordance with the Finance Documents. 

  

	(e)	A Paying Party must, promptly on request by a Recipient Party and to the extent: 

 

	 	(i)	that it has not given an instruction under paragraph (d) above; and 

  

	 	(ii)	that it has been provided with the necessary information by that Recipient Party, 

 give instructions to the bank with which the account is held to transfer the relevant amount (together with any accrued interest) to that Recipient Party. 

 

	28.8	Replacement of Impaired Agent 

  

	(a)	If the Facility Agent is an Impaired Agent, after consultation with the Company, the Majority Lenders may, by giving 30 days notice (or any shorter notice the Majority
Lenders may agree) replace the Facility Agent. 

  

	(b)	The replacement of the Facility Agent and appointment of a successor Facility Agent under this Subclause will take effect on the date specified in that notice.

  

	(c)	Other than as set out in this Subclause, the provisions of Subclause 21.13 (Resignation of the Facility Agent) apply to any replacement of the Facility Agent under this
Subclause. 

  
 77 

	28.9	Other agency matters 

  

	(a)	The Facility Agent may disclose the identity of a Defaulting Lender to the other Lenders and the Company and must as soon as reasonably practicable disclose the
identity on request by the Company or the Majority Lenders. 

  

	(b)	The Facility Agent must provide to the Company within 10 Business Days of a request by the Company (but no more frequently than once per calendar month) a list (which
may be in electronic form) setting out the names of the Lenders as at the date of that request, their respective Commitments, the address and fax number (and the department or officer, if any, for whose attention any communication is to be made) of
each Lender for any communication to be made or document to be delivered under or in connection with the Finance Documents, the electronic mail address and/or any other information required to enable the sending and receipt of information by
electronic mail or other electronic means to and by each Lender to whom any communication under or in connection with the Finance Documents may be made by that means and the account details of each Lender for any payment to be distributed by the
Facility Agent to that Lender under the Finance Documents. 

  

	28.10 	Communication when Facility Agent is Impaired Agent 

 If the Facility Agent is an Impaired Agent the Parties may, instead of communicating with each other through the Facility Agent, communicate with each other directly and (while the Facility Agent is an
Impaired Agent) all the provisions of the Finance Document which require communications to be made or notices to be given to or by the Facility Agent will be varied so that communications may be made and notices given to or by the relevant Parties
directly. This provision will not operate after a replacement Facility Agent has been appointed. 
  

	29.	DISCLOSURE OF INFORMATION 

  

	29.1	Confidential Information 

Each Finance Party agrees to keep all Confidential Information confidential and not to disclose it to anyone, save to the extent permitted
by Subclause 29.2 (Disclosure of Confidential Information) and Subclause29.3 (Disclosure to numbering service providers), and to ensure that all Confidential Information is protected with security measures and a degree of care that would apply to
its own confidential information. 
  

	29.2	Disclosure of Confidential Information 

 Any Finance Party may disclose: 
  

	 	(a)	to any of its Affiliates and Related Funds and any of its or their officers, directors (whether managing or otherwise), employees, professional advisers, auditors,
partners and Representatives such Confidential Information as that Finance Party shall reasonably consider appropriate if any person to whom the Confidential Information is to be given pursuant to this paragraph (a) is informed in writing of
its confidential nature and agrees to respect that some or all of such Confidential Information may be price-sensitive information except that there shall be no such requirement to so inform if the recipient is subject to professional obligations to
maintain the confidentiality of the information or is otherwise bound by requirements of confidentiality in relation to the Confidential Information; 

  

	 	(b)	to any person: 

  
 78 

	 	(i)	to (or through) whom it assigns or transfers (or may potentially assign or transfer) all or any of its rights and/or obligations under one or more Finance Documents and
to any of that person’s Affiliates, Related Funds, Representatives and professional advisers; 

  

	 	(ii)	with (or through) whom it enters into (or may potentially enter into), whether directly or indirectly, any sub-participation in relation to, or any other transaction
under which payments are to be made or may be made by reference to, one or more Finance Documents and/or one or more Obligors and to any of that person’s Affiliates, Related Funds, Representatives and professional advisers;

  

	 	(iii)	appointed by any Finance Party or by a person to whom paragraph (b)(i) or (b)(ii) above applies to receive communications, notices, information or documents delivered
pursuant to the Finance Documents on its behalf; 

  

	 	(iv)	who invests in or otherwise finances (or may potentially invest in or otherwise finance), directly or indirectly, any transaction referred to in paragraph (b)(i) or
(b)(ii) above; 

  

	 	(v)	to whom information is required or requested to be disclosed by any court of competent jurisdiction or any governmental, banking, taxation or other regulatory authority
or similar body, the rules of any relevant stock exchange or pursuant to any applicable law or regulation; 

  

	 	(vi)	to whom information is required to be disclosed in connection with, and for the purposes of, any litigation, arbitration, administrative or other investigations,
proceedings or disputes; 

  

	 	(vii)	to whom or for whose benefit that Finance Party charges, assigns or otherwise creates Security (or may do so) pursuant to Clause 27.12 (Security over Lenders’
rights); 

  

	 	(viii)	who is a Party; or 

  

	 	(ix)	with the consent of the Company, 

in each case, such Confidential Information as that Finance Party shall reasonably consider appropriate if: 

 

	 	(A)	in relation to paragraphs (b)(i), (b)(ii) and (b)(iii) above, the person to whom the Confidential Information is to be given has entered into a Confidentiality
Undertaking except that there shall be no requirement for a Confidentiality Undertaking if the recipient is a professional adviser and is subject to professional obligations to maintain the confidentiality of the Confidential Information;

  

	 	(B)	in relation to paragraph (b)(iv) above, the person to whom the Confidential Information is to be given has entered into a Confidentiality Undertaking or is otherwise
bound by requirements of confidentiality in relation to the Confidential Information they receive and is informed that some or all of such Confidential Information may be price-sensitive information; 

 

	 	(C)	 in relation to paragraphs (b)(v), (b)(vi) and (b)(vii) above above, the person to whom the Confidential Information is to be given is informed of its

  
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confidential nature and that some or all of such Confidential Information may be price-sensitive information except that there shall be no requirement to so inform if, in the reasonable opinion
of that Finance Party, it is not practicable so to do in the circumstances; 

  

	 	(c)	to any person appointed by that Finance Party or by a person to whom paragraph (b)(i) or (b)(ii) above applies to provide administration or settlement services in
respect of one or more of the Finance Documents including without limitation, in relation to the trading of participations in respect of the Finance Documents, such Confidential Information as may be required to be disclosed to enable such service
provider to provide any of the services referred to in this paragraph (c) if the service provider to whom the Confidential Information is to be given has entered into a confidentiality agreement substantially in the form of the LMA Master
Confidentiality Undertaking for Use With Administration/Settlement Service Providers or such other form of confidentiality undertaking agreed between the Company and the relevant Finance Party; 

 

	 	(d)	to any rating agency (including its professional advisers) such Confidential Information as may be required to be disclosed to enable such rating agency to carry out
its normal rating activities in relation to the Finance Documents and/or the Obligors; and 

  

	 	(e)	the size and term of the Facility and the name of the Company to any investor or a potential investor in a securitisation (or similar transaction of broadly
equivalent economic effect) of such Finance Party’s rights or obligations under the Finance Documents. 

  

	29.3	Disclosure to numbering service providers 

  

	 	(a)	Any Finance Party may disclose to any national or international numbering service provider appointed by that Finance Party to provide identification numbering services
in respect of this Agreement, the Facility and/or one or more Obligors the following information: 

  

	 	(i)	names of Obligors; 

  

	 	(ii)	country of domicile of Obligors; 

  

	 	(iii)	place of incorporation of Obligors; 

  

	 	(iv)	date of this Agreement; 

  

	 	(v)	the names of the Facility Agent, the Coordinators and the Arrangers; 

  

	 	(vi)	date of each amendment and restatement of this Agreement; 

  

	 	(vii)	amount of Total Commitments; 

  

	 	(viii)	currencies of the Facility; 

  

	 	(ix)	type of Facility; 

  

	 	(x)	ranking of Facility; 

  

	 	(xi)	Final Maturity Date for Facility; 

  

	 	(xii)	changes to any of the information previously supplied pursuant to paragraphs (i) to (xi) above; and 

  
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	 	(xiii)	such other information agreed between such Finance Party and the Company, 

 to enable such numbering service provider to provide its usual syndicated loan numbering identification services. 
  

	 	(b)	The Parties acknowledge and agree that each identification number assigned to this Agreement, the Facility and/or one or more Obligors by a numbering service provider
and the information associated with each such number may be disclosed to users of its services in accordance with the standard terms and conditions of that numbering service provider. 

 

	 	(c)	The Company represents that none of the information set out in paragraphs (i) to (xiii) of paragraph (a) above is, nor will at any time be, unpublished
price-sensitive information. 

  

	29.4	Entire agreement 

 This
Clause 29 (Disclosure of Information) constitutes the entire agreement between the Parties in relation to the obligations of the Finance Parties under the Finance Documents regarding Confidential Information and supersedes any previous agreement,
whether express or implied, regarding Confidential Information. 
  

	29.5	Inside information 

 Each
of the Finance Parties acknowledges that some or all of the Confidential Information is or may be price-sensitive information and that the use of such information may be regulated or prohibited by applicable legislation including securities law
relating to insider dealing and market abuse and each of the Finance Parties undertakes not to use any Confidential Information for any unlawful purpose. 
  

	29.6	Notification of disclosure 

Each of the Finance Parties agrees (to the extent permitted by law and regulation) to inform the Company: 

 

	 	(a)	of the circumstances of any disclosure of Confidential Information made pursuant to paragraph (b)(v) of Clause 29.2 (Disclosure of Confidential Information) except
where such disclosure is made to any of the persons referred to in that paragraph during the ordinary course of its supervisory or regulatory function; and 

 

	 	(b)	upon becoming aware that Confidential Information has been disclosed in breach of this Clause 29 (Disclosure of Information). 

 

	30.	Continuing obligations 

The obligations in this Clause 29 (Disclosure of Information) are continuing and, in particular, shall survive and remain binding on each
Finance Party for a period of twenty-four months from the earlier of: 
  

	 	(a)	the date on which all amounts payable by the Obligors under or in connection with this Agreement have been paid in full and all Commitments have been cancelled or
otherwise cease to be available; and 

  

	 	(b)	the date on which such Finance Party otherwise ceases to be a Finance Party. 

  
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	31.	SET-OFF 

 A Finance Party
may set off any matured obligation owed to it by an Obligor under the Finance Documents (to the extent beneficially owned by that Finance Party) against any matured obligation owed by that Finance Party to an Obligor, regardless of the place of
payment, booking branch or currency of either obligation. If the obligations are in different currencies, the Finance Party may convert either obligation at a market rate of exchange in its usual course of business for the purpose of the set-off.

  

	32.	PRO RATA SHARING 

  

	32.1	Redistribution 

 If a
Finance Party (the recovering Finance Party) receives or recovers any amount from an Obligor other than in accordance with this Agreement (a recovery) and applies that amount to a payment due under a Finance Document, then: 

 

	 	(a)	the recovering Finance Party must, within three Business Days, supply details of the recovery to the Facility Agent; 

 

	 	(b)	the Facility Agent must calculate whether the recovery is in excess of the amount which the recovering Finance Party would have received if the recovery had been
received and distributed by the Facility Agent in accordance with this Agreement without taking account of any Tax which would be imposed on the Facility Agent in relation to a recovery or distribution; and 

 

	 	(c)	the recovering Finance Party must pay to the Facility Agent an amount equal to the excess (the redistribution). 

 

	32.2	Effect of redistribution 

  

	 	(a)	The Facility Agent must treat a redistribution as if it were a payment by the relevant Obligor under this Agreement and distribute it among the Finance Parties, other
than the recovering Finance Party, accordingly. 

  

	 	(b)	When the Facility Agent makes a distribution under paragraph (a) above, the recovering Finance Party will be subrogated to the rights of the Finance Parties which
have shared in that redistribution. 

  

	 	(c)	If and to the extent that the recovering Finance Party is not able to rely on any rights of subrogation under paragraph (b) above, the relevant Obligor will owe
the recovering Finance Party a debt which is equal to the redistribution, immediately payable and of the type originally discharged. 

  

	 	(d)	If: 

  

	 	(i)	a recovering Finance Party must subsequently return a recovery, or an amount measured by reference to a recovery, to an Obligor; and 

 

	 	(ii)	the recovering Finance Party has paid a redistribution in relation to that recovery, 

each Finance Party, on the request of the Facility Agent, must reimburse the recovering Finance Party all or the appropriate portion of
the redistribution paid to that Finance Party, together with interest for the period while it held the redistribution. In this event, the subrogation in paragraph (b) above will operate in reverse to the extent of the reimbursement. 

  
 82 

	32.3	Exceptions 

Notwithstanding any other term of this Clause, a recovering Finance Party need not pay a redistribution to the extent that: 

 

	 	(a)	it would not, after the payment, have a valid claim against the relevant Obligor in the amount of the redistribution; or 

 

	 	(b)	it would be sharing with another Finance Party any amount which the recovering Finance Party has received or recovered as a result of legal or arbitration proceedings,
where: 

  

	 	(i)	the recovering Finance Party notified the Facility Agent of those proceedings; and 

 

	 	(ii)	the other Finance Party had an opportunity to participate in those proceedings but did not do so or did not take separate legal or arbitration proceedings as soon as
reasonably practicable after receiving notice of them. 

  

	33.	SEVERABILITY 

 If a term
of a Finance Document is or becomes illegal, invalid or unenforceable in any respect under any jurisdiction, that will not affect: 
  

	 	(a)	the legality, validity or enforceability in that jurisdiction of any other term of the Finance Documents; or 

 

	 	(b)	the legality, validity or enforceability in other jurisdictions of that or any other term of the Finance Documents. 

 

	34.	COUNTERPARTS 

 Each
Finance Document may be executed in any number of counterparts. This has the same effect as if the signatures on the counterparts were on a single copy of the Finance Document. 

 

	35.	NOTICES 

  

	35.1	In writing 

  

	 	(a)	Any communication in connection with a Finance Document must be in writing and, unless otherwise stated, may be given: 

 

	 	(i)	in person, by post or fax; or 

  

	 	(ii)	to the extent agreed by the Parties making and receiving communication, by e-mail or other electronic communication. 

 

	 	(b)	For the purpose of the Finance Documents, an electronic communication will be treated as being in writing. 

 

	 	(c)	Unless it is agreed to the contrary, any consent or agreement required under a Finance Document must be given in writing. 

  
 83 

	35.2	Contact details 

  

	(a)	Except as provided below, the contact details of each Party for all communications in connection with the Finance Documents are those notified by that Party for this
purpose to the Facility Agent on or before the date it becomes a Party. 

  

	(b)	The contact details of the Company for this purpose are: 

 Address:        Vleutensevaart 100, 3531 AD, Utrecht, The Netherlands 
 Fax number:    +31 (0) 30 292 7324 

E-mail:              leo.burgers@saralee.com /
jan.schets@saralee.com 
 Attention:       Treasury Department 

 

	(c)	The contact details of the Facility Agent for this purpose are: 

 Address:        Deutsche Bank Luxembourg S.A., 2, boulevard Konrad Adenauer, 1115 Luxembourg, Luxembourg 

Fax number:    +352 42122 95771 
 E-mail:              johannes.philippi@db.com and karlina belhoste@db.com 

Attention:       Johannes Philippi / Karlina Belhoste 

 

	(d)	Any Party may change its contact details by giving five Business Days’ notice to the Facility Agent or (in the case of the Facility Agent) to the other Parties.

  

	(e)	Where a Party nominates a particular department or officer to receive a communication, a communication will not be effective if it fails to specify that department or
officer. 

  

	35.3	Effectiveness 

  

	(a)	Except as provided below, any communication in connection with a Finance Document will be deemed to be given as follows: 

 

	 	(i)	if delivered in person, at the time of delivery; 

  

	 	(ii)	if posted, five Business Days after being deposited in the post, postage prepaid, in a correctly addressed envelope; 

 

	 	(iii)	if by fax, when received in legible form; and 

  

	 	(iv)	if by e-mail or any other electronic communication, when received in legible form. 

 

	(b)	A communication given under paragraph (a) above but received on a non-working day or after business hours in the place of receipt will only be deemed to be given
on the next working day in that place. 

  

	(c)	A communication to the Facility Agent will only be effective on actual receipt by it. 

 

	35.4	Obligors 

  

	(a)	All communications under the Finance Documents to or from an Obligor must be sent through the Facility Agent. 

 

	(b)	All communications under the Finance Documents to or from an Obligor (other than the Company) must be sent through the Company. 

  
 84 

	(c)	Each Obligor (other than the Company) irrevocably appoints the Company to act as its agent: 

 

	 	(i)	to give and receive all communications under the Finance Documents; 

  

	 	(ii)	to supply all information concerning itself to any Finance Party; and 

  

	 	(iii)	to sign all documents under or in connection with the Finance Documents. 

  

	(d)	Any communication given to the Company in connection with a Finance Document will be deemed to have been given also to other Obligors. 

 

	(e)	Each Finance Party may assume that any communication made by the Company is made with the consent of each other Obligor. 

 

	35.5	Use of websites 

  

	(a)	Except as provided below, the Company may deliver any information under this Agreement to a Lender by posting it on to an electronic website if:

  

	 	(i)	the Facility Agent and the Lender agree; 

  

	 	(ii)	the Company and the Facility Agent designate an electronic website for this purpose; 

 

	 	(iii)	the Company notifies the Facility Agent of the address of and password for the website; and 

 

	 	(iv)	the information posted is in a format agreed between the Company and the Facility Agent. 

The Facility Agent must supply each relevant Lender with the address of and password for the website. 

 

	(b)	Notwithstanding the above, the Company must supply to the Facility Agent in paper form a copy of any information posted on the website together with sufficient copies
for: 

  

	 	(i)	any Lender not agreeing to receive information via the website; and 

  

	 	(ii)	within 10 Business Days of request any other Lender, if that Lender so requests. 

 

	(c)	The Company must, promptly upon becoming aware of its occurrence, notify the Facility Agent if: 

 

	 	(i)	the website cannot be accessed; 

  

	 	(ii)	the website or any information on the website is infected by any electronic virus or similar software; 

 

	 	(iii)	the password for the website is changed; or 

  

	 	(iv)	any information to be supplied under this Agreement is posted on the website or amended after being posted. 

If the circumstances in subparagraphs (i) or (ii) above occur, the Company must supply any information required under this
Agreement in paper form until the Facility Agent is satisfied that the circumstances giving rise to the notification are no longer continuing. 

  
 85 

	36.	LANGUAGE 

  

	(a)	Any notice given in connection with a Finance Document must be in English. 

 

	(b)	Any other document provided in connection with a Finance Document must be: 

 

	 	(i)	in English; or 

  

	 	(ii)	(unless the Facility Agent otherwise agrees) accompanied by a certified English translation. In this case, the English translation prevails unless the document is a
statutory or other official document. 

  

	37.	GOVERNING LAW 

 This
Agreement and any non-contractual obligations arising out of or in connection with it are governed by English law. 
  

	38.	ENFORCEMENT 

 38.1 Jurisdiction

  

	(a)	The English courts have exclusive jurisdiction to settle any dispute including a dispute relating to any non-contractual obligation arising out of or in connection with
any Finance Document. 

  

	(b)	The English courts are the most appropriate and convenient courts to settle any such dispute in connection with any Finance Document. Each Obligor agrees not to argue
to the contrary and waives objection to those courts on the grounds of inconvenient forum or otherwise in relation to proceedings in connection with any Finance Document. 

 

	(c)	This Clause is for the benefit of the Finance Parties only. To the extent allowed by law, a Finance Party may take: 

 

	 	(i)	proceedings in any other court; and 

  

	 	(ii)	concurrent proceedings in any number of jurisdictions. 

  

	(d)	References in this Clause to a dispute in connection with a Finance Document includes any dispute as to the existence, validity or termination of that Finance Document.

  

	38.2	Service of process 

  

	(a)	Each Obligor not incorporated in England and Wales irrevocably appoints Sara Lee UK Holdings Limited (to be renamed D.E UK Holdings Limited) as its agent under the
Finance Documents for service of process in any proceedings before the English courts in connection with any Finance Document. 

  

	(b)	If any person appointed as process agent under this Clause is unable for any reason to so act, the Company (on behalf of the Obligors) must immediately (and in any
event within two Business Days of the event taking place) appoint another agent on terms acceptable to the Facility Agent. Failing this, the Facility Agent may appoint another process agent for this purpose. 

 

	(c)	Each Obligor agrees that failure by a process agent to notify it of any process will not invalidate the relevant proceedings. 

 

	(d)	This Clause does not affect any other method of service allowed by law. 

  
 86 

	38.3	Waiver of immunity 

 Each
Obligor irrevocably and unconditionally: 
  

	 	(a)	agrees not to claim any immunity from proceedings brought by a Finance Party against it in relation to a Finance Document and to ensure that no such claim is made on
its behalf; 

  

	 	(b)	consents generally to the giving of any relief or the issue of any process in connection with those proceedings; and 

 

	 	(c)	waives all rights of immunity in respect of it or its assets. 

  

	38.4	Waiver of trial by jury 

EACH PARTY WAIVES ANY RIGHT IT MAY HAVE TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION IN CONNECTION WITH ANY FINANCE DOCUMENT OR ANY
TRANSACTION CONTEMPLATED BY ANY FINANCE DOCUMENT. THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO TRIAL BY COURT. 
  

	38.5	USA PATRIOT ACT 

 Each
Finance Party that is subject to the requirements of the USA Patriot Act hereby notifies each Obligor that pursuant to the requirements of the USA Patriot Act, it is required to obtain, verify and record information that identifies the Obligors,
which information includes the name and address of the Obligors and other information that will allow such Finance Party to identify the Obligors in accordance with the USA Patriot Act. Each Obligor agrees that it will provide each Finance Party
with such information as it may request in order for such Finance Party to satisfy the requirements of the USA Patriot Act. 
 THIS
AGREEMENT has been entered into on the date stated at the beginning of this Agreement. 

  
 87 

 SCHEDULE 1 
 ORIGINAL PARTIES 
  

			
	Name of Original Lender	  	Commitments
		
	 Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A.
	  	EUR 96,000,000
		
	 Deutsche Bank Luxembourg S.A.
	  	EUR 96,000,000
		
	 ING Bank N.V.
	  	EUR 96,000,000
		
	 JPMorgan Chase Bank, N.A.
	  	EUR 96,000,000
		
	 Lloyds TSB Bank Plc
	  	EUR 96,000,000
		
	 The Royal Bank of Scotland N.V.
	  	EUR 96,000,000
		
	 Bank of Tokyo-Mitsubishi UFJ (Holland) N.V.
	  	EUR 50,000,000
		
	 Goldman Sachs Bank USA
	  	EUR 50,000,000
		
	 National Australia Bank Limited
	  	EUR 50,000,000
		
	 Danske Bank A/S
	  	EUR 24,000,000
		  	  

	 Total Commitments
	  	EUR 750,000,000
		  	  

  
 88 

 SCHEDULE 2 
 CONDITIONS PRECEDENT DOCUMENTS 
 PART 1 

TO BE DELIVERED BEFORE THE FIRST REQUEST 
 Corporate documentation 
  

	1.	A copy of the constitutional documents of each Obligor. 

  

	2.	A copy of a resolution of the board of directors and a resolution of the shareholders (if applicable) of each Obligor approving the terms of, and the transactions
contemplated by, this Agreement and each other Finance Document to which it is a party, and in case of the Company, if there is a conflict of interest (tegenstrijdig belang) designating each member of the managing board of the Company and any
attorney-in-fact to whom a power of attorney has, or will be granted, in connection with the transactions contemplated by this Agreement and each other Finance Documents, as a special representative. 

 

	3.	A specimen of the signature of each person authorised on behalf of an Obligor to enter into or witness the entry into of any Finance Document or to sign or send any
document or notice in connection with any Finance Document. 

  

	4.	If applicable, an unconditional positive works council advice (advies) in respect of the transactions contemplated by this Agreement and each other Finance
Document. 

  

	5.	For the Original Guarantor, a good standing certificate issued as of a recent date by the Secretary of State of the State of Delaware. 

 

	6.	A certificate of an authorised signatory of the Company certifying that each copy document specified in this Schedule is correct, complete and in full force and effect
as at a date no earlier than the date of this Agreement. 

  

	7.	Evidence that the agent of the Obligors under the Finance Documents for service of process in England and Wales has accepted its appointment. 

Legal opinions 
  

	8.	A legal opinion of Allen & Overy LLP, legal advisers in The Netherlands to the Arrangers and the Facility Agent, addressed to the Finance Parties.

  

	9.	A legal opinion of Allen & Overy LLP, legal advisers in England and Wales to the Arrangers and the Facility Agent, addressed to the Finance Parties.

  

	10.	A legal opinion of Skadden Arps Slate Meagher & Flom LLP, legal advisers in the State of Delaware to the Obligors, addressed to the Finance Parties.

 Other documents and evidence 
  

	11.	Evidence that all fees and expenses then due and payable from the Company under this Agreement have been or will be paid by the first Utilisation Date.

  

	12.	Evidence that the Sara Lee Corporate Facility has been prepaid and cancelled in full. 

  
 89 

	13.	Evidence that the Bridge Facilities have been repaid or prepaid and cancelled in full. 

 

	14.	Evidence that the Separation Date has occurred. 

  

	15.	Evidence that an amount of debt securities issued by the Original Guarantor equal to the amount of Sara Lee Debt Securities has been transferred to the holders of the
Sara Lee Debt Securities in satisfaction of such Sara Lee Debt Securities. 

  

	16.	A copy of the Original Financial Statements. 

  

	17.	A corporate structure chart of the Group reflecting the main operational companies that form part of the Group assuming the Separation Date has occurred.

  

	18.	Any documentation or other evidence which is requested by any Finance Party to enable it to carry out and be satisfied with the results of all applicable customer due
diligence requirements. 

  

	19.	A copy of any other authorisation or other document, opinion or assurance which the Facility Agent has notified the Company is necessary or desirable in connection with
the entry into and performance of, and the transactions contemplated by, any Finance Document or for the validity and enforceability of any Finance Document. 

  
 90 

 PART 2 
 FOR AN ADDITIONAL GUARANTOR 
 Corporate documentation 

 

	1.	An Accession Agreement, duly entered into by the Company and the Additional Guarantor. 

 

	2.	A copy of the constitutional documents of the Additional Guarantor. 

  

	3.	A copy of a resolution of the board of directors and a resolution of the shareholders (if applicable) of the Additional Guarantor approving the terms of, and the
transactions contemplated by, the Accession Agreement and each other Finance Document to which it is a party, and in case of an Additional Guarantor which is a Dutch Obligor, if there is a conflict of interest (tegenstrijdig belang)
designating each member of the board of directors of that Additional Guarantor and any attorney-in-fact to whom a power of attorney has, or will be granted, in connection with the transactions contemplated by the Accession Agreement and each other
Finance Documents, as a special representative. 

  

	4.	A specimen of the signature of each person authorised on behalf of the Additional Guarantor to enter into or witness the entry into of any Finance Document or to sign
or send any document or notice in connection with any Finance Document. 

  

	5.	If applicable, an unconditional positive works council advice (advies) in respect of the transactions contemplated by the Accession Agreement and each other
Finance Document. 

  

	6.	If the Additional Guarantor is organized or incorporated in the United States, a certificate of good standing issued as of a recent date by the relevant government
authority, and a representation made by the Company or the Additional Guarantor verifying the tax status of the Additional Guarantor. 

  

	7.	A certificate of an authorised signatory of the Additional Guarantor certifying that each copy document specified in Part 2 of this Schedule is correct, complete and in
full force and effect as at a date no earlier than the date of the Accession Agreement. 

  

	8.	If available, a copy of the latest audited accounts of the Additional Guarantor. 

 

	9.	Evidence that the agent of the Additional Guarantor under the Finance Documents for service of process in England and Wales has accepted its appointment.

 Legal opinions 
  

	10.	A legal opinion from legal advisers in the jurisdiction of incorporation of the Additional Guarantor to the Facility Agent, addressed to the Finance Parties.

  

	11.	A legal opinion of Allen & Overy LLP, legal advisers in England and Wales to the Facility Agent, addressed to the Finance Parties. 

 

	12.	If the Additional Guarantor is organized or incorporated in the United States, a legal opinion from legal advisers in the state of formation or organization of such
Additional Guarantor, addressed to the Finance Parties. 

  
 91 

 Other documents and evidence 

 

	13.	Evidence that all expenses due and payable from the Company under this Agreement in respect of the Accession Agreement have been paid. 

 

	14.	A copy of any other authorisation or other document, opinion or assurance which the Facility Agent has notified the Company is necessary or desirable in connection with
the entry into and performance of, and the transactions contemplated by, the Accession Agreement or for the validity and enforceability of any Finance Document. 

  
 92 

 SCHEDULE 3 
 FORM OF REQUEST 
 To:         DEUTSCHE BANK
LUXEMBOURG S.A. as Facility Agent 
 From:     [—] 

Date:      [—] 

D.E MASTER BLENDERS 1753 B.V. (to be renamed D.E MASTER BLENDERS 1753 N.V.) — 

EUR 750,000,000 Credit Agreement dated [—], 2012 (the
Agreement) 
  

	1.	We refer to the Agreement. This is a Request. Terms defined in the Agreement have the same meaning in this Request unless given a different meaning in this Request.

  

	2.	We wish to borrow a Loan on the following terms: 

  

					
			
		 	 (a)    Utilisation Date:
	  	    [—];
			
		 	 (b)    Amount/currency:
	  	    [—];
			
		 	 (c)    Term:
	  	    [—].
			
	 3.
	 	Our payment instructions are:	  	    [—].

  
  

	4.	We confirm that each condition precedent under the Agreement which must be satisfied on the date of this Request is so satisfied. 

 

	5.	This Request is irrevocable. 

 By: 

[                    ] 

WARNING: PLEASE SEEK DUTCH LEGAL ADVICE IF THE SHARE OF A LENDER IN ANY UTILISATION REQUESTED BY THE COMPANY IS LESS THAN €100,000 OR THE
EQUIVALENT IN ANOTHER CURRENCY. 

  
 93 

 SCHEDULE 4 
 CALCULATION OF THE MANDATORY COST 
  

	1.	General 

  

	(a)	The Mandatory Cost is to compensate a Lender for the cost of compliance with: 

 

	 	(i)	the requirements of the Bank of England and/or the Financial Services Authority (or, in either case, any other authority which replaces any of its functions); or

  

	 	(ii)	the requirements of the European Central Bank. 

  

	(b)	The Mandatory Cost is expressed as a percentage rate per annum. 

  

	(c)	The Mandatory Cost is the weighted average (weighted in proportion to the percentage share of each Lender in the relevant Loan) of the rates for the Lenders calculated
by the Facility Agent in accordance with this Schedule on the first day of a Term (or as soon as possible after then). 

  

	(d)	The Facility Agent must distribute each amount of Mandatory Cost among the Lenders on the basis of the rate for each Lender. 

 

	(e)	Any determination by the Facility Agent pursuant to this Schedule will be, in the absence of manifest error, conclusive and binding on all the Parties.

  

	2.	For a Lender lending from a Facility Office in the UK 

  

	(a)	The relevant rate for a Lender lending from a Facility Office in the UK is calculated in accordance with the following formula: 

 

			
	   E x 0.01  
	 	 per cent. per annum

 

	       300        
	 

 where on the day of application of the formula, E is calculated by the Facility Agent as being the
average of the rates of charge under the fees rules supplied by the Reference Banks to the Facility Agent under paragraph (d) below and expressed in pounds per £1 million. 

 

	(b)	For the purposes of this paragraph 2: 

  

	 	(i)	fees rules means the then current rules on periodic fees in the Supervision Manual of the FSA Handbook or any other law or regulation as may then be in force for
the payment of fees for the acceptance of deposits; 

  

	 	(ii)	fee tariffs means the fee tariffs specified in the fees rules under fee-block Category A1 (Deposit acceptors) (ignoring any minimum fee or zero rated fee
required pursuant to the fees rules but applying any applicable discount rate); and 

  

	 	(iii)	tariff base has the meaning given to it in, and will be calculated in accordance with, the fees rules. 

 

	(c)	Each rate calculated in accordance with the formula is, if necessary, rounded upward to four decimal places. 

  
 94 

	(d)	If requested by the Facility Agent, each Reference Bank must, as soon as practicable after publication by the Financial Services Authority, supply to the Facility Agent
the rate of charge payable by that Reference Bank to the Financial Services Authority under the fees rules for that financial year of the Financial Services Authority (calculated by that Reference Bank as being the average of the fee tariffs
applicable to that Reference Bank for that financial year) and expressed in pounds per £1 million of the tariff base of that Reference Bank. 

  

	(e)	Each Lender must supply to the Facility Agent the information required by it to make a calculation of the rate for that Lender. In particular, each Lender must supply
the following information on or prior to the date on which it becomes a Lender: 

  

	 	(i)	the jurisdiction of its Facility Office; and 

  

	 	(ii)	any other information that the Facility Agent reasonably requires for that purpose. 

Each Lender must promptly notify the Facility Agent of any change to the information supplied to it under this paragraph. 

 

	(f)	The rates of charge of each Reference Bank for the purpose of E above are determined by the Facility Agent based upon the information supplied to it under paragraphs
(d) and (e) above. Unless a Lender notifies the Facility Agent to the contrary, the Facility Agent may assume that the Lender’s obligations in respect of cash ratio deposits and special deposits are the same as those of a typical bank
from its jurisdiction of incorporation with a Facility Office in the UK. 

  

	(g)	The Facility Agent has no liability to any Party if its calculation over or under compensates any Lender. The Facility Agent is entitled to assume that the information
provided by any Lender or Reference Bank under this Schedule is true and correct in all respects. 

  

	3.	For a Lender lending from a Facility Office in a Participating Member State 

 

	(a)	The relevant rate for a Lender lending from a Facility Office in a Participating Member State is the percentage rate per annum notified by that Lender to the Facility
Agent. This percentage rate per annum must be certified by that Lender in its notice to the Facility Agent as its reasonable determination of the cost (expressed as a percentage of that Lender’s share in all Loans made from that Facility
Office) of complying with the minimum reserve requirements of the European Central Bank in respect of Loans made from that Facility Office. 

  

	(b)	If a Lender fails to specify a rate under paragraph (a) above, the Facility Agent will assume that the Lender has not incurred any such cost.

  

	4.	Changes 

  

	(a)	The Facility Agent may, after consultation with the Company and the Lenders, determine and notify all the Parties of any amendment to this Schedule which is required to
reflect: 

  

	 	(i)	any change in law or regulation; or 

  

	 	(ii)	any requirement imposed by the Bank of England, the Financial Services Authority or the European Central Bank (or, in any case, any successor authority).

  

	(b)	If the Facility Agent, after consultation with the Company, determines that the Mandatory Cost for a Lender lending from a Facility Office in the UK can be calculated
by reference to a screen, the Facility Agent may notify all the Parties of any amendment to this Agreement which is required to reflect this. 

  
 95 

 SCHEDULE 5 
 FORM OF TRANSFER CERTIFICATE 
 To:      DEUTSCHE BANK LUXEMBOURG
S.A. as Facility Agent 
 From: [EXISTING LENDER] (the Existing Lender) and [NEW LENDER] (the New Lender) 

Date:   [—] 
 D.E MASTER BLENDERS 1753 B.V. (to be renamed D.E MASTER BLENDERS 1753 N.V.) – 
 EUR 750,000,000 Credit Agreement dated [—], 2012 (the Agreement) 

We refer to the Agreement. This is a Transfer Certificate. Terms defined in the Agreement have the same meaning in this Request unless given a different
meaning in this Transfer Certificate. 
  

	1.	The Existing Lender transfers by novation to the New Lender the Existing Lender’s rights and obligations referred to in the Schedule below in accordance with the
terms of the Agreement. 

  

	2.	The proposed Transfer Date is [—]. 

 

	3.	The administrative details of the New Lender for the purposes of the Agreement are set out in the Schedule. 

 

	4.	The New Lender expressly acknowledges the limitations on the Existing Lender’s obligations in respect of this Transfer Certificate contained in the Agreement.

  

	5.	This Transfer Certificate may be executed in any number of counterparts and this has the same effect as if the signatures on the counterparts were on a single copy of
the Transfer Certificate. 

  

	6.	This Transfer Certificate and any non-contractual obligations arising out of or in connection with it are governed by English law. 

  
 96 

 THE SCHEDULE 
 Rights and obligations to be transferred by novation 
 [insert
relevant details, including applicable Commitment (or part)] 
 Administrative details of the New Lender 

[insert details of Facility Office, address for notices and payment details etc.] 

 

																	
									
	 [EXISTING LENDER]
	 		  	[NEW LENDER]	  		  		  		  		  		  	
									
	 By:
	 		  	By:	  		  		  		  		  		  	
									
		 		  		  		  		  		  		  		  	
									
		 		  		  		  		  		  		  		  	
				
	 The Transfer Date is confirmed by the Facility Agent as
[—].
	  		  		  	
				
	DEUTSCHE BANK LUXEMBOURG S.A.	  		  		  	

 By: 
 Note:
The New Lender must decide which form of Transfer Certificate to use. It is likely to be better to use the Transfer Certificate in Part 1 of this Schedule because that may make it easier for the New Lender to obtain the benefit of security granted
by an Obligor incorporated in or subject to the laws of a civil law jurisdiction. The New Lender is alone responsible for checking whether any further formalities should be complied with. An assignment may give rise to a stamp duty or transfer tax
issues. There will be no liability to stamp duty or SDRT in the UK if the loan capital exemption is available. 
 PLEASE SEEK DUTCH LEGAL
ADVICE IF ANY AMOUNT LENT TO THE COMPANY IS TO BE TRANSFERRED AND IS LESS THAN €100,000 OR THE EQUIVALENT IN ANOTHER CURRENCY OR IF NOVATING THE WHOLE AMOUNT OF THE OUTSTANDING LOANS 

  
 97 

 SCHEDULE 6 
 EXISTING SECURITY AND FINANCIAL INDEBTEDNESS 
 EXISTING SECURITY 

 

											
	 FORM OF

SECURITY INTEREST
	 	 COMPANY
	 	 SECURITY
PROVIDED
	 	 BENEFICIARY
	 	 AMOUNT

IN MILLIONS
	 	 SECURED
PROPERTY

	Mortgage	 	Koninklijke Douwe Egberts B.V. and Sara Lee / DE B.V.	 	Mortgage	 	Stichting Vervroegd Uittreden Douwe Egberts	 	EUR 22.76	 	Propertiesat the Vleutense Vaart, Keulsekade, Atoomweg Utrecht, the Netherlands

 EXISTING FINANCIAL INDEBTEDNESS 
 (AS AT 31 MARCH 2012) 
  

							
	 FORM OF INDEBTEDNESS
	 	 OBLIGOR(S)
	 	 OBLIGEE(S)
	 	 OUTSTANDING
IN
MILLIONS

	Short term debt	 	Sara Lee Cafés do Brasil Ltd	 	Bradesco, Itau, Banco de Nord-EsteBrasil, Itau, Banco Brasil	 	EUR 71.83
	Promissory note Damasco	 	Sara Lee Cafés do Brasil Ltd	 	Café Damasco S.A.	 	EUR 10.83
	Loan	 	Sara Lee (China) Trading Co. Ltd	 	Citibank	 	EUR 4.78
	Various capital leases	 	SL/DE B.V.	 	Various counterparties	 	EUR 0.26

  
 98 

 SCHEDULE 7 
 FORM OF COMPLIANCE CERTIFICATE 
 To:      DEUTSCHE BANK
LUXEMBOURG S.A. as Facility Agent 
 From: [D.E MASTER BLENDERS 1753 B.V.] [D.E MASTER BLENDERS 1753 N.V.] 

Date:  [—] 
 D.E MASTER BLENDERS 1753 B.V. (to be renamed D.E MASTER BLENDERS 1753 N.V.) – 
 EUR 750,000,000 Credit Agreement 
 dated [—], 2012 (the Agreement) 
  

	1.	We refer to the Agreement. This is a Compliance Certificate. Terms defined in the Agreement have the same meaning in this Request unless given a different meaning in
this Compliance Certificate. 

  

	2.	We confirm that as at [relevant testing date], Total Net Debt is [—] and Adjusted EBITDA was [—], therefore, Total Net Debt is [—] x Adjusted EBITDA. 

  

	3.	We set out below calculations establishing the figures in paragraph 2 above: 

 [—]. 
  

	4.	[We confirm that the following companies were Material Subsidiaries at [relevant testing date]: 

[—].] 
  

	5.	[We confirm that as at [relevant testing date] [no Default is outstanding]/[the following Default[s] [is/are] outstanding and the following steps are being taken to
remedy [it/them]: 

 [—].] 

[D.E MASTER BLENDERS 1753 B.V.] [D.E MASTER BLENDERS 1753 N.V.] 
 By: 
 [insert applicable certification language]1 
 for                     

[auditors of the Company]2 
  

 

	1 	 To be agreed with the Company’s auditors prior to signing the Agreement. 

	2 	 If tested annually, only include in certificate with annual accounts. 

  
 99 

 SCHEDULE 8 
 FORM OF INCREASE CONFIRMATION 
 To:      DEUTSCHE BANK LUXEMBOURG
S.A. as Facility Agent 
 From: [D.E MASTER BLENDERS 1753 B.V.]       [D.E MASTER BLENDERS 1753 N.V.] 

Date:  [—] 
 D.E MASTER BLENDERS 1753 B.V. (to be renamed D.E MASTER BLENDERS 1753 N.V.) – 
 EUR 750,000,000 Credit Agreement 
 dated [—], 2012 (the Agreement) 
  

	1.	We refer to the Agreement. This is an Increase Confirmation. Terms defined in the Agreement have the same meaning in this Request unless given a different meaning in
this Increase Confirmation. 

  

	2.	We refer to Subclause 28.4 (Increase) of the Agreement. 

  

	3.	In accordance with the terms of the Agreement, the Increase Lender assumes obligations equivalent to those obligations corresponding to the Commitment specified in the
Schedule (the Relevant Commitment) as if it was an Original Lender under the Agreement. 

  

	4.	The proposed date on which the increase in relation to the Increase Lender and the Relevant Commitment is to take effect (the Increase Date) is
[            ]. 

  

	5.	On the Increase Date, the Increase Lender becomes party to the Finance Documents as a Lender. 

 

	6.	The administrative details of the Increase Lender for the purposes of the Agreement are set out in the Schedule. 

 

	7.	The Increase Lender expressly acknowledges the limitations on the Lenders’ obligations referred to in paragraph (f) of Subclause 28.4 (Increase).

  

	8.	This Increase Confirmation may be executed in any number of counterparts and this has the same effect as if the signatures on the counterparts were on a single copy of
this Increase Confirmation. 

  

	9.	This Increase Confirmation and any non-contractual obligations arising out of or in connection with it are governed by English law. 

  
 100

 THE SCHEDULE 
 Relevant Commitment / Rights and obligations to be assumed by the Increase Lender 
 [Insert relevant details 
 Administrative details of Increase Lender

 [Insert details of Facility Office, address for notices and payment details etc] 

[INCREASE LENDER] 
 By: 

This Increase Confirmation is confirmed by the Facility Agent and the Increase Date is
[            ]. 
 DEUTSCHE BANK LUXEMBOURG S.A. 

By: 
 As Facility Agent, for and on behalf

 of each of the parties to the Agreement 
 (other than the Increase Lender) 
 Note. The Increase Lender must decide whether this form of
Increase Confirmation is sufficient to use. Where there is security granted by an Obligor incorporated in or subject to the laws of a civil law jurisdiction then advice should be sort in the relevant jurisdictions. The Increase Lender is alone
responsible for checking whether any further formalities should be complied with. An assignment may give rise to stamp duty or transfer tax issues. 

  
 101

 SCHEDULE 9 
 FORM OF ACCESSION AGREEMENT 
 To:      DEUTSCHE BANK LUXEMBOURG
S.A. as Facility Agent 
 From: D.E MASTER BLENDERS 1753 N.V. and [PROPOSED GUARANTOR] 
 Date:  [—] 
 D.E MASTER
BLENDERS 1753 B.V. (to be renamed D.E MASTER BLENDERS 1753 N.V.) – 
 EUR 750,000,000 Credit Agreement

 dated [—], 2012 (the Agreement) 

We refer to the Agreement. This is an Accession Agreement. Terms defined in the Agreement have the same meaning in this Request unless given a different
meaning in this Accession Agreement. 
 [Name of company] of [address/registered office] agrees to become an Additional Guarantor and to be
bound by the terms of the Agreement as an Additional Guarantor. 
 [This Accession Agreement is intended to take effect as a
deed.]1 

This Accession Agreement and any non-contractual obligations arising out of or in connection with it are governed by English law. 

[D.E MASTER BLENDERS 1753 B.V.] [D.E MASTER BLENDERS 1753 N.V.] 
 By: 
 [PROPOSED GUARANTOR] 
 By: 
 OR 
 EXECUTED as a deed by                          ) 

[PROPOSED GUARANTOR]1                 ) 

Acting by [NAME OF DIRECTOR]        
)                                         
    
 in the presence
of:                                     
)             Director 
 Witness’s signature
                                        

Name:                        
                                      

Address:                    
                                     

 

	3 	 If there is a concern whether there is any consideration for giving a guarantee, this Accession Agreement should be executed as a deed by the new
Guarantor. 

  
 102

 SCHEDULE 10 
 FORM OF RESIGNATION REQUEST 
 To:      DEUTSCHE BANK LUXEMBOURG
S.A. as Facility Agent 
 From: D.E MASTER BLENDERS 1753 N.V. and [PROPOSED GUARANTOR] 
 Date:  [—] 
 D.E MASTER
BLENDERS 1753 B.V. (to be renamed D.E MASTER BLENDERS 1753 N.V.) – 
 EUR 750,000,000 Credit Agreement

 dated [—], 2012 (the Agreement) 

 

	1.	We refer to the Agreement. This is a Resignation Request. Terms defined in the Agreement have the same meaning in this Request unless given a different meaning in this
Resignation Request. 

  

	2.	We request that [resigning Guarantor] be released from its obligations as a Guarantor under the Agreement. 

 

	3.	We confirm that no Default is outstanding or would result from the acceptance of this Resignation Request. 

 

	4.	We confirm that as at the date of this Resignation Request no amount owed by [resigning Guarantor] under the Agreement is outstanding. 

 

	5.	This Resignation Request and any non-contractual obligations arising out of or in connection with it are governed by English law. 

 

					
			
	 [D.E MASTER BLENDERS 1753 B.V.] [D.E

MASTER BLENDERS 1753 N.V.]
	 	[Relevant Guarantor]	 	
			
	 By:
	 	By:	 	

 The Facility Agent confirms that this resignation takes effect on
[            ]. 
 [DEUTSCHE BANK LUXEMBOURG S.A.] 

By: 

  
 103

 SCHEDULE 11 
 FORM OF CONFIDENTIALITY UNDERTAKING 
 [Letterhead of Seller]

 Date: [            ] 

 

	To:	[INSERT NAME OF POTENTIAL PURCHASER] 

  

	Re:	        D.E MASTER BLENDERS 1753 B.V. (to be renamed D.E MASTER BLENDERS 1753 N.V.) 

– EUR 750,000,000 Credit Agreement dated [•], 2012 (the Agreement) 

Facility Agent: DEUTSCHE BANK LUXEMBOURG S.A. 
 Dear Sirs 
 We understand that you are considering acquiring an interest in the Agreement which,
subject to the Agreement, may be by way of novation, assignment, the entering into, whether directly or indirectly, of a sub-participation or any other transaction under which payments are to be made or may be made by reference to one or more
Finance Documents and/or one or more Obligors or by way of investing in or otherwise financing, directly or indirectly, any such novation, assignment, sub-participation or other transaction (the Acquisition). In consideration of us agreeing
to make available to you certain information, by your signature of a copy of this letter you agree as follows: 
  

	1.	CONFIDENTIALITY UNDERTAKING 

 You undertake (a) to keep all Confidential Information confidential and not to disclose it to anyone, save to the extent permitted by paragraph 2 below and to ensure that all Confidential Information
is protected with security measures and a degree of care that would apply to your own confidential information, and (b) until the Acquisition is completed to use the Confidential Information only for the Permitted Purpose. 

 

	2.	PERMITTED DISCLOSURE 

 We
agree that you may disclose: 
  

	 	(a)	to any of your Affiliates and any of your or their officers, directors, employees, professional advisers and auditors such Confidential Information as you shall
consider appropriate if any person to whom the Confidential Information is to be given pursuant to this paragraph (a) is informed in writing of its confidential nature and that some or all of such Confidential Information may be price-sensitive
information, except that there shall be no such requirement to so inform if the recipient is subject to professional obligations to maintain the confidentiality of the information or is otherwise bound by requirements of confidentiality in relation
to the Confidential Information; 

  

	 	(b)	subject to the requirements of the Agreement, to any person: 

  

	 	(i)	to (or through) whom you assign or transfer (or may potentially assign or transfer) all or any of your rights and/or obligations which you may acquire under the
Agreement such Confidential Information as you shall consider appropriate if the person to whom the Confidential Information is to be given pursuant to this sub-paragraph (i) of paragraph (b) has delivered a letter to you in equivalent
form to this letter; 

  
 104

	 	(ii)	with (or through) whom you enter into (or may potentially enter into) any sub-participation in relation to, or any other transaction under which payments are to be made
or may be made by reference to the Agreement or any Obligor such Confidential Information as you shall consider appropriate if the person to whom the Confidential Information is to be given pursuant to this sub-paragraph (ii) of paragraph
(b) has delivered a letter to you in equivalent form to this letter; 

  

	 	(iii)	to whom information is required or requested to be disclosed by any governmental, banking, taxation or other regulatory authority or similar body, the rules of any
relevant stock exchange or pursuant to any applicable law or regulation such Confidential Information as you shall consider appropriate; and 

  

	 	(c)	notwithstanding paragraphs (a) and (b) above, Confidential Information to such persons to whom, and on the same terms as, a Finance Party is permitted to
disclose Confidential Information under the Agreement, as if such permissions were set out in full in this letter and as if references in those permissions to Finance Party were references to you. 

 

	3.	NOTIFICATION OF DISCLOSURE 

You agree (to the extent permitted by law and regulation) to inform us: 

 

	 	(a)	of the circumstances of any disclosure of Confidential Information made pursuant to sub-paragraph (iii) of paragraph (b) above except where such disclosure is
made to any of the persons referred to in that paragraph during the ordinary course of its supervisory or regulatory function; and 

  

	 	(b)	upon becoming aware that Confidential Information has been disclosed in breach of this letter. 

 

	4.	RETURN OF COPIES 

 If you
do not enter into the Acquisition and we so request in writing, you shall return or destroy all Confidential Information supplied to you by us and destroy or permanently erase (to the extent technically practicable) all copies of Confidential
Information made by you and use your reasonable endeavours to ensure that anyone to whom you have supplied any Confidential Information destroys or permanently erases (to the extent technically practicable) such Confidential Information and any
copies made by them, in each case save to the extent that you or the recipients are required to retain any such Confidential Information by any applicable law, rule or regulation or by any competent judicial, governmental, supervisory or regulatory
body or in accordance with internal policy, or where the Confidential Information has been disclosed under sub-paragraph (iii) of paragraph (b) above. 
  

	5.	CONTINUING OBLIGATIONS 

The obligations in this letter are continuing and, in particular, shall survive and remain binding on you until (a) if you become a
party to the Agreement as a lender of record, the date on which you become such a party to the Agreement; (b) if you enter into the Acquisition but it does not result in you becoming a party to the Agreement as a lender of record, the date
falling twelve months after the date on which all of your rights and obligations contained in the documentation entered into to implement that Acquisition have terminated; or (c) in any other case the date falling twelve months after the date
of your final receipt (in whatever manner) of any Confidential Information. 

  
 105

	6.	NO REPRESENTATION; CONSEQUENCES OF BREACH, ETC 

 You acknowledge and agree that: 
  

	 	(a)	neither we, nor any member of the Group nor any of our or their respective officers, employees or advisers (each a Relevant Person) (i) make any
representation or warranty, express or implied, as to, or assume any responsibility for, the accuracy, reliability or completeness of any of the Confidential Information or any other information supplied by us or the assumptions on which it is based
or (ii) shall be under any obligation to update or correct any inaccuracy in the Confidential Information or any other information supplied by us or be otherwise liable to you or any other person in respect of the Confidential Information or
any such information; and 

  

	 	(b)	we or members of the Group may be irreparably harmed by the breach of the terms of this letter and damages may not be an adequate remedy; each Relevant Person may be
granted an injunction or specific performance for any threatened or actual breach of the provisions of this letter by you. 

  

	7.	ENTIRE AGREEMENT: NO WAIVER; AMENDMENTS, ETC 

  

	(a)	This letter constitutes the entire agreement between us in relation to your obligations regarding Confidential Information and supersedes any previous agreement,
whether express or implied, regarding Confidential Information. 

  

	(b)	No failure to exercise, nor any delay in exercising, any right or remedy under this letter will operate as a waiver of any such right or remedy or constitute an
election to affirm this letter. No election to affirm this letter will be effective unless it is in writing. No single or partial exercise of any right or remedy will prevent any further or other exercise or the exercise of any other right or remedy
under this letter. 

  

	(c)	The terms of this letter and your obligations under this letter may only be amended or modified by written agreement between us. 

 

	8.	INSIDE INFORMATION 

 You
acknowledge that some or all of the Confidential Information is or may be price-sensitive information and that the use of such information may be regulated or prohibited by applicable legislation including securities law relating to insider dealing
and market abuse and you undertake not to use any Confidential Information for any unlawful purpose. 
  

	9.	NATURE OF UNDERTAKINGS 

The undertakings given by you under this letter are given to us and are also given for the benefit of the Company and each other member of
the Group. 
  

	10.	THIRD PARTY RIGHTS 

  

	(a)	Subject to this paragraph 10 and to paragraphs 6 and 9, a person who is not a party to this letter has no right under the Contracts (Rights of Third Parties) Act 1999
(the Third Parties Act) to enforce or to enjoy the benefit of any term of this letter. 

  

	(b)	The Relevant Persons may enjoy the benefit of the terms of paragraphs 6 and 9 subject to and in accordance with this paragraph 10 and the provisions of the Third
Parties Act. 

  

	(c)	Notwithstanding any provisions of this letter, the parties to this letter do not require the consent of any Relevant Person to rescind or vary this letter at any time.

  
 106

	11.	GOVERNING LAW AND JURISDICTION 

  

	(a)	This letter (including the agreement constituted by your acknowledgement of its terms) (the Letter) and any non-contractual obligations arising out of or in
connection with it (including any non-contractual obligations arising out of the negotiation of the transaction contemplated by this Letter) are governed by English law. 

 

	(b)	The courts of England have non-exclusive jurisdiction to settle any dispute arising out of or in connection with this Letter (including a dispute relating to any
non-contractual obligation arising out of or in connection with either this Letter or the negotiation of the transaction contemplated by this Letter). 

  

	12.	DEFINITIONS 

 In this
letter (including the acknowledgement set out below) terms defined in the Agreement shall, unless the context otherwise requires, have the same meaning and: 
 Confidential Information means all information relating to the Company, any Obligor, the Group, the Finance Documents, the Facility and/or the Acquisition which is provided to you in relation to
the Finance Documents or the Facility by us or any of our affiliates or advisers, in whatever form, and includes information given orally and any document, electronic file or any other way of representing or recording information which contains or
is derived or copied from such information but excludes information that: 
  

	 	(a)	is or becomes public information other than as a direct or indirect result of any breach by you of this letter; or 

 

	 	(b)	is identified in writing at the time of delivery as non-confidential by us or our advisers; or 

 

	 	(c)	is known by you before the date the information is disclosed to you by us or any of our affiliates or advisers or is lawfully obtained by you after that date, from a
source which is, as far as you are aware, unconnected with the Group and which, in either case, as far as you are aware, has not been obtained in breach of, and is not otherwise subject to, any obligation of confidentiality.

 Group means the Company and its Subsidiaries for the time being. 

Permitted Purpose means considering and evaluating whether to enter into the Acquisition. 

Subsidiary means an entity of which a person has direct or indirect control or owns directly or indirectly more than 50 per
cent. of the voting capital or similar right of ownership and control for this purpose means the power to direct the management and the policies of the entity whether through the ownership of voting capital, by contract or otherwise.

 Please acknowledge your agreement to the above by signing and returning the enclosed copy. 

Yours faithfully 
  

 
 For and on behalf of 

[Seller] 

  
 107

 To: [Seller] 
 The Company and each other member of the Group 
 We acknowledge and agree to the above: 

 
  
 For and on behalf of 
 [Potential Purchaser] 

  
 108

 SIGNATORIES 
 Company 
 D.E MASTER BLENDERS 1753 B.V. 

 

	By:	/s/ L. Burgers 

 /s/ J.J. Schets

 Original Guarantor 
 DE US,
INC. 
  

	By:	/s/ Mitch Marcus 

 /s/ Mark
Silver 

  
 109

 BMLAs 
 COÖPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A. 
  

	By:	/s/ S.E. Honingh 

 /s/ S. Gedik

 DEUTSCHE BANK AG, LONDON BRANCH 
  

	By:	/s/ Goetz Laue 

 /s/ Alastair
Macdonald 
 ING BANK N.V. 
  

	By:	/s/ Sylvia Bandsam-Baaten 

 /s/
Jacco Groen 
 J.P. MORGAN LIMITED 
  

	By:	/s/ Frances Smith 

 LLOYDS TSB BANK PLC

  

	By:	/s/ Sami Al-Bakri 

 THE ROYAL BANK OF SCOTLAND
N.V. 
  

	By:	/s/ Ingrid Cijsouw 

  
 110

 MLAs 
 BANK OF TOKYO-MITSUBISHI UFJ (HOLLAND) N.V. 
  

	By:	/s/ Y. Sugiyama 

 /s/ B. IJssel
de Schepper 
 GOLDMAN SACHS BANK USA 
  

	By:	/s/ Mark Walton 

 NATIONAL AUSTRALIA BANK
LIMITED, ABN 12 004 044 937 
  

	By:	/s/ Lyons O’Keeffee 

  
 111

 LA 
 DANSKE BANK A/S 
  

	By:	/s/ Kim Hansen 

 /s/ Ole Hatting

  
 112

 Coordinators 
 COÖPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A. 
  

	By:	/s/ S.E. Honingh 

 /s/ S. Gedik

 DEUTSCHE BANK AG, LONDON BRANCH 
  

	By:	/s/ Goetz Laue 

 /s/ Alastair
Macdonald 

  
 113

 Original Lenders 
 COÖPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A. 
  

	By:	/s/ S.E. Honingh 

 /s/ S. Gedik

 DEUTSCHE BANK LUXEMBOURG S.A. 
  

	By:	/s/ Karlina Belhoste 

 /s/
Johannes Philippi 
 ING BANK N.V. 
  

	By:	/s/ Sylvia Brandsma-Baaten 

 /s/
Jacco Groen 
 JPMORGAN CHASE BANK, N.A. 
  

	By:	/s/ Frances Smith 

 LLOYDS TSB BANK PLC

  

	By:	/s/ Guy Reeves 

  
 114

 THE ROYAL BANK OF SCOTLAND N.V. 

 

	By:	/s/ Ingrid Cijsouw 

 BANK OF TOKYO-MITSUBISHI
UFJ (HOLLAND) N.V. 
  

	By:	/s/ Y. Sugiyama 

 /s/ B. IJssel
de Schepper 
 GOLDMAN SACHS BANK USA 
  

	By:	/s/ Mark Walton 

 NATIONAL AUSTRALIA BANK
LIMITED, ABN 12 004 044 937 
  

	By:	/s/ Lyons O’Keefe 

 DANSKE BANK A/S

  

	By:	/s/ Kim Hansen 

 /s/ Ole Hatting

  
 115

 Facility Agent 
 DEUTSCHE BANK LUXEMBOURG S.A. 
  

	By:	/s/ Karlina Belhost 

 /s/
Johannes Philippi 

  
 116

 RBS plc 
 THE ROYAL BANK OF SCOTLAND PLC 
  

	By:	/s/ Ingred Cijsouw 

  
 117Five Year Revolving Credit Facility Agreement

 EXECUTION COPY 
 FIVE-YEAR REVOLVING CREDIT FACILITY AGREEMENT 
 dated as of 

May 24, 2012 

among 
 SARA LEE
CORPORATION, 
 The Lenders Party Hereto, 
 BANK OF AMERICA, N.A., 
 as Administrative Agent, 

JPMORGAN CHASE BANK, N.A., 
 as Syndication Agent, 
 WELLS FARGO BANK, NATIONAL ASSOCIATION 

and 
 U.S. BANK
NATIONAL ASSOCIATION, 
 as Co-Documentation Agents 
 and 
 GOLDMAN SACHS BANK USA, LLOYDS SECURITIES INC., MORGAN STANLEY BANK, N.A.,

 COÖPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK, B.A., “RABOBANK 

NEDERLAND”, NEW YORK BRANCH, RBS CITIZENS, N.A., 
 ROYAL BANK OF CANADA and THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., 
 as Co-Agents

 MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED, 

J.P. MORGAN SECURITIES LLC, U.S. BANK, NATIONAL ASSOCIATION AND 
 WELLS FARGO SECURITIES, LLC 
 AS JOINT LEAD ARRANGERS AND JOINT BOOKRUNNERS

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
	ARTICLE I	  
	
	Definitions	  
	 SECTION 1.01. Defined Terms
	  	 	1	  
	 SECTION 1.02. Classification of Loans and Borrowings
	  	 	14	  
	 SECTION 1.03. Terms Generally
	  	 	15	  
	 SECTION 1.04. Accounting Terms; GAAP
	  	 	15	  
	
	ARTICLE II	  
	
	The Credits	  
		
	 SECTION 2.01. Commitments
	  	 	16	  
	 SECTION 2.02. Loans and Borrowings
	  	 	16	  
	 SECTION 2.03. Requests for Revolving Borrowings
	  	 	16	  
	 SECTION 2.04. [Intentionally Omitted]
	  	 	17	  
	 SECTION 2.05. Swingline Loans
	  	 	17	  
	 SECTION 2.06. Funding of Borrowings
	  	 	18	  
	 SECTION 2.07. Interest Elections
	  	 	19	  
	 SECTION 2.08. Termination and Reduction of Commitments
	  	 	20	  
	 SECTION 2.09. Repayment of Borrowings; Evidence of Debt
	  	 	20	  
	 SECTION 2.10. Prepayment of Loans
	  	 	21	  
	 SECTION 2.11. Fees
	  	 	21	  
	 SECTION 2.12. Interest
	  	 	22	  
	 SECTION 2.13. Payments Generally; Pro Rata Treatment; Sharing of Set-offs
	  	 	23	  
	 SECTION 2.14. Increased Costs
	  	 	24	  
	 SECTION 2.15. Basis for Determining Interest Rate for Eurodollar Loans If Inadequate or Unfair
	  	 	25	  
	 SECTION 2.16. Illegality
	  	 	26	  
	 SECTION 2.17. Substitution of Lenders
	  	 	26	  
	 SECTION 2.18. Funding Indemnification
	  	 	26	  
	 SECTION 2.19. [Intentionally Omitted]
	  	 	26	  
	 SECTION 2.20. Taxes
	  	 	26	  
	 SECTION 2.21. [Intentionally Omitted]
	  	 	30	  
	 SECTION 2.22. Facility LCs
	  	 	30	  
	 SECTION 2.23. [Intentionally Omitted]
	  	 	37	  
	 SECTION 2.24. Increases of Commitments
	  	 	37	  
	 SECTION 2.25. Defaulting Lenders
	  	 	40	  
	
	ARTICLE III	  
	
	Representations and Warranties	  
		
	 SECTION 3.01. Organization, etc.
	  	 	42	  
	 SECTION 3.02. Authorization; No Conflict
	  	 	42	  
	 SECTION 3.03. Validity and Binding Nature
	  	 	42	  
	 SECTION 3.04. Financial Statements
	  	 	43	  

  
 i 

					
	 SECTION 3.05. Litigation and Contingent Liabilities
	  	 	43	  
	 SECTION 3.06. Liens
	  	 	43	  
	 SECTION 3.07. Subsidiaries
	  	 	43	  
	 SECTION 3.08. ERISA
	  	 	43	  
	 SECTION 3.09. Investment Company Act
	  	 	43	  
	 SECTION 3.10. [Intentionally Omitted]
	  	 	43	  
	 SECTION 3.11. Regulation U
	  	 	43	  
	 SECTION 3.12. Copyrights, Patents and Trademarks
	  	 	43	  
	 SECTION 3.13. Pari Passu
	  	 	44	  
	 SECTION 3.14. Disclosure
	  	 	44	  
	
	ARTICLE IV	  
	
	Conditions of Effectiveness and Lending	  
		
	 SECTION 4.01. Effective Date
	  	 	44	  
	 SECTION 4.02. Availability Date
	  	 	45	  
	 SECTION 4.03. All Loans
	  	 	46	  
	
	ARTICLE V	  
	
	Borrower’s Covenants	  
		
	 SECTION 5.01. Reports, Certificates and Other Information
	  	 	47	  
	 SECTION 5.02. Books, Records and Inspections
	  	 	48	  
	 SECTION 5.03. Insurance
	  	 	48	  
	 SECTION 5.04. Taxes and Liabilities
	  	 	49	  
	 SECTION 5.05. Liens
	  	 	49	  
	 SECTION 5.06. [Intentionally Omitted]
	  	 	50	  
	 SECTION 5.07. Mergers, Consolidations, Sales
	  	 	50	  
	 SECTION 5.08. Employee Benefit Plans
	  	 	50	  
	 SECTION 5.09. Use of Proceeds
	  	 	50	  
	 SECTION 5.10. Other Agreements
	  	 	51	  
	 SECTION 5.11. Financial Covenants
	  	 	51	  
	 SECTION 5.12. Subsidiary Indebtedness
	  	 	51	  
	
	ARTICLE VI	  
	
	Events of Default and Their Effect	  
	 SECTION 6.01. Events of Default
	  	 	52	  
	 SECTION 6.02. Effect of Event of Default
	  	 	53	  
	
	ARTICLE VII	  
	
	The Administrative Agent	  
	
	ARTICLE VIII	  
	
	Miscellaneous	  

  
 ii 

					
		
	 SECTION 8.01. Notices
	  	 	57	  
	 SECTION 8.02. Waivers; Amendments
	  	 	57	  
	 SECTION 8.03. Expenses; Indemnity; Damage Waiver
	  	 	58	  
	 SECTION 8.04. Successors and Assigns
	  	 	60	  
	 SECTION 8.05. Survival
	  	 	63	  
	 SECTION 8.06. Counterparts; Integration; Signature Pages
	  	 	63	  
	 SECTION 8.07. Severability
	  	 	63	  
	 SECTION 8.08. Right of Setoff
	  	 	64	  
	 SECTION 8.09. Governing Law; Jurisdiction; Consent to Service of Process
	  	 	64	  
	 SECTION 8.10. WAIVER OF JURY TRIAL
	  	 	64	  
	 SECTION 8.11. Headings
	  	 	64	  
	 SECTION 8.12. Interest Rate Limitation
	  	 	64	  
	 SECTION 8.13. Confirmations
	  	 	64	  
	 SECTION 8.14. Action of Required Lenders
	  	 	65	  
	 SECTION 8.15. No Advisory or Fiduciary Responsibility
	  	 	65	  
	
	ARTICLE IX	  
	
	USA PATRIOT Act Notification	  

  
 iii

 ANNEXES 
  

			
		
	 ANNEX A
	  	Pricing Grid
	
	SCHEDULES
		
	 SCHEDULE 2.01.
	  	Commitments
		
	 SCHEDULE 2.22.
	  	Existing Facility LCs
		
	 SCHEDULE 3.05.
	  	Litigation
		
	 SCHEDULE 3.06.
	  	Liens
		
	 SCHEDULE 3.07.
	  	Subsidiaries
		
	 SCHEDULE 5.12.
	  	Subsidiary Indebtedness
	
	EXHIBITS
		
	 EXHIBIT A
	  	Form of Assignment and Acceptance
		
	 EXHIBIT B-1
	  	[Intentionally Omitted]
		
	 EXHIBIT B-2
	  	[Intentionally Omitted]
		
	 EXHIBIT C
	  	Form of Interest Election Request
		
	 EXHIBIT D
	  	Form of Note
		
	 EXHIBIT E
	  	Form of Commitment and Acceptance
		
	 EXHIBIT F-1
	  	Form of U.S. Tax Certificate (Foreign Lenders That Are Not Partnerships)
		
	 EXHIBIT F-2
	  	Form of U.S. Tax Certificate (Foreign Participants That Are Not Partnerships)
		
	 EXHIBIT F-3
	  	Form of U.S. Tax Certificate (Foreign Participants That Are Partnerships)
		
	 EXHIBIT F-4
	  	Form of U.S. Tax Certificate (Foreign Lenders That Are Partnerships)

  
 iv 

 FIVE-YEAR REVOLVING CREDIT FACILITY AGREEMENT dated as of May 24, 2012 among SARA LEE
CORPORATION, a Maryland corporation (the “Borrower”); the LENDERS from time to time party hereto; BANK OF AMERICA, N.A., as administrative agent; JPMORGAN CHASE BANK, N.A., as syndication agent; WELLS FARGO BANK, NATIONAL
ASSOCIATION, and U.S. BANK NATIONAL ASSOCIATION as co-documentation agents; and GOLDMAN SACHS BANK USA, LLOYDS SECURITIES INC., MORGAN STANLEY BANK, N.A., COÖPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK, B.A., “RABOBANK NEDERLAND”,
NEW YORK BRANCH, RBS CITIZENS, N.A., ROYAL BANK OF CANADA and THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., as co-agents. 
 The
parties hereto agree as follows: 
 ARTICLE I 
 Definitions 
 SECTION 1.01. Defined Terms. As used in this
Agreement, the following terms have the meanings specified below: 
 “ABR”, when used in reference to any Loan
or Borrowing (other than one evidenced by a Facility LC), 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. 

“Administrative Agent” means Bank of America, N.A. in its capacity as administrative agent for the Lenders hereunder and
any successor administrative agent appointed pursuant to Article VII hereunder. 
 “Administrative Agent Fee
Letter” is defined in Section 2.11(b). 
 “Administrative Questionnaire” means an Administrative
Questionnaire in a form supplied by the Administrative Agent. 
 “Affiliate” means, with respect to a specified
Person, another Person that directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified. 
 “Alternate Base Rate” means, for any day, a fluctuating rate per annum equal to the highest of (a) the Federal Funds Rate plus 1/2 of 1%, (b) the Prime Rate in effect for such
day and (c) the LIBO Rate for a term of one month commencing that day plus 1.00%. 
 “Applicable
Percentage” means, with respect to any Lender, the percentage of the total Commitments represented by such Lender’s Commitment, subject to adjustment as provided in Section 2.24. If the Commitments have terminated or expired, the
Applicable Percentages shall be determined based upon the Commitments most recently in effect, giving effect to any assignments. 
 “Arranger Fee Letters” is defined in Section 2.11(c). 

“Arrangers” means Merrill Lynch, Pierce, Fenner & Smith Incorporated, J.P. Morgan Securities LLC, U.S. Bank
National Association and Wells Fargo Securities, LLC, each in its capacity as a joint lead arranger and joint bookrunner for the credit facility evidenced by this Agreement. 

  
 1 

 “Assignment and Acceptance” means an assignment and acceptance entered into
by a Lender and an assignee (with the consent of any party whose consent is required by Section 8.04), and accepted by the Administrative Agent, in the form of Exhibit A or any other form approved by the Administrative Agent. 

“Attributable Indebtedness” means, on any date, in respect of any capital lease of any Person, the capitalized amount
thereof that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP. 

“Availability Date” means the date on which the conditions specified in Section 4.02 are satisfied (or waived in
accordance with Section 8.02). 
 “Availability Period” means the period from and including the
Availability Date to but excluding the earlier of (i) the Termination Date and (ii) the date of termination of the Commitments. 
 “Board” means the Board of Governors of the Federal Reserve System of the United States of America. 
 “Borrower” means Sara Lee Corporation, a Maryland corporation. 

“Borrowing” means (a) Revolving Loans of the same Type, made, converted or continued on the same date and, in the
case of Eurodollar Loans, as to which a single Interest Period is in effect, (b) a Swingline Loan, or (c) the issuance of a Facility LC. 
 “Borrowing Minimum” means, in the case of any Borrowing (other than a Borrowing related to a Facility LC), $10,000,000. 

“Borrowing Multiple” means, in the case of any Borrowing (other than a Borrowing related to a Facility LC), $1,000,000.

 “Borrowing Request” means a request by the Borrower for a Revolving Borrowing in accordance with
Section 2.03. 
 “Business Day” means any day that is not a Saturday, Sunday or other day on which
commercial banks in New York City or Chicago are authorized or required by law to remain closed; provided that, when used in connection with a Eurodollar Loan, the term “Business Day” shall also exclude any day on which banks are
not open for dealings in deposits in the applicable currency in the London interbank market. 
 “Change in Law”
means the occurrence, after the date of this Agreement, of any of the following: (a) the adoption or taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration,
interpretation, implementation or application thereof by any Governmental Authority or (c) the making or issuance of any request, rule, guideline or directive (whether or not having the force of law) by any Governmental Authority;
provided that notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and
(y) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities,
in each case pursuant to Basel III, shall in each case be deemed to be a “Change in Law”, regardless of the date enacted, adopted or issued. 

  
 2 

 “Class”, when used in reference to any Loan or Borrowing (other than a
Borrowing related to a Facility LC), refers to whether such Loan, or the Loans comprising such Borrowing, are Revolving Loans or Swingline Loans. 
 “Co-Agents” means Goldman Sachs Bank USA, Lloyds Securities Inc., Morgan Stanley Bank, N.A., Coöperatieve Centrale Raiffeisen-Boerenleenbank, B.A., “Rabobank Nederland”,
New York Branch, RBS Citizens, N.A., Royal Bank of Canada and The Bank of Tokyo-Mitsubishi UFJ, Ltd., in their capacity as co-agents for the credit facility evidenced by this Agreement. 

“Co-Documentation Agents” means Wells Fargo Bank, National Association and U.S. Bank National Association, in their
capacity as co-documentation agents for the credit facility evidenced by this Agreement. 
 “Code” means the
Internal Revenue Code of 1986, as amended. 
 “Commitment” means, with respect to each Lender, including,
without limitation, any LC Issuer, the commitment of such Lender to make Revolving Loans, acquire participations in Swingline Loans and issue or acquire participations in, as applicable, Facility LCs, expressed as an amount representing the maximum
permitted amount of such Lender’s Revolving Credit Exposure hereunder, as such commitment may be (a) reduced or terminated from time to time pursuant to Section 2.08, (b) increased from time to time pursuant to Section 2.24,
and (c) reduced or increased from time to time pursuant to assignments by or to such Lender pursuant to Section 8.04. The initial amount of each Lender’s Commitment is set forth on Schedule 2.01, or in the Assignment and Acceptance
pursuant to which such Lender shall have assumed its Commitment, as applicable. The initial aggregate amount of the Lenders’ Commitments is $750,000,000. 
 “Connection Income Taxes” means Other Connection Taxes that are imposed on or measured by net income (however denominated) or that are franchise Taxes or branch profits Taxes. 

“Consolidated EBIT” means, for any period, Consolidated Net Income for such period plus (a) without duplication and
to the extent deducted in determining such Consolidated Net Income, the sum of (i) Consolidated Net Interest Expense for such period, (ii) consolidated income tax expense for such period, (iii) any extraordinary charges for such
period, (iv) any non-cash charges (including non-cash restructuring charges) for such period, and (v) any non-recurring cash charges and restructuring cash charges incurred during such period in an aggregate amount not to exceed
(A) $300,000,000 for all such charges incurred in (or, solely for purposes of Section 4.02(d), prior to) Fiscal Year 2012, (B) $70,000,000 for all such charges incurred in Fiscal Year 2013 and (C) $25,000,000 for all such charges
incurred in any other Fiscal Year, and minus (b) without duplication and to the extent included in determining such Consolidated Net Income, any extraordinary or non-recurring non-cash gains (including non-cash restructuring gains) for such
period, all determined on a consolidated basis in accordance with GAAP. For the purposes of calculating Consolidated EBIT for any period of four consecutive Fiscal Quarters (each such period, a “Reference Period”), (i) if at
any time during such Reference Period the Borrower or any Subsidiary shall have made any Material Disposition, the Consolidated EBIT for such Reference Period shall be reduced by an amount equal to the Consolidated EBIT (if positive) attributable to
the property that is the subject of such Material Disposition for such Reference Period or increased by an amount equal to the Consolidated EBIT (if negative) attributable thereto for such Reference Period, and (ii) if during such Reference
Period the Borrower or any Subsidiary shall have made a Material Acquisition, Consolidated EBIT for such Reference Period shall be calculated after giving effect thereto on a pro forma basis as if such Material Acquisition occurred on the first day
of such Reference Period. 

  
 3 

 “Consolidated EBITDA” means, for any period, Consolidated EBIT for such
period plus, without duplication and to the extent deducted in determining such Consolidated Net Income, the sum of (a) depreciation for such period and (b) amortization for such period. For the purposes of calculating Consolidated EBITDA
for any period of four consecutive Fiscal Quarters (each such period, a “Reference Period”), (i) if at any time during such Reference Period the Borrower or any Subsidiary shall have made any Material Disposition, the
Consolidated EBITDA for such Reference Period shall be reduced by an amount equal to the Consolidated EBITDA (if positive) attributable to the property that is the subject of such Material Disposition for such Reference Period or increased by an
amount equal to the Consolidated EBITDA (if negative) attributable thereto for such Reference Period, and (ii) if during such Reference Period the Borrower or any Subsidiary shall have made a Material Acquisition, Consolidated EBITDA for such
Reference Period shall be calculated after giving effect thereto on a pro forma basis as if such Material Acquisition occurred on the first day of such Reference Period. 
 “Consolidated Net Interest Expense” means, for any period, the interest expense (including interest expense in respect of capital lease obligations) of the Borrower and the Subsidiaries
for such period minus the interest income of the Borrower and the Subsidiaries for such period, each as determined on a consolidated basis in accordance with GAAP. With respect to the Debt Tender and in the event that the Borrower or any Subsidiary
shall have completed a Material Acquisition or a Material Disposition since the beginning of the relevant period, Consolidated Net Interest Expense shall be determined for such period on a pro forma basis as if the Debt Tender, or such
acquisition or disposition, and any related incurrence or repayment of Indebtedness, had occurred at the beginning of such period. 
 “Consolidated Net Income” means, for any period, the consolidated net income of the Borrower and the Subsidiaries for such period, as determined on a consolidated basis in accordance with
GAAP. With respect to the Debt Tender and in the event that the Borrower or any Subsidiary shall have completed a Material Acquisition or a Material Disposition since the beginning of the relevant period, consolidated net income shall be determined
for such period on a pro forma basis as if the Debt Tender, or such acquisition or disposition, had occurred at the beginning of such period. 
 “Consolidated Total Indebtedness” means, as of any date of determination, without duplication, all Indebtedness of the Borrower and its Subsidiaries, determined on a consolidated basis in
accordance with GAAP, including, but not limited to, all of the Obligations. 
 “Continuing Director” means at
any date a member of the Borrower’s board of directors who (a) was a member of such board for the 24 months prior to such date or (b) was nominated or elected by at least two-thirds of the directors who were Continuing Directors at
the time of such nomination or election. 
 “Control” means the possession, directly or indirectly, of the
power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled” have meanings correlative thereto.

 “Debt Tender” means the purchase and/or redemption by the Borrower in April 2012 of certain of its publicly
traded bonds in the aggregate outstanding principal amount of $970,000,000. 
 “Debtor Relief Laws” means the
Bankruptcy Code of the United States, and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of the United
States or other applicable jurisdictions from time to time in effect. 

  
 4 

 “Defaulting Lender” means, subject to Section 2.25(b), any Lender that
(a) has failed to (i) fund all or any portion of its Loans within two Business Days of the date such Loans were required to be funded hereunder unless such Lender notifies the Administrative Agent and the Borrower in writing that such
failure is the result of such Lender’s determination that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall be specifically identified in such writing) has not been
satisfied, or (ii) pay to the Administrative Agent, any LC Issuer, any Swingline Lender or any other Lender any other amount required to be paid by it hereunder (including in respect of its participation in Facility LCs or Swingline Loans)
within two Business Days of the date when due, (b) has notified the Borrower, the Administrative Agent, any LC Issuer or any Swingline Lender in writing that it does not intend to comply with its funding obligations hereunder, or has made a
public statement to that effect (unless such writing or public statement relates to such Lender’s obligation to fund a Loan hereunder and states that such position is based on such Lender’s determination that a condition precedent to
funding (which condition precedent, together with any applicable default, shall be specifically identified in such writing or public statement) cannot be satisfied), (c) has failed, within three Business Days after written request by the
Administrative Agent or the Borrower, to confirm in writing to the Administrative Agent and the Borrower that it will comply with its prospective funding obligations hereunder (provided that such Lender shall cease to be a Defaulting Lender
pursuant to this clause (c) upon receipt of such written confirmation by the Administrative Agent and the Borrower), or (d) has, or has a direct or indirect parent company that has, (i) become the subject of a proceeding under any
Debtor Relief Law, or (ii) had appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or assets, including
the Federal Deposit Insurance Corporation or any other state or federal regulatory authority acting in such a capacity; provided that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any equity
interest in that Lender or any direct or indirect parent company thereof by a Governmental Authority so long as such ownership interest does not result in or provide such Lender with immunity from the jurisdiction of courts within the United States
or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender. Any determination by the
Administrative Agent that a Lender is a Defaulting Lender under any one or more of clauses (a) through (d) above, and of the effective date of such status, shall be conclusive and binding absent manifest error, and such Lender shall be
deemed to be a Defaulting Lender (subject to Section 2.25(b)) as of the date established therefor by the Administrative Agent in a written notice of such determination, which shall be delivered by the Administrative Agent to the Borrower, the
LC Issuers, the Swingline Lenders and each other Lender promptly following such determination. 
 “dollars” or
“$” refers to lawful money of the United States of America. 
 “Effective Date” means the date
on which the conditions specified in Section 4.01 are satisfied (or waived in accordance with Section 8.02). 

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

“ERISA Controlled Group” means the Borrower, the Subsidiaries and all other members of a controlled group of
corporations and all trades or businesses (whether or not incorporated) under common control which, together with the Borrower or any Subsidiary, as the case may be, are treated as a single employer under Section 414(b) or Section 414(c)
of the Code. 
 “ERISA Plan” means an employee pension benefit plan which is covered by Title IV of ERISA or
subject to the minimum funding standards under Section 412 of the Code as to which the Borrower, any Subsidiary or any other member of the ERISA Controlled Group may have any liability. 

  
 5 

 “ERISA Reportable Event” means a reportable event as defined in
Section 4043 of ERISA and the regulations issued under such Section, with respect to an ERISA Plan, excluding, however, such events as to which the PBGC has by regulation waived the requirement of Section 4043(a) of ERISA that it be
notified within 30 days of the occurrence of such event, provided that a failure to meet the minimum funding standard of Section 412 of the Code and of Section 302 of ERISA shall be a reportable event regardless of the issuance of
any such waivers in accordance with Section 412(d) of the Code. 
 “ERISA Single Employer Plan” means an
ERISA Plan maintained by the Borrower, any Subsidiary or any other member of the ERISA Controlled Group for employees of the Borrower, any Subsidiary or any other member of the ERISA Controlled Group, as the case may be. 

“ERISA Termination Event” means: (a) the withdrawal of the Borrower, any Subsidiary or any other member of the
ERISA Controlled Group from an ERISA Plan during a plan year in which it was a “substantial employer” as defined in Section 4001(a)(2) of ERISA; or (b) the filing of a notice of intent to terminate an ERISA Plan or the treatment
of an ERISA Plan amendment as a termination under Section 4041 of ERISA; or (c) the institution of proceedings to terminate an ERISA Plan by the PBGC; or (d) any other event or condition which might constitute grounds under
Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any ERISA Plan. 

“ERISA Unfunded Liabilities” means the amount (if any) by which the present value of all vested nonforfeitable benefits
under an ERISA Single Employer Plan exceeds the fair market value of all of such Plan’s assets allocable to such benefits, all determined as of the then most recent valuation date for such Plan applying the actuarial assumptions used for
funding purposes in such valuation. 
 “Eurodollar”, when used in reference to any Loan or Borrowing (other
than one evidenced by a Facility LC), refers to whether such Loan, or the Loans comprising such Borrowing, are bearing interest at a rate determined by reference to the LIBO Rate. 

“Eurodollar Base Rate” means, for such Interest Period, the rate per annum equal to the British Bankers Association
LIBOR Rate (“BBA LIBOR”), as published by Reuters (or other commercially available source providing quotations of BBA LIBOR as designated by the Administrative Agent from time to time) at approximately 11:00 a.m., London time, two
London Banking Days prior to the commencement of such Interest Period, for dollar deposits (for delivery on the first day of such Interest Period) with a term equivalent to such Interest Period. If such rate is not available at such time for any
reason, then the “Eurodollar Base Rate” for such Interest Period shall be the rate per annum determined by the Administrative Agent to be the rate at which deposits in dollars for delivery on the first day of such Interest Period in same
day funds in the approximate amount of the Eurodollar Loan being made, continued or converted by Bank of America, N.A. and with a term equivalent to such Interest Period would be offered by Bank of America, N.A.’s London Branch to major banks
in the London interbank eurodollar market at their request at approximately 11:00 a.m. (London time) two London Banking Days prior to the commencement of such Interest Period. 
 “Eurodollar Reserve Percentage” means, for any day during any Interest Period, the reserve percentage (expressed as a decimal, carried out to five decimal places) in effect on such day,
whether or not applicable to any Lender, under regulations issued from time to time by the Board for determining the maximum reserve requirement (including any emergency, supplemental or other marginal reserve requirement) with respect to
Eurocurrency funding (currently referred to as “Eurocurrency liabilities”). The LIBO Rate for each outstanding Eurodollar Loan shall be adjusted automatically as of the effective date of any change in the Eurodollar Reserve Percentage.

  
 6 

 “Event of Default” means the occurrence of any one or more of the events
described in Section 6.01 which is not remedied in the period, if any, and after any notice, if required, in each case as provided therein. 
 “Excluded Taxes” means any of the following Taxes imposed on or with respect to any Recipient or required to be withheld or deducted from a payment to a Recipient, (a) Taxes imposed
on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed as a result of such Recipient being organized under the laws of, or having its principal office or, in the case of any
Lender, its Lending Office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Lender (including a Participant treated as a Lender pursuant to
Section 8.04(e)), U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan or Commitment pursuant to a law in effect on the date on which (i) such
Lender acquires such interest in the Loan or Commitment (other than pursuant to an assignment request by the Borrower under Section 2.17) or (ii) such Lender changes its Lending Office, except in each case to the extent that, pursuant to
Section 2.20, amounts with respect to such Taxes were payable either to such Lender’s assignor immediately before such Lender became a party hereto or to such Lender immediately before it changed its Lending Office, (c) Taxes
attributable to such Recipient’s failure to comply with Section 2.20(f) and (d) any U.S. federal withholding Taxes imposed pursuant to FATCA. 
 “Existing Facility LCs” is defined in Section 2.22(a). 

“Facility Fee” is defined in Section 2.11(a). 

“Facility Fee Rate” means, at any time, the percentage rate per annum at which Facility Fees are accruing at such time
as set forth in the Pricing Grid. 
 “Facility LC” is defined in Section 2.22(a). 

“Facility LC Application” is defined in Section 2.22(c). 

“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) and any current or future regulations or official interpretations thereof. 
 “Federal Funds Rate” means, for any day, the rate per annum equal to the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System
arranged by Federal funds brokers on such day, as published by the Federal Reserve Bank of New York on the Business Day next succeeding such day; provided that (a) if such day is not a Business Day, the Federal Funds Rate for such day
shall be such rate on such transactions on the next preceding Business Day as so published on the next succeeding Business Day, and (b) if no such rate is so published on such next succeeding Business Day, the Federal Funds Rate for such day
shall be the average rate (rounded upward, if necessary, to a whole multiple of 1/100 of 1%) charged to Bank of America, N.A. on such day on such transactions as determined by the Administrative Agent. 

“Fiscal Quarter” means a 13 week or 14 week, as the case may be, fiscal reporting period of the Borrower ending on the
Saturday occurring on the last day of each March, June, September and December of each year or if the last day of any such month is not a Saturday, the Saturday occurring closest to each such relevant date of such year, as the case may be.

  
 7 

 “Fiscal Year” means a 52 or 53 week, as the case may be, fiscal reporting
period of the Borrower ending on the Saturday closest in time to June 30 of the relevant year. 
 “Foreign
Lender” means a Lender that is not a U.S. Person. 
 “Form F-1” has the meaning set forth in the
definition of Spin Off. 
 “Fronting Exposure” means, at any time there is a Defaulting Lender, (a) with
respect to each LC Issuer, such Defaulting Lender’s Applicable Percentage of the outstanding LC Obligations owing to such LC Issuer other than such LC Obligations as to which such Defaulting Lender’s participation obligation has been
reallocated to other Lenders or cash collateralized in accordance with the terms hereof, and (b) with respect to each Swingline Lender, such Defaulting Lender’s Applicable Percentage of Swingline Loans of such Swingline Lender other than
Swingline Loans of such Swingline Lender as to which such Defaulting Lender’s participation obligation has been reallocated to other Lenders in accordance with the terms hereof. 

“GAAP” means generally accepted accounting principles in the United States of America. 

“Governmental Authority” means the government of the United States or any other nation, or of any political subdivision
thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining
to government (including any supra-national bodies such as the European Union or the European Central Bank). 

“Indebtedness” means, as to any Person at a particular time, without duplication, all of the following, whether or not
included as indebtedness or liabilities in accordance with GAAP: 
 (a) all obligations of such Person for borrowed money and all
obligations of such Person evidenced by bonds, debentures, notes, loan agreements or other similar instruments; 
 (b) all direct
or contingent obligations of such Person arising under letters of credit (including standby and commercial), bankers’ acceptances, bank guaranties, surety bonds and similar instruments; 

(c) all obligations of such Person to pay the deferred purchase price of property or services (other than (i) trade accounts and
accrued expenses and liabilities payable in the ordinary course of business and (ii) any contingent obligation until such obligation is not paid after becoming due and payable); 

(d) indebtedness (excluding prepaid interest thereon) secured by a Lien on property owned by such Person, whether or not such indebtedness
shall have been assumed by such Person or is limited in recourse; provided that, if such Indebtedness has not been assumed by such Person, the amount of Indebtedness under this clause (d) shall be deemed to be equal to the lesser of
(i) the aggregate unpaid amount of such Indebtedness and (ii) the fair market value (as determined by such Person in good faith) of the property encumbered thereby; 
 (e) capital leases; and 
 (f) all guarantees of such Person in respect of any of
the foregoing. 

  
 8 

 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, unless such Indebtedness is expressly made non-recourse to such Person. The amount of
any capital lease as of any date shall be deemed to be the amount of Attributable Indebtedness in respect thereof as of such date. 
 “Indemnified Taxes” means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of the Borrower under this Agreement
or any other loan document and (b) to the extent not otherwise described in (a), Other Taxes. 
 “Index
Debt” has the meaning set forth in the Pricing Grid. 
 “Interest Election Request” means a request by
the Borrower to convert or continue a Revolving Borrowing in accordance with Section 2.07. 
 “Interest Payment
Date” means (a) with respect to any ABR Loan (other than a Swingline Loan) or LC Fee, the last day of each March, June, September and December and the Termination Date, (b) with respect to any Eurodollar 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 Eurodollar Borrowing with an Interest Period of more than three months’ duration, each day prior to the last day of such Interest Period that occurs
at intervals of three months’ duration after the first day of such Interest Period and the Termination Date and (c) with respect to any Swingline Loan, the day that such Loan is required to be repaid and the Termination Date. 

“Interest Period” means, with respect to any Eurodollar 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 nine or twelve months if available to all of the Lenders) thereafter as the Borrower may elect; provided, that (i) if any
Interest Period would end on a day other than a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless, in the case of a Eurodollar Borrowing only, such next succeeding Business Day would fall in the next
calendar month, in which case such Interest Period shall end on the next preceding Business Day and (ii) any Interest Period pertaining to a Eurodollar Borrowing that commences on the last Business Day of a calendar month (or on a day for which
there is no numerically corresponding day in the last calendar month of such Interest Period) shall end on the last Business Day of the last calendar month of such Interest Period. For purposes hereof, the date of a Borrowing initially shall be the
date on which such Borrowing is funded and, in the case of a Revolving Borrowing, thereafter shall be the effective date of the most recent conversion or continuation of such Borrowing. 

“IRS” means the United States Internal Revenue Service. 

“ISP” means, with respect to any Facility LC, the “International Standby Practices 1998” published by the
Institute of International Banking Law & Practice, Inc. (or such later version thereof as may be in effect at the time of issuance). 
 “Laws” means, collectively, all international, foreign, Federal, state and local statutes, treaties, rules, guidelines, regulations, ordinances, codes and administrative or judicial
precedents or authorities, including the interpretation or administration thereof by any Governmental Authority charged with the enforcement, interpretation or administration thereof, and all applicable administrative orders, directed duties,
requests, licenses, authorizations and permits of, and agreements with, any Governmental Authority, in each case whether or not having the force of law. 
 “LC Fee” is defined in Section 2.22(d). 

  
 9 

 “LC Issuer” means Bank of America, N.A., JPMorgan Chase Bank, N.A., Wells
Fargo Bank, National Association and each other Lender designated by the Borrower as an “LC Issuer” hereunder that has agreed to such designation (and is reasonably acceptable to the Administrative Agent), each in its capacity as an issuer
of Facility LCs hereunder (or any Subsidiary or Affiliate thereof designated as such). 
 “LC Obligations”
means at any time, the sum, without duplication, of (i) the aggregate undrawn stated amount under all Facility LCs outstanding at such time plus (ii) the aggregate unpaid amount at such time of all Reimbursement Obligations. 

“LC Participation Fee” is defined in Section 2.22(d). 

“LC Participation Fee Rate” means, at any time, the percentage rate per annum at which LC Participation Fees are
accruing at such time as set forth in the Pricing Grid. 
 “LC Payment Date” is defined in
Section 2.22(e). 
 “Lenders” means the Persons listed on Schedule 2.01 and any other Person that shall
have become a party hereto pursuant to an Assignment and Acceptance, other than any such Person that shall have ceased to be a party hereto pursuant to an Assignment and Acceptance. Unless otherwise specified, the term “Lenders” includes
Swingline Lenders and LC Issuers. 
 “Lending Office” means, as to any Lender, the office or offices of such
Lender described as such in such Lender’s Administrative Questionnaire, or such other office or offices as a Lender may from time to time notify the Borrower and the Administrative Agent. 

“LIBO Rate” means for any Interest Period with respect to a Eurodollar Loan, a rate per annum determined by the
Administrative Agent pursuant to the following formula: 
  

			
	LIBO Rate =  	  	Eurodollar Base Rate
	  	1.00 – Eurodollar Reserve Percentage

 “Lien” means, with respect to any asset, (a) any mortgage, deed of trust, lien,
pledge, hypothecation, encumbrance, charge or security interest in, on or of such asset and (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title retention agreement relating to such asset.

 “Loans” means the loans made by the Lenders to the Borrower pursuant to this Agreement. 

“London Banking Day” means any day on which dealings in dollar deposits are conducted by and between banks in the London
interbank eurodollar market. 
 “Material Acquisition” means any acquisition of property or series of related
acquisitions of property that (a) constitutes (i) assets comprising all or substantially all or any significant portion of a business or operating unit of a business, or (ii) all or substantially all of the common stock and other
equity interests of a Person, and (b) involves the payment of consideration by the Borrower and its Subsidiaries in excess of $50,000,000. 

  
 10 

 “Material Adverse Effect” means (a) a material adverse change in, or a
material adverse effect upon, the business, operations, property or financial or other condition of the Borrower and its Subsidiaries taken as a whole, (b) a material impairment of the ability of the Borrower to perform its obligations under
this Agreement or (c) a material adverse effect upon the validity or enforceability of this Agreement or any promissory note delivered under Section 2.09(e). 
 “Material Disposition” means any sale, transfer or disposition of property or series of related sales, transfers, or dispositions of property that (a) constitutes (i) assets
comprising all or substantially all or any significant portion of a business or operating unit of a business, or (ii) all or substantially all of the common stock and other equity interests of a Person, and (b) yields gross proceeds to the
Borrower or any of its Subsidiaries in excess of $50,000,000. 
 “Material Indebtedness” means Indebtedness
(other than the Loans and Facility LCs), or obligations in respect of one or more Swap Contracts, of any one or more of the Borrower and its Subsidiaries in an aggregate principal amount exceeding $75,000,000. For purposes of determining Material
Indebtedness, the “principal amount” of the obligations of the Borrower or any Subsidiary in respect of any Swap Contract at any time shall be the maximum aggregate amount (giving effect to any netting agreements) that the Borrower or such
Subsidiary would be required to pay if such Swap Contract were terminated at such time. 
 “Modify” or
“Modification” is defined in Section 2.22(a). 
 “Moody’s” has the meaning set forth
in the Pricing Grid. 
 “Non-Defaulting Lender” means, at any time, each Lender that is not a Defaulting Lender
at such time. 
 “Note” means any of the promissory notes prepared, executed and delivered pursuant to
Section 2.09(e). 
 “Obligations” means all advances to, and debts, liabilities and obligations of, the
Borrower arising under this Agreement or any other loan document or otherwise with respect to any Loan, in each case whether direct or indirect (including those acquired by assumption), absolute or contingent, due or to become due, now existing or
hereafter arising and including interest and fees that accrue after the commencement by or against the Borrower or any Affiliate thereof of any proceeding under any Debtor Relief Laws naming such Person as the debtor in such proceeding, regardless
of whether such interest and fees are allowed claims in such proceeding. 
 “Other Connection Taxes” means,
with respect to any Recipient, Taxes imposed as a result of a present or former connection between such Recipient and the jurisdiction imposing such Tax (other than connections arising from such Recipient having executed, delivered, become a party
to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced this Agreement or any other loan document, or sold or assigned an interest in any
Commitment, Loan or this Agreement or any other loan document). 
 “Other Taxes” means all present or future
stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest
under, or otherwise with respect to, this Agreement or any other loan document, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 2.17). 

“Participant Register” has the meaning specified in Section 8.04(e). 

  
 11 

 “Patriot Act” is defined in Article IX. 

“PBGC” means the Pension Benefit Guaranty Corporation and its successors and assigns. 

“Person” means any natural person, corporation, limited liability company, trust, joint venture, association, company,
partnership, Governmental Authority or other entity. 
 “Pricing Grid” means the pricing grid attached hereto
as Annex A. 
 “Prime Rate” means the rate of interest per annum publicly announced from time to time by Bank
of America, N.A. as its “prime rate”. The “prime rate” is a rate set by Bank of America, N.A. based upon various factors including Bank of America, N.A.’s costs and desired return, general economic conditions and other
factors, and is used as a reference point for pricing some loans, which may be priced at, above, or below such announced rate. Any change in such prime rate announced by Bank of America, N.A. shall take effect at the opening of business on the day
specified in the public announcement of such change. 
 “Recipient” means the Administrative Agent, any Lender,
any LC Issuer or any other recipient of any payment to be made by or on account of any obligation of the Borrower hereunder, as applicable. 
 “Register” has the meaning set forth in Section 8.04(c). 

“Reimbursement Obligations” means, at any time, the aggregate of all obligations of the Borrower then outstanding under
Section 2.22 to reimburse the LC Issuers for amounts paid by the LC Issuers in respect of one or more drawings under Facility LCs. 
 “Related Parties” means, with respect to any specified Person, such Person’s Affiliates and the respective directors, officers, employees, agents and advisors of such Person and such
Person’s Affiliates. 
 “Required Lenders” means, at any time, Lenders having Revolving Credit Exposures
and unused Commitments representing more than 50% of the sum of the total Revolving Credit Exposures and unused Commitments at such time. The Revolving Credit Exposure of any Defaulting Lender shall be disregarded in determining Required Lenders at
any time; provided that, the amount of any participation in any Swingline Loan and any LC Obligations that such Defaulting Lender has failed to fund that have not been reallocated to and funded by another Lender shall be deemed to be held by
the Lender that is the Swingline Lender or LC Issuer, as the case may be, in making such determination. 
 “Responsible
Officer” means the President, Executive Vice President, Vice Chairman, Chief Financial Officer, Treasurer or Assistant Treasurer, in each case, of the Borrower. 
 “Revolving Borrowing” means a Borrowing of Revolving Loans. 

“Revolving Credit Exposure” means, with respect to any Lender at any time, the sum at such time, without duplication, of
(a) such Lender’s Applicable Percentage of the aggregate principal amount of the outstanding Revolving Loans plus (b) such Lender’s Swingline Exposure plus (c) such Lender’s ratable obligation to purchase participations
in LC Obligations. 
 “Revolving Loan” means a Loan made pursuant to Sections 2.01 and 2.03. 

  
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 “Revolving Loan Margin” means, at any time, with respect to any Type of
Revolving Loan, the marginal percentage rate per annum to be added to such Type of Loan at such time as set forth in the Pricing Grid. 
 “S&P” has the meaning set forth in the Pricing Grid. 

“Solvent” means, in reference to any Person, (i) the fair value of the assets of such Person, at a fair valuation,
will exceed its debts and liabilities, subordinated, contingent or otherwise; (ii) the present fair saleable value of the property of such Person will be greater than the amount that will be required to pay the probable liability of its debts
and other liabilities, subordinated, contingent or otherwise, as such debts and other liabilities become absolute and matured; (iii) such Person will be able to pay its debts and liabilities, subordinated, contingent or otherwise, as such debts
and liabilities become absolute and matured; and (iv) such Person will not have unreasonably small capital with which to conduct the business in which it is engaged as such business is now conducted and is proposed to be conducted after the
Availability Date. 
 “Spin Off” means the distribution by the Borrower of 100% of the stock in DE US, Inc. to
its shareholders (which Spin Off is followed by those certain transactions relating to DE US, Inc. previously announced by the Borrower and described in the SEC Form F-1 filing by DE International Holdings B.V. (name changed to D.E MASTER BLENDERS
1753 B.V.), dated as of March 1, 2012, as amended by a first, a second, a third and a fourth amendment dated as of March 14, 2012, April 13, 2012, May 11, 2012 and May 21, 2012 respectively, and as further amended
in a manner not materially adverse to the interests of the Lenders (the “Form F-1”) and any and all transactions consummated in connection therewith or resulting therefrom. 

“Subsidiary” means any Person of which the Borrower and/or any of the Subsidiaries (as defined in this definition) owns
or controls, directly or indirectly, such number of outstanding equity interests as have 50% or more of the ordinary voting power represented by the equity interests in such Person. 

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

“Swingline Commitment” means, with respect to each Swingline Lender, the commitment of such Lender hereunder to make
Swingline Loans pursuant to Section 2.05 in an amount set forth on Schedule 2.01, as such commitment may be permanently terminated or reduced from time to time pursuant to Section 2.08. The Swingline Commitment of each Swingline Lender
shall automatically and permanently terminate on the Termination Date if not terminated earlier pursuant to the terms hereof. The amount of the Swingline Commitment on the date hereof is $75,000,000. 

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

“Swingline Lenders” means Bank of America, N.A., JPMorgan Chase Bank, N.A., U.S. Bank National Association, Wells Fargo
Bank, National Association and each other Lender designated by the Borrower as a “Swingline Lender” hereunder that has agreed to such designation (and is reasonably acceptable to the Administrative Agent), each in its capacity as a lender
of Swingline Loans hereunder. 
 “Swingline Loan” means a Loan made in accordance with Section 2.05.

 “Syndication Agent” means JPMorgan Chase Bank, N.A., in its capacity as syndication agent for the credit
facility evidenced by this Agreement. 
 “Tangible Assets” means the Borrower’s Total Assets excluding
intangible assets as reflected on the Borrower’s most recent consolidated balance sheet delivered pursuant to Section 5.01 or referred to in Section 3.04 as of the date of determination. 

“Taxes” means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup
withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 
 “Termination Date” means the date occurring on the fifth anniversary of the Availability Date; provided that, if the Availability Date has not occurred on or prior to
August 15, 2012, the Termination Date shall be August 15, 2012. 
 “Total Assets” mean the total
consolidated assets of the Borrower and the Subsidiaries according to the relevant consolidated balance sheet of the Borrower. 

“Type”, when used in reference to any Loan or Borrowing (other than one evidenced by a Facility LC), refers to whether
the rate of interest on such Loan, or on the Loans comprising such Borrowing, is determined by reference to the LIBO Rate or the Alternate Base Rate. 
 “U.S. Person” means any Person that is a “United States Person” as defined in Section 7701(a)(30) of the Code. 

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

“UCP” means, with respect to any Facility LC, the Uniform Customs and Practice for Documentary Credits, International
Chamber of Commerce (“ICC”) Publication No. 600 (or such later version thereof as may be in effect at the time of issuance). 
 “Unmatured Event of Default” means an event which, but for the lapse of time or the giving of notice, or both, would constitute an Event of Default. 

“Withholding Agent” means the Borrower and the Administrative Agent. 

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 “Eurodollar Loan”) or by Class and Type (e.g., a “Eurodollar Revolving Loan”). Borrowings also may be classified and referred to by Class (e.g., a “Revolving
Borrowing”) or by Type (e.g., a “Eurodollar Borrowing”) or by Class and Type (e.g., a “Eurodollar Revolving Borrowing”). 

  
 14 

 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 agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any
restrictions on such amendments, supplements or modifications set forth herein), (b) any reference herein to any Person shall be construed to include such Person’s successors and assigns, (c) the words “herein”,
“hereof” and “hereunder”, and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (d) all references herein to Articles, Sections, Exhibits and
Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement and (e) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to
any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights. 
 SECTION
1.04. Accounting Terms; GAAP. Except as otherwise expressly provided herein, all terms of an accounting or financial nature shall be construed in accordance with GAAP, as in effect from time to time; provided that, if the Borrower
notifies the Administrative Agent that the Borrower requests an amendment to any provision hereof to eliminate the effect of any change occurring after the date hereof in GAAP or in the application thereof on the operation of such provision (or if
the Administrative Agent notifies the Borrower that the Required Lenders request an amendment to any provision hereof for such purpose), regardless of whether any such notice is given before or after such change in GAAP or in the application
thereof, then such provision shall be interpreted on the basis of GAAP as in effect and applied immediately before such change shall have become effective until such notice shall have been withdrawn or such provision is amended in a manner
reasonably satisfactory to the Borrower and the Required Lenders. Notwithstanding any other provision contained herein, all terms of an accounting or financial nature used herein shall be construed, and all computations of amounts and ratios
referred to herein shall be made (i) without giving effect to any election under Accounting Standards Codification 825-10-25 (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 Borrower or any Subsidiary at “fair value”, as defined therein, (ii) without giving effect to 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 and (iii) after giving effect (including effect on a pro forma basis) to the Spin Off. Notwithstanding any other provision contained herein, any lease that is
treated as an operating lease for purposes of GAAP as of the date hereof shall continue to be treated as an operating lease (and, solely with respect to Sections 5.05 and 5.12, any future lease, if it were in effect on the date hereof, that would be
treated as an operating lease for purposes of GAAP as of the date hereof shall be treated as an operating lease), in each case for purposes of this Agreement, notwithstanding any change in GAAP after the date hereof. 

  
 15 

 ARTICLE II 
 The Credits 
 SECTION 2.01. Commitments. Subject to the terms and
conditions set forth herein, each Lender agrees to make Revolving Loans to the Borrower from time to time during the Availability Period in dollars in an aggregate principal amount that will not result in (a) such Lender’s Revolving Credit
Exposure exceeding such Lender’s Commitment or (b) the sum of the total Revolving Credit Exposures exceeding the total Commitments. Within the foregoing limits and subject to the terms and conditions set forth herein, the Borrower may
borrow, prepay and reborrow Revolving Loans. Each LC Issuer will issue Facility LCs hereunder on the terms and conditions set forth in Section 2.22. 
 SECTION 2.02. Loans and Borrowings. (a) Each Revolving Loan (other than a Swingline Loan) shall be made as part of a Borrowing consisting of Revolving Loans made by the Lenders ratably in
accordance with their respective Commitments. Each Swingline Loan shall be made in accordance with the procedures set forth in Section 2.05. Each Facility LC shall be issued in accordance with Section 2.22. The failure of any Lender to
make any Loan required to be made by it shall not relieve any other Lender of its obligations hereunder; provided that the Commitments of the Lenders are several and no Lender shall be responsible for any other Lender’s failure to make
Loans as required. 
 (b) Subject to Section 2.15, (i) each Revolving Borrowing shall be denominated in dollars and
comprised entirely of ABR Loans or Eurodollar Loans as the Borrower may request in accordance herewith, (ii) each Swingline Loan shall be denominated in dollars and comprised entirely of ABR Loans, and (iii) each Facility LC shall be
denominated in dollars. Each Lender at its option may make any Eurodollar Loan by causing any domestic or foreign branch or Affiliate of such Lender to make such Loan; provided that any exercise of such option shall not affect the obligation
of the Borrower to repay such Loan in accordance with the terms of this Agreement. 
 (c) At the commencement of each Interest
Period for any Eurodollar Revolving Borrowing, and at the time that each ABR Revolving Borrowing is made, such Borrowing shall be in an aggregate amount that is an integral multiple of the Borrowing Multiple and not less than the Borrowing Minimum;
provided that an ABR Revolving Borrowing may be in an aggregate amount that is equal to the entire unused balance of the Commitments. Each Swingline Loan shall be in an amount that is an integral multiple of the Borrowing Multiple and not
less than the Borrowing Minimum; provided that Swingline Borrowings may be in an aggregate amount that is equal to the lesser of (i) the entire unused balance of the Swingline Commitment and (ii) the entire unused balance of the
Commitments. 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 Eurodollar Revolving Borrowings outstanding. 

(d) Notwithstanding any other provision of this Agreement, the Borrower shall not be entitled to request, or to elect to convert or
continue, any Borrowing if the Interest Period requested with respect thereto would end after the Termination Date. 
 SECTION
2.03. Requests for Revolving Borrowings. To request a Revolving Borrowing, the Borrower shall notify the Administrative Agent of such request by telephone (a) in the case of a Eurodollar Borrowing, not later than 1:00 p.m., Chicago time,
three Business Days before the date of the proposed Borrowing or (b) in the case of an ABR Borrowing, not later than 12:00 p.m., Chicago time, on the date of the proposed Borrowing. Each such telephonic Borrowing Request shall be irrevocable
and shall be confirmed promptly by hand delivery or telecopy to the Administrative Agent of a written Borrowing Request in a form approved by the Administrative Agent and signed by the Borrower. Each such telephonic and written Borrowing Request
shall specify the following information in compliance with Section 2.02: 

  
 16 

 (i) the aggregate principal 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 Eurodollar Borrowing; 

(iv) in the case of a Eurodollar Borrowing, the initial Interest Period to be applicable thereto, which shall be a period
contemplated by the definition of the term “Interest Period”; and 
 (v) the location and number of the
Borrower’s account to which funds are to be disbursed, which shall comply with the requirements of Section 2.06. 
 If no election as
to the Type of Revolving Borrowing is specified, then the requested Revolving Borrowing shall be an ABR Borrowing. If no Interest Period is specified with respect to any requested Eurodollar Revolving Borrowing, then the Borrower shall be deemed to
have selected an Interest Period of one month’s duration. Promptly following receipt of a Borrowing Request in accordance with this Section, the Administrative Agent shall advise each Lender of the details thereof and of the amount of such
Lender’s Loan to be made as part of the requested Borrowing. 
 SECTION 2.04. [Intentionally Omitted]. 

SECTION 2.05. Swingline Loans. (a) Subject to the terms and conditions and relying on the representations and warranties set
forth herein, each Swingline Lender may, in its discretion, make Swingline Loans in dollars to the Borrower, 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 amount of the Lenders’ Swingline Exposures exceeding the Swingline Commitment or (ii) the aggregate amount of the Lenders’ Revolving Credit Exposures exceeding the total Commitments; provided that
(A) no Swingline Lender shall be required to make a Swingline Loan to refinance an outstanding Swingline Loan and (B) no Swingline Lender shall make a Swingline Loan if it shall have been notified by the Administrative Agent at the request
of the Required Lenders that an Event of Default has occurred and is continuing and that, as a result, no further Swingline Loans shall be made by it (a “Swingline Suspension Notice”). Each Swingline Loan shall be made as part of a
Borrowing consisting of Swingline Loans made by the Swingline Lenders, ratably in proportion to their respective Swingline Commitments. Within the foregoing limits and subject to the terms and conditions set forth herein, the Borrower may borrow,
prepay and reborrow Swingline Loans at any time during the Availability Period. 
 (b) To request Swingline Borrowings, the
Borrower shall notify the Administrative Agent of such request by telephone (confirmed by telecopy) no later than the day of a proposed Swingline Borrowing by not later than 10:00 a.m., Chicago time, on such day. Each such notice shall be
irrevocable and shall specify the requested borrowing date (which shall be a Business Day) and the aggregate amount of the requested Swingline Borrowing. The Administrative Agent will promptly advise the Swingline Lenders of any such notice received
from the Borrower. The Swingline Lenders shall make each Swingline Loan available to the Borrower by means of a transfer of funds to a deposit account of the Borrower with Bank of America, N.A. or any Lender designated by the Borrower and reasonably
approved by the Administrative Agent (in each case together with any affiliate thereof) by 1:00 p.m., Chicago time, on the requested date of such Swingline Loan. 

  
 17 

 (c) By written notice given to the Administrative Agent not later than 10:00 a.m., Chicago
time, on any Business Day, each Swingline Lender may require the Lenders to acquire participations on such Business Day in all or a portion of its Swingline Loans outstanding. Such notice shall specify the aggregate amount of Swingline Loans in
which the Lenders will participate. Promptly upon receipt of such notice, the Administrative Agent will give notice thereof to each Lender, specifying in such notice the percentage of the applicable Swingline Loans allocated to such Lender based on
its respective Commitment. Each Lender hereby absolutely and unconditionally agrees, upon receipt of notice as provided above, to pay to the Administrative Agent, for the account of the applicable Swingline Lender, its Applicable Percentage of such
Swingline Loans. Each Lender acknowledges and agrees that, in the absence of a Swingline Suspension Notice received by the Swingline Lenders not less than two Business Days prior to the making of the applicable Swingline Loan, its obligation to
acquire participations in each Swingline Loan pursuant to this paragraph is absolute and unconditional and shall not be affected by any circumstance whatsoever, including the occurrence and continuance of an Unmatured Event of Default or reduction
or termination of the Commitments, and that each such payment shall be made without any offset, abatement, withholding or reduction whatsoever. Each Lender shall comply with its obligation under this paragraph by wire transfer of immediately
available funds, in the same manner as provided in Section 2.06 with respect to Loans made by such Lender (and Section 2.06 shall apply, mutatis mutandis, to the payment obligations of the Lenders), and the Administrative Agent shall
promptly pay to the Swingline Lenders the amounts so received by it from the Lenders. The Administrative Agent shall notify the Borrower of any participations in any Swingline Loan acquired pursuant to this paragraph. Any amounts received by the
Swingline Lenders from the Borrower (or other party on behalf of the Borrower) in respect of a Swingline Loan after receipt by the Swingline Lenders of the proceeds of a sale of participations therein shall be promptly remitted to the Administrative
Agent; any such amounts received by the Administrative Agent shall be promptly remitted by the Administrative Agent to the Lenders that have made their payments pursuant to this paragraph and to the Swingline Lenders, as their interests may appear.
The purchase of participations in a Swingline Loan pursuant to this paragraph shall not relieve the Borrower of any default in the payment thereof. 
 (d) The Borrower will refinance each Swingline Borrowing with a Revolving Borrowing, or otherwise repay such Swingline Borrowing, together with any interest accrued thereon, within five Business Days
after such Swingline Borrowing is made. 
 SECTION 2.06. 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 12:00 noon, Chicago time (or, in the case of an ABR Borrowing Request made after 9:00 a.m., Chicago time, on the date of a proposed Borrowing,
three hours after receipt by the Administrative Agent of the Borrowing Request), to the account of the Administrative Agent most recently designated by it for such purpose by notice to the Lenders; provided that Swingline Loans shall be made
as provided in Section 2.05. The Administrative Agent will make such Loans available to the Borrower by promptly crediting the amounts so received, in like funds, to an account of the Borrower maintained with the Administrative Agent or such
other Lender designated by the Borrower as shall be reasonably approved by the Administrative Agent. 
 (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 Borrower a corresponding amount. In such event, if a Lender has
not in fact made its share of the applicable Borrowing available to the Administrative Agent, the Administrative Agent agrees to notify the Borrower of such Lender’s failure to do so and the applicable Lender and the Borrower severally agree to
pay to the Administrative Agent forthwith on 

  
 18 

 
demand such corresponding amount with interest thereon, for each day from and including the date such amount is made available to the Borrower to but excluding the date of payment to the
Administrative Agent, at (i) in the case of such Lender, the greater of the Federal Funds 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
Borrower, the interest rate applicable to ABR Loans. If such Lender pays such amount to the Administrative Agent, then such amount shall constitute such Lender’s Loan included in such Borrowing. 

SECTION 2.07. Interest Elections. (a) Each Revolving Borrowing initially shall be of the Type specified in the applicable
Borrowing Request and, in the case of a Eurodollar Revolving Borrowing, shall have an initial Interest Period as specified in such Borrowing Request. Thereafter, the Borrower may elect to convert such Borrowing to a different Type or to continue
such Borrowing and, in the case of a Eurodollar Revolving Borrowing, may elect Interest Periods therefor, all as provided in this Section. The Borrower may elect different options with respect to different portions of the affected Borrowing, in
which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowing, and the Loans comprising each such portion shall be considered a separate Borrowing. This Section shall not apply to Swingline
Borrowings, which may not be converted or continued. 
 (b) To make an election pursuant to this Section, the Borrower shall
notify the Administrative Agent of such election by telephone by the time that a Borrowing Request would be required under Section 2.03 if the Borrower were requesting a Revolving Borrowing of the Type resulting from such election to be made on
the effective date of such election. Each such telephonic Interest Election Request shall be irrevocable and shall be confirmed promptly by hand delivery or telecopy to the Administrative Agent of a written Interest Election Request in the form of
Exhibit C hereto or any other form approved by the Administrative Agent and signed by the Borrower. 
 (c) Each telephonic and
written Interest Election Request shall specify the following information in compliance with Section 2.02: 

(i) the Borrowing to which such Interest Election Request applies and, if different options are being elected with respect
to different portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information to be specified pursuant to clauses (iii) and (iv) below shall be specified for each resulting Borrowing);

 (ii) the aggregate principal amount of the requested Borrowing; 

(iii) the effective date of the election made pursuant to such Interest Election Request, which shall be a Business Day;

 (iv) whether the resulting Borrowing is to be an ABR Borrowing or a Eurodollar Borrowing; and 

(v) if the resulting Borrowing is a Eurodollar Borrowing, the Interest Period to be applicable thereto after giving effect
to such election, which Interest Period shall be a period contemplated by the definition of the term “Interest Period.” 
 If any such
Interest Election Request requests a Eurodollar Borrowing but does not specify an Interest Period, then the Borrower shall be deemed to have selected an Interest Period of one month’s duration. 

(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 fails to deliver a timely Interest Election Request with respect to a
Eurodollar Revolving Borrowing prior to the end of the Interest Period applicable thereto, then, unless such Borrowing is repaid as provided herein, at the end of such Interest Period such Borrowing shall be converted to an ABR Borrowing.
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, then, so long as an Event of Default is continuing
(i) no outstanding Revolving Borrowing may be converted to or continued as a Eurodollar Borrowing and (ii) unless repaid, each Eurodollar Revolving Borrowing shall be converted to an ABR Borrowing at the end of the Interest Period
applicable thereto. 
 SECTION 2.08. Termination and Reduction of Commitments. (a) Unless previously terminated, the
Commitments shall terminate on the Termination Date. 
 (b) The Borrower may at any time terminate, or from time to time reduce,
the Commitments; provided that (i) each reduction of the Commitments shall be in an amount that is an integral multiple of $5,000,000 and not less than $10,000,000 and (ii) any outstanding Loans that would exceed the reduced
Commitments must be prepaid together with any payments required under Section 2.18. 
 (c) The Borrower shall notify the
Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section at least one Business Day prior to the effective date of such termination or reduction, specifying such election and the effective
date thereof. Each notice delivered by the Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Commitments delivered by the Borrower may state that such notice is conditioned upon the
effectiveness of other credit facilities, in which case such notice may be revoked by the Borrower (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction
of the Commitments shall be permanent. Each reduction of the Commitments shall be made ratably among the Lenders in accordance with their respective Commitments. 
 SECTION 2.09. Repayment of Borrowings; Evidence of Debt. (a) The Borrower hereby unconditionally promises to pay (i) to the Administrative Agent for the account of each Lender the then
unpaid principal amount of each Revolving Loan on the Termination Date and (ii) to each Swingline Lender the then unpaid principal amount of each Swingline Loan on the earlier of the Termination Date and the fifth Business Day after such
Swingline Loan is made; provided that on each day that a Revolving Borrowing is made, the Borrower shall repay such Swingline Loan with the proceeds thereof. Amounts owing by the Borrower in connection with Facility LCs, including, without
limitation, Reimbursement Obligations, shall be paid in accordance with Section 2.22. 
 (b) Each Lender shall maintain in
accordance with its usual practice an account or accounts evidencing the indebtedness of the Borrower to such Lender resulting from each Loan made by such Lender, including the amounts of principal and interest payable and paid to such Lender from
time to time hereunder. 
 (c) The Administrative Agent shall maintain accounts in which it shall record (i) the amount of
each Loan made hereunder, the Class and Type thereof and the Interest Period applicable thereto, (ii) the amount of any principal or interest due and payable or to become due and payable from the Borrower to each Lender hereunder,
(iii) the amount of any sum received by the Administrative Agent hereunder for the account of the Lenders and each Lender’s share thereof, and (iv) the original stated amount of each Facility LC and the then current amount of LC
Obligations. 

  
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 (d) The entries made in the accounts maintained pursuant to paragraph (b) or
(c) of this Section shall, absent manifest error, be prima facie evidence of the existence and amounts of the obligations recorded therein; provided that the failure of any Lender or the Administrative Agent to maintain such accounts or
any error therein shall not in any manner affect the obligation of the Borrower to repay the Loans in accordance with the terms of this Agreement. 
 (e) Any Lender may request that Loans made by it be evidenced by a promissory note. In such event, the Borrower shall prepare, execute and deliver to such Lender a promissory note payable to the order of
such Lender (or, if requested by such Lender, to such Lender and its registered assigns) and in the form of Exhibit D hereto or any other form approved by the Administrative Agent. Thereafter, the Loans evidenced by such promissory note and interest
thereon shall at all times (including after assignment pursuant to Section 8.04) be represented by one or more promissory notes in such form payable to the order of the payee named therein. 

SECTION 2.10. Prepayment of Loans. (a) The Borrower shall have the right at any time and from time to time to prepay any
Borrowing in whole or in part, subject to prior notice in accordance with paragraph (b) of this Section and to Section 2.18. 
 (b) The Borrower shall notify the Administrative Agent by telephone (confirmed by telecopy) of any prepayment hereunder (i) in the case of prepayment of a Eurodollar Revolving Borrowing, not later
than 11:00 a.m., Chicago time, three Business Days before the date of prepayment, (ii) in the case of prepayment of an ABR Revolving Borrowing, not later than 11:00 a.m., Chicago time, one Business Day before the date of prepayment or
(iii) in the case of prepayment of a Swingline Loan, not later than 11:00 a.m., Chicago time, on the date of prepayment. Each such notice shall be irrevocable and shall specify the prepayment date and the principal amount of each Borrowing or
portion thereof to be prepaid; provided that, if a notice of prepayment is given in connection with a conditional notice of termination of the Commitments as contemplated by Section 2.08, then such notice of prepayment may be revoked if
such notice of termination is revoked in accordance with Section 2.08. Promptly following receipt of any such notice relating to a Revolving Borrowing, the Administrative Agent shall advise the Lenders of the contents thereof. Each partial
prepayment of any Revolving Borrowing shall be in an amount that would be permitted in the case of an advance of a Revolving Borrowing of the same Type as provided in Section 2.02. Each prepayment of a Revolving Borrowing shall be applied
ratably to the Loans included in the prepaid Borrowing. Prepayments shall be accompanied by (i) accrued interest to the extent required by Section 2.12 and (ii) if demanded and required pursuant to Section 2.18, break funding
payments. If at any time the sum of the aggregate principal amount of all of the Revolving Credit Exposures exceeds the aggregate Commitments, the Borrower shall immediately repay Borrowings or cash collateralize LC Obligations in an account with
the Administrative Agent pursuant to Section 2.22(m), as applicable, in an aggregate principal amount sufficient to cause the aggregate principal amount of all Revolving Credit Exposures to be less than or equal to the aggregate Commitments.

 SECTION 2.11. Fees. (a) The Borrower agrees to pay to the Administrative Agent for the account of each Lender a
facility fee (a “Facility Fee”), which shall accrue at the Facility Fee Rate on the daily amount of the Commitment of such Lender (whether used or unused) during the period from and including the Availability Date to but excluding
the date on which such Commitment terminates; provided that, if such Lender continues to have any Revolving Credit Exposure after its Commitment terminates, then such Facility Fee shall continue to accrue on the daily amount of such
Lender’s Revolving Credit Exposure from and including the date on which its Commitment terminates to but excluding the date on which such Lender ceases to have any Revolving Credit Exposure. Accrued Facility Fees shall be payable in arrears on
the last day of March, June, September and December of each year, on each date on which the Commitments terminate or are reduced (in such case payable only with respect to the portion so reduced) and on the Termination Date, commencing on the first
such date to 

  
 21 

 
occur after the date hereof; provided that any Facility Fees accruing after the Termination Date shall be payable on demand. All Facility Fees shall be computed on the basis of a year of
360 days and shall be payable for the actual number of days elapsed (including the first day but excluding the last day). 
 (b)
The Borrower agrees to pay to the Administrative Agent, for its own account, fees payable in the amounts and at the times separately agreed upon between the Borrower and the Administrative Agent in the fee letter dated April 20, 2012 (the
“Administrative Agent Fee Letter”). 
 (c) The Borrower agrees to pay to each Arranger, for its own account,
fees payable in the amounts and at the times separately agreed upon between the Borrower and the Arrangers in the fee letters dated April 20, 2012 (the “Arranger Fee Letters”). 

(d) All fees payable hereunder shall be paid on the dates due, in immediately available funds, to the Administrative Agent for
distribution, in the case of Facility Fees, to the Lenders. Fees paid shall not be refundable under any circumstances. 

SECTION 2.12. Interest. (a) The Loans comprising each ABR Revolving Borrowing shall bear interest at the Alternate Base Rate
plus the Revolving Loan Margin. 
 (b) The Loans comprising each Eurodollar Borrowing shall bear interest at the LIBO Rate for
the Interest Period in effect for such Borrowing plus the Revolving Loan Margin. 
 (c) Swingline Loans shall bear interest at
the Alternate Base Rate plus the Revolving Loan Margin. 
 (d) Notwithstanding the foregoing, if any principal of or interest on
any Loan, any Reimbursement Obligation, or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before
judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section, (ii) in the case of LC Fees, such LC Fees
shall be increased by 2% per annum during the period any such fees are not paid when due or (iii) in the case of any other amount, the rate applicable to ABR Loans as provided in paragraph (a) of this Section; provided,
however, that interest shall only accrue under this paragraph (d) on the amount of any overdue interest payment if such interest payment default continues beyond the five Business Day cure period set forth in Section 6.01(a);
provided, further, if such interest payment default is not cured by the end of the applicable five Business Day cure period, then interest shall accrue on such overdue interest payment under this paragraph (d) beginning on the
date on which such payment was initially due and not made and ending on the date on which such payment is received by the Administrative Agent. 
 (e) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan and, in the case of Revolving Loans and Swingline Loans, upon the termination of the Commitments
and the repayment of such Loans; provided that (i) interest accrued pursuant to paragraph (d) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of
an ABR Revolving Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any
Eurodollar Revolving Loan prior to the end of the current Interest Period therefor, accrued interest on the principal balance of the Loan so converted shall be payable on the effective date of such conversion. 

  
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 (f) 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 at all times be computed on the basis of a year of 365 or 366 days, as applicable, and in each case shall be payable for the actual number of days elapsed (including the first day but
excluding the last day). The applicable Alternate Base Rate or LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error. 

SECTION 2.13. Payments Generally; Pro Rata Treatment; Sharing of Set-offs. (a) The Borrower shall make each payment required
to be made by it hereunder (whether of principal, interest or fees, or of amounts payable under Section 2.14, 2.18 or 2.20, or otherwise) prior to 12:00 noon, Chicago time, on the date when due, in immediately available funds, without set-off
or counterclaim. Any amounts received after such time on any date may, in the discretion of the Administrative Agent, be deemed to have been received on the next succeeding Business Day for purposes of calculating interest and all fees thereon. All
such payments shall be made to the Administrative Agent at its offices at 901 Main Street, Dallas, Texas 75202-3714, except that payments pursuant to Section 2.14, 2.18, 2.20 and 8.03 shall be made directly to the Persons entitled thereto and
except that payments of Swingline Loans shall be made directly to the Swingline Lenders as expressly provided herein. The Administrative Agent shall distribute any such payments received by it for the account of any other Person to the appropriate
recipient promptly following receipt thereof. If any payment hereunder shall be due on a day that is not a Business Day, the date for payment shall be extended to the next succeeding Business Day, and, in the case of any payment accruing interest,
interest thereon shall be payable for the period of such extension. All payments hereunder of principal or interest in respect of any Loan, and all other payments hereunder and under each other loan document delivered in connection herewith, shall
be made in dollars. Any payment required to be made by the Administrative Agent hereunder shall be deemed to have been made by the time required if the Administrative Agent shall, at or before such time, have taken the necessary steps to make such
payments in accordance with the regulations or operating procedures of the clearing or settlement system used by the Administrative Agent to make such payment. 
 (b) If any Lender, including, without limitation, any LC Issuer, shall, by exercising any right of set-off or counterclaim or otherwise, obtain payment in respect of any principal of, interest on or other
amounts owing in connection with any of its Revolving Loans, participations in Swingline Loans or participations in Facility LCs resulting in such Lender receiving payment of a greater proportion of the aggregate amount of its Revolving Loans,
participations in Swingline Loans, participations in Facility LCs and any accrued interest thereon than the proportion received by any other Lender, then the Lender receiving such greater proportion shall purchase (for cash at face value)
participations in the Revolving Loans, Swingline Loans and Facility LCs of other Lenders to the extent necessary so that the benefit of all such payments shall be shared by the Lenders ratably in accordance with the aggregate amount of principal of
and accrued interest on their respective Revolving Loans, participations in Swingline Loans and participations in Facility LCs; provided that (i) if any such participations are purchased and all or any portion of the payment giving rise
thereto is recovered, such participations shall be rescinded and the purchase price restored to the extent of such recovery, without interest, and (ii) the provisions of this paragraph shall not be construed to apply to any payment made by the
Borrower pursuant to and in accordance with the express terms of this Agreement or any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans and Facility LCs to any assignee or
participant, other than to the Borrower or any Subsidiary or Affiliate thereof (as to which the provisions of this paragraph shall apply). The Borrower consents to the foregoing and agrees, to the extent it may effectively do so under applicable
law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against the Borrower rights of set-off and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of the
Borrower in the amount of such participation. 

  
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 (c) Unless the Administrative Agent shall have received notice from the Borrower prior to
the date on which any payment is due to the Administrative Agent for the account of the Lenders hereunder that the Borrower will not make such payment, the Administrative Agent may assume that the Borrower has made such payment on such date in
accordance herewith and may, in reliance upon such assumption, distribute to the Lenders the amount due. In such event, if the Borrower has not in fact made such payment, then each of the Lenders severally agrees to repay to the Administrative Agent
forthwith on demand the amount so distributed to such Lender with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the greater of the
Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation. 
 (d) If any Lender shall fail to make any payment required to be made by it hereunder, 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 until all such unsatisfied obligations are fully paid. 

SECTION 2.14. Increased Costs. 
 (a) Increased Costs Generally. If any Change in Law shall: 

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

(ii) subject any Recipient to any Taxes (other than (A) Indemnified Taxes, (B) Taxes described in clauses
(b) through (d) of the definition of Excluded Taxes and (C) Connection Income Taxes) on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital
attributable thereto; or 
 (iii) impose on any Lender or any LC Issuer or the London interbank market any other
condition, cost or expense affecting this Agreement or Loans made by such Lender or any Facility LC or participation therein; 
 and the result
of any of the foregoing shall be to increase the cost to the Administrative Agent or such Lender of making or maintaining any Loan (or of maintaining its obligation to make any such Loan), or to increase the cost to the Administrative Agent, such
Lender or such LC Issuer of participating in, issuing or maintaining any Facility LC (or of maintaining its obligation to participate in or to issue any Facility LC), or to reduce the amount of any sum received or receivable by the Administrative
Agent, such Lender or such LC Issuer hereunder (whether of principal, interest or any other amount) then, upon request of the Administrative Agent, such Lender or such LC Issuer, the Borrower will pay to the Administrative Agent, such Lender or such
LC Issuer, as the case may be, such additional amount or amounts as will compensate the Administrative Agent, such Lender or such LC Issuer, as the case may be, for such additional costs incurred or reduction suffered. 

(b) Capital Requirements. If any Lender or any LC Issuer determines that any Change in Law affecting such Lender or such LC Issuer
or any Lending Office of such Lender or such Lender’s or such LC Issuer’s holding company, if any, regarding capital or liquidity requirements has or would have the effect of reducing the rate of return on such Lender’s or such LC
Issuer’s capital or on the capital of such Lender’s or such LC Issuer’s holding company, if any, as a consequence of this Agreement, the Commitments of such Lender or the Loans made by, or participations in Facility LCs or Swingline
Loans 

  
 24 

 
held by, such Lender, or the Facility LCs issued by such LC Issuer, to a level below that which such Lender or such LC Issuer or such Lender’s or such LC Issuer’s holding company could
have achieved but for such Change in Law (taking into consideration such Lender’s or such LC Issuer’s policies and the policies of such Lender’s or such LC Issuer’s holding company with respect to capital adequacy and liquidity),
then from time to time the Borrower will pay to such Lender or such LC Issuer, as the case may be, such additional amount or amounts as will compensate such Lender or such LC Issuer or such Lender’s or such LC Issuer’s holding company for
any such reduction suffered. 
 (c) Certificates for Reimbursement. A certificate of a Lender or an LC Issuer setting
forth the amount or amounts necessary to compensate such Lender or such LC Issuer or its holding company, as the case may be, as specified in subsection (a) or (b) of this Section and delivered to the Borrower shall be conclusive absent
manifest error. The Borrower shall pay such Lender or such LC Issuer, as the case may be, the amount shown as due on any such certificate within 10 days after receipt thereof. 
 (d) Delay in Requests. Failure or delay on the part of any Lender or any LC Issuer to demand compensation pursuant to the foregoing provisions of this Section 2.14 shall not constitute a
waiver of such Lender’s or such LC Issuer’s right to demand such compensation, provided that the Borrower shall not be required to compensate a Lender or an LC Issuer pursuant to the foregoing provisions of this Section for any
increased costs incurred or reductions suffered more than nine months prior to the date that such Lender or such LC Issuer, as the case may be, notifies the Borrower of the Change in Law giving rise to such increased costs or reductions and of such
Lender’s or such LC Issuer’s intention to claim compensation therefor (except that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the nine-month period referred to above shall be extended to
include the period of retroactive effect thereof). 
 SECTION 2.15. Basis for Determining Interest Rate for Eurodollar Loans
If Inadequate or Unfair. If at any time with respect to the Loans: 
 (a) the Administrative Agent determines (which
determination shall be binding and conclusive on all parties) that by reason of circumstances affecting the interbank market arising after the date of this Agreement adequate and reasonable means do not exist for ascertaining the LIBO Rate, or

 (b) Lenders whose aggregate Applicable Percentages total 30% or more give notice to the Administrative Agent that the LIBO
Rate as determined by the Administrative Agent will not adequately and fairly reflect the cost to such Lenders of maintaining or funding the Loans at any time, 
 then, the Administrative Agent shall give notice thereof to the Borrower and the Lenders by telecopy or telephone (confirmed by telecopy) as promptly as practicable thereafter and, until the
Administrative Agent notifies the Borrower and the applicable Lenders that the circumstances giving rise to such notice no longer exist, (i) any Interest Election Request that requests the conversion of any Borrowing to, or continuation of, any
Borrowing as a Eurodollar Borrowing shall be ineffective, and any Eurodollar Borrowing that is requested to be continued shall be converted into an ABR Borrowing on the last day of the then current Interest Period applicable thereto, and
(ii) any request for a Eurodollar Borrowing shall be deemed a request for an ABR Borrowing. If circumstances subsequently change so that the conditions specified in paragraph (a) or (b) above no longer exist, the Administrative Agent
(in the case of paragraph (a)) or the specified Lenders (in the case of paragraph (b)) shall notify the Borrower of the reinstated interest rate of the LIBO Rate plus the Revolving Loan Margin. 

  
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 SECTION 2.16. Illegality. In the event that any Change in Law makes it unlawful for
any Lender to make, maintain or fund Loans, then (a) such Lender shall promptly notify the Administrative Agent and the Administrative Agent shall promptly notify each of the other parties hereto, (b) the obligation of Lenders to make the
Loans made unlawful for such Lender shall, upon the effectiveness of such event, be suspended for the duration of such unlawfulness and (c) with respect to Eurodollar Loans, if such Lender so requests, the Borrower shall on the last day of the
respective Interest Periods then in effect with respect thereto or, if earlier, on the latest date as may be required by the relevant law, regulation or interpretation, repay all then outstanding Eurodollar Loans of each Lender made unlawful for
such Lender or convert such Eurodollar Loans to ABR Loans. If circumstances subsequently change so that such affected Lender shall determine that it is no longer so affected, such Lender will promptly notify the Borrower and the Administrative
Agent, and upon receipt of such notice, the obligations of all Lenders to make or continue Loans shall be reinstated. 
 SECTION
2.17. Substitution of Lenders. If (i) the obligation of any Lender to make Loans has been suspended pursuant to Section 2.16, (ii) any Lender (including, without limitation, throughout this Section 2.17, any LC Issuer) has
demanded compensation under Section 2.14 or (iii) any Lender becomes a Defaulting Lender, the Borrower, provided no Event of Default exists under paragraph (a) or (c) of Section 6.01, shall have the right to
substitute a bank or banks (which may be one or more of the Lenders) reasonably satisfactory to the Administrative Agent to purchase such Lender’s Loans and participations in Facility LCs, subject to the indemnity provisions of
Section 2.18, and to assume the Commitment of such Lender. Upon such purchase and assumption of such substituted bank or banks, the obligations of such Lender hereunder shall be discharged and such Lender shall cease to be obligated to make
further Loans and such Lender’s Commitment shall be reduced to zero. 
 SECTION 2.18. Funding Indemnification. If:
(a) any payment of a Loan occurs on a date which is not the last day of the applicable Interest Period, whether because of acceleration, prepayment or otherwise, including, without limitation, pursuant to any reduction of the Commitments; or
(b) any prepayment of any Loan required to be made pursuant to this Agreement, including, without limitation, pursuant to Section 2.16, is not made on the date specified by the Borrower for any reason; or (c) any Loan is not made or
converted on the date specified by the Borrower for any reason, other than default by one or more of the Lenders; the Borrower will indemnify each Lender, upon demand (which demand shall be accompanied by a statement setting forth the basis for the
calculations of the amount being claimed) for all losses incurred by each such Lender resulting therefrom, including, without limitation, any costs in liquidating or employing deposits acquired to fund or maintain such Loan. For this purpose, all
notices to the Administrative Agent pursuant to this Agreement with respect to borrowings, repayments and commitment reductions shall be deemed to be irrevocable. 
 SECTION 2.19. [Intentionally Omitted]. 
 SECTION 2.20. Taxes. 

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

  
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 (b) Payment of Other Taxes by the Borrower. The Borrower shall timely pay to the
relevant Governmental Authority in accordance with applicable law, or at the option of the Administrative Agent timely reimburse it for the payment of, any Other Taxes. 
 (c) Indemnification by the Borrower. The Borrower shall indemnify each Recipient, within 10 days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes
imposed or asserted on or attributable to amounts payable under this Section 2.20) paid by such Recipient or required to be withheld or deducted from a payment to such Recipient and any penalties, interest and reasonable expenses arising
therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to the Borrower by a
Lender or an LC Issuer (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender or an LC Issuer, shall be conclusive absent manifest error. 

(d) Indemnification by the Lenders and the LC Issuers. Each Lender and each LC Issuer shall severally indemnify the Administrative
Agent, within 10 days after demand therefor, for (i) any Indemnified Taxes attributable to such Lender or such LC Issuer (but only to the extent that the Borrower has not already indemnified the Administrative Agent for such Indemnified Taxes
and without limiting the obligation of the Borrower to do so), (ii) any Taxes attributable to such Lender’s failure to comply with the provisions of Section 8.04(e) relating to the maintenance of a Participant Register and
(iii) any Excluded Taxes attributable to such Lender or such LC Issuer, in each case, that are payable or paid by the Administrative Agent in connection with this Agreement, and any reasonable expenses arising therefrom or with respect thereto,
whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive
absent manifest error. Each Lender and each LC Issuer hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender or such LC Issuer, as the case may be, under this Agreement or otherwise
payable by the Administrative Agent to the Lender from any other source against any amount due to the Administrative Agent under this paragraph (d). 
 (e) Evidence of Payments. As soon as practicable after any payment of Taxes by the Borrower to a Governmental Authority pursuant to this Section 2.20, the Borrower shall deliver to the
Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the
Administrative Agent. 
 (f) Status of Lenders. (i) Any Lender that is entitled to an exemption from or reduction of
withholding Tax with respect to payments made under this Agreement shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower or the Administrative Agent, such properly completed and
executed documentation reasonably requested by the Borrower 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
or the Administrative Agent, shall deliver such other documentation prescribed by applicable law or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to determine whether or not
such Lender is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such
documentation set forth in Section 2.20(f)(ii)(A), (ii)(B) and (ii)(D) below) shall not be required if in the Lender’s reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost
or expense or would materially prejudice the legal or commercial position of such Lender. 

  
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 (ii) Without limiting the generality of the foregoing, 

(A) any Lender that is a U.S. Person shall deliver to the Borrower and the Administrative Agent (in such number of copies
as shall be reasonably requested by the recipient) 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 or the Administrative Agent), duly
executed originals of IRS Form W-9 or successor form 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 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 or the Administrative Agent), whichever of the following is applicable: 

(i) in the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party
(x) with respect to payments of interest under this Agreement, executed originals of IRS Form W-8BEN establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “interest” article of such tax treaty,
(y) with respect to any other applicable payments under this Agreement, IRS Form W-8BEN 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 and (z) with respect to payments of interest or any other applicable payments under this Agreement, executed originals of IRS Form W-8BEN establishing an exemption from, or reduction of, U.S. federal withholding Tax
pursuant to any other applicable article of such tax treaty; 
 (ii) duly executed originals of IRS Form W-8ECI;

 (iii) in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under
Section 881(c) of the Code, (x) a certificate substantially in the form of Exhibit F-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 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 
 (iv) 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 F-2 or Exhibit F-3, IRS Form W-9, and/or other
certification documents from each beneficial owner, as may be required; provided that if the Foreign Lender is a partnership and one or more direct or indirect partners of such Foreign Lender are claiming the portfolio interest exemption,
such Foreign Lender may provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit F-4 on behalf of each such direct and indirect partner; 

  
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 (C) any Foreign Lender shall, to the extent it is legally entitled to do so,
deliver to the Borrower 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 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 or the Administrative Agent to determine the withholding or deduction required to be made; and 

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

(g) Any Lender or the Administrative Agent requesting compensation under this Section 2.20 shall use its reasonable efforts to notify
the Borrower and the Administrative Agent in writing of any Change in Law, policy, rule, guideline or directive giving rise to such demand for compensation not more than 60 days following the date upon which the responsible account officer for such
Lender knows or should have known of such change. Such written demand shall be rebuttably presumed correct for all purposes. If any Lender or the Administrative Agent demands compensation under this Section 2.20 more than 60 days following the
date upon which a responsible account officer for such Lender or the Administrative Agent knows or should have known that Taxes or Other Taxes have begun to accrue with respect to which such Lender or the Administrative Agent is entitled to
compensation under this Section 2.20, then any Taxes or Other Taxes attributable to the period prior to the 60 day period prior to the date on which such Lender or the Administrative Agent provided such notice and demand for compensation shall
be excluded from the indemnity obligations of the Borrower under this Section 2.20. 
 (h) Treatment of Certain
Refunds. If any party determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes as to which it has been indemnified pursuant to this Section 2.20 (including by the payment of additional amounts
pursuant to this Section 2.20), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made under this Section with respect to the Taxes giving rise to such refund), net of all
out-of-pocket expenses (including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund). Such indemnifying party, upon the request of such indemnified
party, shall repay to such indemnified party the 

  
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amount paid over pursuant to this paragraph (h) (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event that such indemnified party is
required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this paragraph (h), in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this paragraph
(h) the payment of which would place the indemnified party in a less favorable net after-Tax position than the indemnified party would have been in if the indemnification payments or additional amounts giving rise to such refund had never been
paid. This paragraph shall not be construed to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person. 

(i) Survival. Each party’s obligations under this Section 2.20 shall survive the resignation or replacement of the
Administrative Agent or any assignment of rights by, or the replacement of, a Lender or an LC Issuer, the termination of the Commitments and the repayment, satisfaction or discharge of all the Obligations. 

SECTION 2.21. [Intentionally Omitted]. 
 SECTION 2.22. Facility LCs. 
 (a) Issuance. (i) Each LC Issuer
hereby agrees, on the terms and conditions set forth in this Agreement, to issue standby and commercial letters of credit denominated solely in dollars (each, including the Existing Facility LCs, a “Facility LC”), to renew, extend,
increase, decrease or otherwise modify each Facility LC (“Modify,” and each such action, a “Modification”) and to honor drawings under Facility LCs, from time to time during the Availability Period upon the request
of the Borrower, provided that immediately after each such Facility LC is issued or Modified or drawn upon, (x) the aggregate amount of the outstanding LC Obligations shall not exceed $100,000,000, (y) the Revolving Credit Exposure of any
Lender shall not exceed the Commitment of such Lender and (z) the aggregate of the Revolving Credit Exposures of all the Lenders shall not exceed the aggregate of the Commitments. Each request by the Borrower for the issuance or amendment of a
Facility LC shall be deemed to be a representation by the Borrower that the Facility LC or Modification or drawing so requested complies with the conditions set forth in the proviso to the preceding sentence. Other than as permitted under
Section 2.22(a)(ii) or 2.22(m), no Facility LC shall have an expiry date later than the date that is (x) twelve (12) months after the date issuance or last extension of such Facility LC (unless the Required Lenders have approved such
an expiry date) and (y) the fifth Business Day prior to the Termination Date; provided, that any Facility LC may (1) provide for renewal thereof for additional periods of up to twelve (12) months (which in no event shall extend
beyond the date referred to in the preceding sentence) and (2) have a later expiry date (but in no event later than the date that is one year after the Termination Date) if cash collateralized on terms reasonably satisfactory to the
Administrative Agent and the relevant LC Issuer and in an amount equal to 105% of the face amount thereof no later than fifteen (15) days prior to the Termination Date. Within the foregoing limits, and subject to the terms and conditions
hereof, the Borrower’s ability to obtain Facility LCs shall be fully revolving, and accordingly the Borrower may, during the foregoing period, obtain Facility LCs to replace Facility LCs that have expired or that have been drawn upon and
reimbursed. The letters of credit identified on Schedule 2.22 (the “Existing Facility LCs”) shall be deemed to have been issued pursuant hereto as of the Availability Date, and from and after the Availability Date shall be subject
to and governed by the terms and conditions hereof. 
 (ii) If the Borrower so requests in any applicable Facility LC
Application, each LC Issuer may, in its sole discretion, agree to issue a Facility LC that has automatic extension provisions (each, an “Auto-Extension Facility LC”); provided that any such Auto-Extension Facility LC must
permit such LC Issuer to prevent any such extension at least once in each twelve-month period (commencing with the date of issuance of such Facility LC) by giving prior notice to the beneficiary thereof not later than a day

  
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(the “Non-Extension Notice Date”) in each such twelve-month period to be agreed upon at the time such Facility LC is issued. Unless otherwise directed by the applicable LC
Issuer, the Borrower shall not be required to make a specific request to such LC Issuer for any such extension. Once an Auto-Extension Facility LC has been issued, the Lenders shall be deemed to have authorized (but may not require) the applicable
LC Issuer to permit the extension of such Facility LC at any time to an expiry date not later than the date specified in Section 2.22(a)(i); provided, however, that such LC Issuer shall not permit any such extension if
(A) such LC Issuer has determined that it would not be permitted, or would have no obligation, at such time to issue such Facility in its revised form (as extended) under the terms hereof (by reason of the provisions of Section 2.22(a)(i)
or (ii) (or otherwise) or (B) it has received notice (which may be by telephone or in writing) on or before the day that is seven Business Days before the Non-Extension Notice Date (1) from the Administrative Agent that the Required
Lenders have elected not to permit such extension or (2) from the Administrative Agent, any Lender or the Borrower that one or more of the applicable conditions specified in Section 4.03 is not then satisfied, and in each such case
directing such LC Issuer not to permit such extension. 
 (iii) No LC Issuer shall be required to issue any Facility LC if
(x) any order, judgment or decree of any Governmental Authority or arbitrator shall by its terms purport to enjoin or restrain such LC Issuer from issuing such Facility LC, or any Law applicable to such LC Issuer or any request or directive
(whether or not having the force of law) from any Governmental Authority with jurisdiction over such LC Issuer shall prohibit the issuance of letters of credit generally or such Facility LC in particular or shall impose upon such LC Issuer with
respect to such Facility LC any restriction, reserve or capital requirement (for which such LC Issuer is not otherwise compensated hereunder) not in effect on the Effective Date, or shall impose upon such LC Issuer any unreimbursed loss, cost or
expense which was not applicable on the Effective Date and which such LC Issuer in good faith deems material to it and (y) any Lender is at that time a Defaulting Lender, unless such LC Issuer has entered into arrangements, including the
delivery of cash collateral, satisfactory to such LC Issuer (in its sole discretion) with the Borrower or such Lender to eliminate such LC Issuer’s actual or potential Fronting Exposure (after giving effect to Section 2.25(a)(iv)) with
respect to the Defaulting Lender arising from either the Facility LC then proposed to be issued or that Facility LC and all other LC Obligations as to which such LC Issuer has actual or potential Fronting Exposure, as it may elect in its sole
discretion. No LC Issuer shall be under any obligation to Modify any Facility LC if (x) such LC Issuer would have no obligation at such time to issue such Facility LC in its amended form under the terms hereof or (y) the beneficiary of
such Facility LC does not accept the proposed Modification to such Facility LC. No LC Issuer shall act on behalf of the Lenders with respect to any Facility LC issued by it and the documents associated therewith, and each LC Issuer shall have all of
the benefits and immunities (x) provided to the Administrative Agent in Article VII with respect to any acts taken or omissions suffered by such LC Issuer in connection with Facility LCs issued by it or proposed to be issued by it and Facility
LC Applications pertaining to such Facility LCs as fully as if the term “Administrative Agent” as used in Article VII included such LC Issuer with respect to such acts or omissions and (y) as additionally provided herein with respect
to the LC Issuers. 
 (b) Participations. Upon the issuance or Modification by an LC Issuer of a Facility LC in accordance
with this Section 2.22, such LC Issuer shall be deemed, without further action by any party hereto, to have unconditionally and irrevocably sold to each Lender, and each Lender severally agrees, and shall be deemed, without further action by
any party hereto, to have unconditionally and irrevocably purchased from such LC Issuer, a risk participation in such Facility LC (and each Modification thereof) and the related LC Obligations in proportion to its Applicable Percentage. 

(c) Notice. Subject to Section 2.22(a), the Borrower shall give the applicable LC Issuer and the Administrative Agent notice
in the form of a Facility LC Application prior to 10:00 a.m. (Chicago time) at least three Business Days prior to the proposed date of issuance or Modification of the applicable 

  
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Facility LC, or in each case such shorter period as may be agreed to by the applicable LC Issuer and the Administrative Agent, in any particular instance specifying the name and address of the
beneficiary, the proposed date of issuance (or Modification) (which shall be a Business Day), the expiry date of such Facility LC, the amount of such Facility LC, the documents to be presented by such beneficiary in case of any drawing thereunder,
the full text of any certificate to be presented by such beneficiary in case of any drawing thereunder, the purpose and nature of the requested Facility LC, the nature of the proposed Modification (in the case of a Modification) and such other
information as shall be necessary to prepare such Facility LC or as the applicable LC Issuer may require. Upon receipt of such notice, (i) the applicable LC Issuer will confirm with the Administrative Agent (by telephone or in writing) that the
Administrative Agent has received a copy of such Facility LC Application from the Borrower and, if not, such LC Issuer will provide the Administrative Agent with a copy thereof and (ii) the Administrative Agent shall promptly notify each
Lender, of the contents thereof and of the amount of such Lender’s participation in such proposed Facility LC. The issuance or Modification by the applicable LC Issuer of a Facility LC shall, in addition to the conditions precedent set forth in
Article IV (the satisfaction of which the applicable LC Issuer shall have no duty to ascertain), be subject to the conditions precedent that such Facility LC shall be reasonably satisfactory to the applicable LC Issuer and that a Responsible Officer
shall have executed and delivered such applicable agreement and/or such other instruments and agreements relating to such Facility LC as the applicable LC Issuer or the Administrative Agent shall have reasonably requested (each, a “Facility
LC Application”). Unless the applicable LC Issuer has received written notice from any Lender, the Administrative Agent or the Borrower, at least one Business Day prior to the requested date of issuance or Modification of the applicable
Facility LC, that one or more applicable conditions contained in Article IV shall not then be satisfied, then, subject to the terms and conditions hereof, such LC Issuer shall, on the requested date, issue a Facility LC for the account of the
Borrower or enter into the applicable Modification, as the case may be, in each case in accordance with such LC Issuer’s usual and customary business practices. In the event of any conflict between the terms of this Agreement and the terms of
any Facility LC Application, the terms of this Agreement shall control. 
 (d) LC Fees. The Borrower shall pay to the
Administrative Agent, for the account of the Lenders ratably in accordance with their respective Applicable Percentages, with respect to each Facility LC, a letter of credit participation fee (the “LC Participation Fee”), which
shall accrue at the LC Participation Fee Rate on the daily stated amounts of all outstanding Facility LCs. Accrued LC Participation Fees shall be payable in arrears on each Interest Payment Date. The Borrower shall also pay to the applicable LC
Issuer for its own account (x) at the time of issuance of a Facility LC issued by such LC Issuer, a fronting fee in an amount as shall be agreed to by the Borrower and the applicable LC Issuer, and (y) documentary and processing charges in
connection with the issuance, amendment, cancellation, negotiation, transfer, or other Modification of and draws under Facility LCs in accordance with such LC Issuer’s standard schedule for such charges as in effect from time to time. The LC
Participation Fee and each other fee described in this Section 2.22(d) shall constitute an “LC Fee”. All LC Fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed
(including the first day but excluding the last day). 
 (e) Administration; Reimbursement by Lenders. Upon receipt from
the beneficiary of any Facility LC of any demand for payment under such Facility LC, the applicable LC Issuer shall notify the Administrative Agent, the Borrower and each other Lender as to the amount to be paid by such LC Issuer as a result of such
demand and the proposed payment date (the “LC Payment Date”). The responsibility of the applicable LC Issuer to the Borrower and each Lender shall be only to determine that the documents (including each demand for payment) delivered
under each Facility LC issued by such LC Issuer in connection with such presentment shall be in conformity in all material respects with such Facility LC. Each LC Issuer shall endeavor to exercise the same care in the issuance and administration of
its Facility LCs as it does with respect to letters of credit in which no participations are granted, it 

  
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being understood that in the absence of any gross negligence or willful misconduct by such LC Issuer, each Lender shall be unconditionally and irrevocably liable without regard to the occurrence
of any Event of Default or any condition precedent whatsoever, to reimburse such LC Issuer on demand for (and the Administrative Agent may apply cash collateral provided for this purpose) (i) such Lender’s Applicable Percentage of the
amount of each payment made by such LC Issuer under each Facility LC issued by it to the extent such amount is not reimbursed by the Borrower pursuant to Section 2.22(g) below, plus (ii) interest on the foregoing amount to be
reimbursed by such Lender, for each day from the date of such LC Issuer’s demand for such reimbursement (or, if such demand is made after 11:00 a.m. (Chicago time) on such date, from the next succeeding Business Day) to the date on which such
Lender pays the amount to be reimbursed by it, at a rate of interest per annum equal to the greater of the Federal Funds Rate and a rate determined by such LC Issuer in accordance with banking industry rules on interbank compensation, which interest
shall be solely for the account of the applicable LC Issuer, plus any administrative, processing or similar fees customarily charged by such LC Issuer in connection with the foregoing. Any notice given by any LC Issuer or the Administrative Agent
pursuant to this paragraph (e) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice. A certificate of
the LC Issuer submitted to any Lender (through the Administrative Agent) with respect to any amounts owing under this paragraph (e) shall be conclusive absent manifest error. Each Lender’s obligation to participate in Facility LCs and to
reimburse the LC Issuers for amounts drawn under Facility LCs shall be absolute and unconditional and shall not be affected by any circumstance, including (i) any setoff, counterclaim, recoupment, defense or other right which such Lender may
have against the applicable LC Issuer, the Borrower or any other Person for any reason whatsoever, (ii) the occurrence or continuance of an Unmatured Event of Default or (iii) any other occurrence, event or condition, whether or not
similar to any of the foregoing. 
 (f) Reimbursement by Borrower. The Borrower shall be irrevocably and unconditionally
obligated to reimburse each LC Issuer on the first Business Day immediately following the applicable LC Payment Date (the “Reimbursement Date”) for any amounts to be paid by such LC Issuer upon any drawing under any Facility LC
issued by it, without presentment, demand, protest or other formalities of any kind; provided that neither the Borrower nor any Lender shall hereby be precluded from asserting any claim for direct (but not consequential) damages suffered by the
Borrower or such Lender to the extent, but only to the extent, caused by (i) the willful misconduct or gross negligence of such LC Issuer or (ii) such LC Issuer’s failure to pay under any Facility LC issued by it after the
presentation to it of a request strictly complying with the terms and conditions of such Facility LC; and provided further that any payments made by the Borrower after the Reimbursement Date as reimbursement for amounts paid by such LC Issuer
upon any drawing under such Facility LC shall be made to such LC Issuer as agent for, and for the account of, the Lenders to the extent such Lenders have made payment to such LC Issuer in respect of such Facility LC pursuant to Section 2.22(e)
All such amounts paid by such LC Issuer and remaining unpaid by the Borrower on such LC Payment Date shall bear interest, payable on demand, for each day until paid at a rate per annum equal to (x) the Alternate Base Rate for such day if such
day falls on or before the applicable Reimbursement Date and (y) the sum of 2% plus the Alternate Base Rate for such day if such day falls after such Reimbursement Date. Each LC Issuer will pay to each Lender ratably in accordance with
its Applicable Percentage all amounts received by it from the Borrower for application in payment, in whole or in part, of the Reimbursement Obligation in respect of any Facility LC issued by it, but only to the extent such Lender has made payment
to such LC Issuer in respect of such Facility LC pursuant to Section 2.22(e). Subject to the terms and conditions of this Agreement (including, without limitation, the submission of a Borrowing Request and the satisfaction of the applicable
conditions precedent set forth in Article IV), the Borrower may request a Borrowing hereunder for the purpose of satisfying any Reimbursement Obligation. 

  
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 (g) Repayment of Obligations. (i) At any time after any LC Issuer has made a
payment under any Facility LC and has received from any Lender such Lender’s funding of its participation in respect of such payment in accordance with Section 2.22(b), if the Administrative Agent receives for the account of such LC Issuer
any payment in respect of the related Reimbursement Obligations or interest thereon (whether directly from the Borrower or otherwise, including proceeds of cash collateral applied thereto by the Administrative Agent), the Administrative Agent will
distribute to such Lender its Applicable Percentage thereof in the same funds as those received by the Administrative Agent. 

(ii) If any payment received by the Administrative Agent for the account of any LC Issuer pursuant to Section 2.22(f) is required to
be returned for any reason (including pursuant to any settlement entered into by such LC Issuer in its discretion), each Lender shall pay to the Administrative Agent for the account of such LC Issuer its Applicable Percentage thereof on demand of
the Administrative Agent, plus interest thereon from the date of such demand to the date such amount is returned by such Lender, at a rate per annum equal to the Federal Funds Rate from time to time in effect. The obligations of the Lenders under
this clause shall survive the payment in full of the Obligations and the termination of this Agreement. 
 (h) Obligations
Absolute. (i) Except as set forth herein, the Borrower’s obligations under this Section 2.22 with respect to each Facility LC shall be absolute, unconditional and irrevocable under any and all circumstances and irrespective of any
circumstances, including the following: 
 (1) any lack of validity or enforceability of such Facility LC, this
Agreement, or any other loan document; 
 (2) the existence of any claim, counterclaim, setoff, defense or other
right that the Borrower or any Subsidiary may have at any time against any beneficiary or any transferee of such Facility LC (or any Person for whom any such beneficiary or any such transferee may be acting), the applicable LC Issuer or any other
Person, whether in connection with this Agreement, the transactions contemplated hereby or by such Facility LC or any agreement or instrument relating thereto, or any unrelated transaction; 

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

(4) waiver by the applicable LC Issuer of any requirement that exists for such LC Issuer’s protection and not the
protection of the Borrower or any waiver by the applicable LC Issuer which does not in fact materially prejudice the Borrower; 
 (5) honor of a demand for payment presented electronically even if such Facility LC requires that demand be in the form of a draft; 

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

(7) any payment by the applicable LC Issuer under such Facility LC against presentation of a draft or certificate that
does not strictly comply with the terms of such Facility LC; or any payment made by the applicable LC Issuer under such Facility LC to any Person 

  
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purporting to be a trustee in bankruptcy, debtor-in-possession, assignee for the benefit of creditors, liquidator, receiver or other representative of or successor to any beneficiary or any
transferee of such Facility LC, including any arising in connection with any proceeding under any Debtor Relief Law; or 
 (8) any other circumstance or happening whatsoever, whether or not similar to any of the foregoing, including any other circumstance that might otherwise constitute a defense available to, or a discharge
of, the Borrower or any Subsidiary. 
 The Borrower shall promptly examine a copy of each Facility LC and each Modification thereto that is
delivered to it and, in the event of any claim of noncompliance with the Borrower’s instructions or other irregularity, the Borrower will immediately notify the applicable LC Issuer. The Borrower shall be conclusively deemed to have waived any
such claim against the applicable LC Issuer and its correspondents unless such notice is given as aforesaid. 
 (ii) The Borrower
further agrees with each LC Issuer and the Lenders that, except in the case of gross negligence or willful misconduct, the LC Issuers and the Lenders shall not be responsible for, and the Borrower’s Reimbursement Obligation in respect of any
Facility LC shall not be affected by, among other things, the validity or genuineness of documents or of any endorsements thereon, even if such documents should in fact prove to be in any or all respects invalid, fraudulent or forged, or any dispute
between or among the Borrower, any of its Affiliates, the beneficiary of any Facility LC or any financing institution or other party to whom any Facility LC may be transferred or any claims or defenses whatsoever of the Borrower or of any of its
Affiliates against the beneficiary of any Facility LC or any such transferee. No LC Issuer shall be liable for any error, omission, interruption or delay in transmission, dispatch or delivery of any message or advice, however transmitted, in
connection with any Facility LC, except in the case of gross negligence or willful misconduct by such LC Issuer. The Borrower agrees that any action taken or omitted by any LC Issuer or any Lender under or in connection with each Facility LC and the
related drafts and documents, if done without gross negligence or willful misconduct, shall be binding upon the Borrower and shall not put any LC Issuer or any Lender under any liability to the Borrower. Nothing in this Section 2.22(h) is
intended to limit the right of the Borrower to make a claim against the applicable LC Issuer for damages as contemplated by the proviso to the first sentence of Section 2.22(f). The Borrower hereby assumes all risks of the acts or omissions of
any beneficiary or transferee with respect to its use of any Facility LC; provided, however, that this assumption is not intended to, and shall not, preclude the Borrower’s pursuing such rights and remedies as it may have against
the beneficiary or transferee at law or under any other agreement. 
 (i) Actions of the LC Issuers. Each LC Issuer shall
be entitled, except in the case of gross negligence or willful misconduct by such LC Issuer, to rely, and shall be fully protected in relying, in connection with any Facility LC issued by it, upon any draft, writing, resolution, notice, consent,
certificate, affidavit, letter, cablegram, telegram, telecopy, telex or teletype message, statement, order or other document believed by it to be genuine and correct and to have been signed, sent or made by the proper Person or Persons, and upon
advice and statements of legal counsel, independent accountants and other experts selected by such LC Issuer. As between the Lenders, and subject to the provisions of this Section 2.22(i), each LC Issuer shall be fully justified in failing or
refusing to take any action under this Agreement unless it shall first have received such advice or concurrence of the Required Lenders as it reasonably deems appropriate or it shall first be indemnified to its reasonable satisfaction by the Lenders
against any and all liability and expense which may be incurred by it by reason of taking or continuing to take any such action. Notwithstanding any other provision of this Section 2.22, as between the Lenders, each LC Issuer shall in all cases
be fully protected in acting, or in refraining from acting, under this Agreement in accordance with a request of the Required Lenders, and such request and any action taken or failure to act pursuant thereto shall be binding upon the Lenders and any
future holders of a participation in any Facility LC. Any LC Issuer may send a Facility LC or conduct any communication to or from the beneficiary via the Society for Worldwide Interbank Financial Telecommunication message or overnight courier, or
any other commercially reasonable means of communicating with a beneficiary. 

  
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 (j) Indemnification. The Borrower hereby agrees to indemnify and hold harmless each
Lender required to participate in Facility LCs under Section 2.22(b), each LC Issuer and the Administrative Agent, and their respective affiliates, directors, officers, agents and employees from and against any and all claims and damages,
losses, liabilities, costs or expenses which such Lender, such LC Issuer or the Administrative Agent may incur by reason of or in connection with the issuance, execution and delivery or transfer of or payment or failure to pay under any Facility LC
or any actual or proposed use of any Facility LC, including, without limitation, any claims, damages, losses, liabilities, costs and expenses which such LC Issuer may incur by reason of or on account of such LC Issuer issuing any Facility LC which
specifies that the term “Beneficiary” included therein includes any successor by operation of law of the named Beneficiary, but which Facility LC does not require that any drawing by any such successor Beneficiary be accompanied by a copy
of a legal document, satisfactory to the applicable LC Issuer, evidencing the appointment of such successor Beneficiary; provided that the Borrower shall not be required to indemnify any Lender, any LC Issuer or the Administrative Agent for any
claims, damages, losses, liabilities, costs or expenses to the extent, but only to the extent, caused by (x) the willful misconduct or gross negligence of such LC Issuer, Lender or the Administrative Agent or (y) such LC Issuer’s
failure to pay under any Facility LC issued by it after the presentation to it of a request strictly complying with the terms and conditions of such Facility LC. Nothing in this Section 2.22(j) is intended to limit the obligations of the
Borrower under any other provision of this Agreement. 
 (k) Lenders’ Indemnification. Each Lender shall, ratably in
accordance with its Applicable Percentage, indemnify each LC Issuer, its affiliates and their respective directors, officers, agents and employees (to the extent not reimbursed by the Borrower) against any cost, expense (including reasonable counsel
fees and disbursements), claim, demand, action, loss or liability (except such as result from such indemnitees’ gross negligence or willful misconduct or such LC Issuer’s failure to pay under any Facility LC issued by it after the
presentation to it of a request strictly complying with the terms and conditions of such Facility LC) that such indemnitees may suffer or incur in connection with this Section 2.22 or any action taken or omitted by such indemnitees hereunder.

 (l) Rights as a Lender. In its capacity as a Lender, each LC Issuer shall have the same rights and obligations as any
other Lender. 
 (m) Cash Collateral. So long as no Event of Default or Unmatured Event of Default is then outstanding or
would result therefrom, the Borrower may elect to have a Facility LC remain outstanding subsequent to the Termination Date. The Borrower shall notify the Administrative Agent and the applicable LC Issuer of such election at least 30 days prior to
the Termination Date. The Borrower, no later than 30 days prior to the Termination Date, shall deposit into an account with the Administrative Agent for the benefit of the Lenders (the “Facility LC Collateral Account”) an amount in
cash equal to 105% of the face amount of the applicable Facility LC. Such cash shall be unencumbered and free and clear of Liens (other than those in favor of the Administrative Agent) on and after the date so deposited. Such deposit shall be held
by the Administrative Agent as collateral for the payment and performance of obligations arising under or in connection with the applicable Facility LC. The Administrative Agent shall have exclusive dominion and control, including the exclusive
right of withdrawal, over the Facility LC Collateral Account, and the Facility LC Collateral Account shall otherwise be opened and maintained on terms and conditions reasonably acceptable to the Administrative Agent. Other than any interest earned
on the investment of such deposits, which investments shall be made at the option and sole discretion of the Administrative Agent and at the Borrower’s risk and expense, such deposits shall not bear interest. Interest or profits, if any, on
such investments shall accumulate in the Facility LC Collateral 

  
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Account. Moneys in such account shall be applied by the Administrative Agent to reimburse the applicable LC Issuer for draws and related expenses under the related Facility LC. Any amounts
remaining on deposit in the Facility LC Collateral Account subsequent to the expiry or termination of all Facility LCs cash collateralized thereby and the payment of all amounts owing under or in connection with such Facility LCs shall be returned
to the Borrower; provided, however, that to the extent an Event of Default is then outstanding, such remaining deposit shall be applied by the Administrative Agent to repay any other obligations due and payable under or in connection
with the Credit Agreement. No Lender shall be required to participate in any Facility LC or otherwise have any duty or obligation in respect thereof subsequent to the Termination Date if such Facility LC is cash collateralized in accordance with the
foregoing. 
 (n) LC Issuer Agreements. Each LC Issuer agrees that, unless otherwise requested by the Administrative
Agent, such LC Issuer shall report in writing to the Administrative Agent (i) on the first Business Day of each week, the daily activity (set forth by day) in respect of Facility LCs during the immediately preceding week, including all
issuances, extensions, amendments and renewals, all expirations and cancellations and all disbursements and reimbursements, (ii) on or prior to each Business Day on which such LC Issuer expects to issue, amend, renew or extend any Facility LC,
the date of such issuance, amendment, renewal or extension, and the aggregate face amount of the Facility LCs to be issued, amended, renewed or extended by it and outstanding after giving effect to such issuance, amendment, renewal or extension
occurred (and whether the amount thereof changed), it being understood that such LC Issuer shall not permit any issuance, renewal, extension or amendment resulting in an increase in the amount of any Facility LC to occur without first obtaining
written confirmation from the Administrative Agent that it is then permitted under this Agreement, (iii) on each Business Day on which such LC Issuer pays any amount in respect of one or more drawings under Facility LCs, the date of such
payment(s) and the amount of such payment(s), (iv) on any Business Day on which the Borrower fails to reimburse any Reimbursement Obligation required to be reimbursed to such LC Issuer on such day, the date of such failure and the amount and
currency of such payment in respect of Facility LCs and (v) on any other Business Day, such other information as the Administrative Agent shall reasonably request. 
 (o) Applicability of ISP and UCP; Limitation of Liability. Unless otherwise expressly agreed by any LC Issuer and the Borrower when a Facility is issued (including any such agreement applicable to
an Existing Facility LC), (i) the rules of the ISP shall apply to each standby Facility LC, and (ii) the rules of the UCP shall apply to each commercial Facility LC. Notwithstanding the foregoing, no LC Issuer shall be responsible to the
Borrower for, and the LC Issuers’ rights and remedies against the Borrower shall not be impaired by, any action or inaction of any LC Issuer required or permitted under any law, order, or practice that is required or permitted to be applied to
any Facility LC or this Agreement, including the Law or any order of a jurisdiction where any LC Issuer or the beneficiary is located, the practice stated in the ISP or UCP, as applicable, or in the decisions, opinions, practice statements, or
official commentary of the ICC Banking Commission, the Bankers Association for Finance and Trade—International Financial Services Association (BAFT-IFSA), or the Institute of International Banking Law & Practice, whether or not any
Facility LC chooses such law or practice. 
 SECTION 2.23. [Intentionally Omitted]. 

SECTION 2.24. Increases of Commitments. At any time after the Availability Date, the Borrower may request from time to time that
the aggregate amount of the Commitments be increased; provided that, after giving effect to any such increase, (a) the aggregate amount of increases to the Commitments made pursuant to this Section shall at no time exceed $300,000,000,
(b) the Borrower shall not be entitled to make any such request more frequently than once in each fiscal quarter, and (c) each such request shall be in a minimum amount of at least $25,000,000 and increments of $25,000,000 in

  
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excess thereof. Such request shall be made in a written notice given to the Administrative Agent by the Borrower not less than fifteen (15) Business Days (or such lesser number of days as
the Administrative Agent shall agree) prior to the proposed effective date of such increase, which notice (a “Commitment Increase Notice”) shall specify the amount of the proposed increase in the Commitments and the proposed
effective date of such increase. No Lender shall have any obligation to increase its Commitment pursuant to a Commitment Increase Notice. On or prior to the date that is ten (10) Business Days after receipt of the Commitment Increase Notice,
each Lender shall submit to the Administrative Agent a notice indicating the maximum amount by which it is willing to increase its Commitment in connection with such Commitment Increase Notice (any such notice to the Administrative Agent being
referred to herein as a “Lender Increase Notice”). Any Lender which does not submit a Lender Increase Notice to the Administrative Agent prior to the expiration of such ten (10) Business Day period shall be deemed to have
denied any increase in its Commitment. The Administrative Agent shall have the right, in consultation with the Borrower, to allocate the amount of increases necessary to meet the Borrower’s Commitment Increase Notice. The Administrative Agent
shall assist and consult with the Borrower in an effort to identify financial institutions which may be interested in becoming parties to the Agreement and not later than three (3) Business Days prior to the proposed effective date the Borrower
may notify the Administrative Agent of any financial institution that shall have agreed to become a “Lender” party hereto (a “Proposed New Lender”) in connection with the Commitment Increase Notice. Any Proposed New Lender
shall be consented to by the Administrative Agent (which consent shall not be unreasonably withheld). If the total amount of the proposed commitment increases set forth in the Lender Increase Notices together with the total amount of the proposed
commitments of any Proposed New Lender(s) does not equal or exceed the amount of the requested increase of the Commitments set forth in the relevant Commitment Increase Notice, then the Borrower shall be deemed to have reduced the amount of its
Commitment Increase Notice to the aggregate amount set forth in the Lender Increase Notices and Proposed New Lender notices. The Administrative Agent shall notify the Borrower and the Lenders on or before the Business Day immediately prior to the
proposed effective date of the amount of each Lender’s and Proposed New Lender’s Commitment (the “Effective Commitment Amount”) and the aggregate amount of the Commitments, which amounts shall be effective on the following
Business Day. Any increase in the aggregate amount of the Commitments shall be subject to the following conditions precedent: (A) as of the date of the Commitment Increase Notice and as of the proposed effective date of the increase in the
aggregate amount of the Commitments, each of the representations and warranties of the Borrower hereunder shall be true and correct in all material respects as if made on and as of such date (unless such representation and warranty specifically
related back to an earlier date, in which case such representation and warranty shall have been true and correct in all material respects as of such earlier date) and no event shall have occurred and then be continuing which constitutes an Event of
Default or Unmatured Event of Default, (B) the Borrower, the Administrative Agent and each Proposed New Lender or Lender that shall have agreed to provide a “Commitment” in support of such increase in the aggregate Commitments shall
have executed and delivered a “Commitment and Acceptance” substantially in the form of Exhibit E hereto, (C) counsel for the Borrower shall have provided to the Administrative Agent supplemental opinions in form and substance
reasonably satisfactory to the Administrative Agent and (D) the Borrower and the Proposed New Lenders shall otherwise have executed and delivered such other instruments and documents as may be required hereunder or that the Administrative Agent
shall have reasonably requested in connection with such increase. If any fee shall be charged by the Lenders in connection with any such increase, such fee shall be in accordance with then prevailing market conditions, which market conditions shall
have been reasonably documented by the Administrative Agent to the Borrower. Upon satisfaction of the conditions precedent to any increase in the aggregate amount of the Commitments, the Administrative Agent shall promptly advise the Borrowers and
each Lender of the effective date of such increase. Upon the effective date of any increase in the aggregate Commitments that is supported by a Proposed New Lender, such Proposed New Lender shall be a party hereto as a Lender and shall have the
rights and obligations of a Lender hereunder. Nothing contained herein shall constitute, or otherwise be deemed to be, a commitment on the part of any Lender to increase its Commitment hereunder at any time. 

  
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 For purposes of this Section 2.24, the term “Buying Lender(s)” shall
mean (1) each Lender the Effective Commitment Amount of which is greater than its Commitment prior to the effective date of any increase in the aggregate amount of the Commitments and (2) each Proposed New Lender that is allocated an
Effective Commitment Amount in connection with any Commitment Increase Notice, and the term “Selling Lender(s)” shall mean each Lender whose Commitment under this Agreement is not being increased from that in effect prior to such increase
in the aggregate amount of the Commitments. Effective on the effective date of any increase in the aggregate amount of the Commitments pursuant to clause (i) above, each Selling Lender hereby sells, grants, assigns and conveys to each Buying
Lender, without recourse, warranty, or representation of any kind, except as specifically provided herein, an undivided percentage in such Selling Lender’s right, title and interest in and to its outstanding Loans and LC Obligations in the
respective dollar amounts and percentages necessary so that, from and after such sale, each such Selling Lender’s outstanding Loans and LC Obligations shall equal such Selling Lender’s pro rata share thereof (calculated based upon the
Effective Commitment Amounts) of the outstanding Loans and LC Obligations under this Agreement. Effective on the effective date of the increase in the aggregate amount of the Commitments pursuant to clause (i) above, each Buying Lender hereby
purchases and accepts such grant, assignment and conveyance from the Selling Lenders. Each Buying Lender hereby agrees that its respective purchase price for the portion of the outstanding Loans and LC Obligations purchased hereby shall equal the
respective dollar amount necessary so that, from and after such payments, each Buying Lender’s outstanding Loans and LC Obligations shall equal such Buying Lender’s pro rata share thereof (calculated based upon the Effective Commitment
Amounts) of the outstanding Loans and LC Obligations under this Agreement. Such amount shall be payable as follows: (a) with respect to all ABR Loans, on the effective date of the increase in the aggregate of the Commitments by wire transfer of
immediately available funds to the Administrative Agent and (b) with respect to all Eurodollar Loans, unless otherwise agreed to between the Buying Lenders and Selling Lenders and the Borrower, on the earlier of (i) the last day of the
then current Interest Period by wire transfer of immediately available funds to the Administrative Agent and (ii) the date on which any such Eurodollar Loan either becomes due (by acceleration or otherwise) or is prepaid (such earlier date
being hereinafter referred to as the “Settlement Date”) and, for purposes of calculating interest due and payable with respect to the Eurodollar Loans, the Lenders’ pro rata shares thereof in each such outstanding Eurodollar
Loan shall not be adjusted by virtue of the applicable increase until such Settlement Date. The Administrative Agent, in turn, shall wire transfer any such funds received to the Selling Lenders, in same day funds, for the sole account of the Selling
Lenders. Each Selling Lender hereby represents and warrants to each Buying Lender that such Selling Lender owns the Loans and LC Obligations being sold and assigned hereby for its own account and has not sold, transferred or encumbered any or all of
its interest in such Loans or LC Obligations, except for participations which will be extinguished to the extent of such payment upon payment to Selling Lender of an amount equal to the portion of the outstanding Loans and LC Obligations being sold
by such Selling Lender. Each Buying Lender hereby acknowledges and agrees that, except for each Selling Lender’s representations and warranties contained in the foregoing sentence, each such Buying Lender has entered into its Commitment and
Acceptance with respect to such increase on the basis of its own independent investigation and has not relied upon, and will not rely upon, any explicit or implicit written or oral representation, warranty or other statement of the Lenders or the
Administrative Agent concerning the authorization, execution, legality, validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or the other loan documents delivered in connection herewith. The Borrower hereby agrees to
compensate each Selling Lender for all losses, expenses and liabilities incurred by each Lender in connection with the sale and assignment of any Eurodollar Loan hereunder on the terms and in the manner as required hereunder if the Settlement Date
is a date (other than the last day of the applicable Interest Period) on which any such Eurodollar Loans become due (by acceleration or otherwise) or are prepaid. 

  
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 SECTION 2.25. Defaulting Lenders. 

(a) Adjustments. Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes a Defaulting Lender,
then, until such time as such Lender is no longer a Defaulting Lender, to the extent permitted by applicable Law: 
 (i) Waivers and Amendments. Such Defaulting Lender’s right to approve or disapprove any amendment, waiver or consent with respect to this Agreement shall be restricted as set forth in the
definition of “Required Lenders” and Section 8.02. 
 (ii) Defaulting Lender Waterfall. Any
payment of principal, interest, fees or other amounts received by the Administrative Agent for the account of such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Article VI or otherwise) or received by the Administrative
Agent from a Defaulting Lender pursuant to Section 8.08 shall be applied at such time or times as may be determined by the Administrative Agent as follows: first, to the payment of any amounts owing by such Defaulting Lender to the
Administrative Agent hereunder; second, to the payment on a pro rata basis of any amounts owing by such Defaulting Lender to the LC Issuers or the Swingline Lenders hereunder; third, to cash collateralize the LC Issuers’ Fronting
Exposure with respect to such Defaulting Lender in accordance with Section 2.22(m); fourth, as the Borrower may request (so long as no Unmatured Event of Default or Event of Default exists), to the funding of any Loan in respect of which
such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Administrative Agent; fifth, if so determined by the Administrative Agent and the Borrower, to be held in a deposit account and
released pro rata in order to (x) satisfy such Defaulting Lender’s potential future funding obligations with respect to Loans under this Agreement and (y) cash collateralize the LC Issuers’ future Fronting Exposure with respect
to such Defaulting Lender with respect to future Facility LCs issued under this Agreement, in accordance with Section 2.22(m); sixth, to the payment of any amounts owing to the Lenders, the LC Issuers or the Swingline Lenders as a result
of any judgment of a court of competent jurisdiction obtained by any Lender, any LC Issuer or any Swingline Lender against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement;
seventh, so long as no Unmatured Event of Default or Event of Default exists, to the payment of any amounts owing to the Borrower as a result of any judgment of a court of competent jurisdiction obtained by the Borrower against such
Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; and eighth, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that if
(x) such payment is a payment of the principal amount of any Loans or LC Obligations in respect of which such Defaulting Lender has not fully funded its appropriate share, and (y) such Loans were made or the related Facility LCs were
issued at a time when the conditions set forth in Section 4.03 were satisfied or waived, such payment shall be applied solely to pay the Loans of, and LC Obligations owed to, all Non-Defaulting Lenders on a pro rata basis prior to being applied
to the payment of any Loans of, or LC Obligations owed to, such Defaulting Lender until such time as all Loans and funded and unfunded participations in LC Obligations and Swingline Loans are held by the Lenders pro rata in accordance with the
Commitments hereunder without giving effect to Section 2.25(a)(iv). Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to post cash
collateral pursuant to this Section 2.25(a)(ii) shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto. 
 (iii) Certain Fees. 

  
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 (1) Each Defaulting Lender shall be entitled to receive fees payable under
Section 2.11(a) for any period during which that Lender is a Defaulting Lender only to extent allocable to the sum of (x) the outstanding principal amount of the Loans funded by it, and (y) its Applicable Percentage of the stated
amount of Facility LCs for which it has provided cash collateral pursuant to Section 2.22. 
 (2) Each Defaulting Lender
shall be entitled to receive LC Participation Fees for any period during which that Lender is a Defaulting Lender only to the extent allocable to its Applicable Percentage of the stated amount of Facility LCs for which it has provided cash
collateral pursuant to Section 2.22. 
 (3) With respect to any fee payable under Section 2.11(a) or any LC
Participation Fee not required to be paid to any Defaulting Lender pursuant to clause (1) or (2) above, the Borrower shall (x) pay to each Non-Defaulting Lender that portion of any such fee otherwise payable to such Defaulting Lender
with respect to such Defaulting Lender’s participation in LC Obligations or Swingline Loans that has been reallocated to such Non-Defaulting Lender pursuant to clause (iv) below, (y) pay to the relevant LC Issuer and the relevant
Swingline Lender, as applicable, the amount of any such fee otherwise payable to such Defaulting Lender to the extent allocable to such LC Issuer’s or such Swingline Lender’s Fronting Exposure to such Defaulting Lender, and (z) not be
required to pay the remaining amount of any such fee. 
 (iv) Reallocation of Applicable Percentages to Reduce
Fronting Exposure. All or any part of such Defaulting Lender’s participation in LC Obligations and Swingline Loans shall be reallocated among the Non-Defaulting Lenders in accordance with their respective Applicable Percentages (calculated
without regard to such Defaulting Lender’s Commitment) but only to the extent that (x) the conditions set forth in Section 4.03 are satisfied at the time of such reallocation (and, unless the Borrower shall have otherwise notified the
Administrative Agent at such time, the Borrower shall be deemed to have represented and warranted that such conditions are satisfied at such time), and (y) such reallocation does not cause the aggregate Revolving Credit Exposure of any
Non-Defaulting Lender to exceed such Non-Defaulting Lender’s Commitment. No reallocation hereunder shall constitute a waiver or release of any claim of any party hereunder against a Defaulting Lender arising from that Lender having become a
Defaulting Lender, including any claim of a Non-Defaulting Lender as a result of such Non-Defaulting Lender’s increased exposure following such reallocation. 

(v) Cash Collateral, Repayment of Swingline Loans. If the reallocation described in clause (a)(iv) above cannot, or
can only partially, be effected, the Borrower shall, without prejudice to any right or remedy available to it hereunder or under applicable law, (x) first, prepay Swingline Loans in an amount equal to the Swingline Lenders’ Fronting
Exposure and (y) second, cash collateralize the LC Issuers’ Fronting Exposure in accordance with the procedures set forth in Section 2.22(m). 
 (vi) Obligation to Issue Facility LCs. No LC Issuer shall be under any obligation to issue any Facility LC if any Lender is at that time a Defaulting Lender, unless such LC Issuer has entered into
arrangements, including the delivery of cash collateral, satisfactory to such LC Issuer (in its sole discretion) with the Borrower or such Lender to eliminate such LC Issuer’s actual or 

  
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potential Fronting Exposure (after giving effect to Section 2.25(a)(iv)) with respect to the Defaulting Lender arising from either the Facility LC then proposed to be issued or that Facility
LC and all other LC Obligations as to which such LC Issuer has actual or potential Fronting Exposure, as it may elect in its sole discretion. 
 (b) Defaulting Lender Cure. If the Borrower, the Administrative Agent, the Swingline Lenders and the LC Issuers agree in writing that a Lender is no longer a Defaulting Lender, the
Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein (which may include arrangements with respect to any cash collateral), that Lender
will, to the extent applicable, purchase at par that portion of outstanding Loans of the other Lenders or take such other actions as the Administrative Agent may determine to be necessary to cause the Loans and funded and unfunded participations in
Facility LCs and Swingline Loans to be held on a pro rata basis by the Lenders in accordance with their Applicable Percentages (without giving effect to Section 2.25(a)(iv)), whereupon such Lender will cease to be a Defaulting Lender;
provided that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Borrower 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.

 ARTICLE III 
 Representations and Warranties 
 To induce the Lenders to enter into this
Agreement and to make Loans and issue and participate in Facility LCs hereunder, the Borrower represents and warrants to the Administrative Agent and the Lenders (including, without limitation, the LC Issuers) that: 

SECTION 3.01. Organization, etc. The Borrower is a corporation duly existing in good standing under the laws of the State of
Maryland; each Subsidiary is duly existing and in good standing under the laws of the jurisdiction of its organization except where the failure to be in good standing would not reasonably be expected to have a Material Adverse Effect; and each of
the Borrower and each Subsidiary is duly qualified and in good standing as a foreign corporation authorized to do business in each jurisdiction where, because of the nature of its activities or properties, such qualification is required, except
where the failure to so qualify would not reasonably be expected to have a Material Adverse Effect. 
 SECTION 3.02.
Authorization; No Conflict. The execution and delivery by the Borrower of this Agreement, the Borrowings hereunder, and the performance by the Borrower of its obligations under this Agreement are within the Borrower’s corporate powers,
have been duly authorized by all necessary corporate action, have received all necessary governmental approvals (if any shall be required), and do not and will not contravene or conflict with any provision of law, regulation or court order or of the
articles of incorporation or by-laws of the Borrower or of any agreement binding upon the Borrower. 
 SECTION 3.03. Validity
and Binding Nature. This Agreement and each Note is the legal, valid and binding obligation of the Borrower, enforceable against the Borrower in accordance with its terms, except as enforceability thereof may be limited by applicable bankruptcy,
insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and by the availability of the remedy of specific performance. 

  
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 SECTION 3.04. Financial Statements. (a) The Borrower’s consolidated
financial statements dated July 2, 2011, and March 31, 2012, have been prepared in conformity with GAAP applied on a basis consistent with that of the immediately preceding Fiscal Year or the corresponding period during the immediately
preceding Fiscal Year, as the case may be, and accurately present the financial condition of the Borrower and the Subsidiaries at such date and the results of their operations through the fiscal period then ended. 

(b) Since July 2, 2011, there has been no Material Adverse Effect; provided that, for purposes of making this representation
after the Spin Off has occurred, the transactions contemplated by the Spin Off shall be given pro forma effect as if such transactions occurred on July 2, 2011. 
 SECTION 3.05. Litigation and Contingent Liabilities. No litigation (including, without limitation, derivative actions), arbitration proceedings or governmental proceedings are pending or threatened
against the Borrower or any Subsidiary which, in the Borrower’s good faith judgment would, if adversely determined, have a Material Adverse Effect, except as set forth (including estimates of the dollar amounts involved) in Schedule 3.05.

 SECTION 3.06. Liens. None of the assets of the Borrower or any Subsidiary are subject to any Lien, except Liens
permitted under Section 5.05 and Liens set forth in Schedule 3.06. 
 SECTION 3.07. Subsidiaries. The Borrower has
no active Subsidiaries, except those set forth in Schedule 3.07 hereto (as such Schedule 3.07 may be amended or supplemented from time to time, including, without limitation, amendments on the Availability Date giving effect to the Spin Off).

 SECTION 3.08. ERISA. There has not occurred, nor does there exist, (i) any incurrence of ERISA Unfunded
Liabilities determined in the most recent actuarial report received by the Borrower for all ERISA Single Employer Plans, or (ii) any incurrence by the Borrower or any Subsidiary of withdrawal liabilities, or (iii) any ERISA Termination
Event which imposes any material liability on the Borrower, any Subsidiary or any other member of the ERISA Controlled Group, which, when taken together, would reasonably be expected to have a Material Adverse Effect. 

SECTION 3.09. Investment Company Act. Neither the Borrower nor any Subsidiary is an “investment company” or a company
“controlled” by an “investment company,” within the meaning of the Investment Company Act of 1940, as amended. 
 SECTION 3.10. [Intentionally Omitted]. 
 SECTION 3.11. Regulation U.
Neither the Borrower nor any Subsidiary is engaged principally, or as one of its important activities, in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulation U of the Board).
Margin Stock (as defined in Regulation U of the Board) constitutes less than 25% of those assets of the Borrower and its Subsidiaries which are subject to any limitation on sale, pledge or other restriction hereunder. 

SECTION 3.12. Copyrights, Patents and Trademarks. Each of the Borrower and the Subsidiaries owns or is licensed or otherwise has
the right to use all of the patents, trademarks, trade names, copyrights, franchises, licenses and rights, as the case may be, necessary for the conduct of its business, except where the failure to have any such right would not reasonably be
expected to have a Material Adverse Effect. 

  
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 SECTION 3.13. Pari Passu. All the payment obligations of the Borrower to the
Administrative Agent and the Lenders arising under or pursuant to this Agreement will at all times rank at least pari passu with other unsecured and unsubordinated payment obligations and liabilities, including, without limitation, contingent
obligations and liabilities, of the Borrower, other than those which are mandatorily preferred by laws or regulations of general application. 
 SECTION 3.14. Disclosure. The information delivered by or on behalf of the Borrower to the Administrative Agent or any Lender in connection with the arrangement of the credit facility established
hereby or delivered pursuant hereto (including the information set forth in any confidential information memorandum delivered in connection with such arrangement), when taken as a whole, did not, at the time of delivery, contain any material
misstatement of fact or omit to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not materially misleading; provided that with respect to projections and other pro
forma financial information included in such information, the Borrower only represents that such information was based upon good faith estimates and assumptions reasonably believed by the preparer thereof to be reasonable at the time made, it being
recognized by the Administrative Agent and the Lenders that such financial information as it relates to future events is not to be viewed as a fact and that actual results during the period or periods covered by such financial information may differ
from the projected results set forth therein by a material amount. 
 ARTICLE IV 

Conditions of Effectiveness and Lending 
 SECTION 4.01. Effective Date. This Agreement will become effective on the date on which each of the following conditions is satisfied (or waived in accordance with Section 8.02): 

(a) The Administrative Agent shall have received all of the following, each duly executed, in form and substance reasonably satisfactory
to the Administrative Agent and, to the extent reasonably requested by the Administrative Agent, with sufficient number of copies to provide for each Lender. All documents referred to in this Section 4.01 which are to be certified, shall be
certified by the Secretary or an Assistant Secretary of the Borrower, unless another Person is specified herein. 

(i) Executed Copies. Executed copies of this Agreement (which may include telecopies of executed counterparts) from
each party hereto. 
 (ii) Resolutions. A certificate, signed by the Secretary or Assistant Secretary of
the Borrower, certifying copies of resolutions of the Board of Directors of the Borrower authorizing the execution and delivery of, and the performance by the Borrower of its obligations under, this Agreement and the other documents to be executed
by the Borrower pursuant to this Agreement. 
 (iii) Consents, etc. A certificate, signed by the Secretary
or Assistant Secretary of the Borrower, certifying copies of documents evidencing any necessary corporate action, consents and governmental approvals (if any) necessary with respect to the Borrower’s execution and delivery of, and the
performance by the Borrower of its obligations under, this Agreement and the other documents provided for in this Agreement or a certificate that no such governmental consents or approvals are necessary or required. 

(iv) Incumbency and Signatures. A certificate, signed by the Secretary or Assistant Secretary of the Borrower,
certifying that each Person who, as an officer of the Borrower, executed on behalf of the Borrower this Agreement, the Notes and the other documents provided for in this Agreement, was, at the time of such execution, duly elected and appointed,
qualified and acting as such officer, and the signature of such Person appearing on each such document is the genuine signature of such Person. 

  
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 (v) Opinion of Counsel for the Borrower. The opinion of internal
counsel for the Borrower, addressed to the Administrative Agent and the Lenders, and the opinion of Skadden, Arps, Slate, Meagher & Flom LLP, counsel for the Borrower, addressed to the Administrative Agent and the Lenders, in each case in
form and substance reasonably satisfactory to the Administrative Agent. 
 (vi) Articles, By-Laws. A
certificate signed by the Secretary or Assistant Secretary of the Borrower certifying copies of the articles of incorporation (which articles have been certified as of a recent date by the Secretary of State of the State of Maryland) and by-laws of
the Borrower. 
 (vii) Good Standing Certificate. A Good Standing Certificate for the Borrower issued by
the Secretary of State of the State of Maryland. 
 (viii) Financial Statements. The latest available
audited financial statements for the Borrower (as filed with its most recent report on Form 10-K or equivalent report) and such pro forma financial information as shall have been reasonably requested by the Administrative Agent. 

(ix) Officer’s Certificate. A certificate, signed by a Responsible Officer, as to the matters set forth in
Section 4.03. 
 (x) Promissory Notes. Promissory notes executed by the Borrower in favor of each of
the Lenders, if any, which has requested a note at least one (1) Business Day prior to the Effective Date pursuant to Section 2.09(e). 
 (xi) Other Documents. Such other documents as the Administrative Agent or any Lender may reasonably request for purposes of the Patriot Act and/or “know your client” requirements.

 (b) The representations and warranties in Article III (other than Sections 3.04(b) and 3.05) shall be true and correct in all
material respects on and as of the Effective Date. 
 (c) No Event of Default or Unmatured Event of Default shall have occurred
and be continuing as of the Effective Date. 
 (d) The Administrative Agent shall have received evidence reasonably satisfactory
to it that all governmental and third party approvals necessary in connection with the transactions contemplated by this Agreement have been obtained and are in full force and effect. 

(e) The Administrative Agent shall have received, to the extent invoiced prior to the Effective Date, all reasonable and documented
expenses required to be paid by the Borrower to the Administrative Agent on the Effective Date. 
 (f) The Arrangers shall have
received, to the extent invoiced prior to the Effective Date and subject to the terms of the applicable Arranger Fee Letters, all reasonable and documented fees and expenses required to be paid by the Borrower to the Arrangers on the Effective Date.

 SECTION 4.02. Availability Date. The obligations of the Lenders to make Loans and of the LC Issuers to issue Facility
LCs hereunder and Modify any Facility LC shall not become effective until the date on which each of the following conditions is satisfied (or waived in accordance with Section 8.02): 

  
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 (a) The Arrangers shall have been satisfied that (i) the Spin Off shall have been
consummated substantially as described in the Form F-1 and (ii) the organizational structure of the Borrower after the Spin Off shall be as consistent with the structure disclosed to the Lenders prior to the Effective Date except to the extent
of any variations that are not materially adverse to the interests of the Lenders. 
 (b) The Administrative Agent shall have
received evidence satisfactory to it that the commitments under the credit facility evidenced by the Amended and Restated Five-Year Competitive Advance and Revolving Credit Facility dated December 4, 2006 among the Borrower, the lenders party
thereto and JPMorgan Chase Bank, N.A., as administrative agent, shall have been terminated and cancelled and all indebtedness thereunder shall have been fully repaid (except to the extent being so repaid with the initial Loans). 

(c) The Index Debt shall have a rating of BBB- or higher from S&P and Baa3 or higher from Moody’s and an outlook of stable or
better from both S&P and Moody’s. 
 (d) The Administrative Agent shall have received a certificate, in form and
substance reasonably satisfactory to the Administrative Agent, signed by the Chief Financial Officer or Treasurer of the Borrower, certifying that, as of the Availability Date and after giving effect (including effect on a pro forma basis) to the
Spin Off, (i) the Borrower and its Subsidiaries are Solvent on a consolidated basis and (ii) the Borrower is in compliance with the financial covenants set forth in Section 5.11, provided that, for purposes of such calculations,
Consolidated Total Indebtedness will be determined as of the Availability Date (giving pro forma effect to any debt incurrence or debt extinguishment to occur on such date) and Consolidated Net Income, Consolidated EBIT, Consolidated EBITDA and
Consolidated Net Interest Expense will be calculated based on Borrower’s financial statements for the four-quarter period ended March 31, 2012, giving pro forma effect to the Debt Tender and to all Material Dispositions and Material
Acquisitions to be completed as of June 30, 2012, with such calculations set forth in reasonable detail. 
 (e) The
Administrative Agent shall have received a certificate, signed by a Responsible Officer, as to the matters set forth in Section 4.03. 
 (f) The representations and warranties in Article III shall be true and correct in all material respects on and as of the Availability Date. 

(g) No Event of Default or Unmatured Event of Default shall have occurred and be continuing as of the Availability Date. 

(h) The Administrative Agent shall have received, to the extent invoiced and subject to the terms of the Administrative Agent Fee Letter,
all reasonable and documented fees required to be paid by the Borrower to the Administrative Agent on the Availability Date. 

(i) The Arrangers shall have received, to the extent invoiced and subject to the terms of the applicable Arranger Fee Letters, all
reasonable and documented fees required to be paid by the Borrower to the Arrangers on the Availability Date. 
 SECTION 4.03.
All Loans. The obligation of each Lender to make any Loan and the obligation of each LC Issuer to issue any Facility LC and Modify any Facility LC is subject to the following conditions precedent: 

  
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 (a) No Unmatured Event of Default or Event of Default has occurred and is continuing at the
time of, and after giving effect to, such Loan or Facility LC, as applicable. 
 (b) The warranties contained in Article III
(other than the warranties contained in Section 3.04(b) and 3.07) are true and correct in all material respects (provided that any representation or warranty qualified by materiality or material adverse change shall be true and correct in all
respects) as of the date of, and after giving effect to, such Loan with the same effect as though made on the date of such Loan (after, in the case of Section 3.05, taking account of any schedule or report theretofore delivered to the Lenders
supplementing the information set forth in Section 3.05, or in the Exhibits and other documents referred to in Section 3.05; provided, however, that the delivery of any such schedule or report after the Effective Date shall not
affect, diminish, cure or waive any Event of Default arising from any litigation or proceeding referenced in such schedule or report). 
 It is
understood that each request for such a Loan or Facility LC by the Borrower shall be deemed to constitute a warranty by the Borrower that the conditions precedent set forth in this Section 4.03 are and will be satisfied as of the date of such
request and as of the date of, and after giving effect to, such Loan or Facility LC, as applicable. 
 ARTICLE V 

Borrower’s Covenants 
 Until the expiration or termination of the Commitments and thereafter until all Obligations of the Borrower hereunder are paid in full, the Borrower agrees that, unless at any time the Required Lenders
shall otherwise expressly consent in writing, the Borrower will: 
 SECTION 5.01. Reports, Certificates and Other
Information. Furnish to the Administrative Agent (for further distribution to the Lenders, which distribution shall be made promptly after the Administrative Agent’s receipt of the applicable information): 

(a) Audit Report. Within 100 days (or, if earlier, within 5 days after the date required, if at all, to be filed with the
Securities and Exchange Commission, without giving effect to any extension for the filing thereof) after each Fiscal Year, a copy of an unqualified audit report of the Borrower and the Subsidiaries prepared on a consolidated basis and in conformity
with GAAP applied on a basis consistent with the audited consolidated financial statements of the Borrower and the Subsidiaries as of July 2, 2011, duly certified by independent certified public accountants of recognized standing selected by
the Borrower. 
 (b) Interim Reports. Within 45 days (or, if earlier, within 5 days after the date required, if at all, to
be filed with the Securities and Exchange Commission, without giving effect to any extension for the filing thereof) after each of the first three Fiscal Quarters of each Fiscal Year, a copy of unaudited financial statements of the Borrower and the
Subsidiaries prepared in the same manner as the audit report referred to in paragraph (a) above, signed by a Responsible Officer and consisting of at least a balance sheet as at the close of such quarter and statements of earnings and source
and application of funds for such quarter and for the period from the beginning of such Fiscal Year to the end of such Fiscal Quarter. 
 (c) Certificates. Contemporaneously with the furnishing of a copy of each annual audit report provided for in paragraph (a) above and of each set of quarterly statements provided for in
paragraph (b) above, a certificate dated the date of such annual report or quarterly statements and signed by a Responsible Officer, (i) to the effect that no Event of Default or Unmatured Event of Default has

  
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occurred and is continuing, or if there is any such event, describing it and the steps, if any being taken to cure it and (ii) setting forth in reasonable detail the calculation, including
identification of the Fiscal Quarter in which each applicable item added to Consolidated EBIT pursuant to clause (a)(v) of the definition thereof was incurred, for the period of four Fiscal Quarters ended on the date of the balance sheet included in
such annual report or quarterly statements, of the financial covenants referred to in Section 5.11. 
 (d) Reports to SEC
and to Shareholders. Copies of each material filing and report made by the Borrower or any Subsidiary with or to any securities exchange or the Securities and Exchange Commission, and of each communication from the Borrower or any Subsidiary to
shareholders generally, promptly upon the filing or making thereof. 
 (e) Notice of Default, Litigation and ERISA
Matters. Promptly upon learning of the occurrence of any of the following, written notice thereof, describing the same and the steps being taken by the Borrower or the Subsidiary affected with respect thereto: (a) the occurrence of an Event
of Default; (b) the institution of, or any adverse determination in, any litigation, arbitration proceeding or governmental proceeding which is material to the Borrower and the Subsidiaries on a consolidated basis; (c) the occurrence of
any material ERISA Reportable Event or material ERISA Termination Event; or (d) the institution of steps by any member of the ERISA Controlled Group to withdraw from, or the institution of any steps to terminate, a material ERISA Plan under
which any member of the ERISA Controlled Group may have any liability. 
 (f) Other Information. From time to time such
other information concerning the Borrower and the Subsidiaries as any Lender or the Administrative Agent may reasonably request. 
 Documents
required to be delivered pursuant to Section 5.01(a), (b) or (d) (to the extent any such documents are included in materials otherwise filed with the Securities and Exchange Commission) may be delivered electronically and if so
delivered, shall be deemed to have been delivered on the date (i) on which the Borrower posts such documents, or provides a link thereto on the Borrower’s publicly available website on the Internet or (ii) on which such documents are
posted on the Borrower’s behalf on an Internet or intranet website, if any, to which each Lender and the Administrative Agent have access (whether a commercial, third-party website or whether sponsored by the Administrative Agent);
provided that the Borrower shall notify the Administrative Agent and each Lender (by facsimile or electronic mail) 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. 
 SECTION 5.02. Books, Records and Inspections. Maintain, and cause each
Subsidiary to maintain, complete and accurate books and records. Access by any Lender or the Administrative Agent to the books and records of the Borrower and of any Subsidiary and inspection of the properties and operations of the Borrower and of
any Subsidiary by any Lender or the Administrative Agent may be made upon one Business Day’s prior notice by such Lender or the Administrative Agent to the Borrower or such Subsidiary, as the case may be; provided that, other than any
such visits and inspections conducted during the continuation of an Event of Default, only two such visits during any calendar year by the Administrative Agent, on behalf of the Lenders, shall be at the Borrower’s expense. 

SECTION 5.03. Insurance. Maintain, and cause each Subsidiary to maintain, such insurance as may be required by law and such other
insurance, to such extent and against such hazards and liabilities as is customarily maintained by companies similarly situated. 

  
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 SECTION 5.04. Taxes and Liabilities. Pay, and cause each Subsidiary to pay, all
material Taxes, assessments and other governmental charges imposed upon it before any penalty accrues thereon, except as contested in good faith and by appropriate proceedings. 

SECTION 5.05. Liens. Not, and not permit any Subsidiary to, create or permit to exist any Lien upon any of its property or assets,
whether now owned or hereafter acquired, except: 
 (a) Liens in favor of the Borrower or a Subsidiary; 

(b) Liens consisting of a purchase money security interest (including, for the avoidance of doubt, Liens arising in connection with
capital leases for acquired assets) not exceeding 100% of the fair market value of the asset acquired as a result of the purchase money financing by which such Lien was created or assumed, provided that (i) such Liens attach only to such
assets and do not apply to any other property or assets of the Borrower or any Subsidiary, (ii) such Liens and the Indebtedness secured thereby are incurred prior to or within one hundred eighty (180) days after such asset is acquired,
(iii) the Indebtedness secured thereby does not exceed the cost of acquiring such assets and (iv) with respect to assets acquired by any Subsidiary, such Liens secure Indebtedness permitted by Section 5.12(d); 

(c) Liens existing on property at the time such property is acquired; provided that (i) such Lien is not created in
contemplation of or in connection with such acquisition, (ii) such Lien shall not apply to any other property or assets of the Borrower or any Subsidiary and (iii) such Lien shall secure only those obligations which it secures on the date
of such acquisition and extensions, renewals and replacements thereof that do not increase the outstanding principal amount thereof, except increases by an amount equal to the premium and other amounts paid, and fees and expenses incurred, in
connection with such refinancing; 
 (d) tax, materialmen’s, mechanic’s, carrier’s, repairmen’s,
warehousemen’s and judgment Liens, Liens arising by operation of law and other similar liens; 
 (e) Liens in favor of any
state or local government or governmental agency in connection with tax-exempt financings; 
 (f) utility easements, building
restrictions and such other encumbrances or charges against real property as are of a nature generally existing with respect to properties of a similar character and which do not in any material way affect the marketability of the same or interfere
with the use thereof in the business of the Borrower or the Subsidiaries; 
 (g) Liens for current Taxes not delinquent or for
Taxes being contested in good faith and by appropriate proceedings; 
 (h) other Liens arising in the ordinary course of business
and not in connection with the borrowing of money or the obtaining of advances or credit and which do not in the aggregate materially detract from the value of its property or materially impair the use thereof in the operation of its business;

 (i) Liens arising out of pledges or deposits under worker’s compensation laws, unemployment insurance, old age pensions,
or other social security or retirement benefits, or similar legislation; 
 (j) Liens on the assets or property of the
Subsidiaries securing Indebtedness permitted under Section 5.12(d); provided that (i) such Liens do not at any time encumber any property other than the property financed by such Indebtedness and (ii) the Indebtedness secured
thereby does not exceed the cost or fair market value, whichever is lower, of the property being acquired on the date of acquisition; 

  
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 (k) Liens not otherwise permitted by this Section 5.05 upon any property or assets of
the Borrower and its Subsidiaries in an aggregate principal amount at any one time outstanding not to exceed 10% of Tangible Assets; 
 (l) deposits to secure the performance of bids, trade contracts and leases (other than Indebtedness), statutory obligations, surety and appeal bonds, performance bonds and other obligations of a like
nature incurred in the ordinary course of business; 
 (m) easements, rights-of-way, restrictions and other similar encumbrances
affecting real property which, in the aggregate, are not substantial in amount, and which do not in any case materially detract from the value of the property subject thereto or materially interfere with the ordinary conduct of the business of the
applicable Person; 
 (n) Liens in respect of goods consigned to the Borrower of any of its Subsidiaries in the ordinary course
of business; provided that such Liens are limited to the goods so consigned; and 
 (o) banker’s liens and similar
Liens (including set-off rights) incurred in the ordinary course of business in respect of bank deposits not established for the purpose of securing Indebtedness. 
 SECTION 5.06. [Intentionally Omitted]. 
 SECTION 5.07. Mergers, Consolidations,
Sales. Not, and not permit any Subsidiary to, merge or consolidate with or into any Person or lease, sell or otherwise dispose of all or substantially all of its assets to any other Person, except that: 

(a) any Subsidiary may merge or consolidate with or into, or lease or sell or otherwise dispose of any or all of its property, assets or
business to, the Borrower or another Subsidiary; 
 (b) the Borrower or a Subsidiary may acquire another corporation by merger,
provided that the Borrower or a Subsidiary is the survivor of such merger and the consummation thereof does not create or result in an Event of Default; 
 (c) the Borrower may consummate the Spin Off as described in the Form F-1, with any variations that are not materially adverse to the interests of the Lenders; and 

(d) the Borrower or any Subsidiary may lease, sell or otherwise dispose of assets in each Fiscal Year if the cumulative book value of such
assets in any Fiscal Year is less than 20% of the Borrower’s Total Assets at the beginning of such Fiscal Year. The book value of each asset leased, sold or disposed of is calculated as of the date of the relevant lease, sale or disposition.

 SECTION 5.08. Employee Benefit Plans. Maintain, and cause each Subsidiary to maintain, each ERISA Plan as to which it
may have any liability in compliance with all applicable requirements of law and regulations. 
 SECTION 5.09. Use of
Proceeds. Not use or permit any proceeds of the Loans to be used in any manner which would violate or cause any Lender to be in violation of Regulations T, U or X of the Board. Not use or permit any proceeds of the Loans to be used for any
purpose other than for general corporate purposes (which includes funding acquisitions by the Borrower or any of its Subsidiaries). 

  
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 SECTION 5.10. Other Agreements. Not enter into any agreement containing any provision
which would be violated or breached by the performance of its obligations hereunder or under any instrument or document delivered or to be delivered by it hereunder or in connection herewith. 

SECTION 5.11. Financial Covenants. 
 (a) Interest Coverage Ratio. Maintain a ratio, determined as of the end of each Fiscal Quarter ending after the date hereof, of (a) Consolidated EBIT to (b) Consolidated Net Interest
Expense, in each case for the period of four (4) consecutive Fiscal Quarters ending with the end of such Fiscal Quarter, all calculated for the Borrower and its Subsidiaries on a consolidated basis, of not less than 2.00 to 1.00. 

(b) Total Leverage Ratio. Maintain a ratio, determined as of the end of each Fiscal Quarter ending after the date hereof, of
(a) Consolidated Total Indebtedness to (b) Consolidated EBITDA for the period of four (4) consecutive Fiscal Quarters ending with the end of such Fiscal Quarter, all calculated for the Borrower and its Subsidiaries on a consolidated
basis, of not more than 3.50 to 1.00. 
 SECTION 5.12. Subsidiary Indebtedness. Permit any Subsidiary to create, incur,
assume or suffer to exist any Indebtedness, except: 
 (a) Indebtedness under this Agreement and the other loan documents;

 (b) Indebtedness outstanding on the date hereof and listed on Schedule 5.12 and any refinancings, refundings, renewals or
extensions thereof; provided that (i) the amount of such Indebtedness is not increased at the time of such refinancing, refunding, renewal or extension except by an amount equal to a premium or other amount paid, and fees and expenses
incurred, in connection with such refinancing and by an amount equal to any existing commitments unutilized thereunder and (ii) the terms relating to principal amount, amortization, maturity, collateral (if any) and subordination (if any), and
other material terms taken as a whole, of any such refinancing, refunding, renewing or extending Indebtedness, and of any agreement entered into and of any instrument issued in connection therewith, are no less favorable in any material respect to
the Borrower, the Subsidiaries or the Lenders than the terms of any agreement or instrument governing the Indebtedness being refinanced, refunded, renewed or extended; 
 (c) obligations (contingent or otherwise) of any Subsidiary existing or arising under any Swap Contract, provided that (i) such obligations are (or were) not entered into by such Person for
purposes of speculation or taking a “market view;” and (ii) such Swap Contract does not contain any provision exonerating the non-defaulting party from its obligation to make payments on outstanding transactions to the defaulting
party; 
 (d) Indebtedness of any Person that becomes a Subsidiary after the date hereof that is existing at the time such Person
becomes a Subsidiary (other than Indebtedness incurred solely in contemplation of such Person becoming a Subsidiary) and any Indebtedness extending the maturity of, or refunding or refinancing, such Indebtedness, in whole or in part; provided that
the principal amount of such Indebtedness shall not be increased above the principal amount thereof outstanding immediately prior to such extension, refunding or refinancing, and the direct and contingent obligors therefor shall not be changed as a
result of, or in connection with, such extension, refunding or refinancing; 

  
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 (e) Indebtedness, or guarantees thereof, with respect to surety bonds or industrial revenue
bonds (or other similar tax exempt or taxable municipal obligations) and letters of credit and other similar arrangement arising in the ordinary course of business; 
 (f) any Indebtedness, or guarantees thereof, owed by any Subsidiary to the Borrower or any wholly-owned Subsidiary of the Borrower; 
 (g) Indebtedness in an amount not to exceed the amount specified in Section 5.05(b)(iii) and secured by Liens permitted by Section 5.05(b); and 

(h) other Indebtedness (including, without limitation, in respect of capital leases and purchase money obligations for fixed or capital
assets) and guarantees thereof not otherwise permitted under this Section 5.12; provided that the aggregate amount of all such Indebtedness at any one time outstanding shall not exceed 10% of Tangible Assets. 

ARTICLE VI 

Events of Default and Their Effect 
 SECTION 6.01. Events of Default. Each of the following shall constitute an Event of Default under this Agreement: 
 (a) Non-Payment of Loans, etc. (i) A default in the payment when due of any principal of any Loan or any Reimbursement Obligation or (ii) a default in the payment when due of any interest
on any Loan, fee, including, without limitation, any LC Fee, or other amount payable hereunder and the continuance thereof for five Business Days. 
 (b) Cross-Default. (i) the Borrower or any Subsidiary shall fail to make any payment (whether of principal or interest and regardless of amount) in respect of any Material Indebtedness, when
and as the same shall become due and payable, after giving effect to any applicable grace period or (ii) any event or condition occurs that (A) results in any Material Indebtedness becoming due prior to its scheduled maturity or
(B) enables or permits (with or without the giving of notice, the lapse of time or both) the holder or holders of any Material Indebtedness or any trustee or agent on its or their behalf to cause any Material Indebtedness to become due, or to
require the prepayment, repurchase, redemption or defeasance thereof, prior to its scheduled maturity; provided that clause (b)(ii) shall not apply to secured Indebtedness that becomes due as a result of the voluntary sale or transfer of
the property or assets securing such Indebtedness; provided, further that no Event of Default under clause (b)(ii)(B) shall occur unless and until any notice has been given, and/or the period of time has elapsed with respect to such
Material Indebtedness, so as to enable or permit such holder(s), trustee or agent to cause such Material Indebtedness to become due or require such prepayment, repurchase, redemption or defeasance. 

(c) Bankruptcy, Insolvency, etc. The Borrower or any Subsidiary becomes insolvent or is generally unable to pay, or admits in
writing its inability or refusal to pay, debts as they become due; or the Borrower or any Subsidiary applies for, or consents in writing to, the appointment of, a trustee, receiver or other custodian for the Borrower or any Subsidiary or any
property thereof, or makes a general assignment for the benefit of creditors; or a trustee, receiver or other custodian is appointed for the Borrower or any Subsidiary or for a substantial part of the property of any thereof and is not discharged
within 45 days; or any bankruptcy, reorganization, debt arrangement, or other case or proceeding under any bankruptcy or insolvency law, or any dissolution or liquidation proceeding is commenced in respect of the Borrower or any Subsidiary and if
such case or proceeding is not commenced by the Borrower or such Subsidiary, it is consented to or acquiesced in by the Borrower or any Subsidiary, or remains for 45 days undismissed; or the Borrower or any Subsidiary takes any corporate action to
authorize, or in furtherance of, any of the foregoing. 

  
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 (d) Non-Compliance with this Agreement. Failure by the Borrower to comply with or to
perform any provision of this Agreement applicable to the Borrower (and not constituting an Event of Default under any other provision of this Article VI) and continuance of such failure for 30 days after notice thereof to the Borrower from the
Administrative Agent, any Lender, the holder of any Loan or any LC Issuer. 
 (e) Warranties. Any representation or
warranty made by the Borrower herein is false or misleading in any material respect, or any schedule, certificate, financial statement, report, notice, or other writing furnished by the Borrower to the Administrative Agent or Lender (including,
without limitation, any LC Issuer) is false or misleading in any material respect on the date as of which the facts therein set forth are stated or certified or deemed to be made. 

(f) ERISA. (i) The incurrence of ERISA Unfunded Liabilities determined in the most recent actuarial report received by the
Borrower for all ERISA Single Employer Plans, or (ii) the incurrence by the Borrower or any Subsidiary of withdrawal liabilities, or (iii) the existence of an ERISA Termination Event which imposes any material liability on the Borrower,
any Subsidiary or any other member of the ERISA Controlled Group, which, when taken together, would reasonably be expected to have a Material Adverse Effect. 
 (g) Judgments. Final judgment for the payment of money shall be rendered by a court against the Borrower or any Subsidiary and such judgment shall not be discharged (or provision shall not be made
for such discharge), a stay of execution thereof shall not be procured, or such judgment shall not be paid or bonded to the reasonable satisfaction of the Required Lenders within 30 days from the date of entry thereof and the Borrower or any
Subsidiary, as the case may be, shall not, within said period of 30 days or such longer period during which the execution of the same shall have been stayed, appeal therefrom and cause the execution thereof to be stayed during such appeal,
provided, however, that the amount of all such outstanding judgments shall be in the aggregate at any one time equal to or greater than $75,000,000 (exclusive of judgment amounts fully covered by insurance where the insurer has not denied
liability in respect of such judgment). 
 (h) Change of Control. (i) Any person or group of persons (within the
meaning of Section 13 or 14 of the Securities Exchange Act of 1934, as amended) shall have acquired beneficial ownership (within the meaning of Rule 13d-3 promulgated by the Securities and Exchange Commission under said Act) of 50% or more of
the outstanding shares of common stock of the Borrower or (ii) on and after the Availability Date and after giving effect to the Spin Off, Continuing Directors no longer constitute a majority of the board of directors of the Borrower.

 SECTION 6.02. Effect of Event of Default. Subject to the last sentence of this Section 6.02, if any Event of
Default described in Section 6.01(c) shall occur, the Commitments (if they have not theretofore terminated) shall immediately terminate and all Loans and all other amounts payable hereunder shall become immediately due and payable, all without
notice of any kind; and in the case of any other Event of Default, the Administrative Agent may (and upon written request of the Required Lenders shall) declare the Commitments (if they have not theretofore terminated) to be terminated and all Loans
and all other amounts payable hereunder to be immediately due and payable, whereupon the Commitments (if they have not theretofore terminated) shall immediately terminate and all Loans and all other amounts payable hereunder shall become immediately
due and payable, all without notice of any kind. The Administrative Agent shall promptly advise the Borrower and each Lender of any such 

  
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declaration. Notwithstanding the foregoing, the effect as an Event of Default of any event described in Section 6.01(a) or Section 6.01(c) may be waived by the written consent of all
the Lenders and the effect as an Event of Default of any other event described in this Article VI may be waived by the written consent of the Required Lenders. 
 ARTICLE VII 
 The Administrative Agent 

Each of the Lenders and each of the LC Issuers hereby irrevocably appoints Bank of America, N.A. as the Administrative Agent and
authorizes the Administrative Agent to take such actions on its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms hereof, together with such actions and powers as are reasonably incidental thereto. The
provisions of this Article VII are solely for the benefit of the Administrative Agent, and the Borrower shall not have rights as a third party beneficiary of any of such provisions. It is understood and agreed that the use of the term
“agent” herein or in any other loan documents (or any other similar term) with reference to the Administrative Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any
applicable Law. Instead such term is used as a matter of market custom, and is intended to create or reflect only an administrative relationship between contracting parties. 
 The bank serving as Administrative Agent hereunder shall have the same rights and powers in its capacity as a Lender (if acting in the capacity of a Lender) as any other Lender and may exercise the same
as though it were not the Administrative Agent, and the term “Lender” or “Lenders” shall, unless otherwise expressly indicated or unless the context otherwise requires, include the Person serving as the Administrative Agent
hereunder in its individual capacity, and such bank and its Affiliates may accept deposits from, lend money to and generally engage in any kind of business with the Borrower or any Subsidiary or other Affiliate thereof as if it were not the
Administrative Agent hereunder and without any duty to account therefor to the Lenders. 
 The Administrative Agent shall not
have any duties or obligations except those expressly set forth herein, and its duties hereunder shall be administrative in nature. Without limiting the generality of the foregoing, (a) the Administrative Agent shall not be subject to any
fiduciary or other implied duties, regardless of whether an Event of Default has occurred and is continuing, (b) the Administrative Agent shall have no duty to take any discretionary action or exercise any discretionary powers, except
discretionary rights and powers expressly contemplated hereby that the Administrative Agent is required to exercise in writing by the Required Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances
as provided in Section 8.02), 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
this Agreement or any other loan document or applicable law, including for the avoidance of doubt any action that may be in violation of the automatic stay under any Debtor Relief Law or that may effect a forfeiture, modification or termination of
property of a Defaulting Lender in violation of any Debtor Relief Law, and (c) except as expressly set forth herein, the Administrative Agent shall not have any duty to disclose, and the Administrative Agent shall not be liable for the failure
to disclose, any information relating to the Borrower or any of the Subsidiaries that is communicated to or obtained by the bank serving as the 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 (i) with the consent of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances as provided in Section 8.02); (ii) at the
request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances 

  
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as provided in Section 8.02); or (iii) in the absence of its own gross negligence or willful misconduct as determined by a court of competent jurisdiction by final and nonappealable
judgment. The Administrative Agent shall not be deemed to have knowledge of any Event of Default unless and until written notice thereof is given to the Administrative Agent by the Borrower or a Lender, and the Administrative Agent shall not be
responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with this Agreement, (ii) the contents of any certificate, report or other document delivered hereunder or
in connection herewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement or any other
agreement, instrument or document, or (v) the satisfaction of any condition set forth in Article IV or elsewhere herein (except insofar as a determination by the Administrative Agent is required for such satisfaction), other than to confirm
receipt of items expressly required to be delivered to the Administrative Agent. 
 The Administrative Agent shall be entitled
to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing believed by it to be genuine and to have been signed or sent by the proper Person. The
Administrative Agent also may rely upon any statement made to it orally or by telephone and believed by it to be made by the proper Person, and shall not incur any liability for relying thereon. In determining compliance with any condition hereunder
to the making of a Loan that by its terms must be fulfilled to the satisfaction of a Lender, the Administrative Agent may presume that such condition is satisfactory to such Lender unless the Administrative Agent shall have received notice to the
contrary from such Lender prior to the making of such Loan. The Administrative Agent may consult with legal counsel (who may be counsel for the Borrower), independent accountants and other experts selected by it, and shall not be liable for any
action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts. 
 The Administrative
Agent may perform any and all its duties and exercise its rights and powers by or through any one or more sub-agents appointed by the Administrative Agent. The Administrative Agent and any such sub-agent may perform any and all its duties and
exercise its rights and powers through their respective Related Parties. The exculpatory provisions of the preceding paragraphs shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and any such sub-agent, and
shall apply to their respective activities in connection with the syndication of the credit facilities provided for herein as well as activities as the Administrative Agent. The Administrative Agent shall not be responsible for the negligence or
misconduct of any sub-agents except to the extent that a court of competent jurisdiction determines in a final and non appealable judgment that the Administrative Agent acted with gross negligence or willful misconduct in the selection of such
sub-agents. 
 The Administrative Agent may resign at any time by notifying the Lenders, the LC Issuers and the Borrower in
writing. Upon any such resignation, the Required Lenders shall have the right, in consultation with the Borrower (if no Event of Default exists), to appoint a successor, which shall be a bank with an office in the United States, or an Affiliate of
any such bank with an office in the United States. If no successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days after the retiring Administrative Agent gives notice of its resignation
(or such earlier day as shall be agreed by the Required Lenders) (the “Resignation Effective Date”), then the retiring Administrative Agent may (but shall not be obligated to), on behalf of the Lenders, appoint a successor
Administrative Agent meeting the qualifications set forth above. Whether or not a successor has been appointed, such resignation shall become effective in accordance with such notice on the Resignation Effective Date. 

  
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 If the Person serving as Administrative Agent is a Defaulting Lender pursuant to clause
(d) of the definition thereof, the Required Lenders may, to the extent permitted by applicable law, by notice in writing to the Borrower and such Person remove such Person as Administrative Agent and, in consultation with the Borrower,
appoint a successor. If no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days (or such earlier day as shall be agreed by the Required Lenders) (the “Removal Effective
Date”), then such removal shall nonetheless become effective in accordance with such notice on the Removal Effective Date. 
 With effect from the Resignation Effective Date or the Removal Effective Date (as applicable) (i) the retiring or removed Administrative Agent shall be discharged from its duties and obligations
hereunder and under the other loan documents and (ii) except for any indemnity payments or other amounts then owed to the retiring or removed Administrative Agent, all payments, communications and determinations provided to be made by, to or
through the Administrative Agent shall instead be made by or to each Lender directly, until such time, if any, as the Required Lenders appoint a successor Administrative Agent as provided for 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 (or removed) Administrative Agent (other than any rights to indemnity payments or
other amounts owed to the retiring or removed Administrative Agent as of the Resignation Effective Date or the Removal Effective Date, as applicable), and the retiring or removed Administrative Agent shall be discharged from its duties and
obligations hereunder (if not already discharged therefrom as provided above). The fees payable by the Borrower to a successor Administrative Agent shall replace and be the same as those payable to its predecessor unless otherwise agreed between the
Borrower and such successor. After the Administrative Agent’s resignation hereunder, the provisions of this Article and Section 8.03 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. 
 Any resignation by Bank of America, N.A. as Administrative Agent pursuant to this Article VI shall also constitute its resignation as an LC Issuer and a Swingline Lender. If Bank of America, N.A. resigns
as an LC Issuer, it shall retain all the rights, powers, privileges and duties of an LC Issuer hereunder with respect to all Facility LCs outstanding as of the effective date of its resignation as an LC Issuer and all LC Obligations with respect
thereto, including the right to require the Lenders to make Loans or fund risk participations pursuant to Section 2.22(e). If Bank of America, N.A. resigns as a Swingline Lender, it shall retain all the rights of a Swingline Lender provided for
hereunder with respect to Swingline Loans made by it and outstanding as of the effective date of such resignation, including the right to require the Lenders to make Loans or fund risk participations in outstanding Swingline Loans pursuant to
Section 2.05(c). Upon the appointment by the Borrower of a successor LC Issuer or Swingline Lender hereunder (which successor shall in all cases be a Lender other than a Defaulting Lender), (a) such successor shall succeed to and become
vested with all of the rights, powers, privileges and duties of the retiring LC Issuer or Swingline Lender, as applicable, (b) the retiring LC Issuer and Swingline Lender shall be discharged from all of their respective duties and obligations
hereunder or under the other loan documents, and (c) the successor LC Issuer shall issue letters of credit in substitution for the Facility LCs issued by the retiring LC Issuer, if any, outstanding at the time of such succession or make other
arrangements satisfactory to Bank of America, N.A. to effectively assume the obligations of Bank of America, N.A. with respect to such Facility LCs. 
 Each Lender acknowledges that it has, independently and without reliance upon the Administrative Agent or any other Lender and based on such documents and information as it has deemed appropriate, made
its own credit analysis and decision to enter into this Agreement. Each Lender also acknowledges that it will, independently and without reliance upon the Administrative Agent or any other Lender and based on such documents and information as it
shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any related agreement or any document furnished hereunder or thereunder. 

  
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 Each party to this Agreement acknowledges that neither the Syndication Agent nor any of the
Co-Documentation Agents or Co-Agents shall have any separate duties, responsibilities, obligations or authority under this Agreement in such capacity. 
 ARTICLE VIII 
 Miscellaneous 

SECTION 8.01. Notices. Except in the case of notices and other communications expressly permitted to be given by telephone, 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 telecopy, as follows: 

(a) if to the Borrower, to it at Sara Lee Corporation, 3500 Lacey Road, Downers Grove, IL 60515-5424, Attention of the Treasurer (Telecopy
No. (630) 598-8567); 
 (b) if to the Administrative Agent, to Bank of America, N.A., 901 Main Street,
14th Floor, Dallas, Texas 75202-3712, Attention of Anthony
Kell (Telecopy No. (214) 290-9422); 
 (c) if to Bank of America, N.A. in its capacity as a Swingline
Lender, to it at 901 Main Street, 14th Floor, Dallas,
Texas 75202-3712, Attention of Deanna Betik (Telecopy No. (214) 290-9414); with a copy to the Administrative Agent as provided in paragraph (b); and 
 (d) if to any other Lender, including, without limitation, any LC Issuer or Swingline Lender, to it at its address (or telecopy number) set forth in its Administrative Questionnaire. 

Any party hereto may change its address or telecopy number for notices and other communications hereunder by notice to the other parties hereto. All
notices and other communications given to any party hereto in accordance with the provisions of this Agreement shall be deemed to have been given on the date of receipt. 
 SECTION 8.02. Waivers; Amendments. (a) No delay by the Administrative Agent or any Lender in exercising any right or power hereunder 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 and the Lenders hereunder are cumulative and are not exclusive of any rights or remedies that they would otherwise have. No waiver of any provision of this Agreement or consent to any departure by the Borrower therefrom shall in
any event be effective unless the same shall be permitted by paragraph (b) of this Section, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. Without limiting the generality of
the foregoing, the making of a Loan or the issuance of a Facility LC shall not be construed as a waiver of any Event of Default, regardless of whether the Administrative Agent or any Lender, including, without limitation, any LC Issuer, may have had
notice or knowledge of such Event of Default at the time. 

  
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 (b) Neither this Agreement nor any provision hereof may be waived, amended or modified
except pursuant to an agreement or agreements in writing entered into by the Borrower and the Required Lenders or by the Borrower and the Administrative Agent with the consent of the Required Lenders; provided that the consent of all affected
Lenders will be required with respect to (i) reductions in the unpaid principal amount or extensions of the scheduled date for the payment of principal of any Loan or Reimbursement Obligation, (ii) reductions in interest rates or fees or
extensions of the dates for payment thereof, (iii) increases in the amounts or extensions of the expiry date of the Lenders’ Commitments, including any commitment to issue Facility LCs (provided, however, that an increase in
the aggregate amount of the Commitments pursuant to Section 2.24 shall be governed by the requirements of such Section and not the consent requirements of this Section; provided, further, that any amendment or modification of
Section 2.24 shall require the consent of all of the Lenders), and the consent of 100% of the Lenders will be required with respect to (x) changes to Section 2.13(b) or (c) that would alter the pro rata sharing of payments
required thereby or to the last sentence of Section 2.08(c) which would alter the pro rata reduction of Commitments thereby, or (y) changes to any of the provisions of this Section or the definition of “Required Lenders” or any
other provision hereof specifying the number or percentage of Lenders required to waive, amend or modify any rights hereunder or make any determination or grant any consent hereunder; provided further that no such agreement shall amend,
modify or otherwise affect the rights or duties of the Administrative Agent, any Swingline Lender or any LC Issuer hereunder without the prior written consent of the Administrative Agent, such Swingline Lender or such LC Issuer, as the case may be.
Notwithstanding the foregoing, any provision of this Agreement may be amended by an agreement in writing entered into by the Borrower, the Required Lenders and the Administrative Agent if (i) by the terms of such agreement the Commitment of
each Lender not consenting to the amendment provided for therein shall terminate upon the effectiveness of such amendment and (ii) at the time such amendment becomes effective, each Lender not consenting thereto receives payment in full of the
principal of and interest accrued on each Loan made by it and all other amounts owing to it or accrued for its account under this Agreement, including, without limitation, amounts owing in connection with Facility LCs issued by such Lender or in
which such Lender has participated. Notwithstanding anything to the contrary herein, no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder (and any amendment, waiver or consent which by its
terms requires the consent of all Lenders or each affected Lender may be effected with the consent of the applicable Lenders other than Defaulting Lenders), except that (x) the Commitment of any Defaulting Lender may not be increased or
extended without the consent of such Lender and (y) any waiver, amendment or modification requiring the consent of all Lenders or each affected Lender that by its terms affects any Defaulting Lender disproportionately adversely relative to
other affected Lenders shall require the consent of such Defaulting Lender. 
 SECTION 8.03. Expenses; Indemnity; Damage
Waiver. 
 (a) Subject to the terms of the Administrative Agent Fee Letter and the Arranger Fee Letters, the Borrower shall
pay (i) all reasonable and documented out-of-pocket expenses incurred by the Administrative Agent, the Syndication Agent, the Arrangers and their Affiliates associated with the arrangement, syndication and administration of the credit
facilities provided for herein and the preparation, execution, delivery and administration of the credit documentation and any amendment, modification or waiver with respect thereto, including the reasonable fees, charges and disbursements of one
primary legal counsel for the Administrative Agent and one local counsel in each relevant jurisdiction for the Administrative Agent (whether or not the transactions contemplated hereby or thereby shall be consummated) and (ii) all reasonable
and documented out-of-pocket expenses incurred by the Administrative Agent, the Syndication Agent or any Lender, including the fees, charges and disbursements of one primary legal counsel for the Administrative Agent and one local counsel in each
relevant jurisdiction for the Administrative Agent and one additional counsel for all Lenders other than the Administrative Agent and additional counsel in light of actual or potential conflicts of interest or the availability of different claims or
defenses, in connection with the enforcement or protection of its rights in connection with this Agreement or in connection with the Loans made hereunder, including all such out-of-pocket expenses incurred during any workout, restructuring or
negotiations in respect of such Loans. 

  
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 (b) The Borrower shall indemnify the Administrative Agent, the Syndication Agent 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, costs and expenses
incurred by or asserted against any Indemnitee arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement or any agreement or instrument contemplated hereby, the performance by the parties hereto of
their respective obligations hereunder or the consummation of the transactions contemplated hereby, (ii) any Loan or the use of the proceeds therefrom, or (iii) any actual or prospective claim, litigation, investigation or proceeding
relating to any of the foregoing, whether based on contract, tort or any other theory and regardless of whether any Indemnitee is a party thereto; provided that such indemnity shall not, as to any Indemnitee, be available (a) to the
extent that such losses, claims, damages, liabilities, costs or related expenses resulted from the gross negligence or willful misconduct of such Indemnitee or from the Indemnitee’s material breach of its obligations under this Agreement
pursuant to a claim initiated by the Borrower, in each case as determined by a court of competent jurisdiction by final and nonappealable judgment or (b) for any special, indirect, consequential or punitive damages (as opposed to direct or
indirect damages), except with respect to any such damages incurred or paid by an Indemnitee to a third party to the extent required to be indemnified by the Borrower pursuant to this Section 8.03(b). 

(c) To the extent that the Borrower fails to pay any amount required to be paid by it to the Administrative Agent, the Syndication Agent,
any Swingline Lender or any LC Issuer under paragraph (a) or (b) of this Section, each Lender severally agrees to pay to the Administrative Agent, the Syndication Agent, such Swingline Lender or such LC Issuer, as the case may be, such
Lender’s Applicable Percentage (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount; provided that the unreimbursed expense or indemnified loss, claim, damage,
liability or related expense, as the case may be, was incurred by or asserted against the Administrative Agent, the Syndication Agent, such Swingline Lender or such LC Issuer in its capacity as such. 

(d) All amounts due under this Section shall be payable promptly upon presentation of a written statement setting forth in reasonable
detail such request for reimbursement. 
 (e) To the fullest extent permitted by applicable law, no party hereto shall assert,
and each party hereto hereby waives, and acknowledges that no party hereto shall have, or make, any claim against any other party hereto, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or
actual damages) arising out of, in connection with, or as a result of, this Agreement, any other loan document or any agreement or instrument contemplated hereby, the transactions contemplated hereby or thereby, any Loan or Facility LC or the use of
the proceeds thereof (except with respect to any such damages incurred or paid by an Indemnitee to a third party to the extent required to be indemnified by the Borrower pursuant to Section 8.03(b)). No Indemnitee referred to in clause
(b) above shall be liable for any damages arising from the use by unintended recipients of any information or other materials distributed to such unintended recipients by such Indemnitee through telecommunications, electronic or other
information transmission systems in connection with this Agreement or the other loan documents or the transactions contemplated hereby or thereby other than for direct or actual damages resulting from the gross negligence or willful misconduct of
such Indemnitee as determined by a final and nonappealable judgment of a court of competent jurisdiction. 

  
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 SECTION 8.04. Successors and Assigns. (a) The provisions of this Agreement shall
be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby, except that the Borrower may not assign or otherwise transfer any of its rights or obligations hereunder without the prior
written consent of each Lender (and any attempted assignment or transfer by the Borrower without such consent shall be null and void). Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the
parties hereto, their respective successors and assigns permitted hereby and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent and the Lenders) any legal or equitable right, remedy or claim under
or by reason of this Agreement. 
 (b) Any Lender may assign and sell to one or more assignees all or a portion of its rights and
obligations under this Agreement (including all or a portion of its Commitment and the Loans and Reimbursement Obligations at the time owing to it), and all assignments will be by novation; provided that (i) except in the case of an
assignment to a Lender or an Affiliate of a Lender, each of the Borrower and the Administrative Agent must give their prior written consent to such assignment (which consent shall not be unreasonably withheld) (provided that the Borrower shall be
deemed to have consented to any such assignment unless it shall object thereto by written notice to the Administrative Agent within ten (10) Business Days after having received notice thereof), (ii) except in the case of an assignment to a
Lender or an Affiliate of a Lender or an assignment of the entire remaining amount of the assigning Lender’s Commitment, the amount of the Commitment of the assigning Lender subject to each such assignment (determined as of the date the
Assignment and Acceptance with respect to such assignment is delivered to the Administrative Agent) shall not be less than $5,000,000 unless each of the Borrower and the Administrative Agent otherwise consent, (iii) 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, (iv) the parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and
Acceptance, together with a processing and recordation fee of $4,000, and (v) the assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire; and provided further that any consent of
the Borrower otherwise required under this paragraph shall not be required if an Event of Default under clause (c) of Section 6.01 has occurred and is continuing. Subject to acceptance and recording thereof pursuant to paragraph
(d) of this Section, from and after the effective date specified in each Assignment and Acceptance the assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment and Acceptance, have the rights
and obligations (including, without limitation, the obligation to timely deliver the documentation described in Section 2.20(f)) of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned
by such Assignment and Acceptance, be released from its obligations under this Agreement (and, in the case of an Assignment and Acceptance covering all of the assigning Lender’s 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 Section 2.14, 2.18, 2.20 and 8.03 incurred during the time period for which such party was Lender hereunder). Any assignment or transfer by a Lender of rights or
obligations under this Agreement that does not comply with this paragraph shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with paragraph (e) of this
Section. 
 (c) The Administrative Agent, acting for this purpose as an agent of the Borrower, shall maintain at one of its
offices a copy of each Assignment and Acceptance delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitment of, and principal amount of and interest on the Loans owing to, each Lender pursuant to
the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive, and the Borrower, the Administrative Agent and the Lenders shall treat each Person whose name is recorded in the Register pursuant
to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by the Borrower and any Lender, at any reasonable time and from time to time upon
reasonable prior notice. The Administrative Agent, when applicable, shall also record in the Register the amount of Reimbursement Obligations owing to such Lender. 

  
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 (d) Upon its receipt of a duly completed Assignment and Acceptance executed by an assigning
Lender and an assignee, the assignee’s completed Administrative Questionnaire (unless the assignee shall already be a Lender hereunder), the processing and recordation fee referred to in paragraph (b) of this Section and any written
consent to such assignment required by paragraph (b) of this Section, the Administrative Agent shall accept such Assignment and Acceptance and record the information contained therein in the Register. No assignment shall be effective for
purposes of this Agreement unless it has been recorded in the Register as provided in this paragraph. 
 (e) Any Lender may,
without the consent of the Borrower, the Administrative Agent or any Swingline Lender, sell participations to one or more banks or other entities (a “Participant”) in all or a portion of such Lender’s rights and obligations
under this Agreement (including all or a portion of its Commitment and the Loans and Reimbursement Obligations owing to it); provided that (i) such Lender’s obligations under this Agreement shall remain unchanged, (ii) such
Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (iii) the Borrower, the Administrative Agent and the other Lenders shall continue to deal solely and directly with such Lender in
connection with such Lender’s rights and obligations under this Agreement. Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement
and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment,
modification or waiver described in the first proviso to Section 8.02(b) that affects such Participant. Subject to paragraph (f) of this Section, the Borrower agrees that each Participant shall be entitled to the benefits of
Section 2.14, 2.18 and 2.20 during the time period for which such party is a Participant to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section, provided that no
Participant shall be entitled to any payment under Section 2.20 in respect of Taxes attributable to such Participant’s failure to deliver the documentation described in Section 2.20(f). Each Lender that sells a participation shall,
acting solely for this purpose as an agent of the Borrower, maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the Commitments,
Loans, Reimbursement Obligations or other obligations under this Agreement (the “Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including
the identity of any Participant or any information relating to a Participant’s interest in any Commitments, Loans or its other obligations under this Agreement) to any Person except to the extent that such disclosure is necessary to establish
that such Commitment, Loan, Reimbursement Obligation or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest
error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the
Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register. 
 (f) A Participant shall not be entitled to receive any greater payment under Section 2.14 than the applicable Lender would have been entitled to receive with respect to the participation sold to such
Participant. No Participant shall have the right of setoff provided in Section 8.08 in respect of its participation. 
 (g)
The Borrower authorizes each Lender to disclose to any Lender, Participant, any prospective Participant or any prospective assignee referred to in paragraph (b) above (i) which is a commercial bank or an insurance company, or a savings and
loan association or company, any and all financial and other information in such Lender’s possession from time to time; and (ii) which is not a commercial bank or an insurance company or a savings and loan association or company,
including, without limitation, to any direct, indirect, actual or prospective counterparty (and its advisor) to any swap, 

  
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derivative, or securitization transaction related to the obligations under this Agreement, (A) any and all public financial information and other public information in such Lender’s
possession from time to time; and (B) after receipt of the written consent of the Borrower and receipt of a confidentiality agreement in form and substance satisfactory to the Borrower and the Administrative Agent, executed by the person to
receive such information, all other financial and other information in such Lender’s possession from time to time which does not constitute public financial information and other public information, as the case may be, concerning the Borrower
and the Subsidiaries which has been delivered to such Lender by the Borrower or the Administrative Agent, or otherwise obtained by such Lender or the Administrative Agent, pursuant to this Agreement or which has been delivered to such Lender by the
Borrower or the Administrative Agent in connection with such Lender’s credit evaluation of the Borrower prior to entering into this Agreement or any swap, derivative, or securitization transaction related to the obligations under this
Agreement. As used in this paragraph, “public financial information and other public information” means all financial or other information regarding the Borrower and the Subsidiaries, other than that which the Borrower designates in
writing as being confidential at the time such information is delivered to any Lender or the Administrative Agent and is not generally available to the public at such time; provided, however, such information shall: (i) cease to
be confidential when it becomes generally available to the public other than as a result of a disclosure by such Lender’s or the Administrative Agent’s representatives; or (ii) cease to be confidential when it becomes available to
such Lender or the Administrative Agent on a non-confidential basis from a source other than the Borrower or one of the Borrower’s agents; or (iii) be deemed not to be confidential if such information was known to such Lender or the
Administrative Agent on a non-confidential basis prior to the disclosure of such information to such Lender or the Administrative Agent by the Borrower or an agent of the Borrower; or (iv) cease to be confidential when required to be disclosed
by law (including statute, rule, regulation or judicial process), including, without limitation, to bank examiners and auditors and appropriate government examining authorities; provided further that the Administrative Agent and any Lender
may disclose such information (i) to its Affiliates and to its Related Parties (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such
Information confidential), (ii) to the extent required or requested by any regulatory authority purporting to have jurisdiction over such Person or its Related Parties (including any self-regulatory authority, such as the National Association
of Insurance Commissioners), (iii) in connection with the exercise of any remedies hereunder or any action or proceeding relating to this Agreement or any other loan document or the enforcement of rights hereunder or thereunder or (iv) on
a confidential basis (x) to any rating agency in connection with rating the Borrower or its Subsidiaries or the credit facilities provided hereunder or (y) with respect to this Agreement only, to the CUSIP Service Bureau or any similar
agency in connection with the issuance and monitoring of CUSIP numbers or other market identifiers with respect to the credit facilities provided hereunder. 
 (h) Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure obligations of such Lender to a Federal Reserve Bank, and this
Section shall not apply to any such pledge or assignment of a security interest; provided that no such pledge or assignment of a security interest shall release a Lender from any of its obligations hereunder or substitute any such pledgee or
assignee for such Lender as a party hereto. 
 (i) Notwithstanding anything to the contrary contained herein, if at any time any
LC Issuer or Swingline Lender assigns all of its Commitment and Loans pursuant to subsection (b) above, such Lender may, (i) upon 30 days’ notice to the Borrower and the Lenders, resign as an LC Issuer and/or (ii) upon 30
days’ notice to the Borrower, resign as a Swingline Lender. In the event of any such resignation as an LC Issuer or a Swingline Lender, the Borrower shall be entitled to appoint from among the Lenders a successor LC Issuer or Swingline
Lender hereunder; provided, however, that no failure by the Borrower to appoint any such successor shall affect the resignation of such Lender as an LC Issuer or a Swingline Lender, as the case may be. If any Lender resigns as an LC
Issuer, it shall retain all the 

  
 62 

 
rights, powers, privileges and duties of an LC Issuer hereunder with respect to all Facility LCs outstanding as of the effective date of its resignation as an LC Issuer and all LC Obligations
with respect thereto (including the right to require the Lenders to make Loans or fund risk participations pursuant to Section 2.22(e)). If any Lender resigns as a Swingline Lender, it shall retain all the rights of a Swingline Lender provided
for hereunder with respect to Swingline Loans made by it and outstanding as of the effective date of such resignation, including the right to require the Lenders to make Loans or fund risk participations in outstanding Swingline Loans pursuant to
Section 2.05(c). Upon the appointment of a successor LC Issuer and/or Swingline Lender, (a) such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring LC Issuer or Swingline
Lender, as the case may be, and (b) the successor LC Issuer shall issue letters of credit in substitution for the Facility LCs issued by such resigning LC Issuer, if any, outstanding at the time of such succession or make other arrangements
satisfactory to the resigning LC Issuer to effectively assume the obligations of such Lender with respect to such Facility LCs. 

(j) No assignment permitted by this Section 8.04 shall be made (i) to the Borrower or any of the Borrower’s Affiliates or
Subsidiaries, (ii) to any Defaulting Lender or any of its Subsidiaries, or any Person who, upon becoming a Lender hereunder, would constitute any of the foregoing Persons described in this clause (ii), or (iii) to a natural Person.

 SECTION 8.05. Survival. All representations and warranties made by the Borrower herein shall survive the execution and
delivery of this Agreement, the making of any Loans and the issuance of any Facility LC, regardless of any investigation made by any party hereto or on its behalf and notwithstanding that the Administrative Agent or any Lender may have had notice or
knowledge of any incorrect representation or warranty at the time any credit is extended hereunder, and shall continue in full force and effect as long as any Facility LC is outstanding and as long as the principal of or any accrued interest on any
Loan or any fee or any other amount payable under this Agreement is outstanding and unpaid and so long as the Commitments have not expired or terminated. The provisions of Sections 2.14, 2.18, 2.20 and 8.03 and Article VII shall survive and remain
in full force and effect regardless of the consummation of the transactions contemplated hereby, the repayment of the Loans, the Reimbursement Obligations, and the Commitments or the termination of this Agreement or any provision hereof. 

SECTION 8.06. Counterparts; Integration; Signature Pages. 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 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. Delivery of an
executed counterpart of a signature page of this Agreement by telecopy or other electronic transmission (e.g., “pdf” or “tif”) shall be effective as delivery of a manually executed counterpart of this Agreement. 

SECTION 8.07. Severability. Whenever possible, each provision of this Agreement, each Note and each Facility LC shall be
interpreted in such manner as to be effective and valid under such applicable law, however, any provision of this Agreement 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 hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such
provision in any other jurisdiction. 

  
 63 

 SECTION 8.08. Right of Setoff. If an Event of Default shall have occurred and be
continuing, each Lender and each of its Affiliates is hereby authorized at any time and from time to time, 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 such Lender or Affiliate to or for the credit or the account of the Borrower against any and all of the obligations of the Borrower now or hereafter existing under this Agreement held by
such Lender. The rights of each Lender under this Section are in addition to other rights and remedies which such Lender may have. 
 SECTION 8.09. Governing Law; Jurisdiction; Consent to Service of Process. (a) This Agreement shall be construed in accordance with and governed by the law of the State of New York. 

(b) The Borrower hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of the Supreme
Court of the State of New York sitting in New York County and of the United States District Court of the Southern District of New York sitting in the Borough of Manhattan, and any appellate court from any thereof, in any action or proceeding arising
out of or relating to this Agreement or any loan document, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding
may be heard and determined in such New York State or, to the extent permitted by law, in such Federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other
jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement or any other loan document shall affect any right that the Administrative Agent or any Lender may otherwise have to bring any action or
proceeding relating to this Agreement or any other loan document against the Borrower or its properties in the courts of any jurisdiction. 
 (c) Each party to this Agreement irrevocably consents to service of process in the manner provided for notices in Section 8.01. Nothing in this Agreement will affect the right of any party to this
Agreement to serve process in any other manner permitted by law. 
 SECTION 8.10. WAIVER OF JURY TRIAL. EACH PARTY HERETO
HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER
BASED ON CONTRACT, TORT OR ANY OTHER THEORY). 
 SECTION 8.11. Headings. Article and Section headings and the Table of
Contents used herein are for convenience of reference only, are not part of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement. 

SECTION 8.12. Interest Rate Limitation. Notwithstanding anything herein to the contrary, if at any time the interest rate or fee
rate applicable to any Loan or Facility LC, together with all fees, charges and other amounts which are treated as interest on such Loan or Facility LC 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 or Facility LC in accordance with applicable law, the rate of interest or fee rate payable in respect
of such Loan or Facility LC hereunder, together with all Charges payable in respect thereof, shall be limited to the Maximum Rate. 
 SECTION 8.13. Confirmations. The Borrower and each Lender agree from time to time, upon written request received by it from the other, to confirm to the other in writing (with a copy of each such
confirmation to the Administrative Agent) the aggregate unpaid principal amount of the Loans of such Lender. The Borrower and each LC Issuer agree from time to time, upon written request received by it from the other, to confirm to the other in
writing (with a copy of each such confirmation to the Administrative Agent) the stated amounts of Facility LCs issued by such LC Issuer and the amount of any Reimbursement Obligation related thereto. 

  
 64 

 SECTION 8.14. Action of Required Lenders. As to any provision of this Agreement under
which action may be taken or approval, consent or waiver may be given by the Required Lenders, the action taken or approval, consent or waiver given by the Required Lenders shall be binding upon all of the Lenders to the same extent and with the
same effect as if each Lender had joined therein. 
 SECTION 8.15. No Advisory or Fiduciary Responsibility. In connection
with all aspects of each transaction contemplated hereby (including in connection with any amendment, waiver or other modification hereof or of any other loan document), the Borrower acknowledges and agrees that: (i) (A) the arranging and
other services regarding this Agreement provided by the Lenders are arm’s-length commercial transactions between the Borrower and its Affiliates, on the one hand, and the Lenders and their Affiliates, on the other hand, (B) the Borrower
has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate, and (C) the Borrower is capable of evaluating, and understands and accepts, the terms, risks and conditions of the transactions
contemplated hereby and by the other loan documents; (ii) (A) each of the Lenders and their Affiliates is and has been acting solely as a principal and, except as expressly agreed in writing by the relevant parties, has not been, is not,
and will not be acting as an advisor, agent or fiduciary for the Borrower or any of its Affiliates, or any other Person and (B) no Lender or any of its Affiliates has any obligation to the Borrower or any of its Affiliates with respect to the
transactions contemplated hereby except, in the case of a Lender, those obligations expressly set forth herein and in the other loan documents; and (iii) each of the Lenders and their respective Affiliates may be engaged in a broad range of
transactions that involve interests that differ from those of the Borrower and its Affiliates, and no Lender or any of its Affiliates has any obligation to disclose any of such interests to the Borrower or its Affiliates. To the fullest extent
permitted by law, the Borrower hereby waives and releases any claims that it may have against each of the Lenders and their Affiliates with respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect of any
transaction contemplated hereby. 
 ARTICLE IX 
 USA PATRIOT Act Notification 
 The following notification is provided to the
Borrower pursuant to Section 326 of the USA PATRIOT Act of 2001, 31 U.S.C. Section 5318 (the “Patriot Act”): 
 IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT. To help the government of the United States of America fight the funding of terrorism and money laundering activities, Federal law
requires all financial institutions to obtain, verify, and record information that identifies each Person that opens an account, including any deposit account, treasury management account, loan, other extension of credit, or other financial services
product. Accordingly, when the Borrower opens an account, the Administrative Agent and the Lenders will ask for the Borrower’s name, tax identification number, business address, and other information that will allow the Administrative Agent and
the Lenders to identify the Borrower. The Administrative Agent and the Lenders may also ask to see the Borrower’s legal organizational documents or other identifying documents. 

The remainder of this page is intentionally blank. 

  
 65 

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

			
	SARA LEE CORPORATION, as the Borrower
		
	By:	 	/s/ Mitch Marcus
	Name:	 	Mitch Marcus
	Title:	 	Treasurer

 Signature Page to 
 Five-Year Revolving Credit Facility Agreement 
 Sara Lee Corporation

 
			
	BANK OF AMERICA, N.A., as Administrative
	 Agent, as an LC Issuer, as a Swingline Lender
 and individually as a Lender

		
	By:	 	/s/ David L. Catheral
		 	  

	Name:	 	David L. Catherall
	Title:	 	Director

  

Signature Page to 
 Five-Year Revolving Credit Facility Agreement 
 Sara Lee Corporation

 
			
	JPMORGAN CHASE BANK, N.A., as
	Syndication Agent, as an LC Issuer, as a
	Swingline Lender and individually as a Lender
		
	By:	 	/s/ Brendan Korb
		 	  

	Name:	 	Brendan Korb
	Title:	 	Vice President

  

Signature Page to 
 Five-Year Revolving Credit Facility Agreement 
 Sara Lee Corporation

 
			
	 U.S. BANK NATIONAL ASSOCIATION

	 as a Co-Documentation Agent, as a Swingline

	Lender and individually as a Lender
		
	By:	 	/s/ Navneet Khanna
		 	  

	 Name:
	 	Navneet Khanna
	Title:	 	Vice President

  

Signature Page to 
 Five-Year Revolving Credit Facility Agreement 
 Sara Lee Corporation

 
			
	WELLS FARGO BANK, NATIONAL
	 ASSOCIATION, as a Co-Documentation Agent,
 as an LC Issuer, as a Swingline Lender and
 individually as a Lender

		
	 By:
	 	/s/ Charles W. Reed
		 	  

	 Name:
	 	Charles W. Reed
	 Title:
	 	Managing Director

  

Signature Page to 
 Five-Year Revolving Credit Facility Agreement 
 Sara Lee Corporation

 
			
	GOLDMAN SACHS BANK USA, as a Co-Agent and individually as a Lender
		
	 By:
	 	/s/ Mark Walton
		 	  

	 Name:
	 	Mark Walton
	 Title:
	 	Authorized Signatory

  

Signature Page to 
 Five-Year Revolving Credit Facility Agreement 
 Sara Lee Corporation

 
			
	 LLOYDS TSB BANK PLC, as a Lender

		
	 By:
	 	/s/ Dennis McClellan
		 	  

	 Name:
	 	Dennis McClellan
	 Title:
	 	Assistant Vice President – M040
		
	 By:
	 	/s/ Julia R. Franklin
		 	  

	 Name:
	 	Julia R. Franklin
	 Title:
	 	Vice President – F014

  

Signature Page to 
 Five-Year Revolving Credit Facility Agreement 
 Sara Lee Corporation

 
			
	 LLOYDS SECURITIES INC., as a Co-Agent

		
	 By:
	 	/s/ Craig Meisner
		 	  

	 Name:
	 	Craig Meisner
	 Title:
	 	Managing Director

  

Signature Page to 
 Five-Year Revolving Credit Facility Agreement 
 Sara Lee Corporation

 
			
	MORGAN STANLEY BANK, NA., as a Co-Agent and individually as a Lender
		
	 By:
	 	/s/ Michael King
		 	  

	 Name:
	 	Michael King
	 Title:
	 	Authorized Signatory

  

Signature Page to 
 Five-Year Revolving Credit Facility Agreement 
 Sara Lee Corporation

 
			
	COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A., “RABOBANK NEDERLAND”, NEW YORK BRANCH, as a
	Co-Agent and individually as a Lender
		
	 By:
	 	/s/ Brett Delfino
		 	  

	 Name:
	 	Brett Delfino
	 Title:
	 	Executive Director
		
	 By:
	 	/s/ James Purky
		 	  

	 Name:
	 	James Purky
	 Title:
	 	Vice President

  

Signature Page to 
 Five-Year Revolving Credit Facility Agreement 
 Sara Lee Corporation

 
			
	RBS CITIZENS, N.A., as a Co-Agent and individually as a Lender
		
	By:	 	/s/ Jeffrey P. Huening
		 	  

	Name:	 	Jeffrey P. Huening
	Title:	 	Vice President

  

Signature Page to 
 Five-Year Revolving Credit Facility Agreement 
 Sara Lee Corporation

 
			
	 ROYAL BANK OF CANADA, as a Co-Agent
 and individually as a Lender

		
	By:	 	/s/ John Flores
	 Name:  John Flores

	 Title:    Authorized Signatory

  

Signature Page to 
 Five-Year Revolving Credit Facility Agreement 
 Sara Lee Corporation

 
			
	THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., as a Co-Agent and individually as a Lender
		
	By:	 	/s/ Christine Howatt
	 Name:  Christine Howatt

	 Title:    Authorized Signatory

  

Signature Page to 
 Five-Year Revolving Credit Facility Agreement 
 Sara Lee Corporation

 
			
	COBANK, ACB, as a Lender
		
	By:	 	/s/ Michael Tousignant
	 Name:  Michael Tousignant

	 Title:    Vice President

  

Signature Page to 
 Five-Year Revolving Credit Facility Agreement 
 Sara Lee Corporation

 
			
	THE NORTHERN TRUST COMPANY, as a Lender
		
	By:	 	/s/ John Lascody
	 Name:  John Lascody

	 Title:    Vice President

  

Signature Page to 
 Five-Year Revolving Credit Facility Agreement 
 Sara Lee Corporation

 
			
	AGFIRST FARM CREDIT BANK, as a Lender
		
	By:	 	/s/ Neda K. Beal
	 Name:  Neda K. Beal

	 Title:    Vice President

  

Signature Page to 
 Five-Year Revolving Credit Facility Agreement 
 Sara Lee Corporation

 ANNEX A 
 PRICING GRID 
 The Facility Fee Rate, LC Participation Fee Rate, Revolving Loan
Margin for Eurodollar Loans and the Revolving Loan Margin for ABR Loans for any day shall be the respective percentage set forth below in the applicable row under the column corresponding to the Status that exists on such day: 

 

																					
	 	  	Level I	 	 	Level II	 	 	Level III	 	 	Level IV	 	 	Level V	 
	 Facility Fee Rate
	  	 	0.10	% 	 	 	0.125	% 	 	 	0.15	% 	 	 	0.20	% 	 	 	0.25	% 
						
	 LC Participation Fee Rate
	  	 	1.00	% 	 	 	1.00	% 	 	 	1.10	% 	 	 	1.30	% 	 	 	1.50	% 
						
	 Revolving Loan Margin for Eurodollar Loans
	  	 	1.00	% 	 	 	1.00	% 	 	 	1.10	% 	 	 	1.30	% 	 	 	1.50	% 
						
	 Revolving Loan Margin for ABR Loans
	  	 	0	% 	 	 	0	% 	 	 	0.10	% 	 	 	0.30	% 	 	 	0.50	% 

 For purposes of this Pricing Grid, the following terms have the following meanings: 

“Index Debt” means the senior unsecured long-term indebtedness of the Borrower, without giving effect to any third-party
credit enhancement. 
 “Level I Status” exists at any date if, at the close of business on such date, the Index
Debt is rated either (i) A- or higher by S&P, or (ii) A3 or higher by Moody’s. 
 “Level II
Status” exists at any date if, at the close of business on such date, Level I Status does not exist and the Index Debt is rated either (i) BBB+ by S&P, or (ii) Baa1 by Moody’s. 

“Level III Status” exists at any date if, at the close of business on such date, Level I Status and Level II Status do
not exist and the Index Debt is rated either (i) BBB by S&P, or (ii) Baa2 by Moody’s. 

“Level IV Status” exists at any date if, at the close of business on such date, Level I Status, Level II Status and
Level III Status do not exist and the Index Debt is rated either (i) BBB- by S&P, or (ii) Baa3 by Moody’s. 
 “Level V Status” exists at any date if, at the close of business on such date, either (i) no other Status exists, or (ii) either Moody’s or S&P shall have ceased
to issue or maintain a credit rating for the Index Debt. 

 “Moody’s” means Moody’s Investors Service, Inc. 

“S&P” means Standard and Poor’s Ratings Services, a Standard & Poor’s Financial Services LLC
business. 
 “Status” refers to the determination of which of Level I Status, Level II Status, Level III
Status, Level IV Status or Level V Status exists. 
 If the Index Debt is split-rated by Moody’s and S&P (which means that Moody’s
and S&P did not issue equivalent ratings for the Index Debt), and the rating differential is (i) one level, then the applicable Status shall be determined on the basis of the higher of the two levels or (ii) two levels, then the
applicable Status shall be determined on the basis of the midpoint between the two levels (provided that, if there is no midpoint, the higher of the two levels will apply). 

 SCHEDULE 2.01 
 Commitments 
  

									
	 Lender
	  	Swingline	 	  	Allocations	 
	 Bank of America, N.A.
	  	$	18,750,000	  	  	$	78,000,000	  
	 JPMorgan Chase Bank, N.A.
	  	$	18,750,000	  	  	$	78,000,000	  
	 U.S. Bank National Association
	  	$	18,750,000	  	  	$	78,000,000	  
	 Wells Fargo Bank, National Association
	  	$	18,750,000	  	  	$	78,000,000	  
	 Goldman Sachs Bank USA
	  				  	$	48,000,000	  
	 Lloyds TSB Bank plc
	  				  	$	48,000,000	  
	 Morgan Stanley Bank, N.A.
	  				  	$	48,000,000	  
	 Rabobank Nederland, New York Branch
	  				  	$	48,000,000	  
	 RBS Citizens, N.A.
	  				  	$	48,000,000	  
	 Royal Bank of Canada
	  				  	$	48,000,000	  
	 The Bank of Tokyo-Mitsubishi UFJ, Ltd.
	  				  	$	48,000,000	  
	 CoBank, ACB
	  				  	$	40,000,000	  
	 The Northern Trust Company
	  				  	$	35,000,000	  
	 AgFirst Farm Credit Bank
	  				  	$	27,000,000	  
		  	Total: $	75,000,000	  	  	Total: $	750,000,000	  

 SCHEDULE 2.22 
 Existing Letters of Credit 
  

																	
	LC Issuer	  	JPM Reference
Number	 	  	Currency	  	Liab
Currency	  	Liab Outstanding
Amount	 	  	Expiry /
Maturity Date	  	Beneficiary Name
	 JPMorgan Chase Bank, N.A.
	  	 	CPCS-890994	  	  	MXN	  	USD	  	 	10,111,451	  	  	MAR 06, 2013	  	BANCO JP MORGAN
S.A., INSTITUCION
	 JPMorgan Chase Bank, N.A.
	  	 	CPCS-308873	  	  	USD	  	USD	  	 	2,100,000	  	  	NOV 15, 2012	  	MISSISSIPPI WORKERS’
COMPENSATION
	 JPMorgan Chase Bank, N.A.
	  	 	CPCS-634958	  	  	USD	  	USD	  	 	3,800,000	  	  	NOV 15, 2012	  	THE TRAVELERS
INDEMNITY COMPANY
	 JPMorgan Chase Bank, N.A.
	  	 	CPCS-635083	  	  	USD	  	USD	  	 	276,750	  	  	JAN 31, 2013	  	OLIVE TOWNSHIP
	 JPMorgan Chase Bank, N.A.
	  	 	CPCS-635202	  	  	USD	  	USD	  	 	164,387	  	  	NOV 15, 2012	  	THE HOME
INSURANCE COMPANY
	 JPMorgan Chase Bank, N.A.
	  	 	CPCS-635203	  	  	USD	  	USD	  	 	1,745,563	  	  	NOV 15, 2012	  	NATIONAL UNION
FIRE INSURANCE CO
	 JPMorgan Chase Bank, N.A.
	  	 	CPCS-635204	  	  	USD	  	USD	  	 	123,173	  	  	NOV 15, 2012	  	RELIANCE INSURANCE
COMPANY
	 JPMorgan Chase Bank, N.A.
	  	 	CPCS-635883	  	  	USD	  	USD	  	 	18,856,319	  	  	NOV 15, 2012	  	ACE AMERICAN
INSURANCE COMPANY
	 JPMorgan Chase Bank, N.A.
	  	 	CPCS-644549	  	  	USD	  	USD	  	 	18,000,000	  	  	NOV 15, 2012	  	OLD REPUBLIC
INSURANCE COMPANY
	 JPMorgan Chase Bank, N.A.
	  	 	CPCS-730448	  	  	USD	  	USD	  	 	993,133	  	  	NOV 15, 2012	  	3500 LACEY ROAD LLC
	 JPMorgan Chase Bank, N.A.
	  	 	CPCS-790525	  	  	USD	  	USD	  	 	1,429,805	  	  	AUG 04, 2013	  	ROYAL BANK OF
CANADA
	 JPMorgan Chase Bank, N.A.
	  	 	CPCS-855291	  	  	USD	  	USD	  	 	333,504	  	  	NOV 11, 2012	  	U.S. ENVIRONMENTAL
PROTECTION
	 JPMorgan Chase Bank, N.A.
	  	 	CPCS-874828	  	  	USD	  	USD	  	 	50,460	  	  	NOV 11, 2012	  	BOARD OF PUBLIC
UTILITIES

 SCHEDULE 3.05 
 Litigation 
 Aris—This is a consolidation of cases filed by individual
complainants with the Republic of the Philippines; Department of Labor and Employment and the National Labor Relations Commission (NLRC) from 1998 through July 1999. The complaint alleges unfair labor practices due to the termination of
manufacturing operations in the Philippines by Aris Philippines, Inc. (Aris), a former subsidiary of the corporation. The complaint names the corporation as a party defendant. In 2006, the arbitrator ruled against the corporation and awarded the
plaintiffs $80 million in damages and fees. This ruling was appealed by the corporation and subsequently set aside by the NLRC in December 2006. Both the complainants and the corporation have filed motions for reconsideration. The corporation
continues to believe that the plaintiffs’ claims are without merit; however, it is reasonably possible that this case will be ruled against the corporation and have a material adverse impact on the corporation’s results of operations and
cash flows. 
 Hanesbrands Inc.—In September 2006, the corporation spun-off its branded apparel business into an independent
publicly-traded company named Hanesbrands Inc. (“HBI”). In connection with the HBI spin-off, the corporation and HBI entered into a tax sharing agreement that governs the allocation of tax assets and liabilities between the parties. As
previously disclosed, HBI initiated binding arbitration claiming that it was owed $72 million from the corporation under the tax sharing agreement. In the first quarter of 2012, the tribunal ruled in favor of the corporation on all issues. In
addition to prevailing in the arbitration issue, Sara Lee received $15 million from HBI for tax periods prior to the date of the spin-off. Sara Lee recognized the amount owed as income in the Selling, general and administrative expense line in the
Condensed Consolidated Statement of Income for the first nine months of 2012. 
 Sara Lee is involved in several legal proceedings relating to
its manufacture and sale of L’OR EspressO/L’aRôme EspressO capsules. In June 2010, Nestec/Nespresso, which we refer to as Nestlé, filed a suit against Sara Lee Coffee and Tea France alleging patent infringement related
to Sara Lee’s sale and distribution of espresso capsules. On January 19, 2011, Nestlé filed a similar suit against Sara Lee Coffee and Tea in the Netherlands after Sara Lee began selling espresso capsules in that country. On
May 11, 2011, Sara Lee Coffee and Tea Belgium served a writ of summons on Nestlé seeking a declaration of non-infringement in connection with Sara Lee’s sale and distribution of espresso capsules in Belgium. In October of 2011,
Nestlé requested preliminary injunctions against Sara Lee Coffee and Tea Belgium, seeking prohibition of Sara Lee’s sale and distribution of espresso capsules in Belgium, and the request for preliminary injunctions was denied without
prejudice to Nestlé’s claims. In February 2012, Nestlé appealed the decision to reject the preliminary injunctions. In February 2012, Nestlé filed a similar claim against Sara Lee Coffee and Tea in Spain. All of these
proceedings relate to the alleged infringement of two or three European patents granted to Nestlé. In addition, in Spain, Nestlé sued for trademark infringement and unfair competition. In the lawsuit filed in France, Nestlé
claims damages in the amount of €50 million for each claimant. If we are held to infringe any of the invoked patents, the court may determine a reasonable provisional damages amount and deposit by Sara Lee. Any damages would be

 
established in separate damage assessment proceedings. Management believes that the patents and trademarks granted to Nestlé are not being infringed and further believes that the patents
are invalid and that the company has not engaged in unfair competitive practices. We are vigorously contesting Nestlé’s allegations. 
 In October 2009, the Spanish tax administration upheld a challenge made by its local field examination against tax positions taken by our Spanish subsidiaries. In November 2009, we filed an appeal
against this claim with the Spanish Tax Court. In April 2010, the Spanish Chief Inspector upheld a portion of the claim raised by the Spanish tax authorities. We appealed to the Tribunal Economico Administrativo Central, which we refer to as the
TEAC. At the end of March 2012, the TEAC ruled in favor of the Tax Administration with respect to the audit for fiscal years 2003-2005. We continue to dispute the challenge and will continue to have further proceedings with the Spanish tax
authorities regarding the issue. In June 2011, the Spanish tax administration’s local field office examination made similar challenges against tax positions for the years ending July 1, 2006 to June 27, 2009 taken by our Spanish
subsidiaries. We filed an appeal against this claim with the Spanish Tax Court. 
 In August 2011, the Italian Provincial Tax Commission
upheld a challenge made by its local field examination against a loss claimed in the fiscal year 2004 tax return of our Italian subsidiaries. We intend to appeal this decision to the Italian Regional Tax Commission. We continue to dispute the
challenge and we expect to prevail in further proceedings with the Italian tax authorities regarding the issue. 
 In connection with the sale
of its household and body care business, Sara Lee agreed to arrange for the transfer of certain trademark registrations in the Middle East from a third party licensee to the buyers of the household and body care business. To date, the third
party licensee has refused to cooperate with these transfers despite contractual commitments to do so, and we are contemplating pursuing legal action in order to effectuate the transfer of these rights to the buyers. In the event Sara Lee is unable
to transfer such trademarks to the buyers, it has potential liability to the buyers of the business.
 In connection with Sara Lee’s former
Household & Body Care business, competition authorities in various European countries and the European Commission have initiated investigations into the conduct of consumer product companies. These investigations usually continue for
several years and, if violations are found, may result in substantial fines. No formal charges have been brought against Sara Lee concerning the substantive conduct that is the subject of these investigations. Our practice is to comply with all laws
and regulations applicable to its business, including the antitrust laws, and to cooperate with relevant regulatory authorities. 

 SCHEDULE 3.06 
 Liens 
  

											
	 FORM OF LIEN
	  	COMPANY	  	SECURITY
PROVIDED	  	BENEFICIARY	  	AMOUNT
IN MILLIONS	  	COLLATERAL
	Mortgage	  	Koninklijke Douwe Egberts

B.V. and Sara Lee / DE B.V.
	  	Mortgage	  	Stichting Vervroegd
 Uittreden Douwe Egberts
	  	EUR 22.76	  	Properties at the Vleutense
Vaart, Keulsekade, Atoomweg Utrecht, the Netherlands

 SCHEDULE 3.07 
 Subsidiaries 
  

			
	 SUBSIDIARY
	  	 JURISDICTION

		
	Sara Lee Australia & NZ Pty Ltd	  	Australia
		
	Sara Lee Australia Partnership	  	Australia
		
	Sara Lee Australia Pty Ltd.	  	Australia
		
	Sara Lee Food & Beverage (Australia) Pty Ltd	  	Australia
		
	Sara Lee Foodservice (Australia) Pty. Ltd.	  	Australia
		
	Sara Lee Group (Australia) Pty. Ltd.	  	Australia
		
	Sara Lee Holdings (Australia) Pty Ltd	  	Australia
		
	Sara Lee Household and Body Care (Australia) Pty Ltd	  	Australia
		
	Sara Lee/DE Australia Pty Ltd	  	Australia
		
	SL/DE Holdings (Australia) Pty. Ltd.	  	Australia
		
	Sara Lee Household and Body Care Österreich GmbH	  	Austria
		
	DE Investments Belgium BVBA	  	Belgium
		
	Douwe Egberts Coffee Systems BVBA	  	Belgium
		
	Sara Lee Household and Body Care Belgium BVBA	  	Belgium
		
	Sara Lee Coffee & Tea Belgium BVBA	  	Belgium
		
	Douwe Egberts Operating Service BVBA (DEOS)	  	Belgium

			
		
	Sara Lee Finance Belgium BVBA	  	Belgium
		
	Sara Lee/DE Immo Belgium BVBA	  	Belgium
		
	Expresso.Coffee—Automaçao De Bebidas Quentes Ltda.	  	Brazil
		
	Sara Lee Cafés do Brasil Ltda	  	Brazil
		
	Nutri-Metics International (Guangzhou) LTD.	  	China
		
	Sara Lee (China) Trading Company Limited	  	China
		
	Codef Financial Services CV	  	Curacao
		
	Sara Lee/DE Antilles NV	  	Curacao
		
	Sara Lee/DE Investments (Cyprus) Ltd	  	Cyprus
		
	Sara Lee Czech Republic, s.r.o.	  	Czech Republic
		
	DE US, INC.	  	Delaware
		
	House of Coffee ApS	  	Denmark
		
	Merrild Kaffe ApS	  	Denmark
		
	Sara Lee/DE Nordic Finance K/S	  	Denmark
		
	Courtaulds Textiles Holding SAS	  	France
		
	CT Diffusion SAS	  	France
		
	DEF Finance SNC	  	France
		
	DEF Holding SNC	  	France
		
	Maison du Café Coffee Systems France SNC	  	France
		
	Sara Lee Coffee & Tea France S.N.C.	  	France
		
	Sara Lee France Finance SAS	  	France
		
	Sara Lee France SNC	  	France
		
	Sara Lee/DE France S.A.S.	  	France
		
	BAMA International ZN der Sara Lee Deutschland GmbH	  	Germany

			
		
	Coffenco International GmbH	  	Germany
		
	Douwe Egberts Kaffee-Systeme GmbH	  	Germany
		
	Fairwind GmbH	  	Germany
		
	Jensen & Graf Kaffeespezialitaten GmbH	  	Germany
		
	Sara Lee Coffee & Tea Germany GmbH	  	Germany
		
	Sara Lee Germany GmbH	  	Germany
		
	Sara Lee/DE Holding GmbH	  	Germany
		
	Sara Lee Coffee and Tea Hellas SA	  	Greece
		
	Sara Lee Holdings Participation Limited Liability Company (Hellas Holdings)	  	Greece
		
	Nutri-Metics International (Hong Kong) Ltd	  	Hong Kong
		
	Sara Lee Hong Kong Ltd.	  	Hong Kong
		
	Sara Lee Hungary Gyártó és Kereskedelmi Zártkörűen Működő Részvénytársaság	  	Hungary
		
	PT Premier Ventures Indonesia	  	Indonesia
		
	PT Sara Lee Indonesia	  	Indonesia
		
	PT Sara Lee Trading Indonesia	  	Indonesia
		
	PT Suria Yozani (former PT Sara Lee Shared Services Company)	  	Indonesia
		
	Linnyshaw Insurance Limited	  	Isle Of Man
		
	Confix S.r.l.	  	Italy
		
	Sara Lee Holdings Italy Srl	  	Italy
		
	Sara Lee Household and Body Care Italy SpA	  	Italy
		
	Sara Lee Japan Ltd.	  	Japan
		
	Sara Lee Baltic, s.i.a.	  	Latvia
		
	Sara Lee Finance Luxembourg SÀRL	  	Luxembourg

			
		
	Sara Lee Holdings Luxembourg Sàrl	  	Luxembourg
		
	Sara Lee Household & Body Care Malawi Ltd	  	Malawi
		
	Homesafe Products (M) Sdn Bhd	  	Malaysia
		
	Kiwi Manufacturing SDN BHD	  	Malaysia
		
	Sara Lee Malaysia SDN BHD	  	Malaysia
		
	Sara Lee South East Asia SDN BHD	  	Malaysia
		
	Sl Products Manufacturing SDN BHD	  	Malaysia
		
	Tea Forte, Inc.	  	Massachusetts
		
	Sara Lee Mauritius Holding Private Ltd	  	Mauritius
		
	Baro Bestuursmaatschappij BV	  	Netherlands
		
	Beheersmaatschappij Bevem B.V.	  	Netherlands
		
	Buttress BV	  	Netherlands
		
	CoffeeCompany Holding B.V.	  	Netherlands
		
	D.E MASTER BLENDERS 1753 B.V.	  	Netherlands
		
	DE Global Holdings C.V.	  	Netherlands
		
	Decaf BV	  	Netherlands
		
	DEMB International B.V.	  	Netherlands
		
	Douwe Egberts Beheersmaatschappij B.V.	  	Netherlands
		
	Douwe Egberts Coffee Systems Global Network BV	  	Netherlands
		
	Douwe Egberts Coffee Systems International B.V.	  	Netherlands
		
	Douwe Egberts Coffee Systems Nederland BV	  	Netherlands
		
	Douwe Egberts Koffie & Kado BV	  	Netherlands
		
	Douwe Egberts Nederland BV	  	Netherlands
		
	Douwe Egberts Van Nelle Participations B.V.	  	Netherlands
		
	Kiwi European Holdings BV	  	Netherlands

			
		
	Koninklijke Douwe Egberts BV	  	Netherlands
		
	Marander Assurantie Compagnie BV	  	Netherlands
		
	Sara Lee B.A. BV	  	Netherlands
		
	Sara Lee Housheold and Body Care Finance B.V.	  	Netherlands
		
	Sara Lee Household Care Nederland B.V.	  	Netherlands
		
	Sara Lee International B.V.	  	Netherlands
		
	Sara Lee International Holdings B.V.	  	Netherlands
		
	Sara Lee/DE Global Finance B.V.	  	Netherlands
		
	Sara Lee/DE Investments B.V.	  	Netherlands
		
	The Coffee Company B.V.	  	Netherlands
		
	DE Export B.V.	  	Netherlands
		
	Douwe Egberts Finance B.V.	  	Netherlands
		
	I Tas Ezn BV	  	Netherlands
		
	Douwe Egberts Coffee Treatment & Supply BV	  	Netherlands
		
	Sara Lee/DE BV	  	Netherlands
		
	Sara Lee/DE Finance BV	  	Netherlands
		
	Defacto BV	  	Netherlands
		
	Zijlstra’s Meubelfabriek BV	  	Netherlands
		
	Sara Lee/DE Finance (Antilles) NV	  	Netherlands Antilles
		
	Sara Lee/DE Finance SEP	  	Netherlands Antilles
		
	Sara Lee/DE Investments (Antilles) NV	  	Netherlands Antilles
		
	Sara Lee New Zealand Limited	  	New Zealand
		
	Kiwi (Nigeria) Limited	  	Nigeria
		
	House of Coffee AS	  	Norway

			
		
	Kaffehuset Friele AS (45% non-controlling interest)	  	Norway
		
	Prima—Sara Lee Coffee and Tea Poland Sp. z o.o.	  	Poland
		
	Douwe Egberts (Portugal)- Produtos Alimentares Lda	  	Portugal
		
	Sara Lee Rus LLC	  	Russian Federation
		
	Sara Lee Singapore Pte Ltd	  	Singapore
		
	Sara Lee Slovakia, s.r.o.	  	Slovakia
		
	Sara Lee Finance Spain S.L.	  	Spain
		
	Sara Lee Household and Body Care España S.L.	  	Spain
		
	Sara Lee Iberia, S.L.	  	Spain
		
	Sara Lee Southern Europe, SL	  	Spain
		
	Merrild Kaffee Systems Sverige AB	  	Sweden
		
	Decotrade GmbH	  	Switzerland
		
	Sara Lee (Thailand) Ltd	  	Thailand
		
	Sara Lee Coffee & Tea (Thailand) Limited	  	Thailand
		
	Courtaulds Textiles (Holdings) Limited	  	United Kingdom
		
	Courtaulds Textiles Limited	  	United Kingdom
		
	Douwe Egberts Coffee Systems Ltd, UK	  	United Kingdom
		
	Kiwi (EA) Limited	  	United Kingdom
		
	Lovable Italiana Limited	  	United Kingdom
		
	Master Models Limited	  	United Kingdom
		
	New Way Packaged Products Limited	  	United Kingdom
		
	Sara Lee (UK) Investments	  	United Kingdom
		
	Sara Lee Acquisition Limited	  	United Kingdom
		
	Sara Lee Coffee & Tea UK Ltd	  	United Kingdom
		
	Sara Lee Household & Body Care UK Limited	  	United Kingdom

			
		
	Sara Lee Investments	  	United Kingdom
		
	Sara Lee UK Finance Ltd	  	United Kingdom
		
	Sara Lee UK Holdings Limited	  	United Kingdom
		
	Sara Lee UK Limited	  	United Kingdom
		
	Sara Lee UK Pension Trustee Limited	  	United Kingdom
		
	Sara Lee/DE Holdings Limited	  	United Kingdom
		
	Temana International Ltd	  	United Kingdom
		
	Yarnell Ltd	  	United Kingdom
		
	Kitchens Of Sara Lee PTY Ltd	  	Australia
		
	Conoplex Insurance Company Ltd.	  	Bermuda
		
	Gallo Salame, Inc.	  	California
		
	Sara Lee Foodservice Ltd.	  	Canada
		
	Aidells Sausage Company, Inc.	  	Delaware
		
	Bryan Foods, Inc.	  	Delaware
		
	Courtaulds Textiles U.S., Inc.	  	Delaware
		
	Egbert LLC	  	Delaware
		
	Flavor Corp.	  	Delaware
		
	Flavor Holdings, Inc.	  	Delaware
		
	International Affiliates & Investment LLC	  	Delaware
		
	Sara Lee—Kiwi Holdings, LLC	  	Delaware
		
	Sara Lee Diversified, LLC	  	Delaware
		
	Sara Lee Foods, LLC	  	Delaware
		
	Sara Lee International LLC	  	Delaware
		
	Sara Lee International TM Holdings LLC	  	Delaware
		
	Sara Lee Mexicana Holdings Investment, L.L.C.	  	Delaware

			
		
	Sara Lee TM Holdings LLC	  	Delaware
		
	Saramar, L.L.C.	  	Delaware
		
	Southern Family Foods, L.L.C.	  	Delaware
		
	Mexican Traders, SA de CV	  	Mexico
		
	Caitlin Financial Corporation N.V.	  	Netherlands Antilles
		
	Uninex SA	  	Uruguay

 SCHEDULE 5.12 
 Subsidiary Indebtedness 
  

									
	 FORM OF INDEBTEDNESS
	  	 OBLIGOR(S)
	 	GUARANTOR(S)	  	OBLIGEE(S)	  	OUTSTANDING
IN
MILLIONS
					
	 Short term debt
	  	Sara Lee Cafés do Brasil Ltd	 		  	Bradesco, Itau, Banco de
Nord-EsteBrasil, Itau, Banco
Brasil	  	EUR 57.25
					
	 Loan
	  	Sara Lee (China) Trading Co. Ltd	 		  	Citibank	  	EUR 4.78
					
	 Revolving Credit Facility

(€750MM available)
	  	D.E Master Blenders 1753 B.V.	 	DE US, Inc.	  	Coöperatieve Centrale Raiffeisen-

Boerenleenbank B.A.;
  
 Deutsche Bank Luxembourg S.A.;
  
 ING Bank N.V.;
  

JPMorgan Chase Bank, N.A.;
  

Lloyds TSB Bank Plc;
  

The Royal Bank of Scotland N.V.;
  

Bank of Tokyo-Mitsubishi UFJ

(Holland) N.V.;
  
 Goldman Sachs Bank USA;
  
 National Australia Bank Limited;
  
 Danske Bank A/S
	  	EUR 0.00

 EXHIBIT A 
 [FORM OF] 
 ASSIGNMENT AND ACCEPTANCE 

Reference is made to the Five-Year Revolving Credit Facility Agreement dated as of May 24, 2012 (as amended and in effect on the
date hereof, the “Credit Agreement”), among Sara Lee Corporation, the Lenders named therein and Bank of America, N.A., as administrative agent for the Lenders. Terms defined in the Credit Agreement are used herein with the same
meanings. 
 The Assignor named below hereby sells and assigns, without recourse, to the Assignee named below, and the Assignee
hereby purchases and assumes, without recourse, from the Assignor, effective as of the Assignment Date set forth below, the interests set forth below (the “Assigned Interest”) in the Assignor’s rights and obligations under the
Credit Agreement, including, without limitation, the interests set forth below in the Commitment of the Assignor on the Assignment Date and Swingline Loans and Revolving Loans owing to the Assignor which are outstanding on the Assignment Date, but
excluding accrued interest and fees to and excluding the Assignment Date. The Assignee hereby acknowledges receipt of a copy of the Credit Agreement. From and after the Assignment Date (i) the Assignee shall be a party to and be bound by the
provisions of the Credit Agreement and, to the extent of the Assigned Interest, have the rights and obligations of a Lender thereunder and (ii) the Assignor shall, to the extent of the Assigned Interest, relinquish its rights and be released
from its obligations under the Credit Agreement. 
 This Assignment and Acceptance is being delivered to the Administrative
Agent together with (i) if the Assignee is a Lender that is not created or organized under the laws of the United States of America or a political subdivision thereof, any documentation required to be delivered by the Assignee pursuant to
Section 2.12(e) of the Credit Agreement, duly completed and executed by the Assignee, and (ii) if the Assignee is not already a Lender under the Credit Agreement, an Administrative Questionnaire in the form supplied by the Administrative
Agent, duly completed by the Assignee. The Assignee and Assignor shall pay the fee payable to the Administrative Agent pursuant to Section 8.04(b) of the Credit Agreement. 

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

Date of Assignment: 
 Legal Name of Assignor:

 Legal Name of Assignee: 

 Assignee’s Address for Notices: 
 Effective Date of Assignment 
 (“Assignment Date”): 

 

					
	 Facility
	  	 Principal Amount Assigned (and
identifying information as to

individual and Swingline Loan)
	  	 Percentage Assigned of

Facility/Commitment(set forth,

to at least 8 decimals, as a
 percentage of the Facility and the
aggregate Commitments of all
 Lenders thereunder)

  

							
	 Commitment Assigned:
	  	$	  	 	%	  
	 Revolving Loans:
	  		  			
	 Swingline Loans:
	  		  			
			
	The terms set forth above are hereby agreed to:	  		  			

  

			
	[Name of Assignor], as Assignor,
		
	By:	 	 
		 	Name:
		 	Title:
	
	[Name of Assignee], as Assignee,
		
	By:	 	  

		 	Name:
		 	Title:

 The undersigned hereby consent to the within assignment:1 

 

							
	Sara Lee Corporation	 		 	Bank of America, N.A., as Administrative Agent
				
	By:                             
                                         
  	 		 	By:	 	 
	      Name:	 		 		 	Name:
	      Title:	 		 		 	Title:

   

 

	1 	 Consents to be included to the extent required by Section 8.04(b) of the Credit Agreement. 

 EXHIBIT B-1 
 [INTENTIONALLY OMITTED] 

 EXHIBIT B-2 
 [INTENTIONALLY OMITTED] 

 EXHIBIT C 
 [FORM OF] 
 INTEREST ELECTION REQUEST 

Bank of America, N.A., 
 as administrative agent

 for the Lenders referred to below 

[            ] 
 [            ] 
 Attention:
[            ] 
 [Date] 

Reference is made to the Five-Year Revolving Credit Facility Agreement, dated as of May 24, 2012 (as amended and in effect on the
date hereof, the “Credit Agreement”), among the undersigned, as Borrower, the Lenders party thereto and Bank of America, N.A., as Administrative Agent. Terms defined in the Credit Agreement are used herein with the same meanings.
This notice constitutes an Interest Election Request and the Borrower hereby requests the conversion or continuation of a Revolving Borrowing under the Credit Agreement, and in that connection the Borrower specifies the following information with
respect to the Revolving Borrowing to be converted or continued as requested hereby: 
  

	 	(A)	 Revolving Borrowing to which this request applies:2 

  

	 	(B)	 Principal amount of Revolving Borrowing to be converted or continued:3 

  

	 	(C)	 Effective date of
election:4 

 

	 	(D)	 Type of resulting Borrowing:5 

  

	 	(E)	 Interest Period of resulting Borrowing:6 

  

 

	2 	 Specify the existing Type and the last day of current Interest Period. 

	3 	 The principal amount should not be less than US$10,000,000 and should be an integral multiple of US$1,000,000, except as otherwise provided in the
Credit Agreement. 

	4 	 The effective date must be a Business Day. 

	5 	 Specify whether the Borrowing will be a Eurocurrency Borrowing or an ABR Borrowing. 

	6 	 The Interest Period must comply with the definition of “Interest Period” and end not later than the Termination Date.

 
			
	Very truly yours,
	
	SARA LEE CORPORATION
		
	By:	 	 
		 	Name:
		 	Title:

 EXHIBIT D 
 [FORM OF] 
 NOTE 

 

			
	$[            ]	 	[Date]

 FOR VALUE RECEIVED, Sara Lee
Corporation, a Maryland corporation (the “Borrower”), promises to pay to the order of [            ] (the “Lender”) the unpaid principal amount of each
Loan made by the Lender to the Borrower pursuant to the Five-Year Revolving Credit Facility Agreement, dated as of May 24, 2012, as amended or modified, among the undersigned, the Lender, the other lenders who are parties thereto and Bank of
America, N.A., as administrative agent (the “Credit Agreement”). Such principal payments shall be made in the amounts and on the dates provided for in the Credit Agreement. The Borrower also promises to pay interest on the unpaid
principal amount of each such Loan on the dates and at the rate or rates provided for in the Credit Agreement. All such payments of principal and interest shall be made in the currencies and at the offices required under Section 2.13 of the
Credit Agreement. 
 This Note is one of the promissory notes referred to in Section 2.09(e) of the Credit Agreement. Terms
defined in the Credit Agreement are used herein with the same meanings. 
 Every Loan made by the Lender, the respective Type,
Class and date on which the principal is due and all repayments of the principal thereof shall be recorded by the Lender and, prior to any transfer hereof, endorsed by the Lender on the schedule attached hereto, or on a continuation of such schedule
attached to and made a part hereof; provided that the failure of the Lender to make any such recordation or endorsement shall not affect the obligations of the Borrower under the first paragraph of this Note or under the Credit Agreement.

 Reference is made to the Credit Agreement for provisions for the prepayment hereof and the acceleration of the maturity
hereof. 
  

			
	SARA LEE CORPORATION
		
	By:	 	 
	 Name:
	 	
	 Title:
	 	
		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

 LOANS AND PAYMENTS OF PRINCIPAL 

 

																	
	Date	  	 Class and
 Type of Loan7
	  	 Date on
 Which
 Loan Was

Made
	  	 Date by
 Which
 Principal

Must Be

Repaid
	  	 Initial
 Amount of
 Loan
	  	 Amount of
 Principal
 Already

Repaid
	  	 Principal
 Payment
	  	 Interest
 Rate
	  	 Name of Person
 Making the
 Notation

 
  

 

	7 	 Specify whether the Loan is a Revolving Loan or a Swingline Loan and whether the Loan is a Eurodollar or ABR Loan. 

 EXHIBIT E 
 FORM OF COMMITMENT AND ACCEPTANCE 
 Form of Commitment and Acceptance 

Dated             ,
20             
 Reference is made to that certain Five-Year
Revolving Credit Facility Agreement dated as of May 24, 2012 by and among Sara Lee Corporation, a Maryland corporation (the “Borrower”), the institutions from time to time parties thereto as Lenders (the
“Lenders”) and Bank of America, N.A., as the Administrative Agent (the “Administrative Agent”) (as the same may be amended, restated, supplemented or otherwise modified from time to time, the “Credit
Agreement”). Terms defined in the Credit Agreement are used herein with the same meaning. 
 Pursuant to
Section 2.24 of the Credit Agreement, the Borrower has requested an increase in the aggregate amount of the Commitments from $            to
$            . Such increase in the aggregate of the Commitments is to become effective on the date (the “Effective Date”) which is the later of
(i)             ,             and (ii) the date on which the conditions precedent set forth in Section 2.24
in respect of such increase have been satisfied. In connection with such requested increase in the aggregate of the Commitments, the Borrower, the Administrative Agent and             (the
“Accepting Bank”) hereby agree as follows: 
 1. Effective as of the Effective Date, [the Accepting Bank
shall become a party to the Credit Agreement as a Lender and shall have all of the rights and obligations of a Lender thereunder and shall thereupon have a Commitment under and for purposes of the Credit Agreement in an amount equal to the]
[the Commitment of the Accepting Bank under the Credit Agreement shall be increased from $            to the] amount set forth opposite the Accepting Bank’s name on the
signature page hereof. 
 [2. The Accepting Bank hereby (i) confirms that it has received a copy of the Credit
Agreement, together with copies of the financial statements and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Commitment and Acceptance Agreement; (ii) agrees
that it will, independently and without reliance upon the Administrative Agent or any other Lender and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not
taking action under the Credit Agreement; (iii) appoints and authorizes the Administrative Agent to take such action as contractual representative on its behalf and to exercise such powers under the Credit Agreement and the other loan documents
delivered in connection therewith as are delegated to the Administrative Agent by the terms thereof, together with such powers as are reasonably incidental thereto; and (iv) agrees that it will be bound by and will perform in accordance with
their terms all of the obligations which by the terms of the Credit Agreement are required to be performed by it as a Lender]. 
 3. The Borrower hereby represents and warrants that as of the date hereof and as of the Effective Date, no event shall have occurred and then be continuing which constitutes an Event of Default or an
Unmatured Event of Default. 
 4. THIS COMMITMENT AND ACCEPTANCE AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH, THE LAWS OF THE STATE OF NEW YORK. 

 5. This Commitment and Acceptance Agreement may be executed in one or more counterparts,
each of which shall be deemed an original, but all of which taken together shall constitute one and the same instrument. Delivery of an executed counterpart of a signature page of this Agreement by telecopy or other electronic transmission (e.g.,
“pdf” or “tif”) shall be effective as delivery of a manually executed counterpart of this Agreement. 

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

			
	SARA LEE CORPORATION
		
	By:	 	 
		
	Name:	 	
		
	Title:	 	
	
	BANK OF AMERICA, N.A., as Administrative Agent
		
	By:	 	 
		
	Name:	 	
		
	Title:	 	

  

					
	 COMMITMENT
	 	 ACCEPTING BANK

		
	$            	 	[BANK]
			
		 	By:	 	 
			
		 	Name:	 	
			
		 	Title:	 	

 EXHIBIT F-1 
 FORM OF 
 U.S. TAX COMPLIANCE CERTIFICATE 

(For Foreign Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes) 

Reference is hereby made to the Five-Year Revolving Credit Facility Agreement dated as of May 24, 2012 (as amended, supplemented or
otherwise modified from time to time, the “Credit Agreement”), among Sara Lee Corporation (the “Borrower”), the Lenders party thereto and Bank of America, N.A., as administrative agent (in such capacity, the
“Administrative Agent”). 
 Pursuant to the provisions of Section 2.20 of the Credit Agreement, the
undersigned hereby certifies that (i) it is the sole record and beneficial owner of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) it is not a bank within the meaning
of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of the Borrower within the meaning of Sections 881(c)(3)(B) and 871(h)(3)(B) of the Code and (iv) it is not a controlled foreign corporation related to the
Borrower as described in Section 881(c)(3)(C) of the Code. 
 The undersigned has furnished the Administrative Agent and
the Borrower with a certificate of its non-U.S. Person status on IRS Form W-8BEN. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform
the Borrower and the Administrative Agent, and (2) the undersigned shall have at all times furnished the Borrower and the Administrative Agent with a properly completed and currently effective certificate in either the calendar year in which
each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments. 
 Unless
otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement. 
  

			
	[NAME OF LENDER]
		
	By:	 	 
	Name:	 	
	Title:	 	
		 	

 Date:
                , 20 [        ] 

 EXHIBIT F-2 
 FORM OF 
 U.S. TAX COMPLIANCE CERTIFICATE 

(For Foreign Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes) 

Reference is hereby made to the Five-Year Revolving Credit Facility Agreement dated as of May 24, 2012 (as amended, supplemented or
otherwise modified from time to time, the “Credit Agreement”), among Sara Lee Corporation (the “Borrower”), the Lenders party thereto and Bank of America, N.A., as administrative agent (in such capacity, the
“Administrative Agent”). 
 Pursuant to the provisions of Section 2.20 of the Credit Agreement, the
undersigned hereby certifies that (i) it is the sole record and beneficial owner of the participation in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code,
(iii) it is not a ten percent shareholder of the Borrower within the meaning of Sections 881(c)(3)(B) and 871(h)(3)(B) of the Code, and (iv) it is not a controlled foreign corporation related to the Borrower as described in
Section 881(c)(3)(C) of the Code. 
 The undersigned has furnished its participating Lender with a certificate of its
non-U.S. Person status on IRS Form W-8BEN. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform suc+h Lender in writing, and
(2) the undersigned shall have at all times furnished such Lender with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar
years preceding such payments. 
 Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall
have the meanings given to them in the Credit Agreement. 
  

			
	[NAME OF PARTICIPANT]
		
	By:	 	 
	Name:	 	
	 Title:
	 	

 Date:
                , 20 [        ] 

 EXHIBIT F-3 
 FORM OF 
 U.S. TAX COMPLIANCE CERTIFICATE 

(For Foreign Participants That Are Partnerships For U.S. Federal Income Tax Purposes) 

Reference is hereby made to the Five-Year Revolving Credit Facility Agreement dated as of May 24, 2012 (as amended, supplemented or
otherwise modified from time to time, the “Credit Agreement”), among Sara Lee Corporation (the “Borrower”), the Lenders party thereto and Bank of America, N.A., as administrative agent (in such capacity, the
“Administrative Agent”). 
 Pursuant to the provisions of Section 2.20 of the Credit Agreement, the
undersigned hereby certifies that (i) it is the sole record owner of the participation in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners of such participation
and (iii) with respect to such participation, the undersigned is not a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code.
Furthermore, the undersigned hereby certifies that each of its direct or indirect partners/members is described in one of the following: (1) such partner/member is (a) not a bank extending credit pursuant to a loan agreement entered into
in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (b) not a ten percent shareholder of the Borrower within the meaning of Sections 881(c)(3)(B) and 871(h)(3)(B) of the Code and
(c) not a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code; (2) such partner/member is claiming that income is effectively connected with the conduct of a trade or business within
the United States on IRS Form W-8ECI; (3) such partner/member is claiming eligibility for the benefits of an income tax treaty to which the United States is a party on IRS Form W-8BEN; or (4) such partner/member is able to certify that
such partner/member is exempt from U.S. federal backup withholding tax on IRS Form W-9. 
 The undersigned has furnished its
participating Lender with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or (ii) an IRS Form W-8IMY accompanied by an
IRS Form W-8BEN from each of such partner’s/member’s beneficial owners that is claiming the portfolio interest exemption. The undersigned has also furnished its participating Lender with an applicable IRS Form W-8 or W-9 for each of its
partners/members that is not claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform such Lender
and (2) the undersigned shall have at all times furnished such Lender with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two
calendar years preceding such payments. 
 Unless otherwise defined herein, terms defined in the Credit Agreement and used
herein shall have the meanings given to them in the Credit Agreement. 
  

			
	[NAME OF PARTICIPANT]
		
	By:	 	 
	Name:	 	
	Title:	 	

 Date:                 , 20
[        ] 

 EXHIBIT F-4 
 FORM OF 
 U.S. TAX COMPLIANCE CERTIFICATE 

(For Foreign Lenders That Are Partnerships For U.S. Federal Income Tax Purposes) 

Reference is hereby made to the Five-Year Revolving Credit Facility Agreement dated as of May 24, 2012 (as amended, supplemented or
otherwise modified from time to time, the “Credit Agreement”), among Sara Lee Corporation (the “Borrower”), the Lenders party thereto and Bank of America, N.A., as administrative agent (in such capacity, the
“Administrative Agent”). 
 Pursuant to the provisions of Section 2.20 of the Credit Agreement, the
undersigned hereby certifies that (i) it is the sole record owner of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the
sole beneficial owners of such Loan(s) (as well as any Note(s) evidencing such Loan(s)) and (iii) with respect to the extension of credit pursuant to this Credit Agreement or any other Loan Document, the undersigned is not a bank extending
credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code. Furthermore, the undersigned hereby certifies that each of its direct or indirect
partners/members is described in one of the following: (1) such partner/member is (a) not a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning of
Section 881(c)(3)(A) of the Code, (b) not a ten percent shareholder of the Borrower within the meaning of Sections 881(c)(3)(B) and 871(h)(3)(B) of the Code and (c) not a controlled foreign corporation related to the Borrower as
described in Section 881(c)(3)(C) of the Code; (2) such partner/member is claiming that income is effectively connected with the conduct of a trade or business within the United States on IRS Form W-8ECI; (3) such partner/member is
claiming eligibility for the benefits of an income tax treaty to which the United States is a party on IRS Form W-8BEN; or (4) such partner/member is able to certify that such partner/member is exempt from U.S. federal backup withholding tax on
IRS Form W-9. 
 The undersigned has furnished the Administrative Agent and the Borrower with IRS Form W-8IMY accompanied by one
of the following forms from each of its partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or (ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN from each of such partner’s/member’s
beneficial owners that is claiming the portfolio interest exemption. The undersigned has also furnished the Administrative Agent and the Borrower with an applicable IRS Form W-8 or W-9 for each of its partners/members that is not claiming the
portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform the Borrower and the Administrative Agent, and
(2) the undersigned shall have at all times furnished the Borrower and the Administrative Agent with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or
in either of the two calendar years preceding such payments. 
 Unless otherwise defined herein, terms defined in the Credit
Agreement and used herein shall have the meanings given to them in the Credit Agreement. 
  

			
	[NAME OF LENDER]
		
	By:	 	 
	Name:	 	
	Title:	 	

 Date:                 , 20
[        ]

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