Document:

Exhibit10-2

EXHIBIT 10.2
EXECUTION COPY

	
	
	 

 
AMENDED AND RESTATED
CREDIT AGREEMENT 
 
Dated as of August 22, 2014 
 
among 
 
SOTHEBY’S, INC.,
SOTHEBY’S FINANCIAL SERVICES, INC.,
SOTHEBY’S FINANCIAL SERVICES CALIFORNIA, INC.,
OBERON, INC.,
SOTHEBY’S VENTURES, LLC, 
SOTHEBY’S, 
a company registered in England,
SOTHEBY’S FINANCIAL SERVICES LIMITED, 
and
SOTHEBY’S HONG KONG LIMITED 
as Borrowers, 
 
THE OTHER CREDIT PARTIES SIGNATORY HERETO, 
as Credit Parties, 
 
THE LENDERS SIGNATORY HERETO 
FROM TIME TO TIME, 
as Lenders, 
 
GENERAL ELECTRIC CAPITAL CORPORATION, 
as Administrative Agent, Collateral Agent and a Lender
 
and 
 
GE CAPITAL MARKETS, INC., J.P. MORGAN SECURITIES LLC and HSBC BANK USA, N.A.  
as Joint Lead Arrangers and Joint Bookrunners
	
	
	 

    

SFS Revolving Credit Facility

TABLE OF CONTENTS
Page
		
	1.
	AMOUNT AND TERMS OF CREDIT    2

		
	1.1
	Credit Facilities.    2

		
	1.2
	Letters of Credit.    9

		
	1.3
	Prepayments; Commitment Reductions.    10

		
	1.4
	Use of Proceeds.    18

		
	1.5
	Interest and Applicable Margins.    18

		
	1.6
	Eligible Art Loans.    21

		
	1.7
	[Reserved].    24

		
	1.8
	[Reserved]    24

		
	1.9
	Cash Management Systems.    24

		
	1.10
	Fees.    24

		
	1.11
	Receipt of Payments.    25

		
	1.12
	Application and Allocation of Payments.    25

		
	1.13
	Loan Account and Accounting.    27

		
	1.14
	Indemnity.    28

		
	1.15
	Access.    29

		
	1.16
	Taxes.    30

		
	1.17
	Capital Adequacy; Increased Costs; Illegality.    34

		
	1.18
	Credit Support.    37

		
	1.19
	Conversion to Dollars and Foreign Currency.    37

i

		
	1.20
	Judgment Currency; Contractual Currency.    37

		
	1.21
	Currency of Account.    38

		
	2.
	CONDITIONS PRECEDENT    39

		
	2.1
	Conditions to Effectiveness of Agreement and the Initial Loans.    39

		
	2.2
	Further Conditions to Each Loan.    40

		
	3.
	REPRESENTATIONS AND WARRANTIES    42

		
	3.1
	Corporate Existence; Compliance with Law.    42

		
	3.2
	Executive Offices, Collateral Locations, FEIN.    42

		
	3.3
	Corporate Power, Authorization, Enforceable Obligations.    43

		
	3.4
	Financial Disclosures.    43

		
	3.5
	Material Adverse Effect.    44

		
	3.6
	Ownership of Property; Liens.    44

		
	3.7
	Labor Matters.    44

		
	3.8
	Ventures, Subsidiaries and Affiliates; Outstanding Stock and Indebtedness.    45

		
	3.9
	Government Regulation.    45

		
	3.10
	Margin Regulations.    45

		
	3.11
	Taxes.    45

		
	3.12
	ERISA/U.K. Pension Plans.    46

		
	3.13
	Litigation.    47

		
	3.14
	Brokers.    48

ii

		
	3.15
	Intellectual Property.    48

		
	3.16
	Full Disclosure.    48

		
	3.17
	Environmental Matters.    49

		
	3.18
	Insurance.    49

		
	3.19
	Deposit.    49

		
	3.20
	[Reserved].    50

		
	3.21
	Bonding; Licenses.    50

		
	3.22
	Solvency.    50

		
	3.23
	Sale-Leasebacks.    50

		
	3.24
	U.S. Money-Laundering and Terrorism Regulatory Matters.    50

		
	3.25
	Lending and Auction Regulatory Matters.    52

		
	4.
	FINANCIAL STATEMENTS AND INFORMATION    52

		
	4.1
	Reports and Notices.    52

		
	5.
	AFFIRMATIVE COVENANTS    52

		
	5.1
	Maintenance of Existence and Conduct of Business.    52

		
	5.2
	Payment of Charges.    53

		
	5.3
	Books and Records.    53

		
	5.4
	Insurance; Damage to or Destruction of Collateral.    53

		
	5.5
	Compliance with Laws.    55

		
	5.6
	Supplemental Disclosure.    55

iii

		
	5.7
	Intellectual Property.    55

		
	5.8
	Environmental Matters.    55

		
	5.9
	Landlords’ Agreements, Bailee Letters and Real Estate Purchases.    56

		
	5.10
	Lending and Auction Regulatory Matters.    57

		
	5.11
	Further Assurances.    57

		
	5.12
	Art Loans.    57

		
	5.13
	Money-Laundering and Terrorism Regulatory Matters.    58

		
	5.14
	Subsidiary Loan Documents.    59

		
	5.15
	Immaterial Subsidiaries.    61

		
	5.16
	York Avenue Transactions.    61

		
	5.17
	Auction Guaranties.    61

		
	5.18
	Data Protection Matters.    61

		
	6.
	NEGATIVE COVENANTS    62

		
	6.1
	Mergers, Subsidiaries, Etc.    62

		
	6.2
	Investments; Loans and Revolving Credit Advances.    62

		
	6.3
	Indebtedness.    63

		
	6.4
	Employee Loans and Affiliate Transactions.    66

		
	6.5
	Capital Structure and Business.    66

		
	6.6
	Guaranteed Indebtedness.    66

		
	6.7
	Liens.    66

		
	6.8
	Sale of Stock and Assets.    68

iv

		
	6.9
	ERISA.    68

		
	6.10
	Financial Covenants.    68

		
	6.11
	Hazardous Materials.    68

		
	6.12
	Sale Leasebacks.    68

		
	6.13
	Restricted Payments.    69

		
	6.14
	Change of Corporate Name, State of Incorporation or Location; Change of Fiscal Year.    70

		
	6.15
	No Impairment of Intercompany Transfers.    71

		
	6.16
	Real Estate Purchases.    71

		
	6.17
	Changes Relating to Material Contracts.    71

		
	6.18
	Use of Proceeds.    71

		
	7.
	TERM    72

		
	7.1
	Termination.    72

		
	7.2
	Survival of Obligations Upon Termination of Financing Arrangements.    72

		
	8.
	EVENTS OF DEFAULT; RIGHTS AND REMEDIES    72

		
	8.1
	Events of Default.    72

		
	8.2
	Remedies.    74

		
	8.3
	Waivers by Credit Parties.    75

		
	9.
	ASSIGNMENT AND PARTICIPATIONS; APPOINTMENT OF AGENT    75

		
	9.1
	Assignment and Participations.    75

v

		
	9.2
	Appointment of the Administrative Agent and the Collateral Agent.    78

		
	9.3
	Agents’ Reliance, Etc.    80

		
	9.4
	GE Capital and Affiliates.    80

		
	9.5
	Lender Credit Decision.    81

		
	9.6
	Indemnification.    81

		
	9.7
	Successor Agents.    81

		
	9.8
	Setoff and Sharing of Payments.    82

		
	9.9
	Advances; Payments; Non-Funding Lenders; Information; Actions in Concert.    83

		
	9.10
	Release of Guarantors or Collateral.    88

		
	10.
	SUCCESSORS AND ASSIGNS    88

		
	10.1
	Successors and Assigns.    88

		
	11.
	MISCELLANEOUS    89

		
	11.1
	Complete Agreement; Modification of Agreement.    89

		
	11.2
	Amendments and Waivers.    89

		
	11.3
	Fees and Expenses.    91

		
	11.4
	No Waiver.    92

		
	11.5
	Remedies.    93

		
	11.6
	Severability.    93

		
	11.7
	Conflict of Terms.    93

		
	11.8
	Confidentiality.    93

vi

		
	11.9
	GOVERNING LAW.    94

		
	11.10
	Notices.    95

		
	11.11
	Section Titles.    97

		
	11.12
	Counterparts; Facsimile Signature.    97

		
	11.13
	WAIVER OF JURY TRIAL.    97

		
	11.14
	Press Releases and Related Matters.    98

		
	11.15
	Reinstatement.    98

		
	11.16
	Advice of Counsel.    98

		
	11.17
	No Strict Construction.    99

		
	11.18
	PATRIOT Act.    99

		
	11.19
	Creditor-Debtor Relationship.    99

		
	11.20
	Restatement    99

		
	12.
	CROSS-GUARANTY    100

		
	12.1
	Cross-Guaranty.    100

		
	12.2
	Waivers by Borrowers.    101

		
	12.3
	Benefit of Guaranty.    101

		
	12.4
	Waiver of Subrogation, Etc.    101

		
	12.5
	Subordination by Credit Parties.    102

		
	12.6
	Election of Remedies.    103

		
	12.7
	Liability Cumulative.    104

vii

INDEX OF APPENDICES
	
			
	 
	 
	 

	Annex A (Recitals)
	-
	Definitions

	Annex B (Section 1.2)   
	-
	Letters of Credit

	Annex C (Section 1.9)   
	-
	Cash Management System

	Annex D (Section 2.1(a))
	-
	Closing Checklist

	Annex E (Section 4.1(a))
	-
	Financial Statements and Projections -- Reporting

	Annex F (Section 4.1(b))
	-
	Collateral Reports

	Annex G (Section 6.10)
	-
	Financial Covenants

	Annex H (Section 9.9(a))
	-
	Lenders’ Wire Transfer Information

	Annex I (Section 11.10)
	-
	Notice Addresses

	Annex J (from Annex A -
	-
	 

	Commitments definition)
	 
	Commitments as of Restatement Effective Date

	 
	 
	 

	Exhibit 1.1(a)(i)
	-
	Form of Notice of Revolving Credit Advance

	Exhibit 1.1(a)(ii)-A
	-
	Form of Dollar Tranche Revolving Note (Domestic Borrowers)

	Exhibit 1.1(a)(ii)-B
	-
	Form of Dollar Tranche Revolving Note (Foreign Borrowers)

	Exhibit 1.1(a)(ii)-C
	-
	Form of Multicurrency Tranche Revolving Note (Domestic Borrowers)

	Exhibit 1.1(a)(ii)-D
	-
	Form of Multicurrency Tranche Revolving Note (Foreign Borrowers)

	Exhibit 1.1(b)(i)
	-
	Form of Swing Line Loan Request

	Exhibit 1.1(b)(ii)-A
	-
	Form of Swing Line Note (Domestic Borrowers)

	Exhibit 1.1(b)(ii)-B
	-
	Form of Swing Line Note (Foreign Borrowers)

	Exhibit 1.5(e)
	-
	Form of Notice of Conversion/Continuation

	Exhibit 4.1(A)
	-
	Form of Borrowing Base Certificate

	Exhibit 4.1(B)
	-
	Form of Art Loan Receivables Report

	Exhibit 9.1(a)
	-
	Form of Assignment Agreement

	Exhibit B-1
	-
	Form of Letter of Credit Request

	Exhibit B-2
	-
	Application for Letter of Credit

	Exhibit C
	-
	Form of Compliance Certificate

	 
	 
	 

	Schedule 1.1
	-
	Agents’ Representatives

	Schedule 5.14
	-
	Subsidiary Loan Documents

	Disclosure Schedule 3.1
	-
	Type of Entity; State of Organization

	Disclosure Schedule 3.2
	-
	Executive Offices, Collateral Locations, FEIN

	Disclosure Schedule 3.4(a)
	-
	Financial Statements

	Disclosure Schedule 3.6
	-
	Real Estate and Leases

	Disclosure Schedule 3.7
	-
	Labor Matters

viii

	
			
	Disclosure Schedule 3.8
	-
	Ventures, Subsidiaries and Affiliates; Outstanding Stock

	Disclosure Schedule 3.11
	-
	Tax Matters

	Disclosure Schedule 3.12(a)
	-
	ERISA Plans

	Disclosure Schedule 3.12(c)
	-
	U.K. Pension Plans

	Disclosure Schedule 3.13(a)
	-
	Litigation

	Disclosure Schedule 3.14
	-
	Brokers

	Disclosure Schedule 3.15
	-
	Intellectual Property

	Disclosure Schedule 3.17
	-
	Hazardous Materials

	Disclosure Schedule 3.18
	-
	Insurance

	Disclosure Schedule 3.19
	-
	Deposit and Disbursement Accounts

	Disclosure Schedule 3.21
	-
	Bonds; Patent, Trademark Licenses

	Disclosure Schedule 5.15
	-
	Immaterial Subsidiaries

	Disclosure Schedule 5.16
	-
	York Avenue Lender Recourse

	Disclosure Schedule 6.3
	-
	Indebtedness

	Disclosure Schedule 6.4(a)
	-
	Transactions with Affiliates

	Disclosure Schedule 6.7
	-
	Existing Liens

	 
	 
	 

ix

This AMENDED AND RESTATED CREDIT AGREEMENT (this “Agreement”), dated as of August 22, 2014, among Sotheby’s, Inc., a New York corporation (“Sotheby’s, Inc.”), Sotheby’s Financial Services, Inc., a Nevada corporation (“SFS Inc.”), Sotheby’s Financial Services California, Inc., a Nevada corporation (“SFS California”), Oberon, Inc., a Delaware corporation (“Oberon”). Sotheby’s Ventures, LLC, a New York limited liability company (“Ventures LLC” and, collectively with Sotheby’s, Inc., SFS Inc., SFS California and Oberon, the “Domestic Borrowers”), Sotheby’s, a company registered in England (“Sotheby’s U.K.”), Sotheby’s Financial Services Limited, a company registered in England (“SFS Ltd.” and, collectively with Sotheby’s U.K., the “U.K. Borrowers”), and Sotheby’s Hong Kong Limited, a company incorporated in Hong Kong (“Sotheby’s H.K.” and, collectively with the U.K. Borrowers, the “Foreign Borrowers”; the Domestic Borrowers and the Foreign Borrowers collectively being referred to herein as the “Borrowers”); the other Credit Parties signatory hereto; General Electric Capital Corporation, a Delaware corporation (in its individual capacity, “GE Capital”), for itself, as a Lender and as Administrative Agent and Collateral Agent for the Secured Parties, and the other Lenders signatory hereto from time to time.
RECITALS
WHEREAS, the Borrowers, the Credit Parties, the Agents and certain Lenders are parties to that certain Credit Agreement, dated as of February 13, 2014 (the “Existing Credit Agreement”); 
WHEREAS, the Borrowers, the other Credit Parties, the Agents and the Lenders have agreed to enter into this Agreement in order to (i) amend and restate the Existing Credit Agreement in its entirety; (ii) re-evidence the “Obligations” under, and as defined in, the Existing Credit Agreement, which shall be repayable in accordance with the terms of this Agreement; and (iii) set forth the terms and conditions under which the Lenders will, from time to time, make loans and extend other financial accommodations to or for the benefit of the Borrowers; 
WHEREAS, it is the intent of the parties hereto that this Agreement not constitute a novation of the obligations and liabilities of the parties under the Existing Credit Agreement or be deemed to evidence or constitute full repayment of such obligations and liabilities, but that this Agreement amend and restate in its entirety the Existing Credit Agreement and re-evidence the obligations and liabilities of the Credit Parties outstanding thereunder, which shall be payable in accordance with the terms hereof; 
WHEREAS, it is also the intent of the Borrowers and the “Guarantors” (each as referred to and defined in the Existing Credit Agreement) to confirm that all obligations under the “Loan Documents” (as referred to and defined in the Existing Credit Agreement) shall continue in full force and effect as modified and/or restated by the Loan Documents (as referred to and defined herein); and
WHEREAS, capitalized terms used in this Agreement shall have the meanings ascribed to them in Annex A and, for purposes of this Agreement and the other Loan Documents, the rules of construction set forth in Annex A shall govern.  All Annexes, Disclosure Schedules, 

1

Exhibits and other attachments (collectively, “Appendices”) hereto, or expressly identified to this Agreement, are incorporated herein by reference, and taken together with this Agreement, shall constitute but a single agreement.  These Recitals shall be construed as part of the Agreement.
NOW, THEREFORE, in consideration of the premises and the mutual covenants hereinafter contained, and for other good and valuable consideration, the parties hereto hereby agree that the Existing Credit Agreement is hereby amended and restated as follows:
1.AMOUNT AND TERMS OF CREDIT
		
	1.1
	Credit Facilities.

(a)    Revolving Credit Facility.
(i)    Subject to the terms and conditions hereof, (a) each Dollar Tranche Lender agrees to make available, from time to time until the Commitment Termination Date, its Pro Rata Share of advances (each, a “Dollar Tranche Revolving Credit Advance”) in Dollars to the Borrowers and (b) except as otherwise provided in the last two sentences of this paragraph, each of the Multicurrency Tranche Lenders agrees to make available, from time to time until the Commitment Termination Date, its Pro Rata Share of advances (each a “Multicurrency Tranche Revolving Credit Advance”) in Dollars or Foreign Currencies to the Borrowers.  The Pro Rata Share of the aggregate Dollar Tranche Revolving Loan of any Dollar Tranche Lender shall not at any time exceed its separate Dollar Tranche Commitment.  The Pro Rata Share of the aggregate Multicurrency Tranche Revolving Loan of any Multicurrency Tranche Lender shall not at any time exceed its separate Multicurrency Tranche Commitment. The obligations of each Lender to make Loans or purchase participation interests therein under this Agreement shall be several and not joint.  Until the Commitment Termination Date, Borrowers may borrow, repay and reborrow under this Section 1.1(a); provided, that (i) the Dollar Equivalent of the amount of any Revolving Credit Advance to be made at any time to a Domestic Borrower shall not exceed the Domestic Borrowing Availability at such time and (ii) the Dollar Equivalent of the amount of any Revolving Credit Advance to be made at any time to a Foreign Borrower shall not exceed the Foreign Borrowing Availability at such time.  The Dollar Equivalent of each outstanding Revolving Credit Advance, Swing Line Advance and Letter of Credit Obligation shall be recalculated hereunder on each date on which it shall be necessary to determine the Revolving Loan Outstandings, as determined by the Administrative Agent in its sole discretion; provided, that the Administrative Agent shall recalculate the Dollar Equivalent of the Revolving Loan Outstandings at least one time each calendar month and otherwise in accordance with Section 1.19.  Domestic Borrowing Availability or Foreign Borrowing Availability, or both, may be reduced by Reserves imposed by the Administrative Agent in its sole reasonable credit judgment.  Each Revolving Credit Advance shall be made upon Borrower Representative’s irrevocable (subject to Section 1.17(c)) written notice delivered to one of the representatives of the Administrative Agent identified in Schedule 1.1 at the address specified therein.  Any such notice must be given no later than (x) 11:00 a.m. (New York time) on the Business Day of the proposed Revolving Credit Advance, in the case of an Index Rate Loan in Dollars or (y) 11:00 a.m. (New York time) on the date which is three (3) Business Days prior to the proposed Revolving Credit Advance, in the case of a LIBOR Loan.  Each such notice (a “Notice of Revolving Credit 

2

Advance”) must be given in writing (by telecopy or overnight courier) or Electronic Transmission substantially in the form of Exhibit 1.1(a)(i) or in any other written form reasonably acceptable to the Administrative Agent, and shall include the information required in such Exhibit and such other information as may be required by the Administrative Agent.  If any Borrower desires to have any Revolving Credit Advance be made as a LIBOR Loan, Borrower Representative must comply with Section 1.5(e).  A Multicurrency Tranche Revolving Credit Advance may not be drawn in a Foreign Currency if the Administrative Agent determines at any time prior to 12:00 p.m. (New York time) on the date of such proposed Multicurrency Tranche Revolving Credit Advance that by reason of any change in currency availability, unusual instability in currency exchange rates or exchange controls it is, or will be, impracticable for such Multicurrency Tranche Revolving Credit Advance to be made in such Foreign Currency.  In such event, the proposed Multicurrency Tranche Revolving Credit Advance shall be made in Dollars.
(ii)    If requested by any Lender, each Borrower shall execute and deliver to such Lender a note to evidence the Dollar Tranche Commitment or Multicurrency Tranche Commitment, as applicable, of, and Dollar Tranche Revolving Credit Advances or Multicurrency Tranche Revolving Credit Advances, as applicable, made by, that Lender.  Each note shall be in the principal amount of the Dollar Tranche Commitment or Multicurrency Tranche Commitment, as applicable, of the applicable Lender, dated the Restatement Effective Date (or such later date as such Lender becomes party to this Agreement pursuant to Section 9.1(a) or modifies its Dollar Tranche Commitment or Multicurrency Tranche Commitment, as applicable, pursuant to Section 9.1(a)) and substantially in the form of Exhibit 1.1(a)(ii)-A (in the case of Dollar Tranche Lenders and the Domestic Borrowers), Exhibit 1.1(a)(ii)-B (in the case of Dollar Tranche Lenders and the Foreign Borrowers), Exhibit 1.1(a)(ii)-C (in the case of Multicurrency Tranche Lenders and the Domestic Borrowers) or Exhibit 1.1(a)(ii)-D (in the case of Multicurrency Tranche Lenders and the Foreign Borrowers) (each a “Revolving Note” and, collectively, the “Revolving Notes”). Each Revolving Note shall represent the joint and several obligation of the applicable Borrowers to pay the amount of the applicable Lender’s Dollar Tranche Commitment or Multicurrency Tranche Commitment, as applicable, or, if less, such Lender’s Pro Rata Share of the aggregate unpaid principal amount of all Dollar Tranche Revolving Credit Advances or Multicurrency Tranche Revolving Credit Advances, as applicable, made to the Borrowers, together with interest thereon as prescribed in Section 1.5.  The entire unpaid balance of the aggregate Revolving Loan and all other non-contingent Obligations shall be immediately due and payable in full in immediately available funds on the Commitment Termination Date.
(iii)    Anything in this Agreement to the contrary notwithstanding, at the request of Borrower Representative, in its discretion the Administrative Agent may (but shall have absolutely no obligation to), make Dollar Tranche Revolving Credit Advances or Multicurrency Tranche Revolving Credit Advances (i) to Domestic Borrowers on behalf of Lenders in amounts that cause the sum of (a) the Dollar Equivalent of the aggregate outstanding balance of the Revolving Credit Advances and Swing Line Advances outstanding to the Domestic Borrowers plus (b) the Dollar Equivalent of the outstanding amount of Letter of Credit Obligations incurred for the benefit of any Domestic Borrowers to exceed the Domestic 

3

Borrowing Base or (ii) to Foreign Borrowers on behalf of the Lenders in amounts that cause the sum of (a) the Dollar Equivalent of the aggregate outstanding balance of the Revolving Credit Advances and Swing Line Advances outstanding to the Foreign Borrowers plus (b) the Dollar Equivalent of the outstanding amount of Letter of Credit Obligations incurred for the benefit of any Foreign Borrowers to exceed the Foreign Borrowing Base (any such excess Revolving Credit Advances are herein referred to collectively as “Overadvances”); provided, that (A) no such event or occurrence shall cause or constitute a waiver of the Administrative Agent’s, Swing Line Lender’s or Lenders’ right to refuse to make any further Overadvances, Swing Line Advances or Revolving Credit Advances, or incur any Letter of Credit Obligations, as the case may be, at any time that an Overadvance exists and (B) no Overadvance shall result in a Default or Event of Default based on Borrowers’ failure to comply with Section 1.3(b)(ii) for so long as the Administrative Agent permits such Overadvance to be outstanding, but solely with respect to the amount of such Overadvance.  In addition, Overadvances may be made even if the conditions to lending set forth in Section 2.2 have not been met.  All Overadvances shall constitute Index Rate Loans (in the case of Overadvances denominated in Dollars) or LIBOR Loans having a one-month LIBOR Period (in the case of Overadvances denominated in any Foreign Currency), shall bear interest at the Default Rate and shall be payable on the earlier of demand or the Commitment Termination Date.  Except as otherwise provided in Section 1.12(b), the authority of the Administrative Agent to make Overadvances that constitute Dollar Tranche Revolving Credit Advances is limited to an aggregate amount not to exceed a Dollar Equivalent of $40,000,000 at any time, shall not cause the aggregate Dollar Tranche Revolving Loan to exceed the Maximum Dollar Tranche Amount, and may be revoked prospectively by a written notice to the Administrative Agent signed by the Majority in Interest of the Dollar Tranche Lenders; provided further, that  Overadvances that constitute Dollar Tranche Revolving Credit Advances made other than for the purpose of protecting or preserving the Collateral shall not remain outstanding for more than sixty (60) days without the written consent of the Majority in Interest of the Dollar Tranche Lenders.  Except as otherwise provided in Section 1.12(b), the authority of the Administrative Agent to make Overadvances that constitute Multicurrency Tranche Revolving Credit Advances is limited to an aggregate amount not to exceed a Dollar Equivalent of $15,000,000 at any time, shall not cause the Dollar Equivalent of the aggregate Multicurrency Tranche Revolving Loan to exceed the Maximum Multicurrency Dollar Tranche Amount, and may be revoked prospectively by a written notice to the Administrative Agent signed by the Majority in Interest of the Multicurrency Tranche Lenders; provided further, that Overadvances that constitute Multicurrency Tranche Revolving Credit Advances made other than for the purpose of protecting or preserving the Collateral shall not remain outstanding for more than sixty (60) days without the written consent of the Majority in Interest of the Multicurrency Tranche Lenders.  The Administrative Agent shall use commercially reasonable efforts to provide notice to Lenders following the making of an Overadvance (unless one or more Overadvances are already outstanding as of the date of such Overadvance).
(iv)    From the Restatement Effective Date until the date that is 180 days prior to the date set forth in clause (a) of the definition of “Commitment Termination Date”, the Borrowers may request that any additional Person(s) may become party hereto as a Lender and provide additional Dollar Tranche Commitments or Multicurrency Tranche Commitments or any Lender may agree in its sole discretion to increase its Dollar Tranche Commitment or 

4

Multicurrency Tranche Commitment (any such Person or Lender, an “Increase Lender”) pursuant to a joinder agreement (an “Increase Joinder”) in form and substance reasonably acceptable to the Administrative Agent; provided that (A) the sum of (x) the aggregate amount of all such additional Commitments or increases in the Commitments of the Increase Lenders under this Section 1.1(a)(iv) plus (y) the aggregate amount of all additional “Auction Commitments” or increases in the “Auction Commitments” of the “Increase Lenders” under Section 1.1(a)(iv) of the Auction Revolving Credit Agreement, does not exceed $100,000,000, (B) no Default or Event of Default has occurred and is continuing and (C) after giving effect to any such additional Commitments or increases in Commitments, each Lender shall maintain equal Pro Rata Shares of Commitments hereunder and the “Auction Commitments” under the Auction Revolving Credit Agreement.  The Increase Joinder may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Borrowers, to effect the provisions of this Section 1.1(a)(iv).  The consent of the Administrative Agent (not to be unreasonably withheld or delayed in the case of any Qualified Assignee) shall be required prior to the addition of any Person as a Lender or the increase of the Commitment of any Lender pursuant to this Section 1.1(a)(iv).  Each applicable Borrower shall pay any LIBOR breakage costs due to any existing Lender in accordance with Section 1.14(b) (with any payment to any existing Lender in respect of the assignment of any principal amount of any Loan pursuant to this Section 1.1(a)(iv) being treated as a repayment of a Loan for purposes of such Section 1.14(b)). Nothing contained in this Section 1.1(a)(iv) shall constitute, or otherwise be deemed to be, a commitment on the part of any Lender to increase its Commitment hereunder at any time.
(b)    Swing Line Facility.
(i)    The Administrative Agent shall notify the Swing Line Lender upon the Administrative Agent’s receipt of any Notice of Revolving Credit Advance in respect of a Dollar Tranche Revolving Credit Advance or Multicurrency Tranche Revolving Credit Advance (a) to be denominated in Dollars and to bear interest by reference to the Dollar Index Rate or (b) in the case of a Multicurrency Tranche Revolving Credit Advance, (i) to be denominated in Sterling and to bear interest by reference to the Sterling Index Rate, (ii) to be denominated in Euro and to bear interest by reference to the Euro Index Rate or (iii) to be denominated in Hong Kong Dollars and to bear interest by reference to the Hong Kong Dollars Index Rate.  Subject to the terms and conditions hereof, the Swing Line Lender may, but shall have no duty to, in accordance with any such notice, make available from time to time until the Commitment Termination Date advances in respect of such Dollar Tranche Revolving Credit Advance (each, a “Dollar Tranche Swing Line Advance”) or such Multicurrency Tranche Revolving Credit Advance (each, a “Multicurrency Tranche Swing Line Advance”; Dollar Tranche Swing Line Advances and Multicurrency Tranche Swing Line Advances are collectively referred to herein as “Swing Line Advances”), as applicable, to the Borrowers. The provisions of this Section 1.1(b) shall not relieve Lenders of their obligations to make Revolving Credit Advances under Section 1.1(a); provided, that if the Swing Line Lender makes a Swing Line Advance pursuant to any such notice, such Swing Line Advance shall be in lieu of any Revolving Credit Advance that otherwise may be made by the applicable Lenders pursuant to such notice.  The aggregate amount of Dollar Tranche Swing Line Advances outstanding shall not exceed at any time the 

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Dollar Tranche Swing Line Availability as of such time and the aggregate amount of Multicurrency Tranche Swing Line Advances outstanding shall not exceed at any time the Multicurrency Tranche Swing Line Availability as of such time. Until the Commitment Termination Date, the Borrowers may from time to time borrow, repay and reborrow under this Section 1.1(b).  Each Swing Line Advance shall be made in a writing substantially in the form of Exhibit 1.1(b)(i) or in any other written form reasonably acceptable to the Swing Line Lender (a “Swing Line Request”).  Any such notice must be given no later than (x) 3:00 p.m. (New York time) on the Business Day of the proposed Swing Line Advance, in the case of a Swing Line Advance in Dollars or (y) 10:00 a.m. (New York time) on the date which is (A) two (2) Business Days prior to the proposed Swing Line Advance, in the case of a Swing Line Advance denominated in Sterling or Euro and (B) three (3) Business Days prior to the proposed Swing Line Advance, in the case of a Swing Line Advance denominated in Hong Kong Dollars.  Unless the Swing Line Lender has received at least one Business Day’s prior written notice from the Majority in Interest of the Dollar Tranche Lenders instructing it not to make a Dollar Tranche Swing Line Advance, the Swing Line Lender shall, notwithstanding the failure of any condition precedent set forth in Sections 2.2, be entitled to fund that Dollar Tranche Swing Line Advance, and to have each Dollar Tranche Lender make Dollar Tranche Revolving Credit Advances in accordance with Section 1.1(b)(iii) or purchase participating interests in accordance with Section 1.1(b)(v).  Unless the Swing Line Lender has received at least one Business Day’s prior written notice from the Majority in Interest of the Multicurrency Tranche Lenders instructing it not to make a Multicurrency Tranche Swing Line Advance, the Swing Line Lender shall, notwithstanding the failure of any condition precedent set forth in Sections 2.2, be entitled to fund that Multicurrency Tranche Swing Line Advance, and to have each Multicurrency Tranche Lender make Multicurrency Tranche Revolving Credit Advances in accordance with Section 1.1(b)(iii) or 1.1(b)(iv), as applicable, or purchase participating interests in accordance with Section 1.1(b)(v).  If any Lender shall fail to make available to the Administrative Agent its Pro Rata Share of any Revolving Credit Advance in accordance with Section 1.1(b)(iii) or 1.1(b)(iv), as applicable, Borrowers shall repay the outstanding principal amount of the portion of the Swing Line Loan then outstanding due to such failure upon demand therefor by the Administrative Agent.
(ii)    If requested by the Swing Line Lender, each Borrower shall execute and deliver to the Swing Line Lender a promissory note to evidence the Dollar Tranche Swing Line Commitment and the Multicurrency Tranche Swing Line Commitment.  Such note shall be in the principal amount of the Dollar Tranche Swing Line Commitment or Multicurrency Tranche Swing Line Commitment, as applicable, of the Swing Line Lender, dated the Restatement Effective Date and substantially in the form of Exhibit 1.1(b)(ii)-A (in the case of Dollar Tranche Swing Line Commitment) or Exhibit 1.1(b)(ii)-B (in the case of Multicurrency Tranche Swing Line Commitment) (each, a “Swing Line Note” and, collectively, the “Swing Line Notes”).  Each Swing Line Note shall represent the joint and several obligation of the applicable Borrowers to pay the amount of the Dollar Tranche Swing Line Commitment or Multicurrency Tranche Swing Line Commitment, as applicable, or, if less, the aggregate unpaid principal amount of all Dollar Tranche Swing Line Advances or Multicurrency Tranche Swing Line Advances, as applicable, made to the Borrowers together with interest thereon as prescribed in Section 1.5.  The entire unpaid balance of the Swing Line Loan and all other noncontingent 

6

Obligations shall be immediately due and payable in full in immediately available funds on the Commitment Termination Date if not sooner paid in full.
(iii)    The Swing Line Lender, at any time and from time to time no less frequently than once weekly, shall on behalf of the Borrower Representative (and the Borrower Representative hereby irrevocably authorizes the Swing Line Lender to so act on its behalf) request (x) in the case of any outstanding  Dollar Tranche Swing Line Loan, each  Dollar Tranche Lender (including the Swing Line Lender) to make available to the Borrowers its Pro Rata Share of a Dollar Tranche Revolving Credit Advance equal to the principal amount of the portion of the  Dollar Tranche Swing Line Loan outstanding on the date such notice is given (the “Refunded Dollar Tranche Swing Line Loan”) and (y) in the case of any outstanding  Multicurrency Tranche Swing Line Loan denominated in Dollars, each  Multicurrency Tranche Lender (including the Swing Line Lender) to make available to the Borrowers its Pro Rata Share of a Multicurrency Tranche Revolving Credit Advance in Dollars equal to the principal amount of the portion of the  Multicurrency Tranche Swing Line Loan outstanding on the date such notice is given (the “Refunded Multicurrency Tranche Dollar Swing Line Loan”).  Unless any of the events described in Sections 8.1(g) or 8.1(h) has occurred (in which event the procedures of Section 1.1(b)(v) shall apply) and regardless of whether the conditions precedent set forth in this Agreement to the making of a Revolving Credit Advance are then satisfied, (x) in the case of a Refunded Dollar Tranche Swing Line Loan, each  Dollar Tranche Lender shall disburse directly to the Administrative Agent its Pro Rata Share of such  Dollar Tranche Revolving Credit Advance on behalf of the Swing Line Lender prior to 3:00 p.m. (New York time) in immediately available funds in Dollars on the Business Day next succeeding the date that notice is given and (y) in the case of a Refunded Multicurrency Tranche Dollar Swing Line Loan, each  Multicurrency Tranche Lender shall disburse directly to the Administrative Agent its Pro Rata Share of such  Multicurrency Tranche Revolving Credit Advance on behalf of the Swing Line Lender prior to 3:00 p.m. (New York time) in immediately available funds in Dollars on the Business Day next succeeding the date that notice is given.  The proceeds of each such  Revolving Credit Advance shall be immediately paid to the Swing Line Lender and applied to repay the Refunded Dollar Tranche Swing Line Loan or Refunded Multicurrency Tranche Dollar Swing Line Loan, as applicable.
(iv)    The Swing Line Lender, at any time and from time to time no less frequently than once weekly, shall on behalf of the Borrower Representative (and the Borrower Representative hereby irrevocably authorizes the Swing Line Lender to so act on its behalf) request each  Multicurrency Tranche Lender (including the Swing Line Lender, as applicable) to make available to the Borrowers its Pro Rata Share of a Multicurrency Tranche Revolving Credit Advance in a Foreign Currency equal to the principal amount of the portion of the  Multicurrency Tranche Swing Line Loan denominated in such Foreign Currency and outstanding on the date such notice is given (the “Refunded Foreign Currency Swing Line Loan”).  Unless any of the events described in Sections 8.1(g) or 8.1(h) has occurred (in which event the procedures of Section 1.1(b)(v) shall apply) and regardless of whether the conditions precedent set forth in this Agreement to the making of a Revolving Credit Advance are then satisfied, each  Multicurrency Tranche Lender shall disburse directly to the Administrative Agent its Pro Rata Share of such  Multicurrency Tranche Revolving Credit Advance on behalf of the Swing Line 

7

Lender prior to 3:00 p.m. (New York time) in immediately available funds in such Foreign Currency on the second Business Day next succeeding the date that notice is given.  The proceeds of each such  Multicurrency Tranche Revolving Credit Advance shall be immediately paid to the Swing Line Lender and applied to repay the Refunded Foreign Currency Swing Line Loan.  
(v)    If, prior to refunding a portion of the Swing Line Loan with a Revolving Credit Advance pursuant to Section 1.1(b)(iii) or 1.1(b)(iv), one of the events described in Sections 8.1(g) or 8.1(h) has occurred, then, subject to the provisions of Section 1.1(b)(vi) below:
(A)    in the case of any Dollar Tranche Swing Line Advance, each Dollar Tranche Lender shall, on the date such Dollar Tranche Revolving Credit Advance was to have been made pursuant to Section 1.1(b)(iii), purchase from the Swing Line Lender an undivided participation interest in the Dollar Tranche Swing Line Loan in an amount equal to its Pro Rata Share of such portion of the Dollar Tranche Swing Line Loan.  Upon request, each Dollar Tranche Lender shall promptly transfer to the Swing Line Lender, in immediately available funds in Dollars, the amount of each such participation interest;
(B)    in the case of any portion of the Multicurrency Tranche Swing Line Loan denominated in Dollars, each Multicurrency Tranche Lender shall, on the date such Multicurrency Tranche Revolving Credit Advance was to have been made pursuant to Section 1.1(b)(iii), purchase from the Swing Line Lender an undivided participation interest in the Multicurrency Tranche Swing Line Loan in an amount equal to its Pro Rata Share of such portion of the Multicurrency Tranche Swing Line Loan.  Upon request, each Multicurrency Tranche Lender shall promptly transfer to the Swing Line Lender, in immediately available funds in Dollars, the amount of each such participation interest; and
(C)    in the case of any portion of the Multicurrency Tranche Swing Line Loan denominated in a Foreign Currency, each Multicurrency Tranche Lender shall, on the date such Multicurrency Tranche Revolving Credit Advance was to have been made pursuant to Section 1.1(b)(iv), purchase from the Swing Line Lender an undivided participation interest in the Multicurrency Tranche Swing Line Loan in an amount equal to its Pro Rata Share of such portion of the Multicurrency Tranche Swing Line Loan.  Upon request, each Multicurrency Tranche Lender shall promptly transfer to the Swing Line Lender, in immediately available funds in such Foreign Currency, the amount of each such participation interest.
(vi)    Each Lender’s obligation to make Revolving Credit Advances in accordance with Sections 1.1(b)(iii) and 1.1(b)(iv) and to purchase participation interests in accordance with Section 1.1(b)(v) shall be absolute and unconditional and shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right that such Lender may have against the Swing Line Lender, any Borrower or any other Person for any reason whatsoever; (B) the occurrence or continuance of any Default or Event of Default; (C) any inability of any Borrower to satisfy the conditions precedent to borrowing set forth in 

8

this Agreement at any time or (D) any other circumstance, happening or event whatsoever, whether or not similar to any of the foregoing.  If any Lender does not make available to the Administrative Agent or the Swing Line Lender, as applicable, the amount required pursuant to Sections 1.1(b)(iii), 1.1(b)(iv) or 1.1(b)(v), as the case may be, the Swing Line Lender shall be entitled to recover such amount on demand from such Lender, together with interest thereon for each day from the date of non-payment until such amount is paid in full (x) in the case of any portion of the Swing Line Loan denominated in Dollars, at the Federal Funds Rate for the first two Business Days and at the Dollar Index Rate thereafter or (y) in the case of any portion of the Swing Line Loan denominated in a Foreign Currency, at the Sterling Index Rate, Euro Index Rate or the Hong Kong Dollars Index Rate, as applicable.
(c)    Reliance on Notices; Appointment of Borrower Representative.  The Administrative Agent shall be entitled to rely upon, and shall be fully protected in relying upon, any Notice of Revolving Credit Advance, Swing Line Request, Letter of Credit Request, Notice of Conversion/Continuation or similar notice believed by the Administrative Agent to be genuine.  The Administrative Agent may assume that each Person executing and delivering any notice in accordance herewith was duly authorized, unless the responsible individual acting thereon for the Administrative Agent has actual knowledge to the contrary.  Each Borrower hereby designates Parent as its representative and agent on its behalf for the purposes of issuing Notices of Revolving Credit Advances and Notices of Conversion/Continuation, giving instructions with respect to the disbursement of the proceeds of the Loans, selecting interest rate options, requesting Letters of Credit, giving and receiving all other notices and consents hereunder or under any of the other Loan Documents and taking all other actions (including in respect of compliance with covenants) on behalf of any Borrower or Borrowers under the Loan Documents.  Borrower Representative hereby accepts such appointment.  The Administrative Agent and each Lender may regard any notice or other communication pursuant to any Loan Document from Borrower Representative as a notice or communication from all Borrowers, and may give any notice or communication required or permitted to be given to any Borrower or Borrowers hereunder to Borrower Representative on behalf of such Borrower or Borrowers.  Each Borrower agrees that each notice, election, representation and warranty, covenant, agreement and undertaking made on its behalf by Borrower Representative shall be deemed for all purposes to have been made by such Borrower and shall be binding upon and enforceable against such Borrower to the same extent as if the same had been made directly by such Borrower.
(d)    Branches and Affiliates of Lenders. Each Lender at its option may make any Loan by causing any domestic or foreign branch or Affiliate of such Lender to make such Loan (and in the case of an Affiliate, the provisions of Sections 1.14(b), 1.16 and 1.17 shall apply to such Affiliate to the same extent as to such Lender); provided that any exercise of such option shall not affect the obligation of the relevant Borrower to repay such Loan in accordance with the terms of this Agreement.
		
	1.2
	Letters of Credit.

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Subject to and in accordance with the terms and conditions contained herein and in Annex B, Borrower Representative, on behalf of the applicable Borrower (and any Subsidiary thereof that may be a co-applicant on any applicable Letter of Credit), shall have the right to request, and Lenders agree to incur, or purchase participations in, Letter of Credit Obligations.
		
	1.3
	Prepayments; Commitment Reductions.  

(a)    Voluntary Prepayments; Reductions in Commitments.  
(i)    Borrower Representative shall notify the Administrative Agent (and, in the case of prepayment of a Swing Line Loan, the Swing Line Lender) by telephone confirmed in writing of any prepayment of a Loan hereunder (i) in the case of a LIBOR Loan, not later than 4:00 p.m. (New York time) on the date which is three (3) Business Days before the date of such prepayment, and (ii) in the case of an Index Rate Loan, not later than 11:00 a.m. (New York time) on the date of such prepayment.  Each such notice shall be irrevocable and shall specify the prepayment date and the principal amount of each Loan or portion thereof to be prepaid.  Promptly following receipt of any such notice, the Administrative Agent shall provide notice to Lenders thereof.  Each partial prepayment of any Loan shall be in a minimum amount of (i) if denominated in Dollars, $5,000,000 or an integral multiple of $1,000,000 in excess of such amount, (ii) if denominated in Sterling, £3,000,000 or an integral multiple of £500,000 in excess of such amount, (iii) if denominated in Euro, €3,000,000 or an integral multiple of €500,000 in excess of such amount or (iv) if denominated in Hong Kong Dollars, HK$40,000,000 or an integral multiple of HK$8,000,000 in excess of such amount. 
(ii)    Borrowers may at any time, on at least five (5) days’ prior written notice by Borrower Representative to the Administrative Agent of the intent of the Borrowers to effect such a reduction and at least two (2) days’ prior written notice by Borrower Representative to the Administrative Agent of the exact date on which such reduction shall occur, permanently reduce (but not terminate) the Dollar Tranche Commitment or Multicurrency Tranche Commitment; provided, that (A) any such reduction shall be in a minimum amount of $5,000,000 and integral multiples of $1,000,000 in excess of such amount, (B) the Dollar Tranche Commitment shall not be reduced to an amount less than the greater of (i) $100,000,000, and (ii) the sum of (x) the aggregate Dollar Tranche Revolving Loan then outstanding and (y) the Dollar Tranche Swing Line Loan then outstanding, (C) the Multicurrency Tranche Commitment shall not be reduced to an amount less than the greater of (i) $37,500,000 and (ii) the sum of (x) the Dollar Equivalent of the amount of the aggregate Multicurrency Tranche Revolving Loan then outstanding and (y) the Dollar Equivalent of the Multicurrency Tranche Swing Line Loan then outstanding and (D) after giving effect to such reductions, Borrowers shall comply with Sections 1.3(b)(i) and (ii).  In addition, Borrowers may at any time, on at least seven (7) days’ prior written notice by Borrower Representative to the Administrative Agent of the intent of the Borrowers to effect such a termination and at least two (2) days’ prior written notice by Borrower Representative to the Administrative Agent of the exact date on which such termination shall occur, terminate the Commitment; provided, that upon such termination, all Loans and other Obligations shall be immediately due and payable in full and all Letter of Credit Obligations shall be cash collateralized or otherwise satisfied in accordance with 

10

Annex B hereto.  Any reduction or termination of the Commitment must be accompanied by the payment of any LIBOR funding breakage costs in accordance with Section 1.14(b).  Upon any such reduction or termination of the Commitment, each Borrower’s right to request Revolving Credit Advances, or request that Letter of Credit Obligations be incurred on its behalf, or request Swing Line Advances, shall simultaneously be permanently reduced or terminated, as the case may be; provided, that a permanent reduction of the Commitment such that the sum of the Dollar Tranche Commitment plus the Multicurrency Tranche Commitment is less than $175,000,000 after giving effect thereto shall require a corresponding pro rata reduction in the Foreign Borrower Subfacility Limit and the L/C Sublimit to the extent of such reduction below $175,000,000.
(b)    Mandatory Prepayments.
(i)    
(A)    If at any time the aggregate outstanding balance of the Dollar Tranche Revolving Loan and the Dollar Tranche Swing Line Loan exceeds the Maximum Dollar Tranche Amount, Borrowers shall immediately repay the aggregate outstanding Dollar Tranche Revolving Credit Advances and Dollar Tranche Swing Line Advances to the extent required to eliminate such excess.  If any such excess remains after repayment in full of the aggregate outstanding Dollar Tranche Revolving Credit Advances and Dollar Tranche Swing Line Advances, Borrowers shall provide cash collateral for the Dollar Tranche Letter of Credit Obligations in the manner set forth in Annex B to the extent of such remaining excess.
(B)    If at any time the Dollar Equivalent of the aggregate outstanding balance of the  Multicurrency Tranche Revolving Loan and the  Multicurrency Tranche Swing Line Loan exceeds the Maximum  Multicurrency Tranche Amount, Borrowers shall immediately repay the aggregate outstanding  Multicurrency Tranche Revolving Credit Advances and  Multicurrency Tranche Swing Line Advances to the extent required to eliminate such excess.  If any such excess remains after repayment in full of the aggregate outstanding  Multicurrency Tranche Revolving Credit Advances and  Multicurrency Tranche Swing Line Advances, Borrowers shall provide cash collateral for the  Multicurrency Tranche Letter of Credit Obligations in the manner set forth in Annex B to the extent of such remaining excess.
(C)    If at any time the sum of (i) the Dollar Equivalent of the aggregate outstanding principal balance of Revolving Credit Advances and Swing Line Advances outstanding to the Foreign Borrowers plus (ii) the Dollar Equivalent of the outstanding Letter 

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of Credit Obligations incurred on behalf of the Foreign Borrowers, in the aggregate plus (iii) the “Dollar Equivalent” of the aggregate outstanding principal balance of “Auction Revolving Credit Advances” and “Swing Line Advances” outstanding to the “Foreign Borrowers” (as each such term in this clause (iii) is defined in the Auction Revolving Credit Agreement) plus (iv) the “Dollar Equivalent” of the outstanding “Letter of Credit Obligations” incurred on behalf of the “Foreign Borrowers” (as each such term in this clause (iv) is defined in the Auction Revolving Credit Agreement), in the aggregate exceeds the Foreign Borrower Subfacility Limit, the Foreign Borrowers shall, at the Administrative Agent’s request, immediately repay (or cause to be repaid) such Revolving Credit Advances and Swing Line Advances and/or “Auction Revolving Credit Advances” and “Swing Line Advances” under the Auction Revolving Credit Agreement to the extent required to eliminate such excess.  If any such excess remains after repayment in full of the aggregate outstanding principal balance of such Revolving Credit Advances and Swing Line Advances and/or “Auction Revolving Credit Advances” and “Swing Line Advances” under the Auction Revolving Credit Agreement, the Foreign Borrowers shall, at the Administrative Agent’s request, provide (or cause to be provided) cash collateral for such Letter of Credit Obligations and/or “Letter of Credit Obligations” under the Auction Revolving Credit Agreement in the manner set forth in Annex B or Annex B to the Auction Revolving Credit Agreement, as applicable, to the extent of such remaining excess.
(ii)    
(A)    If at any time the Dollar Equivalent of the aggregate outstanding balance of the  Revolving Credit Advances and Swing Line Advances outstanding to the Domestic Borrowers and the Dollar Equivalent of the Letter of Credit Obligations incurred on behalf of the Domestic Borrowers, in the aggregate, exceed the Domestic  Borrowing Base, the Domestic Borrowers shall immediately repay such outstanding  Revolving Credit Advances and Swing Line Advances to the extent required to eliminate such excess.  If any such excess remains after repayment in full of such outstanding  Revolving Credit Advances and Swing Line Advances, the Domestic Borrowers shall provide cash collateral for such Letter of Credit Obligations in the manner set forth in Annex B to the extent of such remaining excess.

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(B)    If at any time the Dollar Equivalent of the aggregate outstanding balance of the  Revolving Credit Advances and Swing Line Advances outstanding to the Foreign Borrowers and the Dollar Equivalent of the Letter of Credit Obligations incurred on behalf of the Foreign Borrowers, in the aggregate, exceed the Dollar Equivalent of the Foreign  Borrowing Base, the Foreign Borrowers shall immediately repay such outstanding  Revolving Credit Advances and Swing Line Advances to the extent required to eliminate such excess.  If any such excess remains after repayment in full of the aggregate outstanding principal balance of such  Revolving Credit Advances and Swing Line Advances, the Foreign Borrowers shall, at the Administrative Agent’s request, provide cash collateral for such Letter of Credit Obligations in the manner set forth in Annex B to the extent of such remaining excess.
Notwithstanding the foregoing, any Overadvance made pursuant to Section 1.1(a)(iii) shall be repaid in accordance with Section 1.1(a)(iii).
(iii)    Subject to Section 1.3(c) and without duplication of mandatory prepayment obligations set forth in Section 1.3(b)(iii) of the Auction Revolving Credit Agreement, within three (3) Business Days after receipt by any Sotheby Entity of any cash proceeds of any asset disposition, the applicable Borrower (which is the Borrower that received such cash proceeds or, if such cash proceeds are received by a Sotheby Entity other than a Borrower, which is the Borrower that is the most direct holder of Stock of such Sotheby Entity) shall prepay the Obligations (and cash collateralize the Letter of Credit Obligations, as applicable) and the “Obligations” (and cash collateralize the “Letter of Credit Obligations”, as applicable) (in each case, as defined in the Auction Revolving Credit Agreement) in an aggregate amount equal to such proceeds, after the following amounts are deducted from the aggregate amount of all such proceeds: (1) commissions and other reasonable and customary transaction costs, fees and expenses properly attributable to such transaction and payable by Sotheby Entities in connection therewith (in each case, paid to non-Affiliates), (2) transfer taxes, (3) amounts payable to holders of senior Liens on such asset (to the extent such Liens constitute Permitted Encumbrances hereunder), if any, and (4) an appropriate reserve for income taxes in accordance with GAAP in connection therewith.  Any such prepayment of the Obligations (and cash collateralization of Letter of Credit Obligations) and the “Obligations” (and cash collateralization of  “Letter of Credit Obligations”) (in each case, as defined in the Auction Revolving Credit Agreement) shall be applied in accordance with Section 1.3(d) or (e), as applicable.  The following shall not be subject to mandatory prepayment under this clause (iii):  (1) proceeds of dispositions permitted under Section 6.8 and (2) asset disposition proceeds with respect to Equipment or Fixtures that are reinvested in Equipment or Fixtures within one hundred and eighty (180) days of receipt thereof; provided, that the Borrower Representative notifies the Administrative Agent of its intent to reinvest at the time such proceeds are received and when such reinvestment occurs.

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(iv)    Subject to Section 1.3(c) and without duplication of mandatory prepayment obligations set forth in Section 1.3(b)(iv) of the Auction Revolving Credit Agreement, if any Sotheby Entity issues Stock to any entity other than another Sotheby Entity, no later than the fifth (5th) Business Day following the date of receipt of any cash proceeds thereof, the applicable Borrower (which is the Borrower that received such cash proceeds or, if such cash proceeds are received by a Sotheby Entity other than a Borrower, which is the Borrower that is the most direct holder of Stock of such Sotheby Entity) shall prepay the Obligations (and cash collateralize Letter of Credit Obligations, as applicable) and the “Obligations” (and cash collateralize the “Letter of Credit Obligations,” as applicable) (in each case, as defined in the Auction Revolving Credit Agreement)  in an aggregate amount equal to all such proceeds, after the following amounts are deducted from the aggregate amount of all such proceeds: (1) underwriting discounts, (2) commissions and (3) other reasonable costs paid to non-Affiliates in connection therewith.  Any such prepayment of the Obligations (and cash collateralization of Letter of Credit Obligations) and the “Obligations” (and cash collateralization of “Letter of Credit Obligations”) (in each case, as defined in the Auction Revolving Credit Agreement) shall be applied in accordance with Section 1.3(d) or (e), as applicable.  The following shall not be subject to prepayment under this clause (iv): (1) proceeds of Stock issuances of Parent, (2) proceeds of Stock issuances to employees of any Sotheby Entity and (3) proceeds of Stock issuances up to the Dollar Equivalent of $10,000,000 in the aggregate for any Fiscal Year.
(c)    Adjustments to Mandatory Prepayment Amounts.  The Borrowers shall be required to make any prepayment of the Obligations (and cash collateralization of Letter of Credit Obligations) otherwise payable pursuant to Sections 1.3(b)(iii), 1.3(b)(iv) or 5.4 only to the extent that the amount of such prepayment exceeds (i) in the case of the Domestic Borrowers, the Domestic Borrowing Availability as of the date of such required prepayment or (ii) in the case of the Foreign Borrowers, the Foreign Borrowing Availability as of the date of such required prepayment, in each case as set forth in a Borrowing Base Certificate most recently delivered as of the date of such required prepayment.  In addition, if, after giving effect to the previous sentence, any Foreign Borrower shall be required to make a prepayment pursuant to Sections 1.3(b)(iii), 1.3(b)(iv) or 5.4 in excess of the outstanding principal balance of the Revolving Credit Advances and Swing Line Advances outstanding to the Foreign Borrowers and the Letter of Credit Obligations incurred on behalf of the Foreign Borrowers, in the aggregate, as of such date, then the Domestic Borrowers shall be jointly and severally liable to make a prepayment of the Loans (and cash collateralize the Letter of Credit Obligations) (in addition to any prepayment made by such Foreign Borrower pursuant to Sections 1.3(b)(iii), 1.3(b)(iv) or 5.4, as applicable) in an amount equal to (i) the amount of such excess minus (ii) the Domestic Borrowing Availability as of the date of such required prepayment as set forth in a Borrowing Base Certificate delivered to the Administrative Agent.  To the extent any proceeds from any event that would otherwise give rise to a mandatory prepayment are not required to be used to make a prepayment of Obligations (and cash collateralization of Letter of Credit Obligations) under this Agreement as a result of this Section 1.3(c), the amount of such proceeds that would otherwise be applied in accordance with Section 1.3(d) or (e), as applicable, to the payment of the “Obligations” (and cash collateralization of “Letter of Credit Obligations”) (in each case, as defined in the Auction Revolving Credit Agreement) shall be increased on a non-pro rata basis 

14

such that such amount shall include the maximum portion of such unused proceeds that can be used to make a mandatory prepayment under the Auction Revolving Credit Agreement after giving effect to Section 1.3(c) of the Auction Revolving Credit Agreement.
(d)    Application of Mandatory Prepayments by Domestic Borrowers.  Subject to the other terms set forth herein, in the Auction Revolving Credit Agreement, and in the Collateral Documents, any prepayments made by any Domestic Borrower pursuant to Sections 1.3(b)(iii) or (iv) or Section 5.4 shall be applied as follows:  
(i)    first, on a pro rata basis, (x) to Fees, reimbursable expenses, indemnities and other amounts owing to the Agents which are then due and payable pursuant to any of the Loan Documents and (y) to “Fees,” reimbursable expenses, indemnities and other amounts owing to the “Agents” which are then due and payable pursuant to any of the “Loan Documents” (as each such term in this clause (y) is defined in the Auction Revolving Credit Agreement); 
(ii)    second, to interest then due and payable on “Incremental Revolving Credit Advances” outstanding to the “Domestic Borrowers” (as each such term in this clause (ii) is defined in the Auction Revolving Credit Agreement); 
(iii)    third, to the principal balance of the “Incremental Revolving Credit Advances” outstanding to the “Domestic Borrowers” until the same have been paid in full (as each such term in this clause (iii) is defined in the Auction Revolving Credit Agreement); 
(iv)    fourth, to interest then due and payable on “Incremental Revolving Credit Advances” outstanding to the “Foreign Borrowers” (as each such term in this clause (iv) is defined in the Auction Revolving Credit Agreement); 
(v)    fifth, to the principal balance of the “Incremental Revolving Credit Advances” outstanding to the “Foreign Borrowers” until the same have been paid in full (as each such term in this clause (v) is defined in the Auction Revolving Credit Agreement); 
(vi)    sixth, on a pro rata basis (x) to interest then due and payable on Swing Line Advances outstanding to the Domestic Borrowers and (y) to interest then due and payable on “Swing Line Advances” outstanding to the “Domestic Borrowers” (as each such term in this clause (y) is defined in the Auction Revolving Credit Agreement); 
(vii)    seventh, on a pro rata basis, (x) to the principal balance of Swing Line Advances outstanding to the Domestic Borrowers until the same have been paid in full and (y) to the principal balance of “Swing Line Advances” outstanding to the “Domestic Borrowers” until the same have been paid in full (as each such term in this clause (y) is defined in the Auction Revolving Credit Agreement); 
(viii)    eighth, on a pro rata basis (x) to interest then due and payable on Revolving Credit Advances outstanding to the Domestic Borrowers and (y) to interest then due and payable on “Auction Revolving Credit Advances” outstanding to the “Domestic 

15

Borrowers” (as each such term in this clause (y) is defined in the Auction Revolving Credit Agreement); 
(ix)    ninth, on a pro rata basis, (x) to the principal balance of Revolving Credit Advances outstanding to the Domestic Borrowers until the same have been paid in full and (y) to the principal balance of “Auction Revolving Credit Advances” outstanding to the “Domestic Borrowers” until the same have been paid in full (as each such term in this clause (y) is defined in the Auction Revolving Credit Agreement); 
(x)    tenth, on a pro rata basis, (x) to any Letter of Credit Obligations incurred on behalf of the Domestic Borrowers to provide cash collateral therefor in the manner set forth in Annex B, until all such Letter of Credit Obligations have been fully cash collateralized in the manner set forth in Annex B and (y) to any “Letter of Credit Obligations” incurred on behalf of the “Domestic Borrowers” to provide cash collateral therefor in the manner set forth in Annex B to the Auction Revolving Credit Agreement, until all such “Letter of Credit Obligations” have been fully cash collateralized in the manner set forth in Annex B to the Auction Revolving Credit Agreement (as each such term in this clause (y) is defined in the Auction Revolving Credit Agreement); 
(xi)    eleventh, on a pro rata basis, (x) to any other Obligations (other than Obligations that constitute a Guaranty of the Obligations of the Foreign Credit Parties) owing by the Domestic Credit Parties and (y) to any other “Obligations” (other than “Obligations” that constitute a “Guaranty” of the “Obligations” of the “Foreign Credit Parties”) owing by the “Domestic Credit Parties” (as each such term in this clause (y) is defined in the Auction Revolving Credit Agreement); 
(xii)    twelfth, on a pro rata basis (x) to interest then due and payable on Swing Line Advances outstanding to the Foreign Borrowers and (y) to interest then due and payable on “Swing Line Advances” outstanding to the “Foreign Borrowers” (as each such term in this clause (y) is defined in the Auction Revolving Credit Agreement); 
(xiii)    thirteenth, on a pro rata basis, (x) to the principal balance of Swing Line Advances outstanding to the Foreign Borrowers until the same have been paid in full and (y) to the principal balance of “Swing Line Advances” outstanding to the “Foreign Borrowers” until the same have been paid in full (as each such term in this clause (y) is defined in the Auction Revolving Credit Agreement); 
(xiv)    fourteenth, on a pro rata basis (x) to interest then due and payable on Revolving Credit Advances outstanding to the Foreign Borrowers and (y) to interest then due and payable on “Auction Revolving Credit Advances” outstanding to the “Foreign Borrowers” (as each such term in this clause (y) is defined in the Auction Revolving Credit Agreement); 
(xv)    fifteenth, on a pro rata basis, (x) to the principal balance of Revolving Credit Advances outstanding to the Foreign Borrowers until the same have been paid in full and (y) to the principal balance of “Auction Revolving Credit Advances” outstanding to 

16

the “Foreign Borrowers” until the same have been paid in full (as each such term in this clause (y) is defined in the Auction Revolving Credit Agreement); 
(xvi)    sixteenth, on a pro rata basis, (x) to any Letter of Credit Obligations incurred on behalf of the Foreign Borrowers to provide cash collateral therefor in the manner set forth in Annex B, until all such Letter of Credit Obligations have been fully cash collateralized in the manner set forth in Annex B and (y) to any “Letter of Credit Obligations” incurred on behalf of the “Foreign Borrowers” to provide cash collateral therefor in the manner set forth in Annex B to the Auction Revolving Credit Agreement, until all such “Letter of Credit Obligations” have been fully cash collateralized in the manner set forth in Annex B to the Auction Revolving Credit Agreement (as each such term in this clause (y) is defined in the Auction Revolving Credit Agreement); and
(xvii)    last, on a pro rata basis, (x) to any other Obligations owing by the Foreign Credit Parties and (y) to any other “Obligations” owing by the “Foreign Credit Parties” (as each such term in this clause (y) is defined in the Auction Revolving Credit Agreement).  
The Commitment shall not be permanently reduced by the amount of any such prepayments.
(e)    Application of Mandatory Prepayments by Foreign Borrowers.  Subject to the other terms set forth herein, in the Auction Revolving Credit Agreement, and in the Collateral Documents, any prepayments made by any Foreign Borrower pursuant to Sections 1.3(b)(iii) or (iv) or Section 5.4 shall be applied as follows: 
(i)    first, on a pro rata basis (x) to Fees, reimbursable expenses, indemnities and other amounts owing to the Agents which are then due and payable pursuant to any of the Loan Documents in respect of the Revolving Loans made to the Foreign Borrowers and (y) to “Fees,” reimbursable expenses, indemnities and other amounts owing to the “Agents” which are then due and payable pursuant to any of the “Loan Documents” in respect of the “Revolving Loans” made to the “Foreign Borrowers” (as each such term in this clause (y) is defined in the Auction Revolving Credit Agreement); 
(ii)    second, to interest then due and payable on “Incremental Revolving Credit Advances” outstanding to the “Foreign Borrowers” (as each such term in this clause (ii) is defined in the Auction Revolving Credit Agreement); 
(iii)    third, to the principal balance of the “Incremental Revolving Credit Advances” outstanding to the “Foreign Borrowers” until the same have been paid in full (as each such term in this clause (iii) is defined in the Auction Revolving Credit Agreement); 
(iv)    fourth, on a pro rata basis (x) to interest then due and payable on Swing Line Advances outstanding to the Foreign Borrowers and (y) to interest then due and payable on “Swing Line Advances” outstanding to the “Foreign Borrowers” (as each such term in this clause (y) is defined in the Auction Revolving Credit Agreement); 

17

(v)    fifth, on a pro rata basis, (x) to the principal balance of Swing Line Advances outstanding to the Foreign Borrowers until the same have been paid in full and (y) to the principal balance of “Swing Line Advances” outstanding to the “Foreign Borrowers” until the same have been paid in full (as each such term in this clause (y) is defined in the Auction Revolving Credit Agreement); 
(vi)    sixth, on a pro rata basis (x) to interest then due and payable on Revolving Credit Advances outstanding to the Foreign Borrowers and (y) to interest then due and payable on “Auction Revolving Credit Advances” outstanding to the “Foreign Borrowers” (as each such term in this clause (y) is defined in the SFS Revolving Credit Agreement); 
(vii)    seventh, on a pro rata basis, (x) to the principal balance of Revolving Credit Advances outstanding to the Foreign Borrowers until the same have been paid in full and (y) to the principal balance of “Auction Revolving Credit Advances” outstanding to the “Foreign Borrowers” until the same have been paid in full (as each such term in this clause (y) is defined in the Auction Revolving Credit Agreement); 
(viii)    eighth, on a pro rata basis, (x) to any Letter of Credit Obligations incurred on behalf of the Foreign Borrowers to provide cash collateral therefor in the manner set forth in Annex B, until all such Letter of Credit Obligations have been fully cash collateralized in the manner set forth in Annex B and (y) to any “Letter of Credit Obligations” incurred on behalf of the “Foreign Borrowers” to provide cash collateral therefor in the manner set forth in Annex B to the Auction Revolving Credit Agreement, until all such “Letter of Credit Obligations” have been fully cash collateralized in the manner set forth in Annex B to the Auction Revolving Credit Agreement (as each such term in this clause (y) is defined in the Auction Revolving Credit Agreement); and
(ix)    last, on a pro rata basis, (x) to any other Obligations owing by the Foreign Credit Parties and (y) to any other “Obligations” owing by the “Foreign Credit Parties” (as each such term in this clause (y) is defined in the Auction Revolving Credit Agreement).  
Neither the Commitment nor the Foreign Borrower Subfacility Limit shall be permanently reduced by the amount of any such prepayments.
(f)    No Implied Consent.  Nothing in this Section 1.3 shall be construed to constitute any Agent’s or any Lender’s consent to any transaction that is not permitted by other provisions of this Agreement or the other Loan Documents.
(g)    Application to Revolving Credit Advances.  Any prepayment made on any outstanding Revolving Credit Advances pursuant to Sections 1.1(a)(i), 1.3(b) or 5.4 shall be applied as follows: first, to such Revolving Credit Advances that are Index Rate Loans; and second, to such Revolving Credit Advances that are LIBOR Loans, in the order of the LIBOR Loans with the shortest LIBOR Periods to the LIBOR Loans with the longest LIBOR Periods.  Application to specific Advances pursuant to this Section 1.3(g) shall be subject to the calculation of the indemnities, if any, owing to the Lenders pursuant to Section 1.14(b).

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	1.4
	Use of Proceeds.

Borrowers shall utilize the proceeds of the Loans solely for the financing of Borrowers’ and their Subsidiaries’ working capital and other general corporate needs.  
		
	1.5
	Interest and Applicable Margins.  

(a)    Borrowers shall pay interest to the Administrative Agent, for the ratable benefit of Lenders in accordance with the various Loans being made by each Lender, in arrears on each applicable Interest Payment Date, at the following rates: (i) with respect to the Revolving Credit Advances denominated in Dollars, the Dollar Index Rate plus the Applicable Dollar Revolver Index Margin per annum or, at the election of Borrower Representative, the applicable Dollar LIBOR Rate plus the Applicable Dollar Revolver LIBOR Margin per annum, (ii) with respect to the Multicurrency Tranche Revolving Credit Advances denominated in Sterling, the applicable Sterling LIBOR Rate plus the Applicable Sterling Revolver LIBOR Margin per annum, (iii) with respect to the Multicurrency Tranche Revolving Credit Advances denominated in Euro, the applicable Euro LIBOR Rate plus the Applicable Euro Revolver LIBOR Margin per annum, (iv) with respect to the Multicurrency Tranche Revolving Credit Advances denominated in Hong Kong Dollars, the Hong Kong Dollars LIBOR Rate plus the Applicable Hong Kong Dollars Revolver LIBOR Margin per annum, (v) with respect to Swing Line Advances denominated in Dollars, the Dollar Index Rate plus the Applicable Dollar Revolver Index Margin per annum, (vi) with respect to Swing Line Advances denominated in Sterling, the Sterling Index Rate plus the Applicable Sterling Revolver Index Margin per annum, (vii) with respect to Swing Line Advances denominated in Euro, the Euro Index Rate plus the Applicable Euro Revolver Index Margin per annum and (viii) with respect to Swing Line Advances denominated in Hong Kong Dollars, the Hong Kong Dollars Index Rate plus the Applicable Hong Kong Dollars Revolver Index Margin per annum.
The Applicable Margins shall be calculated based on the following grids:
	
				
	 
	If the Average Monthly Usage is:
	Level of  
Applicable Margins:
	 

	 
	≤ 25%
	Level I
	 

	 
	>25% but ≤ 50%
	Level II
	 

	 
	>50% but ≤ 75%
	Level III
	 

	 
	>75%
	Level IV
	 

19

	
													
	 
	 
	Applicable Margins
	 

	 
	 
	Level I
	Level II
	Level III
	Level IV
	 

	 
	Applicable Dollar Revolver  
Index Margin
	0.75%
	1.00%
	1.25%
	1.50%
	 

	 
	Applicable Dollar Revolver LIBOR Margin
	1.75%
	2.00%
	2.25%
	2.50%
	 

	 
	Applicable Sterling Revolver  
Index Margin
	0.75%
	1.00%
	1.25%
	1.50%
	 

	 
	Applicable Sterling Revolver LIBOR Margin
	1.75%
	2.00%
	2.25%
	2.50%
	 

	 
	Applicable Euro Revolver  
Index Margin
	0.75%
	1.00%
	1.25%
	1.50%
	 

	 
	Applicable Euro Revolver LIBOR Margin
	1.75%
	2.00%
	2.25%
	2.50%
	 

	 
	Applicable Hong Kong Dollars Revolver Index Margin
	0.75%
	1.00%
	1.25%
	1.50%
	 

	 
	Applicable Hong Kong Dollars Revolver LIBOR Margin
	1.75%
	2.00%
	2.25%
	2.50%
	 

	 
	Applicable L/C Margin
	1.75%
	2.00%
	2.25%
	2.50%
	 

	 
	 
	 
	 
	 

	 
	If the Average Monthly Usage is:
	<33%
	>33% but ≤66%
	>66%
	 
	 

	 
	Applicable Unused Line Fee Margin
	0.500%
	0.375%
	0.250%
	 
	 

Adjustments in the Applicable Margins shall be implemented on the first day of each calendar month. Notwithstanding the foregoing, (i) the Average Monthly Usage shall be deemed to be in Level III (and, for purposes of determining the Applicable Unused Line Fee Margin, deemed to be >66%) during the period from the Restatement Effective Date to, and including, September 30, 2014 and (ii) from and after the occurrence of an Event of Default and until the first Business Day following the cure or waiver thereof, no reduction in the Applicable Margins shall be implemented.
(b)    If any payment on any Loan becomes due and payable on a day other than a Business Day, the maturity thereof will be extended to the next succeeding Business Day (except as set forth in the definition of LIBOR Period) and, with respect to payments of principal, interest thereon shall be payable at the then applicable rate during such extension.
(c)    All computations of Fees calculated on a per annum basis and interest on all Loans shall be made by the Administrative Agent on the basis of a 360-day year, in each case for the actual number of days occurring in the period for which such interest and Fees are payable.  The Dollar Index Rate, the Sterling Index Rate, the Euro Index Rate and the Hong Kong Dollars Index Rate are floating rates determined for each day.  Each determination by the Administrative Agent of an interest rate and Fees hereunder shall be presumptive evidence of the correctness of such rates and Fees.

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(d)    So long as an Event of Default has occurred and is continuing under Section 8.1(a), (g) or (h), or so long as any other Event of Default has occurred and is continuing and the Administrative Agent shall have elected (or, by written request to the Administrative Agent, the Requisite Lenders shall have elected), which election in either case shall be confirmed by written notice from the Administrative Agent to Borrower Representative, the interest rates applicable to the Loans and the Letter of Credit Fees shall be increased by two percentage points (2%) per annum above the rates of interest or the rate of such Fees otherwise applicable hereunder (the “Default Rate”), and all outstanding Obligations shall bear interest at the Default Rate applicable to such Obligations. Interest and Letter of Credit Fees at the Default Rate shall accrue from the initial date of such Event of Default until that Event of Default is cured or waived and shall be payable upon demand.
(e)    Subject to the conditions precedent set forth in Section 2.2, Borrower Representative shall have the option to (i) request that any Revolving Credit Advance denominated in Dollars be made as a LIBOR Loan, (ii) convert at any time all or any portion of the outstanding Revolving Loan denominated in Dollars from Index Rate Loans to LIBOR Loans, (iii) convert any LIBOR Loan denominated in Dollars to an Index Rate Loan, subject to payment of LIBOR breakage costs in accordance with Section 1.14(b) if such conversion is made prior to the expiration of the LIBOR Period applicable thereto, or (iv) continue all or any portion of the outstanding Revolving Loan as a LIBOR Loan upon the expiration of the applicable LIBOR Period and the succeeding LIBOR Period of that continued portion of the outstanding Revolving Loan shall commence on the first day after the last day of the LIBOR Period of the portion of the outstanding Revolving Loan to be continued.  Any portion of the outstanding Revolving Loan to be made or continued as, or converted into, a LIBOR Loan must be in a minimum amount of (i) if denominated in Dollars, $5,000,000 or an integral multiple of $1,000,000 in excess of such amount, (ii) if denominated in Sterling, £3,000,000 or an integral multiple of £500,000 in excess of such amount, (iii) if denominated in Euro, €3,000,000 or an integral multiple of €500,000 in excess of such amount or (iv) if denominated in Hong Kong Dollars, HK$40,000,000 or an integral multiple of HK$8,000,000 in excess of such amount.  Any such election must be made by 11:00 a.m. (New York time) on the third Business Day prior to (1) the date of any proposed Revolving Credit Advance which is to be made as a LIBOR Loan, (2) the end of each LIBOR Period with respect to any LIBOR Loans to be continued as such, or (3) the date on which Borrower Representative wishes to convert any Index Rate Loan to a LIBOR Loan for a LIBOR Period designated by Borrower Representative in such election.  If no election is received with respect to a LIBOR Loan by 11:00 a.m. (New York time) on the third Business Day prior to the end of the LIBOR Period with respect thereto (or if a Default or an Event of Default has occurred and is continuing or if the additional conditions precedent set forth in Section 2.2 shall not have been satisfied), (i) if such LIBOR Loan is denominated in Dollars, such LIBOR Loan shall be converted to an Index Rate Loan at the end of its LIBOR Period and (ii) if such LIBOR Loan is denominated in a Foreign Currency, such LIBOR Loan shall be continued as a LIBOR Loan having a LIBOR Period of one month.  Borrower Representative must make such election by notice to the Administrative Agent in writing, by telecopy or overnight courier, or Electronic Transmission.  In the case of any conversion or continuation, such election must be made pursuant to a notice (a “Notice of Conversion/Continuation”) delivered in writing or by Electronic Transmission in the form of Exhibit 1.5(e).  

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Notwithstanding anything in this Section 1.5(e) or Agreement to the contrary, conversions and continuations of Index Rate Loans and LIBOR Loans hereunder shall not result in refinancings or repayments of such portions of the outstanding Revolving Loan, but only repricings of such continuously outstanding portions of the outstanding Revolving Loan.
(f)    Notwithstanding anything to the contrary set forth in this Section 1.5, if a court of competent jurisdiction determines in a final order that the rate of interest payable hereunder exceeds the highest rate of interest permissible under law (the “Maximum Lawful Rate”), then so long as the Maximum Lawful Rate would be so exceeded, the rate of interest payable hereunder shall be equal to the Maximum Lawful Rate; provided, however, that if at any time thereafter the rate of interest payable hereunder is less than the Maximum Lawful Rate, Borrowers shall continue to pay interest hereunder at the Maximum Lawful Rate until such time as the total interest received by the Administrative Agent, on behalf of Lenders, is equal to the total interest that would have been received had the interest rate payable hereunder been (but for the operation of this paragraph) the interest rate payable since the Restatement Effective Date as otherwise provided in this Agreement.  In no event shall the total interest received by any Lender pursuant to the terms hereof exceed the amount that such Lender could lawfully have received had the interest due hereunder been calculated for the full term hereof at the Maximum Lawful Rate.
		
	1.6
	Eligible Art Loans.

All of the Art Loans owned by each Borrower and reflected in the most recent Borrowing Base Certificate delivered by the Borrower Representative to the Administrative Agent shall be “Eligible Art Loans” for purposes of this Agreement, except any Art Loans to which any of the exclusionary criteria set forth below applies.  The Administrative Agent shall have the right to establish, modify or eliminate Reserves against Eligible Art Loans from time to time in its sole reasonable credit judgment.  In addition, subject to Section 11.2(b), the Administrative Agent reserves the right, at any time and from time to time after the Restatement Effective Date, to adjust any of the criteria set forth below and to establish new criteria, and to adjust advance rates with respect to Eligible Art Loans, in its reasonable credit judgment, reflecting changes in the collectibility or realization values of such Art Loans arising or discovered by the Administrative Agent after the Restatement Effective Date; provided that, (i) for purposes of clarity, the Administrative Agent will not be required at any time to obtain any approval from any Lenders or any other Person(s) for the establishment, modification or elimination of any Reserves against Eligible Art Loans and (ii) any decreases to advance rates with respect to Eligible Art Loans made after the Restatement Effective Date shall only apply to Art Loans added to any Borrowing Base after the date of such decrease in the advance rates.  Eligible Art Loans shall not include any Art Loan of any Borrower:
(a)    with respect to which (i) such Borrower shall not have conducted (x) appropriate UCC, tax lien and judgment searches (or applicable equivalent) against the applicable Art Loan Debtor or (y) in the case of any Art Loan Debtor located in the United Kingdom or Hong Kong, appropriate bankruptcy, winding up and company searches against the applicable Art Loan Debtor or (ii) the results of such searches shall have indicated any material 

22

risk with respect to the applicable Art Loan Debtor or the Works of Art securing repayment of such Art Loan;
(b)    with respect to which (i) such Art Loan and the related security interest are not governed by a loan and security agreement reasonably acceptable to the Administrative Agent in form and substance, or (ii) any material terms of the related loan and security agreement and/or any other related documentation are not binding and enforceable;
(c)    with respect to which any payment under the related loan agreement (or any other Art Loan outstanding to such related Art Loan Debtor) has been deemed by such Borrower to be non-accrual;
(d)    that is subject to any litigation challenging the validity or enforceability of such Art Loan or any related documentation, unless (i) such Borrower has notified the Administrative Agent of such litigation, and (ii) the Administrative Agent has determined in its reasonable judgment, pursuant to a written notice to such Borrower (not to be unreasonably withheld or delayed), that such litigation does not constitute good faith litigation;
(e)    (i) that is not denominated in Dollars, Canadian Dollars, Hong Kong Dollars, Sterling, Euros, Swiss Francs or an Alternative Art Loan Currency, (ii) if such Art Loan is denominated in Hong Kong Dollars and owned by a Domestic Borrower or U.K. Borrower, unless the Administrative Agent shall have otherwise agreed, a Credit Party (if such Art Loan is owned by a U.K. Borrower) or a Domestic Credit Party (if such Art Loan is owned by a Domestic Borrower) shall have not entered into a Rate Management Transaction reasonably acceptable to the Administrative Agent (x) having a notional amount substantially equal to the outstanding principal balance of such Art Loan at all times until the maturity of such Art Loan and (y) directly mitigating the risk associated with changes in the exchange rate between Hong Kong Dollars and Dollars (in the case of any Art Loan owned by a Domestic Borrower) or Sterling (in the case of any Art Loan owned by a U.K. Borrower) at all times until the maturity of such Art Loan or  (iii) if such Art Loan is denominated in an Alternative Art Loan Currency, unless the Administrative Agent shall have otherwise agreed, a Credit Party (in the case of any Foreign Borrower) or a Domestic Credit Party (in the case of any Domestic Borrower) shall have not entered into a Rate Management Transaction reasonably acceptable to the Administrative Agent (x) having a notional amount substantially equal to the outstanding principal balance of such Art Loan at all times until the maturity of such Art Loan and (y) directly mitigating the risk associated with changes in the exchange rate between the currency in which such Art Loan is denominated and Dollars (in the case of any Art Loan owned by a Domestic Borrower) or Sterling (in the case of any Art Loan owned by a Foreign Borrower) at all times until the maturity of such Art Loan;
(f)    that was not generated in the ordinary course of the applicable Borrower’s business; 
(g)    unless the Administrative Agent shall have otherwise agreed, that by its terms is not due and payable within 18 months; provided that, Art Loans that by their terms are due and payable after 18 months but within 24 months shall not be excluded as “Eligible Art 

23

Loans” pursuant to this clause to the extent the portion of the outstanding principal balance of such Art Loans included in any Borrowing Base, collectively with the portion of the outstanding principal balance of such “Art Loans” included in any “Borrowing Base” under the Auction Revolving Credit Agreement, does not exceed $150,000,000 in the aggregate;
(h)    to the extent that any defense, counterclaim, setoff or dispute (other than any dispute described in clause (d) above or in clauses (h) or (i) of the definition of “Eligible Art Loan Collateral”) is asserted in writing (and reasonably determined by such Borrower not to be frivolous) as to repayment by the relevant Art Loan Debtor of such Art Loan or as to any failure by any Sotheby Entity to fund any unfunded commitment of such Sotheby Entity to make future Art Loans to the relevant Art Loan Debtor, unless (i) such Borrower has notified the Administrative Agent of such defense, counterclaim, setoff or dispute, and (ii) the Administrative Agent has determined in its reasonable judgment, pursuant to a written notice to such Borrower (not to be unreasonably withheld or delayed), that such defense, counterclaim, setoff or dispute is not asserted in good faith;
(i)    that (i) is not subject to a first priority lien in favor of the Collateral Agent, on behalf of the Secured Parties, or (ii) is subject to any Lien of any Person other than the Collateral Agent, except Permitted Encumbrances;
(j)    with respect to which the Art Loan Debtor is a director, officer, other employee or Affiliate of any Sotheby Entity, unless the Administrative Agent shall have determined, in its sole discretion, that such Art Loan shall constitute an Eligible Art Loan notwithstanding the provisions of this clause (j);
(k)    unless the Administrative Agent shall have otherwise agreed in its reasonable credit judgment, that is the obligation of an Art Loan Debtor that is the United States government or a political subdivision thereof, or any state, county or municipality or department, agency or instrumentality thereof;
(l)    that is not secured by Eligible Art Loan Collateral or to the extent by which the outstanding principal balance of such Art Loan exceeds sixty percent (60%) of the aggregate Estimated Value of the Works of Art securing repayment of such Art Loan that constitute Eligible Art Loan Collateral;
(m)    in the case of an Art Loan Debtor that is not an individual, such Borrower has not obtained confirmation of authorization of the incurrence of such Art Loan by such Person and the individuals executing documents on its behalf;
(n)    with respect to which (i) a petition is filed by or against the related Art Loan Debtor under any bankruptcy law or any other federal, state or foreign (including any provincial) receivership, insolvency relief or other law or laws for the relief of debtors or (ii) the related Art Loan Debtor makes a general assignment for the benefit of creditors;
(o)    to the extent any Sotheby Entity is liable for goods sold or services rendered by the applicable Art Loan Debtor to such Sotheby Entity, but only to the extent of the 

24

potential offset; provided that, without duplication of amounts described in the proviso of Section 1.6(o) or 1.8(m) of the Auction Revolving Credit Agreement, if such potential offset arises from amounts payable by such Borrower to such Art Loan Debtor, from any receivable then due and payable to such Borrower, as agent for such Art Loan Debtor, by a buyer of a Work of Art (other than the Work of Art securing any Art Loan) that was sold on consignment by such Borrower, as consignee, on behalf of such Art Loan Debtor, in its capacity as consignor, such potential offset shall be reduced by the amount of such receivable (net of any commissions, buyer’s premium and reimbursable expenses payable to any Sotheby Entity for such sale);
(p)    with respect to which (i) any of the documentation evidencing such Art Loan is not in the possession of such Borrower or any Agent or (ii) any of the representations or warranties in this Agreement and the other Loan Documents pertaining to such Art Loan is untrue in any material respect (or, in the case of any representation or warranty already qualified by materiality, in any respect); 
(q)    to the extent such Art Loan exceeds any credit limit with respect to any Art Loan Debtor established by the Administrative Agent, in its reasonable credit judgment, taking into account the nature and value of the Works of Art securing such Art Loan and after consultation with the Borrower Representative;
(r)    with respect to which the initial outstanding principal amount, if owned by a Domestic Borrower, is less than $100,000; or
(s)    that is included in any “Borrowing Base” under the Auction Revolving Credit Agreement.
		
	1.7
	[Reserved].  

		
	1.8
	[Reserved].

		
	1.9
	Cash Management Systems.

On and after the Restatement Effective Date, the Credit Parties will maintain until the Termination Date the cash management systems described in Annex C (the “Cash Management Systems”).
		
	1.10
	Fees.

(a)    Borrowers shall pay to GE Capital an annual collateral monitoring fee equal to $100,000 per year payable annually in advance on each anniversary of the Closing Date prior to the Termination Date; provided that, the annual collateral monitoring fee payable hereunder shall be reduced on a dollar-for-dollar basis by any portion of the annual collateral monitoring fee paid to GE Capital pursuant to Section 1.10(a) of the Auction Revolving Credit Agreement.
(b)    As additional compensation for the Dollar Tranche Lenders, Borrowers shall pay to the Administrative Agent, for the ratable benefit of the Dollar Tranche Lenders, in 

25

arrears, on the first Business Day of each month prior to the Commitment Termination Date and on the Commitment Termination Date, a Fee for Borrowers’ non use of available funds in an amount in Dollars equal to the Applicable Unused Line Fee Margin per annum (calculated on the basis of a 360 day year for actual days elapsed) multiplied by the difference between (x) the Maximum  Dollar Tranche Amount (as it may be increased or reduced from time to time) and (y) the average for the period of the daily closing balances of the aggregate Dollar Tranche Revolving Loan and the Dollar Tranche Swing Line Loan outstanding during the period for which such Fee is due.
(c)    As additional compensation for the  Multicurrency Tranche Lenders, Borrowers shall pay to the Administrative Agent, for the ratable benefit of the  Multicurrency Tranche Lenders, in arrears, on the first Business Day of each month prior to the  Commitment Termination Date and on the  Commitment Termination Date, a Fee for Borrowers’ non use of available funds in an amount in Dollars equal to the Applicable  Unused Line Fee Margin per annum (calculated on the basis of a 360 day year for actual days elapsed) multiplied by the difference between (x) the Maximum  Multicurrency Tranche Amount (as it may be increased or reduced from time to time) and (y) the average for the period of the daily closing balances of the aggregate  Multicurrency Tranche Revolving Loan and the  Multicurrency Tranche Swing Line Loan outstanding during the period for which such Fee is due.
(d)    Borrowers shall pay to the Administrative Agent, for the ratable benefit of Lenders, the Letter of Credit Fee and other fees and amounts required by Annex B.
		
	1.11
	Receipt of Payments.

Borrowers shall make each payment under this Agreement not later than 2:00 p.m. (New York time) on the day when due in immediately available funds in Dollars, Sterling, Euro or Hong Kong Dollars, as applicable, to the applicable Collection Account.  For purposes of computing interest and Fees and determining Borrowing Availability as of any date, all payments shall be deemed received on the Business Day on which immediately available funds therefore are received in the Collection Account prior to 2:00 p.m. New York time.  Payments received after 2:00 p.m. New York time on any Business Day or on a day that is not a Business Day shall be deemed to have been received on the following Business Day.
		
	1.12
	Application and Allocation of Payments.  

(a)    So long as no Event of Default has occurred and is continuing, (i) payments matching specific scheduled payments then due shall be applied to those scheduled payments; (ii) voluntary prepayments shall be applied in accordance with the provisions of Section 1.3(a); and (iii) mandatory prepayments shall be applied as set forth in Section 1.3(d) or 1.3(e), as applicable.  All payments and prepayments applied to the Revolving Loan shall be applied ratably to the portion thereof held by each Lender as determined by its Pro Rata Share.  All payments and prepayments applied to the Dollar Tranche Revolving Loan shall be applied ratably to the portion thereof held by each Dollar Tranche Lender as determined by its Pro Rata Share.  All payments and prepayments applied to the Multicurrency Tranche Revolving Loan shall be applied ratably to the portion thereof held by each Multicurrency Tranche Lender as 

26

determined by its Pro Rata Share. As to (x) any other payment, (y) all payments made when an Event of Default has occurred and is continuing or following the Commitment Termination Date and (z) all proceeds of Collateral, each Borrower hereby irrevocably waives the right to direct the application of any and all such payments received from or on behalf of such Borrower and proceeds of Collateral, and all such payments and proceeds of Collateral shall be applied to amounts then due and payable in the following order, subject to the terms of the Collateral Documents: 
in the case of payments or proceeds of Collateral of the Domestic Credit Parties:
(1) on a pro rata basis, (i) to Fees and reimbursable expenses of Agents hereunder and (ii) to “Fees” and reimbursable expenses of “Agents” under the Auction Revolving Credit Agreement; 
(2) on a pro rata basis, (i) to interest on the Swing Line Loan outstanding to the Domestic Borrowers and (ii) to interest on the “Swing Line Loan” outstanding to the “Domestic Borrowers” (as each such term in this clause (ii) is defined in the Auction Revolving Credit Agreement); 
(3)  on a pro rata basis, (i) to principal payments on the Swing Line Loan outstanding to the Domestic Borrowers and (ii) to principal payments on the “Swing Line Loan” outstanding to the “Domestic Borrowers” (as each such term in this clause (ii) is defined in the Auction Revolving Credit Agreement); 
(4) on a pro rata basis, (i) to interest on the Swing Line Loan outstanding to the Foreign Borrowers and (ii) to interest on the “Swing Line Loan” outstanding to the “Foreign Borrowers” (as each such term in this clause (ii) is defined in the Auction Revolving Credit Agreement);
 (5) on a pro rata basis, (i) to principal payments on the Swing Line Loan outstanding to the Foreign Borrowers and (ii) to principal payments on the “Swing Line Loan” outstanding to the “Foreign Borrowers” (as each such term in this clause (ii) is defined in the Auction Revolving Credit Agreement);
(6) on a pro rata basis, (i) to interest on the Revolving Loan outstanding to the Domestic Borrowers and (ii) to interest on the “Auction Revolving Loan” outstanding to the “Domestic Borrowers” (as each such term in this clause (ii) is defined in the Auction Revolving Credit Agreement); 
(7) on a pro rata basis, (i) to principal payments on the Revolving Loan outstanding to the Domestic Borrowers and to provide cash collateral for Letter of Credit Obligations of the Domestic Borrowers in the manner described in Annex B and (ii) to principal payments on the “Auction Revolving Loan” outstanding to the “Domestic Borrowers” and to provide cash collateral for “Letter of Credit Obligations” of the “Domestic Borrowers” in the manner described in Annex B to 

27

the Auction Revolving Credit Agreement (as each such term in this clause (ii) is defined in the Auction Revolving Credit Agreement);
 (8) on a pro rata basis, (i) to interest on the Revolving Loan outstanding to the Foreign Borrowers and (ii) to interest on the “Auction Revolving Loan” outstanding to the “Foreign Borrowers” (as each such term in this clause (ii) is defined in the Auction Revolving Credit Agreement);
(9) on a pro rata basis, (i) to principal payments on the Revolving Loan outstanding to the Foreign Borrowers and to provide cash collateral for Letter of Credit Obligations of the Foreign Borrowers in the manner described in Annex B and (ii) to principal payments on the “Auction Revolving Loan” outstanding to the “Foreign Borrowers” and to provide cash collateral for “Letter of Credit Obligations” of the “Foreign Borrowers” in the manner described in Annex B to the Auction Revolving Credit Agreement (as each such term in this clause (ii) is defined in the Auction Revolving Credit Agreement);
(10) on a pro rata basis, (i) to all other Obligations (other than Obligations that constitute a Guaranty of the Obligations of the Foreign Credit Parties) owing by the Domestic Credit Parties, including expenses of Lenders in respect of Domestic Credit Parties to the extent reimbursable under Section 11.3 and (ii) to all other “Obligations” (other than “Obligations” that constitute a “Guaranty” of the “Obligations” of the “Foreign Credit Parties”) owing by the “Domestic Credit Parties,” including expenses of “Lenders” in respect of “Domestic Credit Parties” to the extent reimbursable under Section 11.3 under the Auction Revolving Credit Agreement (as each such term in this clause (ii) is defined in the Auction Revolving Credit Agreement); 
 (11) on a pro rata basis, (i) to all other Obligations, including expenses of Lenders to the extent reimbursable under Section 11.3 and (ii) to all other “Obligations”, including expenses of “Lenders” to the extent reimbursable under Section 11.3 under the Auction Revolving Credit Agreement (as each such term in this clause (ii) is defined in the Auction Revolving Credit Agreement); 
  (12) on a pro rata basis, (i) to amounts owing in respect of Bank Product and Hedging Obligations (other than Bank Product and Hedging Obligations that constitute a Guaranty of the Secured Obligations of the Foreign Credit Parties) owing by the Domestic Credit Parties and (ii) to amounts owing in respect of “Bank Product and Hedging Obligations” (other than “Bank Product and Hedging Obligations” that constitute a “Guaranty” of the “Secured Obligations” of the “Foreign Credit Parties”) owing by the “Domestic Credit Parties” under the Auction Revolving Credit Agreement (as each such term in this clause (ii) is defined in the Auction Revolving Credit Agreement); and
(13) on a pro rata basis, (i) to amounts owing in respect of all other Bank Product and Hedging Obligations and (ii) to amounts owing in respect of all other “Bank 

28

Product and Hedging Obligations” under the Auction Revolving Credit Agreement; 
in the case of payments or proceeds of Collateral of the Foreign Credit Parties:
(1) on a pro rata basis, (i) to Fees and reimbursable expenses of Agents which are then due and payable pursuant to any of the Loan Documents in respect of the Revolving Loans made to the Foreign Borrowers hereunder and (ii) to “Fees” and reimbursable expenses of “Agents” which are then due and payable pursuant to any of the “Loan Documents” in respect of the “Revolving Loans” made to the Foreign Borrowers under the Auction Revolving Credit Agreement (as each such term in this clause (ii) is defined in the Auction Revolving Credit Agreement); 
 (2) on a pro rata basis, (i) to interest on the Swing Line Loan outstanding to the Foreign Borrowers and (ii) to interest on the “Swing Line Loan” outstanding to the “Foreign Borrowers” (as each such term in this clause (ii) is defined in the Auction Revolving Credit Agreement);
 (3) on a pro rata basis, (i) to principal payments on the Swing Line Loan outstanding to the Foreign Borrowers and (ii) to principal payments on the “Swing Line Loan” outstanding to the “Foreign Borrowers” (as each such term in this clause (ii) is defined in the Auction Revolving Credit Agreement);
 (4) on a pro rata basis, (i) to interest on the Revolving Loan outstanding to the Foreign Borrowers and (ii) to interest on the “Auction Revolving Loan” outstanding to the “Foreign Borrowers” (as each such term in this clause (ii) is defined in the Auction Revolving Credit Agreement);
(5) on a pro rata basis, (i) to principal payments on the Revolving Loan outstanding to the Foreign Borrowers and to provide cash collateral for Letter of Credit Obligations of the Foreign Borrowers in the manner described in Annex B and (ii) to principal payments on the “Auction Revolving Loan” outstanding to the “Foreign Borrowers” and to provide cash collateral for “Letter of Credit Obligations” of the “Foreign Borrowers” in the manner described in Annex B to the Auction Revolving Credit Agreement (as each such term in this clause (ii) is defined in the Auction Revolving Credit Agreement);
(6) on a pro rata basis, (i) to all other Obligations owing by the Foreign Credit Parties, including expenses of Lenders to the extent reimbursable under Section 11.3 and (ii) to all other “Obligations” owing by the “Foreign Credit Parties,” including expenses of “Lenders” in respect of “Foreign Credit Parties” to the extent reimbursable under Section 11.3 under the Auction Revolving Credit Agreement (as each such term in this clause (ii) is defined in the Auction Revolving Credit Agreement); and

29

(7) on a pro rata basis, (i) to amounts owing by the Foreign Credit Parties in respect of Bank Product and Hedging Obligations and (ii) to amounts owing by the “Foreign Credit Parties” in respect of “Bank Product and Hedging Obligations” under the Auction Revolving Credit Agreement (as each such term in this clause (ii) is defined in the Auction Revolving Credit Agreement);
provided that, notwithstanding the foregoing, with respect to any Guarantor, no proceeds of any guarantee made by such Guarantor and no proceeds of any Collateral of such Guarantor shall be applied to any Excluded Hedging Obligations of such Guarantor.
(b)    Each Agent is authorized to, and at its sole election may, charge to the Revolving Loan balance on behalf of each Borrower and cause to be paid all Fees, expenses, Charges, costs (including insurance premiums in accordance with Section 5.4(a)) and interest and principal, other than principal of the Revolving Loan, owing by Borrowers under this Agreement or any of the other Loan Documents if and to the extent Borrowers fail to pay promptly any such amounts as and when due, even if the Dollar Equivalent of the amount of such charges would exceed the applicable Borrowing Availability at such time; provided, such action shall not cause (i) the aggregate  Dollar Tranche Revolving Loan to exceed the Maximum  Dollar Tranche Amount or (ii) the Dollar Equivalent of the aggregate  Multicurrency Tranche Revolving Loan to exceed the Maximum  Multicurrency Tranche Amount.  At any Agent’s option and to the extent permitted by law, any charges so made shall constitute a Revolving Credit Advance made in the applicable currency and part of the  Dollar Tranche Revolving Loan or  Multicurrency Tranche Revolving Loan, as applicable, hereunder.
		
	1.13
	Loan Account and Accounting.

The Administrative Agent shall maintain a loan account (the “Loan Account”) on its books to record: all Revolving Credit Advances and Swing Line Advances, all payments made by Borrowers, and all other debits and credits as provided in this Agreement with respect to the Loans or any other Obligations.  All entries in the Loan Account shall be made in accordance with the Administrative Agent’s customary accounting practices as in effect from time to time. The balance in the Loan Account, as recorded on the Administrative Agent’s most recent printout or other written statement, shall, absent manifest error, be presumptive evidence of the amounts due and owing to the Agents and Lenders by each Borrower; provided that any failure to so record or any error in so recording shall not limit or otherwise affect any Borrower’s duty to pay the Obligations.  The Administrative Agent shall render to Borrower Representative a monthly accounting of transactions with respect to the Loans setting forth the balance of the Loan Account as to each Borrower for the immediately preceding month.  Unless Borrower Representative notifies the Administrative Agent in writing of any objection to any such accounting (specifically describing the basis for such objection), within thirty (30) days after the date thereof, each and every such accounting shall be presumptive evidence of all matters reflected therein.  Only those items expressly objected to in such notice shall be deemed to be disputed by Borrowers.  Notwithstanding any provision herein contained to the contrary, any Lender may elect (which election may be revoked) to dispense with the issuance of Notes to that 

30

Lender and may rely on the Loan Account as evidence of the amount of Obligations from time to time owing to it.
		
	1.14
	Indemnity.  

(a)    Each Credit Party shall jointly and severally indemnify and hold harmless each of the Agents, Lenders, and their respective Affiliates, and each such Person’s respective officers, directors, employees, attorneys, agents and representatives (each, an “Indemnified Person”), from and against any and all suits, actions, proceedings, claims, damages, losses, liabilities and expenses (including reasonable attorneys’ fees and disbursements and other costs of investigation or defense, including those incurred upon any appeal) that may be instituted or asserted against or incurred by any such Indemnified Person as the result of credit having been extended, suspended or terminated under this Agreement and the other Loan Documents and the administration of such credit, and in connection with or arising out of the transactions contemplated hereunder and thereunder and any actions or failures to act in connection therewith, including any and all Environmental Liabilities and legal costs and expenses arising out of or incurred in connection with disputes between or among any parties to any of the Loan Documents (collectively, “Indemnified Liabilities”); provided, that no such Credit Party shall be liable for any indemnification to an Indemnified Person to the extent that any such suit, action, proceeding, claim, damage, loss, liability or expense results from that  Indemnified Person’s gross negligence or willful misconduct as determined in a final, non-appealable judgment by a court of competent jurisdiction.  NO INDEMNIFIED PERSON SHALL BE RESPONSIBLE OR LIABLE TO ANY OTHER PARTY TO ANY LOAN DOCUMENT, ANY SUCCESSOR, ASSIGNEE OR THIRD PARTY BENEFICIARY OF SUCH PERSON OR ANY OTHER PERSON ASSERTING CLAIMS DERIVATIVELY THROUGH SUCH PARTY, FOR INDIRECT, PUNITIVE, EXEMPLARY OR CONSEQUENTIAL DAMAGES WHICH MAY BE ALLEGED AS A RESULT OF CREDIT HAVING BEEN EXTENDED, SUSPENDED OR TERMINATED UNDER ANY LOAN DOCUMENT OR AS A RESULT OF ANY OTHER TRANSACTION CONTEMPLATED HEREUNDER OR THEREUNDER.  It is understood and agreed that, notwithstanding anything to the contrary set forth in this Section 1.14(a), no Foreign Credit Party shall have any obligation to any Indemnified Person with respect to Indemnified Liabilities relating to Obligations of any Domestic Credit Party.    
(b)    To induce Lenders to provide the LIBOR Loan option on the terms provided herein, if (i) any LIBOR Loans are repaid in whole or in part prior to the last day of any applicable LIBOR Period (whether that repayment is made pursuant to any provision of this Agreement or any other Loan Document or occurs as a result of acceleration, by operation of law or otherwise); (ii) any Borrower shall default in payment when due of the principal amount of or interest on any LIBOR Loan; (iii) any Borrower shall fail to borrow, continue or convert a LIBOR Loan after it has given notice requesting the same in accordance herewith; (iv) any Borrower shall fail to make any prepayment of a LIBOR Loan after Borrower Representative has given a notice thereof in accordance herewith; or (v) any assignment shall occur pursuant to Section 1.17(d), then Borrowers shall jointly and severally indemnify and hold harmless each Lender from and against all losses, costs and expenses resulting from or arising from any of the foregoing.  Such indemnification shall include any loss (excluding loss of margin) or expense 

31

arising from the reemployment of funds obtained by it or from fees payable to terminate deposits from which such funds were obtained.  For the purpose of calculating amounts payable to a Lender under this subsection, each Lender shall be deemed to have actually funded its portion of the relevant LIBOR Loan (or its participation interest in such LIBOR Loan) through the purchase of a deposit bearing interest at the Dollar LIBOR Rate, the Sterling LIBOR Rate, the Euro LIBOR Rate or the Hong Kong Dollars LIBOR Rate, as applicable, in an amount equal to the amount of such portion of such LIBOR Loan (or such participation, as applicable) and having a maturity comparable to the relevant LIBOR Period; provided, that each Lender may fund each of its interests in LIBOR Loans (or its participations in LIBOR Loans) in any manner it sees fit, and the foregoing assumption shall be utilized only for the calculation of amounts payable under this subsection.  This covenant shall survive the termination of this Agreement and the payment of the Notes and all other amounts payable hereunder.  As promptly as practicable under the circumstances, each Lender shall provide Borrower Representative with its written calculation of all amounts payable pursuant to this Section 1.14(b), and such calculation shall be binding on the parties hereto unless Borrower Representative shall object in writing within ten (10) Business Days of receipt thereof, specifying the basis for such objection in detail. It is understood and agreed that, notwithstanding anything to the contrary set forth in this Section 1.14(b), no Foreign Credit Party shall have any obligation to any Lender with regard to any such losses, costs and expenses relating to Obligations of any Domestic Credit Party.
		
	1.15
	Access.

Each Credit Party shall, during normal business hours, from time to time upon three (3) Business Days’ prior notice as frequently as the Administrative Agent reasonably determines to be appropriate (except as otherwise provided): (a) provide the Administrative Agent and any of its officers, employees and agents access to its properties, facilities, advisors, officers and employees and to the Collateral (including, without limitation, in order to prepare an appraisal or similar report), (b) permit the Administrative Agent, and any of its officers, employees and agents, to inspect, audit and make extracts from any Sotheby Entity’s books and records, and (c) permit the Administrative Agent, and its officers, employees and agents, not more than two (2) times during any twelve-month period beginning on the date hereof or any anniversary thereof (unless an Event of Default has occurred and is continuing, in which case such limitation shall not apply), to inspect, review, evaluate, and make test verifications and counts of the Collateral of any Credit Party; provided, that (i) the Administrative Agent shall conduct at least one (1) field exam described in the foregoing clause (c) during each twelve-month period and (ii) unless an Event of Default has occurred and is continuing, not more than two such field exams during any twelve-month period shall be at the cost and expense of the Credit Parties.  If an Event of Default has occurred and is continuing, each such Credit Party shall provide such access to the Agents and to each Lender at all times and without advance notice.  Furthermore, so long as any Event of Default has occurred and is continuing, each Credit Party shall provide the Agents and each Lender with access to their suppliers and customers to the extent such access is within the rights and powers of such Credit Party.  Each Credit Party shall make available to each Agent and its counsel reasonably promptly originals or copies of all books and records that such Agent may reasonably request.  Each Credit Party shall deliver any document or instrument necessary for any Agent, as it may from time to time reasonably request, 

32

to obtain records from any service bureau or other Person that maintains records for such Credit Party, and shall maintain duplicate records or supporting documentation on media, including computer tapes and discs owned by such Credit Party.  The Administrative Agent will give Lenders at least five (5) days’ prior written notice of regularly scheduled audits.  Representatives of other Lenders may accompany the Administrative Agent’s representatives on regularly scheduled audits at no charge to Borrowers.
		
	1.16
	Taxes.    

(a)    Tax gross-up.  
(i)    Each Credit Party shall make all payments to be made by it under the Loan Documents without any Tax Deduction, unless a Tax Deduction is required by law.
(ii)    The Borrower Representative shall promptly upon becoming aware that a Credit Party must make a Tax Deduction (or that there is any change in the rate or the basis of a Tax Deduction) notify the Administrative Agent accordingly.  Similarly, a Lender shall notify the Administrative Agent promptly on becoming so aware in respect of any payment to that Lender pursuant to any Loan Document.  If the Administrative Agent receives such notification from a Lender it shall promptly notify the Borrower Representative.
(iii)    Subject to paragraph (iv) below, if a Tax Deduction is required by law to be made by any Credit Party, the amount of the payment due from such Credit Party shall be increased to an amount which (after making any Tax Deduction) leaves an amount equal to the payment which would have been due if no Tax Deduction had been required.
(iv)    A Credit Party is not required to make an increased payment to a Lender under paragraph (iii) above for a Tax Deduction in respect of tax imposed by the United Kingdom, Hong Kong or the United States of America (as the case may be) on a payment under the Loan Documents, if on the date on which the payment falls due:
(A)    the payment could have been made to the relevant Lender without a Tax Deduction if the Lender had been a Qualifying Lender, but on that date that Lender is not or has ceased to be a Qualifying Lender other than as a result of any change after the date it became a Lender under this Agreement in (or in the interpretation, administration, or application of) any law or Treaty, or any published practice or concession of any relevant taxing authority;
(B)    with respect to any payment to be made by a U.K. Credit Party, (i) the relevant Lender is a Qualifying Lender solely by virtue of paragraph (i)(B) of the definition of Qualifying Lender, (ii) an officer of H.M.  Revenue & Customs has given (and not revoked) a direction (a “Direction”) under section 931 of the Income Tax Act 2007 of the United Kingdom which relates to that payment and that Lender has received from the Credit Party making the payment a certified copy of that Direction, and (iii) the payment could have been made to the relevant Lender without a Tax Deduction in the absence of that Direction;

33

(C)    with respect to any payment to be made by a U.K. Credit Party, the relevant Lender is a Treaty Lender and the Credit Party making the payment is able to demonstrate that the payment could have been made to the Lender without the Tax Deduction had that Lender complied with its obligations under paragraph (vii) below; 
(D)    the relevant Lender is a Qualifying Lender solely by virtue of paragraph (i)(B) of the definition of Qualifying Lender and:
		
	a.
	the relevant Lender has not given a Tax Confirmation to the Borrower Representative (on behalf of the U.K. Credit Parties); and

		
	b.
	the payment could have been made to the Lender without any Tax Deduction if the Lender had given a Tax Confirmation to the Borrower Representative (on behalf of the U.K. Credit Parties), on the basis that the Tax Confirmation would have enabled the U.K. Credit Parties to have formed a reasonable belief that the payment was an “excepted payment” for the purpose of section 930 of the Income Tax Act 2007; 

(E)    with respect to any payments to be made by a Domestic Credit Party, the Tax is (i) assessed on a Lender under (x) the law of the jurisdiction in which that Lender is incorporated or, if different, the jurisdiction (or jurisdictions) in which that Lender is treated as resident for tax purposes, (y) the law of the jurisdiction in which that Lender’s Lending Office is located in respect of amounts received or receivable in that jurisdiction or (z) the law of the jurisdiction with which that Lender and the jurisdiction have a present or former connection (other than such connection arising from any Lender having executed, delivered or performed its obligations or received a payment under, or enforced, any Loan Document) and (ii) imposed on or measured by net income with respect to that Lender or such Tax is a franchise tax or branch profits tax, or imposed in lieu of a net income Tax; or
(F)    the payment is subject to U.S. federal withholding Taxes imposed under FATCA.
(v)    If any Credit Party is required to make a Tax Deduction, such  Credit Party shall make such Tax Deduction and any payment required in connection with such Tax Deduction within the time allowed and in the minimum amount required by law.
(vi)    Within thirty days of making either a Tax Deduction or any payment required in connection with a Tax Deduction, the  Credit Party making such Tax Deduction shall deliver to the Administrative Agent for the applicable Lender either a statement under section 975 of the Income Tax Act 2007 or other evidence reasonably satisfactory to such 

34

Lender that such Tax Deduction has been made or (as applicable) any appropriate payment paid to the relevant taxing authority.
(vii)    A Treaty Lender and a Credit Party which makes a payment to which that Treaty Lender is entitled shall cooperate in completing any procedural formalities necessary for that Credit Party to obtain authorization to make that payment without a Tax Deduction. The Administrative Agent has filed a syndicated loan scheme application form with H.M. Revenue & Customs. A Treaty Lender shall discharge its obligation under this provision if it provides to the Administrative Agent its DTTP number and jurisdiction of tax residence and any other information required by the Administrative Agent to maintain the syndicated loan scheme application.
(viii)    A U.K. Non-Bank Lender shall promptly notify the Administrative Agent who shall notify the U.K. Credit Parties if there is any change in the position from that set out in the Tax Confirmation.
(ix)    Each Lender which becomes a party to this Agreement after the date of this Agreement (such Lender, a “New Lender”) shall indicate, in the Assignment Agreement which it executes on becoming a party, and for the benefit of the Administrative Agent and without liability to any Credit Party, which of the following categories it falls in:
(A)    not a Qualifying Lender;
(B)    a Qualifying Lender (other than a Treaty Lender); or
(C)    a Treaty Lender.
If a New Lender fails to indicate its status in accordance with this paragraph (ix), then such New Lender shall be treated for the purposes of this Agreement (including by each U.K. Credit Party) as if it is not a Qualifying Lender until such time as it notifies the Administrative Agent which category applies (and the Administrative Agent, upon receipt of such notification, shall inform the Borrower Representative on behalf of the U.K. Credit Parties).  For the avoidance of doubt, an Assignment Agreement shall not be invalidated by any failure of a Lender to comply with this paragraph (ix).
(x)    If a payment made to a Lender under any Loan Document would be subject to U.S. federal withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the IRC, as applicable), such Lender shall deliver to Borrowers and the Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by Borrowers or the Administrative Agent, such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the IRC) and such additional documentation reasonably requested by Borrowers or the Administrative Agent as may be necessary for Borrowers 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 

35

purposes of this clause (x), “FATCA” shall include any amendments made to FATCA after the date of this Agreement.
(xi)    The parties hereto agree, for U.S. federal income tax purposes, to treat this Agreement as resulting in a “material modification” of the Existing Credit Agreement within the meaning of Section 1.1471-2T(b)(2)(iv) of the U.S. Treasury regulations and, consequently, on and after the Restatement Effective Date, to treat this Agreement and the loans hereunder for purposes of FATCA as not “grandfathered obligations” within the meaning of Section 1.1471-2(b)(2)(i) of the U.S. Treasury regulations.
(b)    Tax indemnity.
(i)    The Credit Parties shall (within three Business Days of demand by the Administrative Agent) pay (or procure payment) to a Protected Party an amount equal to the loss, liability or cost which that Protected Party determines will be or has been (directly or indirectly) suffered for or on account of Tax by that Protected Party in respect of any Loan Document.
(ii)    Paragraph (b)(i) above shall not apply:
(A)    with respect to any Tax (i) assessed on a Lender (x) under the law of the jurisdiction in which that Lender is incorporated or, if different, the jurisdiction (or jurisdictions) in which that Lender is treated as resident for tax purposes or (y) under the law of the jurisdiction in which that Lender’s Lending Office is located in respect of amounts received or receivable in that jurisdiction and (ii) 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 Lender; and
(B)    to the extent a loss, liability or cost (i) is compensated for by an increased payment under Section 1.16(a) or (ii) would have been compensated for by an increased payment under Section 1.16(a) but was not so compensated solely because one of the exclusions in Section 1.16(a)(iv) applied.
(iii)    A Protected Party making, or intending to make, a claim under paragraph (i) above shall promptly notify the Administrative Agent of the event which will give, or has given, rise to the claim, following which the Administrative Agent shall notify the Borrower Representative.
(iv)    A Protected Party shall, on receiving a payment from a Credit Party under this Section 1.16(b), notify the Administrative Agent.
(c)    Tax Credit.  If a Credit Party makes a Tax Payment and the relevant Lender determines that:

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(i)    a Tax Credit is attributable either to an increased payment under Section 1.16(a) of which that Tax Payment forms part, or to that Tax Payment; and
(ii)    that Lender has obtained, utilized and retained that Tax Credit,
the Lender shall pay an amount to the applicable Credit Party which that Lender determines will leave it (after that payment) in the same after-Tax position as it would have been in had the Tax Payment not been required to be made by such Credit Party.  It is understood and agreed that, in the case of a US LLC Lender, references in this Section 1.16(c) to “Lender” include the related US Corporation.
(d)    Stamp Taxes.  The Credit Parties shall pay, and within three Business Days of demand, indemnify each Lender against any cost, loss, or liability that a Lender incurs in relation to all stamp, duty, registration and other similar Taxes payable in respect of the Loan Documents.
(e)    Value Added Tax.  
(i)    All amounts expressed in the Loan Documents to be payable by any Credit Party to a Lender or any Agent which (in whole or in part) constitute the consideration for a supply or supplies for VAT purposes shall be deemed to be exclusive of VAT.  If VAT is or becomes chargeable on any supply made by any Lender or any Agent to any Credit Party in connection with any Loan Document, such Credit Party shall pay to such Lender or Agent, as applicable, (in addition to and at the same time as paying the consideration for such supply) an amount equal to the amount of such VAT (and such Lender shall promptly provide an appropriate VAT invoice to the relevant Credit Party).
(ii)    Where any Loan Document requires any Credit Party to reimburse or indemnify a Lender or any Agent for any cost or expense, such Credit Party shall reimburse or indemnify (as the case may be) such Lender or such Agent, as applicable, for the full amount of such cost or expense, including such part thereof as represents VAT, except to the extent that such Lender or such Agent, as applicable, reasonably determines that it is entitled to credit or repayment in respect of such VAT from the relevant tax authority.
(iii)    Any reference in this Section 1.16(e) to any Credit Party shall, at any time when such Credit 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 representative member of such group at such time (the term “representative member” to have the same meaning as in the Value Added Tax Act 1994 of the United Kingdom).
(f)    Lender Assignments. If:
(i)    a Lender makes an assignment to an assignee of, or sells participations in, the Loan Documents or changes its Lending Office; and

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(ii)    as a result of circumstances existing at the date the assignment, participation or change occurs, a U.K. Credit Party would be obliged to make a payment to the new Lender or Lender acting through its new Lending Office under this Section 1.16,
then the new Lender or Lender acting through its new Lending Office is only entitled to receive payment under this Section 1.16 to the same extent as the existing Lender or Lender acting through its previous Lending Office would have been if the assignment, participation or change had not occurred.
		
	1.17
	Capital Adequacy; Increased Costs; Illegality.  

(a)    If any law, treaty, governmental (or quasi governmental) rule, regulation, guideline or order regarding capital adequacy, liquidity, reserve requirements or similar requirements or compliance by any Lender (including, as applicable, as L/C Issuer) with any request or directive regarding capital adequacy, liquidity, reserve requirements or similar requirements (whether or not having the force of law), in each case, adopted after the Restatement Effective Date, from any central bank or other Governmental Authority increases or would have the effect of increasing the amount of capital, reserves or other funds required to be maintained by such Lender and thereby reducing the rate of return on such Lender’s capital as a consequence of its obligations hereunder, then Borrowers shall from time to time upon demand by such Lender (with a copy of such demand to the Administrative Agent) pay to the Administrative Agent, for the account of such Lender, additional amounts sufficient to compensate such Lender for such reduction.  A certificate as to the amount of that reduction and showing the basis of the computation thereof submitted by such Lender to Borrower Representative and to the Administrative Agent shall be presumptive evidence of the matters set forth therein.
(b)    If, due to either (i) the introduction of or any change in any law or regulation (or any change in the interpretation thereof) or (ii) the compliance with any guideline or request from any central bank or other Governmental Authority (whether or not having the force of law), in each case adopted after the Restatement Effective Date, there shall be any increase in the cost to any Lender (including, as applicable, as L/C Issuer) or its Lending Office of agreeing to make or making, funding or maintaining any Loan or Letter of Credit, then Borrowers shall from time to time, upon demand by such Lender (with a copy of such demand to the Administrative Agent), pay to the Administrative Agent for the account of such Lender additional amounts sufficient to compensate such Lender for such increased cost.  A certificate as to the amount of such increased cost, submitted to Borrower Representative and to the Administrative Agent by such Lender, shall be presumptive evidence of the matters set forth therein.  Each Lender agrees that, as promptly as practicable after it becomes aware of any circumstances referred to above which would result in any such increased cost, the affected Lender shall, to the extent not inconsistent with such Lender’s internal policies of general application, use reasonable commercial efforts to minimize costs and expenses incurred by it and payable to it by Borrowers pursuant to this Section 1.17(b).  For the avoidance of doubt, Sections 1.17(a) and 1.17(b) shall not apply to Taxes which shall be exclusively governed by Section 1.16.

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(c)    (i)  Notwithstanding anything to the contrary contained herein, if the introduction of or any change in any law or regulation (or any change in the interpretation thereof) shall make it unlawful, or any central bank or other Governmental Authority shall assert that it is unlawful, for any Lender or its Lending Office to agree to make or to make or to continue to fund or maintain any LIBOR Loan (or a participation interest in any LIBOR Loan), then, unless that Lender is able to make or to continue to fund or to maintain such LIBOR Loan (or participation interest, as applicable) at another branch or office of that Lender without, in that Lender’s reasonable opinion, materially adversely affecting it, its Loans or its participation interests in Loans or the income obtained therefrom, on notice thereof and demand therefor by such Lender to Borrower Representative through the Administrative Agent, (x) the obligation of such Lender to agree to make or to make or to continue to fund or maintain LIBOR Loans (or participation interests in LIBOR Loans) shall terminate and (y) each Borrower shall forthwith prepay in full all outstanding LIBOR Loans owing by such Borrower to such Lender, together with interest accrued thereon, unless Borrower Representative on behalf of such Borrower, within five (5) Business Days after the delivery of such notice and demand, converts all LIBOR Loans into Index Rate Loans.
(i)    If the Administrative Agent shall have determined in good faith that for any reason adequate and reasonable means do not exist for ascertaining the Dollar LIBOR Rate, the Sterling LIBOR Rate, the Euro LIBOR Rate or the Hong Kong Dollars LIBOR Rate, as applicable, for any requested LIBOR Period with respect to a proposed LIBOR Loan or that the Dollar LIBOR Rate, the Sterling LIBOR Rate, the Euro LIBOR Rate or the Hong Kong Dollars LIBOR Rate, as applicable, applicable pursuant to Section 1.5(a) for any requested LIBOR Period with respect to a proposed LIBOR Loan does not adequately and fairly reflect the cost to the Lenders of funding such Loan, the Administrative Agent will forthwith give notice of such determination to Borrower Representative and each Lender.  Thereafter, the obligation of the Lenders to make or maintain LIBOR Loans hereunder shall be suspended until the Administrative Agent revokes such notice in writing.  Upon receipt of such notice, Borrower Representative may revoke any Notice of Revolving Credit Advance, Swing Line Request, Letter of Credit Request or Notice of Conversion/Continuation then submitted by it.  If Borrower Representative does not revoke such notice, Lenders shall make, convert or continue the Loans, as proposed by Borrower Representative, in the amount specified in the applicable notice submitted by Borrower Representative, but such Loans shall be made, converted or continued as Index Rate Loans.
(d)    Within thirty (30) days after receipt by Borrower Representative of written notice and demand from any Lender (an “Affected Lender”) for payment of additional amounts or increased costs as provided in Sections 1.16(a), 1.17(a) or 1.17(b), Borrower Representative  may, at its option, notify the Administrative Agent and such Affected Lender of its intention to replace the Affected Lender.  Borrower Representative may obtain, at Borrowers’ expense, a replacement Lender (“Replacement Lender”) for the Affected Lender, so long as (i) no Default or Event of Default has occurred and is continuing, and (ii) the Administrative Agent has consented to such replacement (such consent not to be unreasonably withheld or delayed if such Replacement Lender constitutes a Qualified Assignee).  If Borrowers obtain a Replacement Lender within ninety (90) days following notice of their intention to do so, the Affected Lender 

39

must sell and assign its outstanding Loans, Letter of Credit Obligations and Commitments to such Replacement Lender for an amount equal to the outstanding principal balance of all Loans held by the Affected Lender and all accrued interest and Fees with respect thereto through the date of such sale and such assignment shall not require the payment of an assignment fee to the Administrative Agent; provided, that Borrowers shall have reimbursed such Affected Lender for the additional amounts or increased costs that it is entitled to receive under this Agreement through the date of such sale and assignment.  Notwithstanding the foregoing, Borrowers shall not have the right to obtain a Replacement Lender if the Affected Lender rescinds its demand for increased costs or additional amounts within fifteen (15) days following its receipt of Borrowers’ notice of intention to replace such Affected Lender.  Furthermore, if Borrowers give a notice of intention to replace and do not so replace such Affected Lender within ninety (90) days thereafter, Borrowers’ rights under this Section 1.17(d) shall terminate with respect to such Affected Lender and Borrowers shall promptly pay all increased costs or additional amounts demanded by such Affected Lender pursuant to Sections 1.16(a), 1.17(a) and 1.17(b).  Notwithstanding the foregoing, with respect to a Lender that is a Non-Funding Lender or an Impacted Lender, the Administrative Agent may, but shall not be obligated to, obtain a Replacement Lender and execute an Assignment Agreement on behalf of such Non-Funding Lender or Impacted Lender at any time with three (3) Business Days’ prior notice to such Lender (unless notice is not practicable under the circumstances) and cause such Lender’s Loans, participations and Commitments to be sold and assigned, in whole or in part, at par.
(e)    Notwithstanding anything herein to the contrary, (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (ii) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States of America or foreign regulatory authorities, in each case in respect of this clause (ii), pursuant to Basel III, shall, in each case, be deemed to be a change in regulation regarding capital adequacy or liquidity under Section 1.17(a) and/or a change in law under Section 1.17(b), as applicable, regardless of the date enacted, adopted or issued.
		
	1.18
	Credit Support.

All Loans to each Domestic Borrower and all of the other Obligations of each Domestic Borrower arising under this Agreement and the other Loan Documents shall constitute one general obligation of the Domestic Borrowers secured, until the Termination Date, by all of the Collateral covered under the Domestic Collateral Documents.  All Loans to each Foreign Borrower and all of the other Obligations of each Foreign Borrower arising under this Agreement and the other Loan Documents shall constitute one general obligation of both the Domestic Borrowers and the Foreign Borrowers secured, until the Foreign Obligations Termination Date, by all of the Collateral covered under the Collateral Documents.
		
	1.19
	Conversion to Dollars and Foreign Currency.

(a)    Except as expressly set forth herein, all valuations or computations of monetary amounts set forth in this Agreement shall include the Dollar Equivalent of Sterling, 

40

Euro, Hong Kong Dollars or any other applicable currency.  All currency conversions to be made under this Agreement shall be made in accordance with the following procedure:
(ii)    Conversions to Dollars shall occur in accordance with prevailing exchange rates, as determined by the Administrative Agent, in its reasonable discretion, on the applicable date.
(iii)    Conversions to any Foreign Currency shall occur in accordance with prevailing exchange rates, as determined by the Administrative Agent in its reasonable discretion, on the applicable date.
(iv)    The Dollar Equivalent of each of the Revolving Credit Advances, Swing Line Advances and Letter of Credit Obligations denominated in currencies other than Dollars shall be re-calculated on (a) so long as the Maximum Borrowing Availability equals or exceeds $5,000,000, the first Business Day of each month and (b) otherwise, the first Business Day of each week.
(b)    All valuations or computations of monetary amounts set forth in any Borrowing Base Certificate,  any Art Loan Receivables Report or any other report, certificate, Financial Statement or other document delivered by any Credit Party to the Administrative Agent hereunder shall be made in accordance with GAAP and the ordinary business practices of the Credit Parties as of the Restatement Effective Date; provided, that any such report or document shall set forth the conversion factors used with respect to any foreign currencies.
		
	1.20
	Judgment Currency; Contractual Currency.

(a)    If, for the purpose of obtaining or enforcing judgment against any Credit Party in any court in any jurisdiction, it becomes necessary to convert into any other currency (such other currency being hereinafter in this Section 1.20 referred to as the “Judgment Currency”) an amount due under any Loan Document in any currency (the “Obligation Currency”) other than the Judgment Currency, the conversion shall be made at the rate of exchange prevailing on the Business Day immediately preceding (i) the date of actual payment of the amount due, in the case of any proceeding in the courts of any jurisdiction that will give effect to such conversion being made on such date, or (ii) the date on which the judgment is given, in the case of any proceeding in the courts of any other jurisdiction (the applicable date as of which such conversion is made pursuant to this Section 1.20 being hereinafter referred to as the “Judgment Conversion Date”). 
(b)    If, in the case of any proceeding in the court of any jurisdiction referred to in Section 1.20(a), there is a change in the rate of exchange prevailing between the Judgment Conversion Date and the date of actual receipt for value of the amount due, the applicable Credit Party shall pay such additional amount (if any, but in any event not a lesser amount) as may be necessary to ensure that the amount actually received in the Judgment Currency, when converted at the rate of exchange prevailing on the date of payment, will produce the amount of the Obligation Currency which could have been purchased with the amount of the Judgment Currency stipulated in the judgment or judicial order at the rate of exchange prevailing on the 

41

Judgment Conversion Date.  Any amount due from a Credit Party under this Section 1.20(b) shall be due as a separate debt and shall not be affected by judgment being obtained for any other amounts due under or in respect of any of the Loan Documents. 
(c)    The term “rate of exchange” in this Section 1.20 means the rate of exchange at which the Administrative Agent would, on the relevant date at or about noon (New York City time), be able to sell the Obligation Currency against the Judgment Currency to prime banks.
(d)    Any amount received or recovered by any Agent in respect of any sum expressed to be due to them (whether for itself or on behalf of any other person) from any Credit Party under this Agreement or under any of the other Loan Documents in a currency other than the currency (the “contractual currency”) in which such sum is so expressed to be due (whether as a result of, or from the enforcement of, any judgment or order of a court or tribunal of any jurisdiction, the winding-up of a Borrower or otherwise) shall only constitute a discharge of such Borrower to the extent of the amount of the contractual currency that such Agent is able, in accordance with its usual practice, to purchase with the amount of the currency so received or recovered on the date of receipt or recovery (or, if later, the first date on which such purchase is practicable).  If the amount of the contractual currency so purchased is less than the amount of the contractual currency so expressed to be due, such Borrower shall indemnify such Agent against any loss sustained by it as a result, including the cost of making any such purchase other than losses resulting from the gross negligence or willful misconduct of the Person seeking such indemnification.
		
	1.21
	Currency of Account. 

Dollars are the currency of account and payment for each and every sum at any time due from the Borrowers hereunder; provided, that: 
(i)    unless expressly provided elsewhere in this Agreement, each repayment of a Revolving Credit Advance or a part thereof advanced in any Foreign Currency shall be made in such Foreign Currency; 
(ii)    each payment of interest in respect of principal, or any other sum, denominated in any Foreign Currency shall be made in such Foreign Currency; 
(iii)    each payment in respect of costs and expenses incurred in any Foreign Currency shall be made in such Foreign Currency; and 
(iv)    any other amount expressed to be payable in any Foreign Currency shall be paid in such Foreign Currency.
2.    CONDITIONS PRECEDENT
		
	2.1
	Conditions to Effectiveness of Agreement and the Initial Loans.

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The amendment and restatement of the Existing Credit Agreement contemplated hereby shall not be effective and no Lender shall be obligated to make any Loan or incur any Letter of Credit Obligations on the Restatement Effective Date, or to take, fulfill, or perform any other action hereunder, until the following conditions have been satisfied or provided for in a manner reasonably satisfactory to the Administrative Agent, or waived in writing by the Administrative Agent: 
(a)    Credit Agreement; Loan Documents.  Each Loan Document delivered on the date hereof or counterparts thereof shall have been duly executed and delivered by Borrowers, each other Credit Party, each Agent and Lenders party thereto; and the Administrative Agent shall have received such documents, instruments, agreements and legal opinions as the Administrative Agent shall reasonably request in connection with the transactions contemplated by this Agreement and the other Loan Documents, including all those listed in the Closing Checklist attached hereto as Annex D, each in form and substance reasonably satisfactory to the Administrative Agent.
(b)    Approvals.  The Administrative Agent shall have received (i) satisfactory evidence that the Sotheby Entities have obtained all required consents and approvals of all Persons including all requisite Governmental Authorities, to the execution, delivery and performance of this Agreement and the other Loan Documents and the consummation of the Related Transactions or (ii) an officer’s certificate in form and substance reasonably satisfactory to the Administrative Agent affirming that no such consents or approvals are required (other than those that have been obtained).
(c)    Opening Availability.  After giving effect to the consummation of the Related Transactions, any initial Revolving Credit Advances made to Borrowers and the incurrence of any initial Letter of Credit Obligations on the Restatement Effective Date, Borrowers shall have Aggregate Borrowing Availability of at least $150,000,000 as of the Restatement Effective Date.
(d)    Payment of Fees.  Borrowers shall have paid the Fees required to be paid on the Restatement Effective Date (including, without limitation, those specified in Section 1.10) and shall have reimbursed the Agents for all fees, costs and expenses of closing presented as of the Restatement Effective Date.
(e)    Auction Revolving Credit Agreement.  The Administrative Agent shall have received evidence satisfactory to it that the conditions precedent to the effectiveness of the amendment and restatement contemplated by the Auction Revolving Credit Agreement and the making of the initial loans and the issuance of any initial letters of credit under the Auction Revolving Credit Agreement (other than the satisfaction of the conditions precedent for the making of the initial Loans and the issuance of any initial Letters of Credit under this Agreement) have been satisfied (or waived in accordance with the terms thereof);
(f)    Other Indebtedness.  All Obligations and all Liens granted under the Loan Documents shall constitute permitted indebtedness and permitted Liens, as applicable, under the Senior Note Indenture.

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(g)    No Material Adverse Change.  Since December 31, 2013, no event shall have occurred that results in or causes, or could reasonably be expected to result in or cause, a Material Adverse Effect.
		
	2.2
	Further Conditions to Each Loan.

Except as otherwise expressly provided herein, no Lender shall be obligated to fund any Advance, convert or continue any portion of the outstanding Revolving Loan as a LIBOR Loan or incur any Letter of Credit Obligation, if, as of the date thereof:
(h)    any representation or warranty by any Credit Party contained herein or in any other Loan Document is untrue or incorrect in any material respect (or, in the case of any representation or warranty already qualified by materiality, in any respect) as of such date (or in the case of a representation or warranty that is expressly made as of an earlier date, is untrue or incorrect as of such earlier date), except for changes therein expressly permitted or expressly contemplated by this Agreement, and the Majority in Interest of the  Dollar Tranche Lenders (in the case of the funding of any  Dollar Tranche Advance, conversion or continuation of any portion of the  Dollar Tranche Revolving Loan, or the incurrence of any  Dollar Tranche Letter of Credit Obligation) or Majority in Interest of the  Multicurrency Tranche Lenders (in the case of the funding of any  Multicurrency Tranche Advance, conversion or continuation of any portion of the  Multicurrency Tranche Revolving Loan, or the incurrence of any  Multicurrency Tranche Letter of Credit Obligation) have determined not to make such Advance, convert or continue any portion of the outstanding Revolving Loan as LIBOR Loan or incur such Letter of Credit Obligation as a result of the fact that such warranty or representation is untrue or incorrect in any material respect (or, in the case of any representation or warranty already qualified by materiality, in any respect);  
(i)    any Default or Event of Default has occurred and is continuing or would result after giving effect to any Advance, the incurrence of any Letter of Credit Obligation, or the conversion or continuation of any portion of the outstanding Revolving Loan into, or as, a LIBOR Loan, and the Majority in Interest of the  Dollar Tranche Lenders (in the case of the funding of any  Dollar Tranche Advance, conversion or continuation of any portion of the  Dollar Tranche Revolving Loan, or the incurrence of any  Dollar Tranche Letter of Credit Obligation) or  Multicurrency Tranche Lenders (in the case of the funding of any  Multicurrency Tranche Advance, conversion or continuation of any portion of the  Multicurrency Tranche Revolving Loan, or the incurrence of any  Multicurrency Tranche Letter of Credit Obligation) shall have determined not to make any Advance, convert or continue any portion of the outstanding Revolving Loan as a LIBOR Loan or incur any Letter of Credit Obligation as a result of that Default or Event of Default;
(j)    after giving effect to any Advance (or the incurrence of any Letter of Credit Obligations), (i) the outstanding principal amount of the aggregate Dollar Tranche Revolving Loan would exceed the Maximum Dollar Tranche Amount less the then outstanding principal amount of the Dollar Tranche Swing Line Loan, (ii) the Dollar Equivalent of the outstanding principal amount of the aggregate Multicurrency Tranche Revolving Loan would exceed the Maximum Multicurrency Tranche Amount less the then outstanding principal amount 

44

of the Multicurrency Tranche Swing Line Loan, (iii) the Dollar Equivalent of the aggregate outstanding principal balance of Revolving Credit Advances and Swing Line Advances made to Domestic Borrowers and the Dollar Equivalent of the Letter of Credit Obligations incurred for the benefit of the Domestic Borrowers would, in the aggregate, exceed the Domestic Borrowing Base, (iv) the outstanding amount of the Dollar Tranche Letter of Credit Obligations would exceed the Dollar Tranche L/C Sublimit or the Dollar Equivalent of the outstanding amount of the Multicurrency Tranche Letter of Credit Obligations would exceed the Multicurrency Tranche L/C Sublimit, (v) the aggregate outstanding principal amount of the Dollar Tranche Swing Line Loan would exceed Dollar Tranche Swing Line Availability, (vi) the Dollar Equivalent of the aggregate outstanding principal amount of the Multicurrency Tranche Swing Line Loan would exceed Multicurrency Tranche Swing Line Availability, (vii) the Dollar Equivalent of the aggregate outstanding principal balance of Revolving Credit Advances made to Foreign Borrowers and the Dollar Equivalent of the outstanding amount of the Letter of Credit Obligations incurred for the benefit of the Foreign Borrowers would, in the aggregate, exceed the Foreign Borrowing Base or (viii) the sum of (A) the Dollar Equivalent of the aggregate outstanding principal balance of Revolving Credit Advances made to Foreign Borrowers and the Dollar Equivalent of the outstanding amount of the Letter of Credit Obligations incurred for the benefit of the Foreign Borrowers plus (B) the Dollar Equivalent of the aggregate outstanding principal balance of “Auction Revolving Credit Advances” made to “Foreign Borrowers” and the Dollar Equivalent of the outstanding amount of the “Letter of Credit Obligations” incurred for the benefit of the “Foreign Borrowers” (as each such term in this clause (B) is defined in the Auction Revolving Credit Agreement) would, in the aggregate, exceed the Foreign Borrower Subfacility Limit; or
(k)    notwithstanding the provisions of Annex F, the Borrowers shall not have delivered to the Administrative Agent a Borrowing Base Certificate and Art Loan Receivables Report (accompanied in each case by such supporting detail and documentation as shall be requested by the Administrative Agent in its reasonable discretion), in each case prepared as of (i) with respect to any Advance to be made or Letter of Credit Obligation to be incurred during the first thirteen days of any Fiscal Month, the last of day of the second preceding Fiscal Month or (ii) with respect to any Advance to be made or Letter of Credit Obligation to be incurred during the remainder of any Fiscal Month, the last day of the preceding Fiscal Month.
The request and acceptance by any Borrower of the proceeds of any Advance, the incurrence of any Letter of Credit Obligations or the conversion or continuation of any portion of the outstanding Revolving Loan into, or as, a LIBOR Loan shall be deemed to constitute, as of the date thereof, (i) a representation and warranty by Borrowers that the conditions in this Section 2.2 have been satisfied and (ii) a reaffirmation by Borrowers of the cross-guaranty provisions set forth in Section 12 and of the granting and continuance of the Collateral Agent’s Liens, on behalf of itself and the other Secured Parties, pursuant to the Collateral Documents.
3.    REPRESENTATIONS AND WARRANTIES
To induce Lenders to make the Loans and to incur Letter of Credit Obligations (and to purchase participation interests in the Loans and Letter of Credit Obligations hereunder), 

45

the Credit Parties, jointly and severally, make the following representations and warranties to each Agent and each Lender with respect to all Sotheby Entities, each and all of which shall survive the execution and delivery of this Agreement.
		
	3.1
	Corporate Existence; Compliance with Law.  

(l)    Each Credit Party (i) is a corporation, limited liability company or limited partnership (or, in the case of Sotheby’s U.K., an unlimited liability company) duly organized, validly existing and in good standing under the laws of its respective jurisdiction of incorporation or organization set forth in Disclosure Schedule (3.1); (ii) is duly qualified to conduct business and is in good standing in each other jurisdiction where its ownership or lease of property or the conduct of its business requires such qualification, except where the failure to be so qualified would not result in exposure to losses or liabilities which could reasonably be expected to have a Material Adverse Effect; (iii) has the requisite power and authority and the legal right to own, pledge, mortgage or otherwise encumber and operate its properties, to lease the property it operates under lease and to conduct its business as now conducted or proposed to be conducted; and (iv) is in compliance with its charter and bylaws or partnership or operating agreement, as applicable.
(m)    Each Sotheby Entity (i) subject to specific representations regarding Environmental Laws, has and will maintain in full force and effect all material licenses (including, for the avoidance of doubt, a license under the Consumer Credit Act 1974 of the United Kingdom and the Consumer Credit Act 2006 of the United Kingdom (collectively, as each may be amended, extended or re-enacted from time to time, the “CCA”)), permits, consents, permissions, registrations, or approvals from or by, and has made all material filings with, and has given all notices to, all Governmental Authorities having jurisdiction, to the extent required, to enable such Sotheby Entity to carry on its business as currently conducted by it, to own its property and other assets, to extend Art Loans and to take security therefor; and (ii) subject to specific representations set forth herein regarding ERISA, Environmental Laws, tax and other laws, is in compliance with all applicable provisions of law, rule, regulation or guidance, except where the failure to comply, individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect.
		
	3.2
	Executive Offices, Collateral Locations, FEIN.

As of the Restatement Effective Date, each Domestic Credit Party’s name as it appears in official filings in its jurisdiction of incorporation or organization, jurisdiction of incorporation or organization, organization type, organization number, if any, issued by its jurisdiction incorporation or organization, and the current location of each Domestic Credit Party’s chief executive office and the warehouses and premises at which any Collateral is located are set forth in Disclosure Schedule (3.2), none of such locations has changed within the four (4) months preceding the Restatement Effective Date and each Domestic Credit Party has only one jurisdiction of incorporation or organization.  In addition, Disclosure Schedule (3.2) lists the federal employer identification number of each Domestic Credit Party.
		
	3.3
	Corporate Power, Authorization, Enforceable Obligations.

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The execution, delivery and performance by each Credit Party of the Loan Documents to which it is a party and the creation of all Liens provided for therein: (a) are within such Person’s power; (b) have been duly authorized by all necessary corporate, limited liability company, limited partnership or unlimited liability company action; (c) do not contravene any provision of any Sotheby Entity’s charter, bylaws or partnership or operating agreement as applicable; (d) do not violate any law or regulation, or any order or decree of any court or Governmental Authority; (e) do not conflict with or result in the breach or termination of, constitute a default under or accelerate or permit the acceleration of any performance required by, any indenture, mortgage, deed of trust, lease, agreement or other instrument to which any Sotheby Entity is a party or by which any Sotheby Entity or any of its property is bound, including, without limitation, the Senior Note Indenture, the Specified Debt Facility Documents or the York Avenue Lease Documents; (f) do not result in the creation or imposition of any Lien upon any of the property of any Sotheby Entity other than those in favor of the Collateral Agent, on behalf of itself and the other Secured Parties, pursuant to the Loan Documents; and (g) do not require the consent or approval of any Governmental Authority or any other Person.  Each of the Loan Documents shall be duly executed and delivered by each Credit Party and each such Loan Document shall constitute a legal, valid and binding obligation of such Credit Party enforceable against it in accordance with its terms.
		
	3.4
	Financial Disclosures.

Except for the Projections, all Financial Statements concerning the Borrowers and their Subsidiaries that are referred to below (i) in the case of all Financial Statements concerning Parent and its Subsidiaries on a consolidated basis, have been prepared in accordance with GAAP consistently applied throughout the periods covered (except as disclosed therein and except, with respect to unaudited Financial Statements, for the absence of footnotes and normal year-end audit adjustments) and (ii) present fairly in all material respects the financial position of the Persons covered thereby as at the dates thereof and the results of their operations and cash flows for the periods then ended.
(t)    Financial Statements.  The following Financial Statements have been delivered on or prior to the date hereof:
(i)    The audited consolidated (with respect to Parent and its Subsidiaries) balance sheets at December 31, 2012 and 2013 and the related consolidated statements of income and cash flows for the Fiscal Years then ended, which consolidated Financial Statements shall have been certified by Deloitte & Touche LLP, and the unaudited consolidating balance sheets and related consolidating statements of income of Parent and the Borrowers for such Fiscal Years.
(ii)    The unaudited consolidated balance sheet at June 30, 2014, and the related statement(s) of income and cash flows of Parent and its Subsidiaries for the Fiscal  
Quarter then ended, and the unaudited consolidating balance sheets and related consolidating statement of income of Parent and the Borrowers for such Fiscal Quarter.

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(u)    Projections.  The Projections delivered on or prior to the date hereof have been prepared by the Borrowers in light of the past operations of their businesses and reflect projections for the 2014 Fiscal Year.  The Projections are based upon the same accounting principles as those used in the preparation of the financial statements described above and the estimates and assumptions stated therein, all of which the Borrowers believe to be reasonable and fair in light of current conditions and current facts known to the Borrowers and, as of the Restatement Effective Date, reflect the Borrowers’ good faith and reasonable estimates of the future financial performance of Parent and its Subsidiaries for the period set forth therein.  The Projections are not a guaranty of future performance, and actual results may differ from the Projections.
(v)    Debt Disclosure.  As of the Restatement Effective Date, no Sotheby Entity is liable on any “Credit Facilities” (as defined in the  Senior Note Indenture) other than pursuant to this Agreement and the Auction Revolving Credit Agreement.
		
	3.5
	Material Adverse Effect.

Since December 31, 2013, no event has occurred, that alone or together with other events, could reasonably be expected to have a Material Adverse Effect.
		
	3.6
	Ownership of Property; Liens.

As of the Restatement Effective Date, Disclosure Schedule (3.6) lists all of the real property owned, leased, subleased, occupied, or used by any Credit Party (the “Real Estate”) and discloses which Credit Party is the owner, lessee, licensee or occupier of such Real Estate.  Except as a result of Permitted Encumbrances or Liens expressly permitted under Section 6.7(i), each Credit Party owns good and marketable freehold or fee simple title to all of its owned Real Estate, and valid and marketable leasehold interests in all of its leased Real Estate.   Disclosure Schedule (3.6) further describes any Real Estate with respect to which any Credit Party is a lessor, sublessor or assignor as of the Restatement Effective Date.  Except as a result of Permitted Encumbrances, each Credit Party also has title to, or valid leasehold interests in, all of its personal property and assets.  As of the Restatement Effective Date, none of the properties and assets of any Sotheby Entity are subject to any Liens other than Permitted Encumbrances, and there are no facts, circumstances or conditions known to any Sotheby Entity that may result in any Liens (including Liens arising under Environmental Laws) other than Liens expressly permitted pursuant to Section 6.7.  Disclosure Schedule (3.6) also describes any purchase options, rights of first refusal or other similar contractual rights pertaining to any Real Estate.
		
	3.7
	Labor Matters.

Except as set forth on Disclosure Schedule 3.7, as of the Restatement Effective Date (a) there are no strikes, lockouts or slowdowns against any Credit Party pending or, to the knowledge of any Credit Party, threatened; (b) the hours worked by and payments made to employees of each Credit Party have not been in violation of the Fair Labor Standards Act or any other applicable Federal, state, local or foreign law dealing with such matters except where such violation could not, individually or in the aggregate, reasonably be expected to result in a 

48

Material Adverse Effect; (c) all material payments due from any Credit Party, or for which any claim may be made against any Credit Party, on account of wages and employee health and welfare insurance and other benefits, have been paid or accrued as a liability on the books of such Credit Party; and (d) there are no complaints, charges, claims or other causes of action against any Credit Party pending or, to the knowledge of any Credit Party, threatened to be filed with any Governmental Authority or arbitrator based on, arising out of, in connection with, or otherwise relating to the employment or termination of employment by any Credit Party of any individual, which if adversely determined could reasonably be expected to have a Material Adverse Effect.
		
	3.8
	Ventures, Subsidiaries and Affiliates; Outstanding Stock and Indebtedness.

Except as set forth in Disclosure Schedule (3.8), as of the Restatement Effective Date, no Sotheby Entity has any Subsidiaries, is engaged in any joint venture or partnership with any other Person (other than Art Loan/Inventory  Joint Ventures), or is an Affiliate of any other Person.  All of the issued and outstanding Stock of each Sotheby Entity is owned by each of the Stockholders and in the amounts set forth in Disclosure Schedule (3.8).  Except as set forth in Disclosure Schedule (3.8), there are no outstanding rights to purchase, options, warrants or similar rights or agreements pursuant to which any Sotheby Entity may be required to issue, sell, repurchase or redeem any of its Stock or other equity securities or any Stock or other equity securities of its Subsidiaries.  All outstanding Indebtedness and Guaranteed Indebtedness of each Credit Party as of the Restatement Effective Date (except for the Obligations) is described in Section 6.3 (including Disclosure Schedule (6.3)). 
		
	3.9
	Government Regulation.

No Sotheby Entity is an “investment company” or an “affiliated person” of, or “promoter” or “principal underwriter” for, an “investment company,” as such terms are defined in the Investment Company Act of 1940.  The making of the Loans by Lenders to Borrowers, the incurrence of the Letter of Credit Obligations on behalf of Borrowers and the application of the proceeds thereof and repayment thereof will not violate any provision of any such statute or any rule, regulation or order issued by the Securities and Exchange Commission.
		
	3.10
	Margin Regulations.

No Sotheby Entity is engaged, principally or as one of its important activities,  in the business of purchasing or selling Margin Stock or extending credit for the purpose of purchasing or carrying Margin Stock.  No Sotheby Entity owns any Margin Stock (other than Stock of Parent, to the extent it constitutes Margin Stock,  in an amount that does not exceed 25% of the assets of the Credit Parties). 
		
	3.11
	Taxes.

All Federal and other material tax returns, reports and statements, including information returns, required by any Governmental Authority to be filed by any Sotheby Entity have been filed, or will be timely filed, with the appropriate Governmental Authority, and all 

49

Charges have been paid excluding Charges or other amounts being contested in accordance with Section 5.2(b) and unless the failure to so file or pay could not reasonably be expected to result in a Material Adverse Effect.  Disclosure Schedule (3.11) sets forth as of the Restatement Effective Date those taxable years for which any Sotheby Entity’s tax returns are currently being audited by the IRS or any other applicable Governmental Authority, and any assessments or threatened assessments in connection with such audit, or otherwise currently outstanding where the amount of such assessments, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect.  Except as described in Disclosure Schedule (3.11), as of the Restatement Effective Date, no Sotheby Entity has executed or filed with the IRS or any other Governmental Authority any agreement or other document extending, or having the effect of extending, the period for assessment or collection of any material Charges.  None of the Sotheby Entities and their respective predecessors are liable for any Charges: (a) under any agreement (including any tax sharing agreements) or (b) to each Sotheby Entity’s knowledge, as a transferee.  As of the Restatement Effective Date, no Sotheby Entity has agreed or been requested to make any adjustment under IRC Section 481(a), by reason of a change in accounting method or otherwise, which would reasonably be expected to have a Material Adverse Effect.
		
	3.12
	ERISA/U.K. Pension Plans.

(c)    Disclosure Schedule (3.12(a)) lists, as of the Restatement Effective Date, all Plans subject to Section 412 of the IRC or Section 302 of ERISA, including all Title IV Plans, all Multiemployer Plans, and all Retiree Welfare Plans.  Copies of all such listed Plans, together with a copy of the latest form IRS/DOL 5500-series and related actuarial reports, as applicable, for each such Plan, have been made available to the Administrative Agent.  Except with respect to Multiemployer Plans, each Qualified Plan has been determined by the IRS to qualify under Section 401(a) of the IRC, the trusts created thereunder have been determined to be exempt from tax under the provisions of Section 501(a) of the IRC, and nothing has occurred that would cause the loss of such qualification or tax exempt status.  Each Plan is in compliance in all material respects with the applicable provisions of ERISA, the IRC and its terms, including the timely filing of all reports required under the IRC or ERISA.  Neither any Sotheby Entity nor ERISA Affiliate has failed to make any material contribution or pay any material amount due as required by either Section 412 of the IRC or Section 302 of ERISA or the terms of any such Plan.  Neither any Sotheby Entity nor ERISA Affiliate has failed to make a contribution payment on or before the applicable due date which could result in the imposition of a lien under Section 430(k) of the IRC or Section 303(k) of ERISA.  No “prohibited transaction,” as defined in Section 406 of ERISA and Section 4975 of the IRC, has occurred with respect to any Plan, that would subject any Sotheby Entity to a material tax on prohibited transactions imposed by Section 502(i) of ERISA or Section 4975 of the IRC. 
(d)    Except as set forth in Disclosure Schedule (3.12(a)): (i) no Title IV Plan has any material Unfunded Pension Liability; (ii) no ERISA Event has occurred or is reasonably expected to occur; (iii) there are no pending, or to the knowledge of any Sotheby Entity, threatened material claims (other than claims for benefits in the normal course), sanctions, actions or lawsuits, asserted or instituted against any Plan or any Person as fiduciary or sponsor 

50

of any Plan; (iv) no Sotheby Entity or ERISA Affiliate has incurred or reasonably expects to incur any material liability as a result of a complete or partial withdrawal from a Multiemployer Plan; (v) within the last five years no Title IV Plan of any Sotheby Entity or ERISA Affiliate has been terminated, whether or not in a “standard termination” as that term is used in Section 4041 of ERISA, nor has any Title IV Plan of any Sotheby Entity or any ERISA Affiliate (determined at any time within the last five years) with material Unfunded Pension Liabilities been transferred outside of the “controlled group” (within the meaning of Section 4001(a)(14) of ERISA) of any Sotheby Entity or ERISA Affiliate (determined at such time), (vi) except in the case of any ESOP, Stock of all Credit Parties and their ERISA Affiliates makes up, in the aggregate, no more than 10% of fair market value of the assets of any Plan measured on the basis of fair market value as of the latest valuation date of any Plan; and (vii) no liability under any Title IV Plan has been satisfied with the purchase of a contract from an insurance company that is not rated AAA by Standard & Poor’s Ratings Group or an equivalent rating by another nationally recognized rating agency.
(e)    Disclosure Schedule (3.12(c)) lists, as of the Restatement Effective Date, all pension plans or arrangements operating in the United Kingdom through which any Sotheby Entity currently contributes or could be required to contribute (the “U.K. Pension Plans”).  There are no amounts which are treated under Section 75 of the Pensions Act 1995 of the United Kingdom as due to any other pension scheme operated in the United Kingdom in which any Sotheby Entity has been a participating employer.  Disclosure Schedule (3.12(c)) separately identifies which of the U.K. Pension Plans is a defined benefit plan and which is a defined contribution plan.  All of the U.K. Pension Plans are registered pension schemes as defined in chapter 2 of part 4 of the Finance Act 2004 of the United Kingdom.  There is no plan of any U.K. Credit Party (or, to the knowledge of the U.K. Credit Parties, of any other Person having the power to amend or terminate any U.K. Pension Plan) to amend or terminate any U.K. Pension Plan or otherwise do any act or omission so as to give rise to any claim by the trustees of that plan whether under the related trust deed or rules of that plan or under Section 75 of the Pensions Act 1995 of the United Kingdom.  Contributions have been made to the U.K. Pension Plans as required under their relevant schedule of contributions and recovery plan (if any) in force from time to time as those terms are defined in Part 3 of the Pensions Act 2004 of the United Kingdom in all material respects.  There are no facts or circumstances which may give rise to the Pensions Regulator issuing, or to the knowledge of any Sotheby Entity threatening to issue, a Financial Support Directive or a Contribution Notice with respect to any U.K. Pension Plans.
		
	3.13
	Litigation.

No action, claim, lawsuit, demand, investigation or proceeding is now pending or, to the knowledge of any Sotheby Entity, threatened against any Sotheby Entity, before any Governmental Authority or before any court or any arbitrator or panel of arbitrators (collectively, “Litigation”), (a) that challenges any Credit Party’s right or power to enter into or perform any of its obligations under the Loan Documents to which it is a party, or the validity or enforceability of any Loan Document or any action taken thereunder, or (b) that has a reasonable risk of being determined adversely to any Sotheby Entity and that, if so determined, could reasonably be expected to have a Material Adverse Effect.  Except as set forth on Disclosure Schedule (3.13

51

(a)), as of the Restatement Effective Date there is no Litigation pending or, to any Sotheby Entity’s knowledge, threatened, that seeks damages in excess of $10,000,000 or injunctive relief against, or alleges criminal misconduct of, any Sotheby Entity.
		
	3.14
	Brokers.

Except as set forth on Disclosure Schedule 3.14, no broker or finder brought about the obtaining, making or closing of the Loans, and no Sotheby Entity or Affiliate thereof has any obligation to any Person in respect of any finder’s or brokerage fees in connection therewith.
		
	3.15
	Intellectual Property.

As of the Restatement Effective Date, each Sotheby Entity owns or has rights to use all Intellectual Property necessary to continue to conduct its business as now conducted by it or presently proposed to be conducted by it, and each material License and each registration pending or registered Patent, Trademark and Copyright owned by the Credit Parties is listed, together with the related application or registration number, as applicable, and the owner thereof, in Disclosure Schedule (3.15).  Each Sotheby Entity conducts its business and affairs without infringement of or interference with any Intellectual Property of any other Person in any material respect.  As of the Restatement Effective Date, except as set forth in Disclosure Schedule (3.15), no Credit Party is aware of any material infringement claim by any other Person with respect to any Intellectual Property owned by the Credit Parties.
		
	3.16
	Full Disclosure.

No information contained in this Agreement, any of the other Loan Documents, Financial Statements or Collateral Reports or other written reports from time to time prepared by any Sotheby Entity and delivered hereunder or any written statement prepared by any Sotheby Entity and furnished by or on behalf of any Sotheby Entity to any Agent or any Lender pursuant to the terms of this Agreement (other than Projections, other forward-looking information and information of a general economic or industry-specific nature) contains or will, at the time of delivery thereof, contain any untrue statement of a material fact or omits or will omit to state a material fact necessary to make the statements contained herein or therein not misleading in light of the circumstances under which they were made.  The Projections delivered hereunder are based upon the estimates and assumptions stated therein, all of which Borrowers believed at the time of delivery to be reasonable and fair in light of current conditions and current facts known to Borrowers as of such delivery date, and reflect Borrowers’ good faith and reasonable estimates of the future financial performance of Borrowers and of the other information projected therein for the period set forth therein.  The Projections are not a guaranty of future performance and actual results may differ from those set forth in the Projections.  The Liens granted to the Collateral Agent, on behalf of itself and the other Secured Parties, pursuant to the Collateral Documents will at all times be valid, fully perfected first priority security interests in the Collateral described therein (except as otherwise set forth in the Collateral Documents), subject, as to priority, only to Permitted Encumbrances that would be prior to Liens in favor of the 

52

Collateral Agent as a matter of law and as otherwise set forth in the Specified Debt Facility Intercreditor Agreement.
		
	3.17
	Environmental Matters.

(a) Except as set forth in Disclosure Schedule (3.17), as of the Restatement Effective Date: (i) the owned Real Estate is, and, to the knowledge of the Credit Parties, the leased Real Estate is, in each case, free of contamination from any Hazardous Material except for such contamination that would not adversely impact the value or marketability of such Real Estate and that would not result in Environmental Liabilities that could reasonably be expected to have a Material Adverse Effect; (ii) no Sotheby Entity has caused or suffered to occur any material Release of Hazardous Materials on, at, in, under, above, to, from or about any of its Real Estate; (iii) the Sotheby Entities are and have been in compliance with all Environmental Laws, except for such noncompliance that would not result in Environmental Liabilities which could reasonably be expected to have a Material Adverse Effect; (iv) the Sotheby Entities have obtained, and are in compliance with, all Environmental Permits required by Environmental Laws for the operations of their respective businesses as presently conducted or as proposed to be conducted, except where the failure to so obtain or comply with such Environmental Permits would not result in Environmental Liabilities that could reasonably be expected to have a Material Adverse Effect; (v) no Sotheby Entity is involved in operations or knows of any facts, circumstances or conditions, including any Releases of Hazardous Materials, that are likely to result in any Environmental Liabilities of such Sotheby Entity which could reasonably be expected to have a Material Adverse Effect; (vi) there is no Litigation arising under or related to any Environmental Laws, Environmental Permits or Hazardous Material that seeks damages, penalties, fines, costs or expenses that could reasonably be expected to have a Material Adverse Effect or injunctive relief against, or that alleges criminal misconduct by, any Sotheby Entity; (vii) no notice has been received by any Sotheby Entity identifying it as a “potentially responsible party” or requesting information under CERCLA or analogous state statutes, and to the knowledge of the Sotheby Entities, there are no facts, circumstances or conditions that may result in any Sotheby Entity being identified as a “potentially responsible party” under CERCLA or analogous state statutes; and (viii) the Sotheby Entities have made available to the Administrative Agent copies of all existing environmental reports, reviews and audits and all written information pertaining to actual or potential Environmental Liabilities, in each case relating to any Sotheby Entity.
(b)    Each Credit Party hereby acknowledges and agrees that neither Agent (i) is now or has ever been in control of any of the Real Estate or any Credit Party’s affairs, and (ii) has the capacity through the provisions of the Loan Documents or otherwise to influence any Credit Party’s conduct with respect to the ownership, operation or management of any of its Real Estate or compliance with Environmental Laws or Environmental Permits.
		
	3.18
	Insurance.

Disclosure Schedule (3.18) lists all insurance policies of any nature maintained, as of the Restatement Effective Date, for current occurrences by each Credit Party.

53

		
	3.19
	Deposit. 

Disclosure Schedule (3.19) lists all banks and other financial institutions at which any Credit Party maintains deposit or other accounts, and such Schedule correctly identifies the name, address and telephone number of each depository, the name in which the account is held, a description of the purpose of the account, the complete account number therefor and whether such account contains amounts payable to consignors representing proceeds of the sale of consigned Works of Art.
		
	3.20
	[Reserved].

		
	3.21
	Bonding; Licenses.

Except as set forth on Disclosure Schedule (3.21) or entered into in the ordinary course of business, as of the Restatement Effective Date, no Sotheby Entity is a party to or bound by any surety bond agreement or bonding requirement with respect to products or services sold by it or any trademark or patent license agreement with respect to products sold by it.
		
	3.22
	Solvency.

Both before and after giving effect to (a) the Loans and Letter of Credit Obligations to be made or incurred on the Restatement Effective Date or such other date as Loans and Letter of Credit Obligations requested hereunder are made or incurred, (b) the disbursement of the proceeds of such Loans pursuant to the instructions of Borrower Representative; (c) the consummation of the Related Transactions; and (d) the payment and accrual of all transaction costs in connection with the foregoing, Parent and its Subsidiaries, on a consolidated basis, are and will be Solvent.
		
	3.23
	Sale-Leasebacks.

No Sotheby Entity is a party to any sale-leaseback, synthetic lease or similar transaction involving any of its assets.
		
	3.24
	U.S. Money-Laundering and Terrorism Regulatory Matters.

(a)    No Sotheby Entity or any Affiliate of any Sotheby Entity, nor, to their knowledge, any of their respective officers or directors or any of their respective brokers, investors or other agents acting or benefiting in any capacity in connection with Loans, is a Prohibited Person.
(b)    No Sotheby Entity or any Affiliate of any Sotheby Entity, nor any of their respective officers or directors (i) to such Sotheby Entity’s knowledge, has conducted or will conduct any business or has engaged or will engage in any transaction or dealing with any Prohibited Person, including making or receiving any contribution of funds, goods or services to or for the benefit of any Prohibited Person, (ii) to such Sotheby Entity’s knowledge, has dealt or will deal in, or otherwise has engaged or will engage in any transaction relating to, any Prohibited Person or any property or interests in property blocked pursuant to the Executive 

54

Order or (iii) to their knowledge, has engaged or will engage in or has conspired or will conspire to engage in any transaction that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate, any of the requirements or prohibitions set forth in the Executive Order or the PATRIOT Act.
(c)    Each Sotheby Entity and its Affiliates, and, to their knowledge, their respective officers and directors are in full compliance with (i) the Trading with the Enemy Act, and each of the foreign assets control regulations, applicable orders and rules issued by, and recommendations of the U.S. Department of the Treasury and OFAC pursuant to IEEPA, and any other enabling legislation or executive order relating thereto, (ii) the PATRIOT Act and (iii) other federal or state laws relating to “know your customer”, anti-money laundering, sanctions or terrorism rules and regulations and any executive orders related thereto.  No part of the proceeds of any Loan will be used directly or indirectly for (x) any payments to any government official or employee, political party, official of a political party, candidate for political office, or anyone else acting in an official capacity, in order to obtain, retain or direct business or obtain any improper advantage, in violation in any material respect of the United States Foreign Corrupt Practices Act of 1977, or any applicable anti-corruption laws in other jurisdictions or (y) business activities related to Cuba, Iran, Myanmar, North Korea, Sudan and Syria, or that are subject to sanctions imposed or administered by one of the sanctions bodies enumerated in clause (e) of the definition of “Prohibited Person”. 
(d)    Each Borrower has established an anti-money laundering and/or economic sanctions program and/or procedures in accordance with all applicable laws, rules and regulations of its own jurisdiction including, without limitation, where applicable, the PATRIOT Act.  Each Borrower applies its anti-money laundering program and/or procedures to all Art Loan Debtors.
(e)    Each Sotheby Entity has taken appropriate due diligence efforts to know, or has carried out appropriate customer due diligence in relation to, each Art Loan Debtor to which it has advanced, or committed to advance, Art Loans, including whether such Art Loan Debtor is a Prohibited Person.  Each Sotheby Entity has taken appropriate due diligence efforts to know if any such Art Loan Debtor is a “Senior Foreign Political Figure” (as defined in the PATRIOT Act), a “Politically Exposed Person” (as defined in The Money Laundering Regulations 2007 of the United Kingdom) or a “politically exposed person” (as defined in The Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions) Ordinance of Hong Kong) and, to the extent that any Art Loan Debtor is a Senior Foreign Political Figure, a Politically Exposed Person or a politically exposed person (as aforementioned), has disclosed such information to the Administrative Agent.
(f)    Each Borrower does not believe, and after appropriate due diligence, has no reason to believe, that any of its Art Loan Debtors is a “Prohibited Foreign Shell Bank” (as defined in the PATRIOT Act), or is named on any available lists of known or suspected terrorists, terrorist organizations or of other sanctioned person issued by the United States government and/or the government(s) of any jurisdiction(s) in which such Borrower is doing business.

55

(g)    Each Sotheby Entity has adopted reasonable procedures in accordance with applicable law as of the Restatement Effective Date to elicit information that substantiates the statements contained in this Section 3.25.
		
	3.25
	Lending and Auction Regulatory Matters.

(a)    Except as set forth in Disclosure Schedule (3.13(a)), each Credit Party that makes or owns Art Loans is in material compliance with, and each Art Loan has been made or generated, as applicable, and remains in material compliance with, all applicable provisions of federal, state, local and foreign laws imposed upon lenders with respect to consumer or commercial lending, usury or other limitations on interest, finance charges, or other charges, finance company or other lender licensing, consumer or commercial credit disclosure, consumer or commercial credit collection practices, and similar laws and regulations. 
(b)    Sotheby’s, Inc. and each other Credit Party that conducts auctions in the City of New York is in material compliance with, and each employee thereof who conducts auction in New York City maintains a valid license under, the City of New York’s Auctioneer Rules (Title 20, Chapter 2, Subchapter 13) and any applicable similar laws of other jurisdictions. Sotheby’s U.K. and each other Credit Party which conducts auctions in the United Kingdom is in material compliance with, and maintains valid licenses (if required) under, all laws, regulations and auctioneer’s licensing requirements applicable in the United Kingdom, if any.  Sotheby’s H.K. and each other Credit Party which conducts auctions in Hong Kong is in material compliance with, and maintains valid licenses (if required) under, all laws, regulations and auctioneer’s licensing requirements applicable in Hong Kong, if any.
4.    FINANCIAL STATEMENTS AND INFORMATION
		
	4.1
	Reports and Notices.  

(a)    Each Credit Party hereby agrees that from and after the Restatement Effective Date and until the Termination Date, it shall deliver to the Administrative Agent, the Collateral Agent and/or Lenders, as required, the Financial Statements, notices, Projections and other information at the times, to the Persons and in the manner set forth in Annex E.
(b)    Each Credit Party hereby agrees that, from and after the Restatement Effective Date and until the Termination Date, it shall deliver the various Collateral Reports (including Borrowing Base Certificates in the form of Exhibit 4.1(A) and Art Loan Receivables Reports in the form of Exhibit 4.1(B)) at the times, to the Persons and in the manner set forth in Annex F and Section 2.2(d).
5.    AFFIRMATIVE COVENANTS
Each Credit Party jointly and severally agrees as to all Sotheby Entities that from and after the date hereof and until the Termination Date:
		
	5.1
	Maintenance of Existence and Conduct of Business.

56

Each Sotheby Entity shall:  do or cause to be done all things necessary to preserve and keep in full force and effect its corporate, partnership, limited liability company or unlimited liability company existence and its material rights and franchises, except as otherwise permitted under Section 6.1;  continue to conduct its business substantially as now conducted or as otherwise permitted hereunder; at all times maintain, preserve and protect all of its assets and properties used or useful in the conduct of its business, and keep the same in good repair, working order and condition in all material respects (taking into consideration ordinary wear and tear) and from time to time make, or cause to be made, all necessary or appropriate repairs, replacements and improvements thereto consistent with industry practices.
		
	5.2
	Payment of Charges.  

(w)    Subject to Section 5.2(b), each Sotheby Entity shall pay and discharge or cause to be paid and discharged promptly all Charges payable by it, including (i) Charges imposed upon it, its income and profits, or any of its property (real, personal or mixed) and all Charges with respect to tax, social security and unemployment withholding with respect to its employees, (ii) lawful claims for labor, materials, supplies and services or otherwise, and (iii) all storage or rental charges payable to warehousemen or bailees, in each case, before any thereof shall become past due, in each case, except where the failure to pay or discharge such Charges would not result in aggregate liabilities in excess of $5,000,000.
(x)    Each Sotheby Entity may in good faith contest, by appropriate proceedings, the validity or amount of any Charges or claims described in Section 5.2(a); provided, that (i) adequate reserves with respect to such contest are maintained on the books of such Sotheby Entity, in accordance with GAAP; (ii) no Lien shall be imposed to secure payment of such Charges (other than payments to warehousemen and/or bailees) that is superior to any of the Liens securing the Obligations and such contest is maintained and prosecuted continuously and with diligence and operates to suspend collection or enforcement of such Charges; (iii) none of the Collateral becomes subject to forfeiture or loss as a result of such contest; and (iv) such Sotheby Entity shall promptly pay or discharge such contested Charges or claims and all additional charges, interest, penalties and expenses, if any, if such contest is terminated or discontinued adversely to such Sotheby Entity.
		
	5.3
	Books and Records.

Each Sotheby Entity shall keep adequate books and records with respect to its business activities in which proper entries, reflecting all financial transactions, are made. Parent shall keep adequate books and records with respect to the business activities of Parent and its Subsidiaries on a consolidated basis in which proper entries, reflecting all financial transactions, are made in accordance with GAAP and on a basis consistent with the Financial Statements attached as Disclosure Schedule (3.4(a)).
		
	5.4
	Insurance; Damage to or Destruction of Collateral.

(a)    The Sotheby Entities shall, at their sole cost and expense, maintain policies of insurance with financially sound and reputable insurance companies in such amounts, 

57

and covering such risks, as is consistent with sound business practice and customary for their industry.  In the case of the Credit Parties, such policies of insurance (or the loss payable and additional insured endorsements delivered to the Collateral Agent) shall contain provisions pursuant to which the insurer agrees to provide thirty (30) days prior written notice to the Collateral Agent in the event of any non-renewal, cancellation or amendment of any such insurance policy.  If any Sotheby Entity at any time or times hereafter shall fail to obtain or maintain any of the policies of insurance required above, or to pay all premiums relating thereto, any Agent may at any time or times thereafter obtain and maintain such policies of insurance and pay such premiums and take any other action with respect thereto that such Agent deems advisable.  Neither Agent shall have any obligation to obtain insurance for any Sotheby Entity or pay any premiums therefor.  By doing so, neither Agent shall be deemed to have waived any Default or Event of Default arising from any Sotheby Entity’s failure to maintain such insurance or pay any premiums therefor.  All sums so disbursed, including reasonable attorneys’ fees, court costs and other charges related thereto, shall be payable on demand by Borrowers to the applicable Agent and shall be additional Obligations hereunder secured by the Collateral.
(b)    If reasonably requested by any Agent, each Sotheby Entity shall deliver to such Agent from time to time a report of a reputable insurance broker, reasonably satisfactory to such Agent, with respect to its insurance policies.
(c)    Each Credit Party shall deliver to the Collateral Agent, in form and substance reasonably satisfactory to the Collateral Agent, endorsements to (i) all “All Risk,” Lender Single Interest (“LSI”) and Fine Arts property policies of insurance (including, to the extent permitted under the York Avenue Lease Documents and York Avenue Loan Documents, the business interruption insurance of such Credit Party), in each case, naming the Collateral Agent, on behalf of itself and the other Secured Parties, as a lender loss payee, and (ii) all general, automotive, and umbrella liability policies of insurance, in each case, naming the Collateral Agent, on behalf of itself and the other Secured Parties, as additional insured.  Each Credit Party irrevocably makes, constitutes and appoints each Agent (and all officers, employees or agents designated by any Agent), so long as any Default or Event of Default has occurred and is continuing, as such Credit Party’s true and lawful agent and attorney in fact for the purpose of making, settling and adjusting claims under such “All Risk” property policies of insurance, endorsing the name of such Credit Party on any check or other item of payment for the proceeds of such “All Risk” policies of insurance and for making all determinations and decisions with respect to such “All Risk” policies of insurance.  No Agent shall have any duty to exercise any rights or powers granted to it pursuant to the foregoing power-of-attorney.  Borrower Representative shall promptly notify each Agent of any loss, damage, or destruction to the Collateral in the amount of $2,000,000 or more, whether or not covered by insurance.  After deducting from the proceeds of insurance received with respect to any such loss, damage or destruction to the Collateral (i) the expenses incurred by any Agent in the collection or handling thereof, and (ii) amounts required to be paid to creditors (other than the Secured Parties) having Permitted Encumbrances, the Agents (A) shall apply any such proceeds to the reduction of the Obligations (and cash collateralization of Letter of Credit Obligations) and the “Obligations” (and cash collateralization of “Letter of Credit Obligations”) (in each case, as defined in the Auction Revolving Credit Agreement) in accordance with Section 1.3(d) or (e), as 

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applicable, except to the extent that the applicable Credit Party has given notice of its intent to reinvest such proceeds in productive assets of a kind then used or usable in the business of a Credit Party, within one hundred eighty (180) days after the date of receipt of such proceeds; provided that the Borrower Representative notifies Collateral Agent of such Credit Party’s intent to reinvest and of the completion of such reinvestment at the time such proceeds are received and when such reinvestment occurs, respectively and (B) shall, to the extent such proceeds are not required to be applied to prepay the Obligations (and cash collateralization of Letter of Credit Obligations) and the “Obligations” (and cash collateralization of “Letter of Credit Obligations”) (in each case, as defined in the Auction Revolving Credit Agreement) pursuant to Section 1.3(c), remit such proceeds to the applicable Credit Party.
		
	5.5
	Compliance with Laws.

Each Sotheby Entity shall comply with all federal, state, local and foreign laws, rules and regulations applicable to it, including those relating to ERISA, labor, money laundering, counter-terrorist financing, consumer or commercial lending (including, for the avoidance of doubt, the CCA and the rules and regulations from time to time in effect thereunder or in connection therewith), usury, limitations on interest, finance charges or other charges, finance company licensing, consumer or commercial credit disclosure, debt collection, auctioneers, Environmental Laws and Environmental Permits, except to the extent that the failure to comply, individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect.
		
	5.6
	Supplemental Disclosure.

From time to time as may be reasonably requested by the Administrative Agent (which request will not be made more frequently than once each year absent the occurrence and continuance of an Event of Default) or at Credit Parties’ election, the Credit Parties shall supplement each Disclosure Schedule hereto, or any representation herein or in any other Loan Document, with respect to any matter hereafter arising that, if existing or occurring at the date of this Agreement, would have been required to be set forth or described in such Disclosure Schedule or as an exception to such representation or that is necessary to correct any information in such Disclosure Schedule or representation which has been rendered inaccurate thereby (and, in the case of any supplements to any Disclosure Schedule, such Disclosure Schedule shall be appropriately marked to show the changes made therein); provided that (a) no such supplement to any such Disclosure Schedule or representation shall amend, supplement or otherwise modify any Disclosure Schedule or representation, or be or be deemed a waiver of any Default or Event of Default resulting from the matters disclosed therein, except as consented to by the Agents and Requisite Lenders in writing, and (b) no supplement shall be required or permitted as to representations and warranties that relate solely to the Restatement Effective Date.
		
	5.7
	Intellectual Property.

Each Sotheby Entity will conduct its business and affairs without infringement of or interference with any Intellectual Property of any other Person in any material respect and shall comply in all material respects with the terms of its Licenses.

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	5.8
	Environmental Matters.

Each Sotheby Entity shall and shall cause each Person within its control to: (a) conduct its operations and keep and maintain its Real Estate in compliance with all Environmental Laws and Environmental Permits other than noncompliance that could not reasonably be expected to have a Material Adverse Effect; (b) implement any and all investigation, remediation, removal and response actions that are appropriate or necessary to maintain the value and marketability of the Real Estate or to otherwise comply with Environmental Laws and Environmental Permits pertaining to the presence, generation, treatment, storage, use, disposal, transportation or Release of any Hazardous Material on, at, in, under, above, to or from any of its Real Estate in all material respects; (c) notify the Administrative Agent promptly after such Sotheby Entity becomes aware of any violation of Environmental Laws or Environmental Permits or any Release on, at, in, under, above, to or from any Real Estate that is reasonably likely to result in Environmental Liabilities that could reasonably be expected to have a Material Adverse Effect; and (d) promptly forward to the Administrative Agent a copy of any order, notice, request for information or any communication or report received by such Sotheby Entity in connection with any such violation or Release or any other matter relating to any Environmental Laws or Environmental Permits that could reasonably be expected to result in Environmental Liabilities that could reasonably be expected to have a Material Adverse Effect, in each case whether or not the Environmental Protection Agency or any Governmental Authority has taken or threatened any action in connection with any such violation, Release or other matter.  If the Administrative Agent at any time has a reasonable basis to believe that there may be a violation of any Environmental Laws or Environmental Permits by any Sotheby Entity or any Environmental Liability arising thereunder, or a Release of Hazardous Materials on, at, in, under, above, to or from any of its Real Estate, that, in each case, could reasonably be expected to have a Material Adverse Effect, then  each Sotheby Entity shall, upon the Administrative Agent’s written request (i) cause the performance of such environmental audits including subsurface sampling of soil and groundwater, and preparation of such environmental reports, at Borrowers’ expense, as the Administrative Agent may from time to time reasonably request, subject to any leases, which shall be conducted by reputable environmental consulting firms reasonably acceptable to the Administrative Agent and shall be in form and substance reasonably acceptable to the Administrative Agent, and (ii) permit the Administrative Agent or its representatives to have access to all Real Estate for the purpose of conducting such environmental audits and testing as the Administrative Agent deems appropriate, including subsurface sampling of soil and groundwater.  Borrowers shall reimburse the Administrative Agent for the costs of such audits and tests and the same will constitute a part of the Obligations secured hereunder.
		
	5.9
	Landlords’ Agreements, Bailee Letters and Real Estate Purchases.

With respect to each leased property indicated on Disclosure Schedule (3.6), each Credit Party shall use commercially reasonable efforts to obtain a landlord’s agreement, in form and substance reasonably satisfactory to the Administrative Agent, from the applicable lessor with respect to each such indicated locations.  After the Restatement Effective Date, if any Credit Party proposes to lease during any Fiscal Year any real property locations or warehouse spaces 

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(or renew an existing lease of any real property locations or warehouse spaces, or alter the use of any leased location to materially increase the Collateral stored or located at such location) where Collateral having a book value the Dollar Equivalent of which is greater than $1,000,000 in the aggregate will be stored or located, such Credit Party shall first notify the Administrative Agent thereof and, upon request of the Administrative Agent, provide to the Administrative Agent a landlord agreement or bailee letter, as appropriate, with respect to such location, in form and substance reasonably satisfactory to the Administrative Agent.  Each Credit Party shall timely and fully pay and perform its obligations under all leases and other agreements with respect to each leased location or public warehouse where any Collateral is or may be located.  To the extent otherwise permitted hereunder, if any Credit Party proposes to acquire a fee ownership interest in Real Estate after the Restatement Effective Date, such Credit Party shall first notify the Administrative Agent thereof and, upon request of the Administrative Agent, provide to the Administrative Agent a mortgage or deed of trust granting the Collateral Agent a first priority security interest on such Real Estate, together with environmental audits, mortgage title insurance commitment, real property survey, local counsel opinion(s), supplemental casualty insurance and flood insurance, and such other documents, instruments or agreements reasonably requested by the Administrative Agent, in each case, in form and substance reasonably satisfactory to the Administrative Agent.
		
	5.10
	Lending and Auction Regulatory Matters. 

(f)    Each Credit Party shall remain in material compliance with all applicable provisions of federal, state, local and foreign laws imposed upon lenders with respect to consumer or commercial lending, usury or other limitations on interest, finance charges or other charges, finance companies, finance company or other lender licensing, consumer or commercial credit disclosure, consumer or commercial credit collection practices, and similar laws and regulations. 
(g)    Sotheby’s, Inc. and each other Credit Party that conducts auctions in the City of New York shall remain in material compliance with, and maintain a valid license under, the City of New York’s Auctioneer Rules (Title 20, Chapter 2, Subchapter 13) and any applicable similar laws of other jurisdictions. Sotheby’s U.K. and each other Credit Party that conducts auctions in the United Kingdom shall remain in material compliance with, and maintain valid licenses under, all laws, regulations and auctioneer’s licensing requirements applicable in the United Kingdom, if any.  Sotheby’s H.K. and each other Credit Party that conducts auctions in Hong Kong shall remain in material compliance with, and maintain valid licenses under, all laws, regulations and auctioneer’s licensing requirements applicable in Hong Kong, if any.
		
	5.11
	Further Assurances.

Each Credit Party agrees that it shall and shall cause each other Sotheby Entity to, at such Credit Party’s expense and upon the reasonable request of any Agent, duly execute and deliver, or cause to be duly executed and delivered, to such Agent such further instruments and do and cause to be done such further acts as may be necessary or proper in the reasonable opinion of such Agent to carry out more effectively the provisions and purposes of this Agreement and each Loan Document.

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	5.12
	Art Loans.

Each Borrower shall, in connection with each Art Loan made or to be made by it, (a) apply credit standards and loan to collateral value requirements, (b) conduct appropriate diligence with respect to the applicable Work(s) of Art (including, as applicable, searches of such Work(s) of Art in the Art Loss Register), (c) follow practices with respect to documentation, perfection and protection of security interests and (d) follow practices with respect to classification of Art Loans as non-accrual, as such standards, requirements and practices are generally applied and followed in the Borrowers’ art lending business prior to the Restatement Effective Date.
		
	5.13
	Money-Laundering and Terrorism Regulatory Matters.  

(f)    Each Sotheby Entity shall remain in compliance in all material respects with all applicable orders, rules and regulations applicable to it, including those issued by the U.S. Department of the Treasury and OFAC pursuant to IEEPA, the PATRIOT Act, other legal requirements relating to sanctions, money laundering or terrorism and any executive orders related thereto.
(g)    Each Sotheby Entity is advised that, by law, the Agents and the Lenders may be obligated to “freeze its account”, either by prohibiting additional Revolving Credit Advances or Letter of Credit Obligations, declining any withdrawal, redemption or transfer request(s) with respect to any deposit account under the control of either Agent or the Lenders and/or segregating assets, in compliance with government regulations, and the Agents and the Lenders may also be required to report such action to governmental or regulatory authorities, including OFAC.
(h)    Each Borrower shall maintain an anti-money laundering, counter-terrorist financing and/or economic sanctions program and/or procedures in accordance with all applicable laws, rules and regulations of its own jurisdiction including, without limitation, where applicable, the PATRIOT Act, the Money Laundering Regulations 2007 of the United Kingdom and the Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions) Ordinance (Cap. 615 of the laws of Hong Kong).  Each Borrower shall apply its anti-money laundering and counter-terrorist financing program and/or procedures to all Art Loan Debtors and shall take appropriate steps in accordance with the laws of its own jurisdiction to ensure that all required relevant documentation is retained, including identification related to such Art Loan Debtors in accordance with its anti-money laundering, counter-terrorist financing and/or economic sanctions program.  Each Borrower shall adopt appropriate policies, procedures and internal controls to be compliant in all material respects with any additional laws, rules or regulations relating to money laundering and/or counter-terrorist financing, including the PATRIOT Act, to which it may become subject.
(i)    Each Sotheby Entity shall take appropriate due diligence efforts to know, and appropriate customer due diligence in relation to, each Art Loan Debtor to which it shall advance, or commit to advance, Art Loans, including whether such Art Loan Debtor is a Prohibited Person.  Each Sotheby Entity shall take appropriate due diligence efforts to know if 

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any such Art Loan Debtor is a “Senior Foreign Political Figure” (as defined in the PATRIOT Act), a “Politically Exposed Person” (as defined in The Money Laundering Regulations 2007 of the United Kingdom) or a “politically exposed person” (as defined in The Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions) Ordinance of Hong Kong) and, to the extent that any investor is a Senior Foreign Political Figure, a Politically Exposed Person or a politically exposed person (as aforementioned), shall disclose such information to the Administrative Agent.
(j)    Each Sotheby Entity will notify or report unusual or suspicious activity to the extent required by the laws or requirements of its own jurisdiction including, where applicable, the PATRIOT Act.
(k)    Each Sotheby Entity shall deliver to the Agents any certification or other evidence requested from time to time by any Agent in its sole discretion, confirming such Sotheby Entity’s compliance with this Section 5.13 and the representations and warranties made by such Sotheby Entity pursuant to Section 3.25.
		
	5.14
	Subsidiary Loan Documents.

(a)    Subject to Sections 5.14(d) and 5.14(e), for each Person (other than a Disregarded Domestic Person) that is or becomes a direct Domestic Subsidiary of a Domestic Credit Party (which shall, for purposes of clarity, include all Domestic Subsidiaries (other than Disregarded Domestic Persons), whether direct or indirect, of a Domestic Credit Party, so long as such Domestic Subsidiaries are not direct or indirect Subsidiaries of one or more Foreign Subsidiaries of such Domestic Credit Party), within fifteen (15) days (or such later date as the Collateral Agent may agree to in its sole discretion) of becoming such a Domestic Subsidiary, (i) such Person shall become party to this Agreement as a Credit Party by executing a joinder agreement hereto, and shall execute joinder agreements to the Domestic Guaranty and Security Agreement and such further Collateral Documents as the Collateral Agent shall reasonably request, in each case pursuant to the terms of each such agreement, (ii) 100% of the outstanding Stock of such Person owned by such Domestic Credit Party shall be pledged to the Collateral Agent, for the benefit of the Secured Parties, in support of the Secured Obligations of each of the Domestic Borrowers and the Foreign Borrowers, pursuant to such Collateral Documents as the Collateral Agent shall reasonably request and (iii) such Person shall deliver such organizational and authorization documentation and legal opinions as the Collateral Agent shall reasonably request, in each case in form and substance reasonably satisfactory to the Collateral Agent; provided, that, (x) so long as SPTC Delaware shall not create, incur, assume or permit to exist any Indebtedness or Guaranteed Indebtedness or any Lien on or with respect to any of its properties or assets (whether now owned or hereafter acquired), SPTC Delaware shall not be required to execute or become a party to any Loan Documents and its outstanding Stock shall not be required to be pledged, and (y) the York Avenue Owner shall not be required to execute or become a party to any Loan Documents and its outstanding Stock shall not be required to be pledged.
(b)    Subject to Sections 5.14(d) and 5.14(e), for each Person that is or becomes a direct Foreign Subsidiary of any Credit Party and is organized under the laws of England or 

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Hong Kong, within fifteen (15) days (or such later date as the Collateral Agent may agree to in its sole discretion) of becoming such a Foreign Subsidiary, (i) such Person shall become party to this Agreement as a Credit Party by executing a joinder agreement hereto, and shall execute each of a Guaranty with respect to the Secured Obligations of the Foreign Borrowers and such Collateral Documents as the Collateral Agent shall reasonably request in support of the Secured Obligations of the Foreign Borrowers, in each case pursuant to the terms of each such agreement, (ii) if such Person is a direct Foreign Subsidiary of a Foreign Credit Party, 100% of the outstanding Stock of such Person owned by such Foreign Credit Party shall be pledged to the Collateral Agent, for the benefit of the Secured Parties, in support of the Secured Obligations of the Foreign Borrowers pursuant to such Collateral Documents as the Collateral Agent shall reasonably request, (iii) if such Person is a direct Foreign Subsidiary of a Domestic Credit Party, 65% of the outstanding Stock of such Person owned by such Domestic Credit Party shall be pledged to the Collateral Agent, for the benefit of the Secured Parties, in support of the Secured Obligations of the Domestic Borrowers and the Foreign Borrowers (or, in the case of the outstanding Stock of York UK Holdco International Limited, the Secured Obligations of solely the Foreign Borrowers) pursuant to such Collateral Documents as the Collateral Agent shall reasonably request and (iv) such Person shall deliver such organizational and authorization documentation and legal opinions as the Collateral Agent shall reasonably request, in each case in form and substance reasonably satisfactory to the Collateral Agent.  
(c)    Subject to Sections 5.14(d) and 5.14(e), for each Person that is or becomes a direct Foreign Subsidiary of any Domestic Credit Party, and is organized under any jurisdiction other than England or Hong Kong, or is or becomes a direct Domestic Disregarded Person of a Domestic Credit Party, within fifteen (15) days (or such later date as the Collateral Agent may agree to in its sole discretion) of becoming such a Foreign Subsidiary or a Domestic Disregarded Person, (i) 65% of the outstanding Stock of such Person owned by such Domestic Credit Party shall be pledged to the Collateral Agent, for the benefit of the Secured Parties, in support of the Secured Obligations, pursuant to such Collateral Documents as the Collateral Agent shall reasonably request and (ii) such Person shall deliver such organizational and authorization documentation and legal opinions as the Collateral Agent shall reasonably request, in each case in form and substance reasonably satisfactory to the Collateral Agent.  
(d)    Notwithstanding anything to the contrary contained herein or in any other Loan Document: 
(v)    Subject to clause (iii) of this Section 5.14(d), no Person that is a direct Foreign Subsidiary of another Foreign Subsidiary organized under a jurisdiction other than England or Hong Kong, shall be required to become subject to a pledge of its outstanding Stock or otherwise become a party to the Collateral Documents. 
(vi)    To the extent that the Collateral Agent determines in its sole discretion that (x) the cost is disproportionate to the benefit to be realized by the Collateral Agent and the other Secured Parties by obtaining a pledge of the outstanding Stock of any Person and/or a guarantee by, or security interest in, the assets of any Person or (y) the law of any jurisdiction prohibits (A) the outstanding Stock of any Person organized in such jurisdiction from 

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becoming subject to a pledge thereof and/or (B) a guarantee by, or security interest in, the assets of any Person organized in such jurisdiction, such pledge of such Person’s outstanding Stock, such guarantee and/or such security interest shall not be required.
(vii)    Subject to clause (ii) of this Section 5.14(d), with respect to any Person listed on Schedule 5.14, such Person’s Stock shall be pledged to the Collateral Agent, a security interest shall be granted to the Collateral Agent in the assets of such Person, and such Person shall be required to provide a guarantee, in each case, in accordance with the terms and conditions set forth on Schedule 5.14.
(viii)    If any Guaranty or Collateral is required to be provided pursuant to the terms of the Auction Revolving Credit Agreement to secure the “Secured Obligations” of the “Domestic Credit Parties” under the Auction Revolving Credit Agreement, such Guaranty or Collateral, as applicable, shall also be provided under this Agreement to secure the Secured Obligations of the Domestic Credit Parties.  If any Guaranty or Collateral is required to be provided pursuant to the terms of the Auction Revolving Credit Agreement to secure the “Secured Obligations” of the “Foreign Credit Parties” under the Auction Revolving Credit Agreement, such Guaranty or Collateral, as applicable, shall also be provided under this Agreement to secure the Secured Obligations of the Foreign Credit Parties.  For the avoidance of doubt, notwithstanding the foregoing, the Foreign Borrowers shall have no liability, direct or indirect, for the Secured Obligations of the Domestic Borrowers or the other Domestic Credit Parties hereunder or under any of the other Loan Documents.
(e)    This Section 5.14 shall not apply to any Immaterial Subsidiary set forth on Disclosure Schedule (5.15) as of the Restatement Effective Date unless such Person shall have executed a Guaranty and such Collateral Documents as the Collateral Agent shall reasonably request.
		
	5.15
	Immaterial Subsidiaries.

Each Immaterial Subsidiary (i) as of the Restatement Effective Date, owns assets having a book value of which the Dollar Equivalent is less than $100,000 and (ii) had earnings during the 2013 Fiscal Year of which the Dollar Equivalent was less than $100,000.
		
	5.16
	York Avenue Transactions.

Except as set forth on Disclosure Schedule (5.16), the York Avenue Lender has no recourse to Parent or any of its Subsidiaries or any assets of Parent or any of its Subsidiaries pursuant to the York Avenue Loan Agreement or any other York Avenue Loan Document.
		
	5.17
	Auction Guaranties.

Each Sotheby Entity shall comply with the provisions of the Auction Guaranty Side Letter.
		
	5.18
	Data Protection Matters.

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To the extent and at all times that any Data Protection Laws will be applicable as a result of any Credit Party’s performance hereunder, such Credit Party shall comply in all material respects with all such Data Protection Laws including, without limitation, having obtained valid consents where necessary from any Persons whose Personal Data is provided in performance of this Agreement for (a) such Personal Data to be processed for the purposes required by each Credit Party in performance of this Agreement; (b) such Personal Data to be disclosed to any Agent or any Lender, or any agent or subcontractor of any Agent or any Lender, and to be processed by any Agent or any Lender for the purposes required in performance of this Agreement; and (c) the transfer of such Personal Data to any Agent or any Lender in a country outside of the European Economic Area.  The form of any data protection consent shall be subject to prior approval of the Administrative Agent, who may require such amendments as it may consider necessary in order to comply with Data Protection Laws and who may require, upon reasonable prior notice, such other reasonable actions be taken by each Credit Party, including entering into the European Union’s standard contractual clauses for the transfer of personal data to third countries, to ensure compliance with Data Protection Laws.  Each Credit Party shall not, by any act or omission, place any Agent or any Lender in breach of any Data Protection Laws.
6.    NEGATIVE COVENANTS
Each Credit Party jointly and severally agrees as to all Sotheby Entities that from and after the date hereof until the Termination Date:
		
	6.1
	Mergers, Subsidiaries, Etc.

No Sotheby Entity shall directly or indirectly, by operation of law or otherwise, (a) acquire, liquidate or dissolve any Subsidiary or (b) merge with, consolidate with, acquire all or substantially all of the assets or Stock of, or otherwise combine with or acquire, any Person, except that any Sotheby Entity may merge with another Sotheby Entity; provided, that (i) Borrower Representative shall be the survivor of any such merger to which it is a party, (ii) any Borrower shall be the survivor of any such merger with any Sotheby Entity that is not a Borrower and (iii) any Guarantor shall be the survivor of any such merger with any Sotheby Entity that is not a Credit Party; provided, further, that any Sotheby Entity may dissolve or liquidate any Subsidiary thereof that is not a Borrower.
		
	6.2
	Investments; Loans and Revolving Credit Advances.

Except as otherwise expressly permitted by this Section 6, no Sotheby Entity shall make or permit to exist any investment in, or make, accrue or permit to exist loans or advances of money to, any Person, through the direct or indirect lending of money, holding of securities or otherwise, except that: 
(a)     Borrowers may hold investments comprised of notes payable, or stock or other securities issued by Account Debtors to any Borrower pursuant to negotiated agreements with respect to settlement of such Account Debtor’s Accounts in the ordinary course of business consistent with past practices; 

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(b)     each Sotheby Entity may (i) maintain its existing investments in its Subsidiaries and joint ventures as of the Restatement Effective Date, (ii) make investments after the Restatement Effective Date in any Credit Party, or (iii) if such Sotheby Entity is not a Credit Party, make investments after the Restatement Effective Date in any other Sotheby Entity (other than any Immaterial Subsidiary); 
(c)     (i) any Borrower may enter into Art Loan/Inventory Joint Ventures and (ii) the Sotheby Entities may make investments after the Restatement Effective Date in joint ventures (other than Art Loan/Inventory Joint Ventures) and other Sotheby Entities (other than any Immaterial Subsidiary) to the extent investments in such other Sotheby Entities are not permitted pursuant to the foregoing clause (b) or Section 6.3(a)(vii)); provided that, unless the Fixed Charge Coverage Ratio, as of the end of the most recently completed Fiscal Quarter for which the Agents and Lenders have received Financial Statements pursuant hereto, shall be equal to or greater than 1.15 to 1.00 (calculated on a pro forma basis as if such investments had occurred during such Fiscal Quarter), investments permitted pursuant to clause (ii) of this Section 6.2(c) shall not exceed the Dollar Equivalent of $20,000,000 in the aggregate at any time outstanding;
(d)     so long as the Collateral Agent has not delivered an Activation Notice with respect to any Blocked Account of a Sotheby Entity and no Default or Event of Default has occurred and is continuing, such Sotheby Entity may make investments in Cash Equivalent Investments; 
(e)     subject to applicable regulatory authorizations, any Borrower may make, or commit to make, Art Loans and provide, or commit to provide, extended payment terms to “Extended Term Art Debtors” for purposes of generating “Extended Term Art Receivables” (as each such term is defined in the Auction Revolving Credit Agreement); 
(f)     the Sotheby Entities may make investments in York Avenue Owner in an aggregate amount in any Fiscal Year not in excess of the sum of (i) the amount of Capital Expenditures permitted under paragraph (a) of Annex G for such Fiscal Year, less the aggregate amount of any Capital Expenditures made by Parent and its Subsidiaries (other than the York Avenue Owner) during such Fiscal Year plus (ii) additional amounts to purchase and upgrade a headquarters building;
(g)     the trustee of the grantor trust established for purposes of setting aside assets to meet obligations of Sotheby’s, Inc. under the Sotheby’s Deferred Benefits Compensation Plan may make investments in connection with such plan; and
(h)     the Sotheby Entities may make other investments (other than in any Immaterial Subsidiary or the York Avenue Owner) not exceeding the lesser of (x) $35,000,000 and (y) the sum of $20,000,000 plus the aggregate amount of investments made by the Sotheby Entities pursuant to this Section 6.2(h) during the period commencing on the Restatement Effective Date and ending on the first anniversary thereof.

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	6.3
	Indebtedness.  

(d)    No Sotheby Entity shall create, incur, assume or permit to exist any Indebtedness, except (without duplication):
(i)    (A) the  Senior Notes and (B) Indebtedness under the Specified Debt Facility;
(ii)    obligations (contingent or otherwise) in respect of any Permitted U.K. Real Estate Financing in an aggregate principal amount not to exceed 65% of the fair market value of the Specified U.K. Real Estate subject to such Permitted U.K. Real Estate Financing at the time such Permitted U.K. Real Estate Financing is consummated (as reasonably determined by the Administrative Agent), and any refinancings thereof or amendments or modifications thereto that do not have the effect of (x) increasing the principal amount thereof to an aggregate principal amount greater than 65% of the fair market value of the Specified U.K. Real Estate subject to such financing at the time of such refinancing, amendment or modification (as reasonably determined by the Administrative Agent) or (y) reducing the average life thereof, and that are otherwise on terms and conditions no less favorable in any material respect to any Sotheby Entity, any Agent or any Lender, as determined by the Administrative Agent, than the terms of the Permitted U.K. Real Estate Financing being refinanced, amended or modified;
(iii)    obligations (contingent or otherwise) under the York Avenue Loan Documents and refinancings thereof or amendments or modifications thereto that do not have the effect of increasing the principal amount thereof to an aggregate principal amount greater than 65% of the fair market value of the real property subject to such financing at the time of such refinancing, amendment or modification (as reasonably determined by the Administrative Agent) or reducing the average life thereof and that are otherwise on terms and conditions no less favorable in any material respect to any Sotheby Entity, any Agent or any Lender, as determined by the Administrative Agent, than the terms of the York Avenue Loan Documents being refinanced, amended or modified;
(iv)    Indebtedness secured by purchase money security interests and Capital Leases permitted in Section 6.7(e);
(v)    the Loans and the other Secured Obligations;
(vi)    existing Indebtedness described in Disclosure Schedule (6.3) and refinancings thereof or amendments or modifications thereto that do not have the effect of increasing the principal amount thereof or reducing the average life thereof and that are otherwise on terms and conditions no less favorable in any material respect to any Sotheby Entity, any Agent or any Lender, as determined by the Administrative Agent, than the terms of the Indebtedness being refinanced, amended or modified;
(vii)    Indebtedness consisting of intercompany loans and advances made by any Sotheby Entity to any other Sotheby Entity (other than any Immaterial Subsidiary); provided, that: (A) in the case of any intercompany loan or advance owing to any Credit Party, 

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any Sotheby Entity receiving the proceeds of such loan or advance shall have executed and delivered to the applicable Credit Party within fifteen (15) days (or such later date as the Administrative Agent may agree to in its sole discretion) after receiving the proceeds thereof, a demand note (collectively, the “Intercompany Notes”) to evidence any such intercompany Indebtedness owing at any time by such Sotheby Entity, which Intercompany Notes shall be in form and substance reasonably satisfactory to the Administrative Agent and shall be pledged and delivered to the Collateral Agent pursuant to the applicable Collateral Document as additional collateral security for the applicable Secured Obligations; (B) each Sotheby Entity shall record all intercompany transactions on its books and records in a manner reasonably satisfactory to the Administrative Agent; (C) the obligations of each Credit Party under any such intercompany loans and advances shall be subordinated to the Obligations of such Credit Party hereunder and under the other Loan Documents in a manner reasonably satisfactory to the Administrative Agent; (D) with respect to any intercompany loan or advance made after the Restatement Effective Date, at the time any such intercompany loan or advance is made by any Sotheby Entity to any other Sotheby Entity and after giving effect thereto, (i) each such Sotheby Entity shall be Solvent or (ii)(x) such intercompany loan or advance shall be made in the ordinary course of business, (y) if the Sotheby Entity making such intercompany loan or advance is a Credit Party, such Credit Party shall be Solvent and (z) the Sotheby Entity receiving such intercompany loan or advance shall have no Funded Debt (except as permitted hereby) other than intercompany loans or advances outstanding to other Sotheby Entities; and (E) no Default or Event of Default would occur and be continuing after giving effect to any such proposed intercompany loan or advance;
(viii)    Indebtedness arising in respect of surety bonds, guaranties and letters of credit with respect to obligations of the Foreign Subsidiaries incurred in the ordinary course of business that are not Funded Debt;
(ix)    Indebtedness arising under Rate Management Transactions; provided, that such Rate Management Transactions are (or were) entered into in the ordinary course of such Sotheby Entity’s business for the purpose of mitigating risks associated with liabilities, commitments, investments, assets, earnings or properties held or reasonably anticipated by such Sotheby Entity and not for purposes of speculation;
(x)    Indebtedness arising under overdraft credit lines extended to various Sotheby Entities in the ordinary course of business, which indebtedness arising under overdraft credit lines extended to the Credit Parties shall not at any time exceed, in the aggregate at any one time outstanding, the lesser of (A) $15,000,000 and (B) the aggregate amount of overdraft credit lines extended to the Credit Parties at such time; and
(xi)    Other Indebtedness in an aggregate principal amount not exceeding $15,000,000 at any one time outstanding.
(e)    No Sotheby Entity shall, directly or indirectly, voluntarily purchase, redeem, defease or prepay any principal of, premium, if any, interest or other amount payable in respect of any Indebtedness prior to its scheduled maturity, other than (i) the Obligations; (ii) Indebtedness secured by a Permitted Encumbrance if the asset securing such Indebtedness has 

69

been sold or otherwise disposed of in accordance with Section 6.8; (iii) Indebtedness permitted by Section 6.3(a)(vi) upon any refinancing thereof in accordance with Section 6.3(a)(vi); (iv) Indebtedness incurred pursuant to repayment by any Sotheby Entity of intercompany loans and advances outstanding to any Sotheby Entity, (v) so long as (x) no Default or Event of Default has occurred and is continuing or would occur as a result thereof, and (y) Parent shall have provided to the Administrative Agent prior to the date thereof pro forma financial statements demonstrating that the Fixed Charge Coverage Ratio, as of the end of the most recently completed Fiscal Quarter for which the Agents and Lenders have received Financial Statements pursuant hereto, shall be equal to or greater than 1.15 to 1.00 (calculated on a pro forma basis as if such purchase had occurred during such Fiscal Quarter), purchases, redemptions, defeasances or prepayments of the Senior Notes by Parent; (vi) so long as no Revolving Loans are outstanding hereunder and no “Revolving Loans” are outstanding under the Auction Revolving Credit Agreement as of the date of any such transaction, any purchases, redemptions, defeasances or prepayments of the Senior Notes or Indebtedness under the Specified Debt Facility; and (vii) purchases, redemptions, defeasances or prepayments of Indebtedness under the Specified Debt Facility, (x) with the proceeds of any sale or other disposition of any asset (including (A) commissions on such sale or disposition or (B) proceeds of any such asset arising as a result of casualty or condemnation) subject to a Lien securing Indebtedness under the Specified Debt Facility on a first priority basis or (y) to the extent that, both immediately before and after giving pro forma effect thereto, (A) no Event of Default shall have occurred and be continuing and (B) the Liquidity Amount shall be at least $175,000,000.
		
	6.4
	Employee Loans and Affiliate Transactions.  

(a)    Except as disclosed in Disclosure Schedule 6.4(a), no Sotheby Entity shall enter into or be a party to any transaction with any other Sotheby Entity or any Affiliate thereof except in the ordinary course of and pursuant to the reasonable requirements of such Sotheby Entity’s business and, in the case of any transaction with any Affiliate thereof (other than another Sotheby Entity), upon fair and reasonable terms that are no less favorable to such Sotheby Entity than would be obtained in a comparable arm’s length transaction with a Person not an Affiliate of such Sotheby Entity.
(b)    No Sotheby Entity shall enter into any lending or borrowing transaction with any employees of any Sotheby Entity, except (i) loans to its respective employees in the ordinary course of business consistent with past practices for travel and entertainment expenses, relocation costs and similar purposes and stock option financing, up to a maximum of a Dollar Equivalent of $2,500,000 in the aggregate at any one time outstanding, (ii) Art Loans to employees of any Sotheby Entity in the ordinary course of business pursuant to fair and reasonable terms that are no less favorable to such Sotheby Entity making such Art Loan than would be obtained in a comparable arm’s length transaction with a Person not an employee of, or otherwise affiliated with, any Sotheby Entity, up to a maximum of a Dollar Equivalent of $25,000,000 in the aggregate at any one time outstanding and (iii) other loans to its respective employees, up to a maximum of a Dollar Equivalent of $7,500,000 in the aggregate at any one time outstanding.  

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	6.5
	Capital Structure and Business.

If all or part of a Sotheby Entity’s Stock is pledged to the Collateral Agent, that Sotheby Entity shall not issue additional Stock unless, upon issuance thereof, such Stock is immediately pledged (and any related security certificates delivered) by the holder thereof to the Collateral Agent pursuant to the applicable Collateral Documents.  No Sotheby Entity shall amend its charter or bylaws in a manner that would adversely affect any Agent or any Lender or such Sotheby Entity’s duty or ability to repay the Obligations.  No Sotheby Entity shall engage in any business other than the businesses currently engaged in by it or businesses reasonably related thereto.
		
	6.6
	Guaranteed Indebtedness.

No Sotheby Entity shall create, incur, assume or permit to exist any Guaranteed Indebtedness except (a) by endorsement of instruments or items of payment for deposit to the general account of any Sotheby Entity, and (b) for Guaranteed Indebtedness incurred for the benefit of any other Sotheby Entity if the primary obligation with respect thereto is not prohibited by this Agreement.
		
	6.7
	Liens.

No Sotheby Entity shall create, incur, assume or permit to exist any Lien on or with respect to its Accounts or any of its other properties or assets (whether now owned or hereafter acquired) except for: 
(a) Permitted Encumbrances; 
(b) Liens created pursuant to the York Avenue Loan Documents;
(c) Liens (i) in existence on the date hereof, (ii) if such property or assets are owned by a Credit Party, summarized on Disclosure Schedule (6.7) and (iii) securing the Indebtedness described on Disclosure Schedule (6.3) and refinancings, extensions and renewals thereof, including extensions or renewals of any such Liens; provided, that the principal amount of the Indebtedness so secured is not increased and the Lien does not attach to any other property; 
(d) Liens securing payment of obligations described in Section 6.3(a)(iv); provided, that such Liens shall not attach to any property other than cash on deposit with, or under the control of, the holder of such Indebtedness; 
(e) Liens created after the date hereof by conditional sale or other title retention agreements (including Capital Leases) or in connection with purchase money Indebtedness with respect to Equipment and Fixtures acquired by any Sotheby Entity in the ordinary course of business, involving the incurrence of an aggregate amount of purchase money Indebtedness and Capital Lease Obligations of not more than a Dollar Equivalent of $3,000,000 outstanding at any one time for all such Liens (provided that 

71

such Liens attach only to the assets subject to such purchase money debt and such Indebtedness is incurred within forty-five (45) days following such purchase and does not exceed 100% of the purchase price of the subject assets); 
(f) Liens securing Indebtedness permitted pursuant to Section 6.3(a)(ix); provided, that such obligations are secured solely with cash and Cash Equivalent Investments;
(g) licenses and sublicenses permitted pursuant to Section 6.8(g); 
(h) Liens not otherwise permitted above on (i) cash and Cash Equivalents or (ii) assets not constituting Collateral, in each case, so long as the aggregate amount of obligations secured by such Liens does not exceed $20,000,000; and
(i) Liens on any Specified U.K. Real Estate securing Indebtedness permitted pursuant to clause (ii)(B) of Section 6.3(a);
provided that, except as set forth in clause (i) of this Section 6.7, no Foreign Credit Party shall create, incur, assume or permit to exist any Lien on or with respect to its Real Estate other than Permitted Encumbrances described in clauses (a), (g) or (h) of the definition thereof.  In addition, no Credit Party shall become a party to any agreement, note, indenture or instrument, or take any other action after the Restatement Effective Date that would prohibit the creation of a Lien on any of its properties or other assets in favor of the Collateral Agent, on behalf of itself and the other Secured Parties, as additional collateral for the applicable Secured Obligations, except (x) agreements entered into in connection with any Permitted U.K. Real Estate Financing that prohibit Liens upon any Specified U.K. Real Estate subject to such Permitted U.K. Real Estate Financing, (y) as set forth in the Specified Debt Facility Documents and (z) operating leases, Capital Leases, Licenses or agreements relating to purchase money Indebtedness which prohibit Liens upon the assets that are subject thereto.
		
	6.8
	Sale of Stock and Assets.

No Sotheby Entity shall sell, transfer, convey, assign or otherwise dispose of any of its properties or other assets, including the Stock of any of its Subsidiaries (whether in a public or a private offering or otherwise) or any of its Accounts, other than (a) the sale of Inventory in the ordinary course of business, (b) the sale or other disposition by a Sotheby Entity of Equipment or Fixtures that are obsolete or no longer used or useful in such Sotheby Entity’s business and having a book value not exceeding the Dollar Equivalent of $4,000,000 in the aggregate in any Fiscal Year; (c) the sale or other disposition of other assets having a book value not exceeding the Dollar Equivalent of $5,000,000 in the aggregate in any Fiscal Year; (d) the sale or other disposition of any asset by a Credit Party to any other Credit Party; (e) the sale or other disposition of any asset by any Sotheby Entity that is not a Credit Party to any other Sotheby Entity; (f) licenses or sublicenses granted to others in the ordinary course of business which do not (i) interfere in any material respect with the business of the Sotheby Entities or (ii) secure any Indebtedness; (g) the disposition of any Specified U.K. Real Estate pursuant to a Permitted U.K. Real Estate Financing and (h) the sale or other disposition of any asset (including 

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the proceeds of any such asset arising as a result of casualty or condemnation) subject to a Lien securing Indebtedness under the Specified Debt Facility on a first priority basis.
		
	6.9
	ERISA.

No Sotheby Entity shall, or shall cause or permit any ERISA Affiliate to, cause or permit to occur (i) an event that could result in the imposition of a Lien under Section 430 of the IRC or Section 303 or 4068 of ERISA or (ii) an ERISA Event to the extent such ERISA Event would reasonably be expected to result in taxes, penalties and other liabilities in an aggregate amount in excess of $5,000,000 in the aggregate.
		
	6.10
	Financial Covenants.

Borrowers shall not breach or fail to comply with any of the Financial Covenants.
		
	6.11
	Hazardous Materials.

No Sotheby Entity shall cause or permit a Release of any Hazardous Material on, at, in, under, above, to or from any of the Real Estate where such Release would (a) violate in any respect, or form the basis for any Environmental Liabilities under, any Environmental Laws or Environmental Permits, except as could not reasonably be expected to have a Material Adverse Effect or (b) otherwise materially adversely impact the value or marketability of any of the Real Estate or any of the Collateral.
		
	6.12
	Sale Leasebacks.

No Sotheby Entity shall engage in any sale leaseback, synthetic lease or similar transaction involving any of its assets, except any Permitted U.K. Real Estate Financing.
		
	6.13
	Restricted Payments.

No Sotheby Entity shall make any Restricted Payment, except:
(a) intercompany loans and advances between Sotheby Entities to the extent permitted by Sections 6.2 and 6.3; 
(b) dividends and distributions by Subsidiaries of any Sotheby Entity paid to such Sotheby Entity; 
(c) employee loans permitted under Section 6.4(b);
(d) payments of principal and interest of intercompany loans and advances made in accordance with Section 6.3; 
(e) if (i) no Event of Default has occurred and is continuing or would occur as a result thereof, (ii) either (A) so long as no Revolving Loans are outstanding hereunder and no “Revolving Loans” are outstanding under the Auction Revolving Credit 

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Agreement as of the date of any Repurchase, both before and after giving effect thereto or (B) Parent has provided to the Administrative Agent, prior to the date that any Repurchase Period is announced (which notice shall be delivered to the Administrative Agent no earlier than thirty (30) days prior to the commencement of such Repurchase Period, and no later than three (3) Business Days prior to the commencement of such Repurchase Period), a written notice setting forth (1) the proposed start and end dates of such Repurchase Period (which shall not exceed eighteen (18) months), (2) the aggregate maximum Dollar amount to be paid in consideration of all Repurchases to occur during such Repurchase Period, and (3) pro forma financial statements demonstrating that the Fixed Charge Coverage Ratio, calculated for the four Fiscal Quarter period which, as of the date of such notice to the Administrative Agent, is most recently completed and for which the Agents and Lenders have received Financial Statements pursuant hereto, shall be equal to or greater than 1.15 to 1.00 (calculated on a pro forma basis as if such aggregate maximum Dollar amount of Repurchases to occur during such Repurchase Period had occurred during such period), and (iii) after giving effect to each Repurchase, Margin Stock shall not constitute more than 25% of the assets of the Credit Parties, Parent may make Repurchases during such Repurchase Period; provided that, if clause (ii)(A) of this Section 6.13(e) is inapplicable, such Repurchases shall be conducted in accordance with the notice delivered pursuant to clause (ii)(B) of this Section 6.13(e); 
(f) if no Event of Default has occurred and is continuing or would occur as a result thereof, Parent may make dividends or distributions on its Stock in an aggregate amount (the “Maximum Distribution Amount”) not to exceed, in any Fiscal Quarter, the lesser of (i) $0.15 per share of Stock and (ii) $13,400,000; provided that, if Parent shall have provided to the Administrative Agent prior to the date thereof pro forma financial statements demonstrating that the Fixed Charge Coverage Ratio, as of the end of the most recently completed Fiscal Quarter for which the Agents and Lenders have received Financial Statements pursuant hereto, shall be equal to or greater than the level specified in paragraph (b) of Annex G with respect to such Fiscal Quarter (calculated on a pro forma basis as if such dividend or distribution had occurred during such Fiscal Quarter; provided that to the extent such pro forma calculation would otherwise include dividends or distributions made by Parent in five Fiscal Quarters, such pro forma calculation shall only include dividends or distributions made by Parent in the four Fiscal Quarters in which the highest aggregate amount of dividends or distributions were made), Parent may make dividends or distributions on its Stock in excess of the Maximum Distribution Amount; 
(g)  Parent may make Repurchases and pay other dividends or distributions on its Stock so long as, both before and after giving effect thereto, (i) no Event of Default has occurred and is continuing, (ii) the Aggregate Borrowing Availability equals or exceeds $100,000,000 and (iii) the Liquidity Amount equals or exceeds $200,000,000; provided that, if no Revolving Loans are outstanding hereunder and no “Revolving Loans” are outstanding under the Auction Revolving Credit Agreement, Parent may pay dividends or distributions on its Stock so long as, both before and after giving effect thereto, (i) no 

74

Event of Default has occurred and is continuing and (ii) the Liquidity Amount equals or exceeds $200,000,000; 
(h)  Parent may declare and make dividend payments or other distributions payable solely in its Stock; and
(i)  Parent may, from time to time on or prior to the fifth anniversary of the Restatement Effective Date, make Repurchases in an aggregate amount for all Repurchases made in reliance on this subsection (i) not to exceed $150,000,000, so long as (i) the aggregate amount of such Repurchases made during any Fiscal Year does not exceed $40,000,000 and (ii) both before and after giving effect to any such Repurchase, no Event of Default has occurred and is continuing.   
		
	6.14
	Change of Corporate Name, State of Incorporation or Location; Change of Fiscal Year.

No Domestic Credit Party shall (a) change its name as it appears in official filings in the state of its incorporation or other organization, (b) change its chief executive office or principal place of business or the location of its records concerning the Collateral, (c) change the type of entity that it is, (d) change its organization identification number, if any, issued by its state of incorporation or other organization, or (e) change its jurisdiction of incorporation or organization or incorporate or organize in any additional jurisdictions, in each case, without at least thirty (30) days (or such shorter period as the Administrative Agent shall consent to in writing) prior written notice to the Administrative Agent and after the Administrative Agent’s written acknowledgment that any reasonable action requested by the Administrative Agent in connection therewith, including to continue the perfection of any Liens in favor of the Collateral Agent, on behalf of the Secured Parties, in any Collateral, has been completed or taken; provided, that any such new location shall be in the continental United States.  No Foreign Borrower shall change its jurisdiction of incorporation or organization or incorporate or organize in any additional jurisdictions, in each case, without at least thirty (30) days (or such shorter period as the Administrative Agent shall consent to in writing) prior written notice to the Administrative Agent and after the Administrative Agent’s written acknowledgment that any reasonable action requested by the Administrative Agent in connection therewith, including to continue the perfection of any Liens in favor of the Collateral Agent, on behalf of the Secured Parties, in any Collateral, has been completed or taken. No Sotheby Entity shall change its Fiscal Year.
		
	6.15
	No Impairment of Intercompany Transfers.

No Sotheby Entity shall directly or indirectly enter into or become bound by any agreement, instrument, indenture or other obligation (other than this Agreement and the other Loan Documents) that could directly or indirectly restrict, prohibit or require the consent of any Person with respect to the payment of dividends or distributions or the making or repayment of intercompany loans by a Subsidiary of any Sotheby Entity to any Sotheby Entity or between Sotheby Entities.

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	6.16
	Real Estate Purchases.  

No Credit Party shall purchase or acquire or commit to purchase or acquire a fee simple or freehold ownership interest in real estate (a) with an aggregate purchase price in excess of the Dollar Equivalent of $50,000,000 or (b) that would cause the purchase prices of all such purchases by all Credit Parties since the Restatement Effective Date to exceed, in aggregate, the Dollar Equivalent of $100,000,000.
		
	6.17
	Changes Relating to Material Contracts.

No Sotheby Entity shall (a) change or amend the terms of the  Senior Notes or the Senior Note Indenture in a manner materially adverse to the Lenders, (b) change or amend any York Avenue Lease Document in a manner adverse to the interests of any Agent or any Lender in any material respect or (c) except as set forth on Disclosure Schedule (5.16), permit the York Avenue Lender to have recourse to Parent or any of its Subsidiaries, or any assets of Parent or any of its Subsidiaries, pursuant to the York Avenue Loan Agreement or any other York Avenue Loan Document; provided that, no change or amendment described in the foregoing clause (a) shall: (i) increase the interest rate on the Senior Notes; (ii) accelerate the dates upon which payments of principal or interest are due under the Senior Notes; (iii) increase the principal amount of the Senior Notes above the original principal amount thereof; (iv) change any event of default, in a manner adverse to the Credit Parties, or add or make more restrictive any covenant with respect to the Senior Notes or (v) change the redemption or prepayment provisions of the Senior Notes. 
		
	6.18
	Use of Proceeds.

No Sotheby Entity shall use any portion of the Loan proceeds, directly or indirectly, to purchase or carry Margin Stock (other than Stock of Parent, to the extent it constitutes Margin Stock, repurchased in accordance with Section 6.13) or repay or otherwise refinance Indebtedness of any Sotheby Entity or others incurred to purchase or carry Margin Stock.  No Sotheby Entity shall own any Margin Stock (other than Stock of Parent, to the extent it constitutes Margin Stock, in an amount that does not exceed 25% of the assets of the Credit Parties).
7.    TERM
		
	7.1
	Termination.

The financing arrangements contemplated hereby shall be in effect until the Commitment Termination Date, and the Loans and all other Obligations shall be automatically due and payable in full on such date.
		
	7.2
	Survival of Obligations Upon Termination of Financing Arrangements.

Except as otherwise expressly provided for in the Loan Documents, no termination or cancellation (regardless of cause or procedure) of any financing arrangement 

76

under this Agreement shall in any way affect or impair the obligations, duties and liabilities of the Credit Parties or the rights of the Agents and the Lenders relating to any unpaid portion of the Loans or any other Obligations, due or not due, liquidated, contingent or unliquidated, or any transaction or event occurring prior to such termination, or any transaction or event, the performance of which is required after the Commitment Termination Date.  Except as otherwise expressly provided herein or in any other Loan Document, all undertakings, agreements, covenants, warranties and representations of or binding upon the Credit Parties, and all rights of each Agent and each Lender, all as contained in the Loan Documents, shall not terminate or expire, but rather shall survive any such termination or cancellation and shall continue in full force and effect until the Termination Date; provided, that the provisions of Section 11, the payment obligations under Sections 1.16 and 1.17, and the indemnities contained in the Loan Documents shall survive the Termination Date.
8.    EVENTS OF DEFAULT; RIGHTS AND REMEDIES
		
	8.1
	Events of Default.

The occurrence of any one or more of the following events (regardless of the reason therefor) shall constitute an “Event of Default” hereunder:
(f)    Any Borrower (i) fails to make any payment of principal of, or interest on, or Fees owing in respect of, the Loans or any of the other Obligations when due and payable, or (ii) fails to pay or reimburse any Agent or Lenders for any expense reimbursable hereunder or under any other Loan Document within ten (10) days following the Administrative Agent’s demand for such reimbursement or payment of expenses.
(g)    Any Sotheby Entity fails or neglects to perform, keep or observe any of the provisions of Section 1.4, 1.9, 1.15, 5.4(a), 5.17 or 6, or any of the provisions set forth in Annex C or G, respectively.
(h)    Any Borrower fails or neglects to perform, keep or observe any of the provisions of Section 4.1 or any provisions set forth in Annexes E or F, respectively, and the same shall remain unremedied for five (5) Business Days or more.
(i)    Any Sotheby Entity fails or neglects to perform, keep or observe any other provision of this Agreement or of any of the other Loan Documents (other than any provision embodied in or covered by any other clause of this Section 8.1) and the same shall remain unremedied for twenty (20) days or more.
(j)    A default or breach occurs under any Material Indebtedness Contract that is not cured within any applicable grace period therefor, and such default or breach (i) involves the failure to make any payment when due in respect of any Indebtedness or Guaranteed Indebtedness evidenced by such Material Indebtedness Contract, or (ii) causes, or permits any holder of Indebtedness or Guaranteed Indebtedness evidenced by such Material Indebtedness Contract or a trustee to cause, Indebtedness or Guaranteed Indebtedness evidenced by such Material Indebtedness Contract to become due prior to its stated maturity or prior to its regularly 

77

scheduled dates of payment, or cash collateral in respect thereof to be demanded, in each case, regardless of whether such right is exercised, by such holder or trustee.
(k)    Any information contained in any Borrowing Base Certificate is untrue or incorrect in any respect (other than (i) inadvertent, immaterial errors not exceeding $5,000,000 (or, if such inaccuracy results from a single error with respect to an individual Art Loan, $10,000,000) in the aggregate in any Borrowing Base Certificate, (ii) errors understating either Borrowing Base or (iii) inadvertent errors occurring when Aggregate Borrowing Availability continues to exceed $15,000,000 after giving effect to the correction of such errors), or any representation or warranty herein or in any Loan Document or in any written statement, report, Financial Statement or certificate (other than a Borrowing Base Certificate) made or delivered to any Agent or any Lender by any Credit Party is untrue or incorrect in any material respect as of the date when made or deemed made.
(l)    A case or proceeding is commenced against any Sotheby Entity (other than an Immaterial Subsidiary) seeking a decree or order in respect of such Sotheby Entity (i) under the Bankruptcy Code, or any other applicable federal, state or foreign bankruptcy or other similar law, (ii) appointing a custodian, receiver, administrator, liquidator, assignee, trustee or sequestrator (or similar official) for such Sotheby Entity or for any substantial part of any such Sotheby Entity’s assets, or (iii) ordering the winding up or liquidation of the affairs of such Sotheby Entity, and such case or proceeding shall remain undismissed or unstayed for sixty (60) days or more or a decree or order granting the relief sought in such case or proceeding is granted by a court of competent jurisdiction.
(m)    Any Sotheby Entity (other than an Immaterial Subsidiary) (i) files a petition seeking relief under the Bankruptcy Code, or any other applicable federal, state or foreign bankruptcy or other similar law, (ii) consents to or fails to contest in a timely and appropriate manner the institution of proceedings thereunder or the filing of any such petition or the appointment of or taking possession by a custodian, receiver, administrator, liquidator, assignee, trustee or sequestrator (or similar official) for such Sotheby Entity or for any substantial part of any such Sotheby Entity’s assets, (iii) makes an assignment for the benefit of creditors, (iv) takes any action in furtherance of any of the foregoing; or (v) admits in writing its inability to, or is generally unable to, pay its debts as such debts become due.
(n)    A final judgment or judgments for the payment of money in excess of a Dollar Equivalent of $20,000,000 in the aggregate at any time are outstanding against one or more of the Sotheby Entities (which judgments are not covered by insurance policies as to which liability has been accepted by the insurance carrier), and the same are not, within thirty (30) days (or, in the case of any Sotheby Entity that is not Parent, a Domestic Subsidiary or a Foreign Subsidiary organized under the laws of England, sixty (60) days) after the entry thereof, discharged or execution thereof stayed or bonded pending appeal, or such judgments are not discharged prior to the expiration of any such stay.
(o)    Any material provision of any Loan Document for any reason ceases to be valid, binding and enforceable in accordance with its terms (or any Sotheby Entity shall challenge the enforceability of any Loan Document or shall assert in writing, or engage in any 

78

action or inaction based on any such assertion, that any provision of any of the Loan Documents has ceased to be or otherwise is not valid, binding and enforceable in accordance with its terms), or any Lien created under any Loan Document ceases to be a valid and perfected first priority Lien (except as otherwise permitted herein or therein) in any of the Collateral purported to be covered thereby.
(p)    Any Change of Control occurs.
(q)    Any Sotheby Entity or the York Avenue Owner violates any of the covenants contained in the York Avenue Loan Documents relating to the single purpose entity status of the York Avenue Owner or its corporate separateness from Parent and its Subsidiaries and such violation results in recourse liability to Parent or any Subsidiary thereof.
		
	8.2
	Remedies.  

(c)    If any Event of Default has occurred and is continuing, the Administrative Agent may (and at the written request of the Requisite Lenders shall), without notice, (i) suspend the Revolving Loan facility with respect to additional Advances and/or the incurrence of additional Letter of Credit Obligations, whereupon any additional Advances and additional Letter of Credit Obligations shall be made or incurred in the Administrative Agent’s sole discretion (or in the sole discretion of the Requisite Lenders, if such suspension occurred at their direction) so long as such Default or Event of Default is continuing; or (ii) reduce the Commitment from time to time.  
(d)    If any Event of Default has occurred and is continuing, any Agent may (and at the written request of the Requisite Lenders shall), without notice: (i) terminate the Revolving Loan facility with respect to further Advances or the incurrence of further Letter of Credit Obligations; (ii) reduce the Commitment from time to time; (iii) declare all or any portion of the Obligations, including all or any portion of any Loan, to be forthwith due and payable, and require that the Letter of Credit Obligations be cash collateralized in the manner set forth in Annex B, all without presentment, demand, protest or further notice of any kind, all of which are expressly waived by Borrowers and each other Credit Party; or (iv) exercise any rights and remedies provided to such Agent under the Loan Documents or at law or equity, including all remedies provided under the Code; provided, that upon the occurrence of an Event of Default specified in Sections 8.1(g) or (h), the Commitments shall be immediately terminated and all of the Obligations, including the aggregate Revolving Loan, shall become immediately due and payable without declaration, notice or demand by any Person.
		
	8.3
	Waivers by Credit Parties.

Except as otherwise provided for in this Agreement or by applicable law, each Credit Party waives (including for purposes of Section 12): (a) presentment, demand and protest and notice of presentment, dishonor, notice of intent to accelerate, notice of acceleration, protest, default, nonpayment, maturity, release, compromise, settlement, extension or renewal of any or all Loan Documents, (b) all rights to notice and a hearing prior to any Agent’s taking possession or control of, or to any Agent’s replevy, attachment or levy upon, the Collateral or any bond or 

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security that might be required by any court prior to allowing any Agent to exercise any of its remedies, except as may be required by applicable law, and (c) the benefit of all valuation, appraisal, marshaling and exemption laws.
9.    ASSIGNMENT AND PARTICIPATIONS; APPOINTMENT OF AGENT
		
	9.1
	Assignment and Participations.

(e)    Subject to the terms of this Section 9.1, any Lender may make an assignment to an assignee of, or sell participations in, at any time or times, the Loan Documents, the Loans, the Letter of Credit Obligations and any Commitment or any portion thereof or interest therein, including any Lender’s rights, title, interests, remedies, powers or duties thereunder.  Any assignment by a Lender shall: (i) require the consent of the Administrative Agent (which consent shall not be required in the case of a Qualified Assignee and shall not be unreasonably withheld or delayed) and the execution of (x) an assignment agreement (an “Assignment Agreement”) substantially in the form attached hereto as Exhibit 9.1(a) and otherwise in form and substance reasonably satisfactory to, and acknowledged by, the Administrative Agent and (y) a counterpart to the CAM Agreement; (ii) after giving effect to any such partial assignment, require the assignee Lender to have Commitments in an amount at least equal to $5,000,000 and the assigning Lender to retain Commitments in an amount at least equal to $5,000,000; (iii) include a payment to the Administrative Agent of an assignment fee of $3,500; (iv) also require an assignment of a ratable interest in, and the assignee Lender shall be required to be assigned a ratable share in the “Auction Loans” and “Auction Commitments” under, the Auction Revolving Credit Agreement and (v) so long as no Event of Default has occurred and is continuing, require the consent of Borrower Representative, which shall not be unreasonably withheld or delayed and shall be deemed to have been given unless an objection is delivered to the Administrative Agent within ten (10) Business Days after notice of such proposed assignment is delivered to Borrower Representative; provided that  (x) no such consent shall be required for an assignment to a Qualified Assignee and (y) the Borrower Representative’s refusal to consent to an assignment to any Person that constitutes a vulture fund, distressed debt purchaser or similar institution whose primary business consists of purchasing or investing in Persons that are highly financially distressed and insolvent or imminently insolvent shall not be deemed to be unreasonable.  No Agent shall have any responsibility for ensuring that minimum Commitment amounts described in clause (ii) of the immediately preceding sentence are maintained or for determining whether an assignee of any Lender is a Qualified Assignee.  In addition, no Agent shall have any liability in the event any Loans or Commitments (or any interest therein) are assigned to a Qualified Assignee without the consent of the Borrower Representative.  Lenders shall be required at all times to maintain equal Pro Rata Shares of the Commitments hereunder and the “Auction Commitments” under the Auction Revolving Credit Agreement.  Notwithstanding anything herein to the contrary, no Lender may assign or otherwise transfer all or any part of its interest in the Obligations to any natural person or to any Borrower or any of its Affiliates. The Agents’ refusal to consent to an assignment by a Non-Funding Lender who is a Non-Funding Lender due to clause (a) of the definition of Non-Funding Lender (unless in connection with such assignment, such Non-Funding Lender cures, or causes the cure of, its Non-Funding Lender status as contemplated in Section 9.9(d)(v)) shall not be deemed to 

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be unreasonable.  The Agents’ refusal to consent to an assignment by any Lender to any Person that would be a Non-Funding Lender or an Impacted Lender, or the imposition of conditions or limitations (including limitations on voting) upon assignments to such Persons, shall not be deemed to be unreasonable.  In the case of an assignment by a Lender under this Section 9.1, the assignee shall have, to the extent of such assignment, the same rights, benefits and obligations as all other Lenders hereunder.  The assigning Lender shall be relieved of its obligations hereunder with respect to its Commitments or assigned portion thereof from and after the date of such assignment.  Each Borrower hereby acknowledges and agrees that any assignment shall give rise to a direct obligation of Borrowers to the assignee and that the assignee shall be considered to be a “Lender”.  In all instances, each Lender’s liability to make Loans or purchase participation interests therein hereunder shall be several and not joint and shall be limited to such Lender’s Pro Rata Share of the applicable Commitment.  In the event any Agent or any Lender assigns or otherwise transfers all or any part of its interest in the Obligations, any such Agent or any such Lender shall so notify Borrowers and Borrowers shall, upon the request of such Agent or such Lender, execute new Notes in exchange for the Notes, if any, being assigned.  Notwithstanding the foregoing provisions of this Section 9.1(a), any Lender may at any time pledge its interest in the Obligations and such Lender’s rights under this Agreement and the other Loan Documents to a Federal Reserve Bank, and any Lender that is an investment fund may assign its interest in the Obligations and such Lender’s rights under this Agreement and the other Loan Documents to another investment fund managed by the same investment advisor; provided, that no such pledge to a Federal Reserve Bank shall release such Lender from such Lender’s obligations hereunder or under any other Loan Document.
(f)    The Administrative Agent, acting solely for this purpose as a non-fiduciary agent of the Borrowers, shall maintain at its address referred to in Annex I a copy of each Assignment Agreement delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal amounts (and stated interest) of the Loans 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 Borrowers, the Agents and Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement.  The Register shall be available for inspection by the Borrower and any Lender, at any reasonable time and from time to time upon reasonable prior notice.
(g)    Any participation by a Lender of all or any part of its Commitments shall be made with the understanding that all amounts payable by Borrowers hereunder shall be determined as if that Lender had not sold such participation, and that the holder of any such participation shall not be entitled to require such Lender to take or omit to take any action hereunder except actions directly affecting (i) any reduction in the principal amount of, or interest rate or Fees payable with respect to, any Loan in which such holder participates, (ii) any extension of the scheduled amortization of the principal amount of any Loan in which such holder participates or the final maturity date thereof, and (iii) any release of the Collateral Agent’s Lien on all or substantially all of the Collateral (other than in accordance with the terms of this Agreement, the Collateral Documents or the other Loan Documents).  Each of the Borrowers agrees that each participant shall be entitled to the benefits of Sections 1.14, 1.16 (as 

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it applied in relation to U.S. tax only), 1.17 and 9.8  (subject to the requirements and limitations therein, including the requirements under Section 1.16 (it being understood that the documentation required in order to constitute a Qualifying Lender and the documentation required under Section 1.16 shall be delivered to the participating Lender)) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (a) of this Section; provided that such participant shall not be entitled to receive any greater payment under Section 1.16, with respect to any participation, than its participating Lender would have been entitled to receive. Except as set forth in the preceding sentence no Credit Party shall have any obligation or duty to any participant.  Neither any Agent nor any Lender (other than the Lender selling a participation) shall have any duty to any participant and may continue to deal solely with the Lender selling a participation as if no such sale had occurred. 
(h)    Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of Borrowers, maintain a register on which it enters the name and address of each participant and the principal amounts (and stated interest) of each participant’s interest in the Loans or other obligations under the Loan Documents (the “Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any participant or any information relating to a participant’s interest in any commitments, loans, letters of credit or its other obligations under any Loan Document) to any Person other than the Administrative Agent except to the extent that such disclosure is necessary to establish that such commitment, loan, letter of credit or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations.  The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary.  For the avoidance of doubt, no Agent shall have any responsibility for maintaining a Participant Register.
(i)    Except as expressly provided in this Section 9.1, no Lender shall, as between Borrowers and that Lender, or the Agents and that Lender, be relieved of any of its obligations hereunder as a result of any sale, assignment, transfer or negotiation of, or granting of participation in, all or any part of the Loans, the Notes or other Obligations owed to such Lender.
(j)    Each Credit Party shall assist any Lender permitted to sell assignments or participations under this Section 9.1 as reasonably required to enable the assigning or selling Lender to effect any such assignment or participation, including the execution and delivery of any and all agreements, notes and other documents and instruments as shall be requested and, if requested by the Administrative Agent, the preparation of informational materials for, and the participation of management in meetings with, potential assignees or participants.  Each Credit Party shall certify the correctness, completeness and accuracy of all descriptions of the Sotheby Entities and their respective affairs contained in any selling materials provided by them and all other information provided by them and included in such materials, except that the Projections shall only be certified by Borrowers as having been prepared by Borrowers in compliance with the representations contained in Section 3.4(b).

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(k)    Any Lender may furnish any information concerning Sotheby Entities in the possession of such Lender from time to time to assignees and participants (including prospective assignees and participants); provided that such Lender shall obtain from assignees or participants confidentiality covenants substantially equivalent to those contained in Section 11.8.
(l)    So long as no Event of Default has occurred and is continuing, no Lender shall assign or sell participations in any portion of its Loans or Commitment to a potential Lender or participant, if, as of the date of the proposed assignment or sale, the assignee Lender or participant would be subject to capital adequacy or similar requirements under Section 1.17(a), increased costs under Section 1.17(b), an inability to fund LIBOR Loans under Section 1.17(c), or withholding taxes in accordance with Section 1.16(a).  
(m)    Notwithstanding anything to the contrary contained herein, any Lender (a “Granting Lender”), may grant to a special purpose funding vehicle (an “SPC”), identified as such in writing by the Granting Lender to the Administrative Agent and Borrowers, the option to provide to Borrowers all or any part of any Loans that such Granting Lender would otherwise be obligated to make to Borrowers pursuant to this Agreement; provided that (i) nothing herein shall constitute a commitment by any SPC to make any Loan; and (ii) if an SPC elects not to exercise such option or otherwise fails to provide all or any part of such Loan, the Granting Lender shall be obligated to make such Loan pursuant to the terms hereof.  The making of a Loan by an SPC hereunder shall utilize the Commitment of the Granting Lender to the same extent, and as if such Loan were made by such Granting Lender.  No SPC shall be liable for any indemnity or similar payment obligation under this Agreement (all liability for which shall remain with the Granting Lender).  Any SPC may (i) with notice to, but without the prior written consent of, Borrowers and the Administrative Agent and without paying any processing fee therefor assign all or a portion of its interests in any Loans to the Granting Lender or to any financial institutions (consented to by Borrowers and the Administrative Agent) providing liquidity and/or credit support to or for the account of such SPC to support the funding or maintenance of Loans and (ii) disclose on a confidential basis any non-public information relating to its Loans to any rating agency, commercial paper dealer or provider of any surety, guarantee or credit or liquidity enhancement to such SPC.  This Section 9.1(i) may not be amended without the prior written consent of each Granting Lender, all or any of whose Loans are being funded by an SPC at the time of such amendment.  For the avoidance of doubt, the Granting Lender shall for all purposes, including without limitation, the approval of any amendment or waiver of any provision of any Loan Document or the obligation to pay any amount otherwise payable by the Granting Lender under the Loan Documents, continue to be the Lender of record hereunder.
		
	9.2
	Appointment of the Administrative Agent and the Collateral Agent.

GE Capital is hereby appointed to act on behalf of all Secured Parties as the Administrative Agent and the Collateral Agent under this Agreement and the other Loan Documents.  The provisions of this Section 9.2 are solely for the benefit of the Agents and the other Secured Parties and no Sotheby Entity nor any other Person shall have any rights as a third party beneficiary of any of the provisions hereof.  In performing its functions and duties under this Agreement and the other Loan Documents, each Agent shall act solely as an agent of the 

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Secured Parties and does not assume and shall not be deemed to have assumed any obligation toward or relationship of agency or trust with or for any Sotheby Entity or any other Person.  Each Agent shall have no duties or responsibilities except for those expressly set forth in this Agreement and the other Loan Documents.  Except as expressly set forth in the Foreign Collateral Documents, the duties of each Agent shall be mechanical and administrative in nature and no Agent shall have, or be deemed to have, by reason of this Agreement, any other Loan Document or otherwise a fiduciary relationship in respect of any Secured Party.  Except as expressly set forth in this Agreement and the other Loan Documents, no Agent shall have any duty to disclose, and shall not be liable for failure to disclose, any information relating to any Sotheby Entity or any of their respective Subsidiaries or any Account Debtor that is communicated to or obtained by GE Capital or any of its Affiliates in any capacity.  Neither any Agent nor any of its Affiliates nor any of their respective officers, directors, employees, agents or representatives shall be liable to any Secured Party for any action taken or omitted to be taken by it hereunder or under any other Loan Document, or in connection herewith or therewith, except for damages caused by its or their own gross negligence or willful misconduct as determined in a final, non-appealable judgment by a court of competent jurisdiction.
If any Agent shall request instructions from Requisite Lenders, the Majority in Interest of any class of Lenders, the Supermajority Lenders or all affected Lenders with respect to any act or action (including failure to act) in connection with this Agreement or any other Loan Document, then such Agent shall be entitled to refrain from such act or taking such action unless and until such Agent shall have received instructions from Requisite Lenders, the Majority in Interest of any class of Lenders, the Supermajority Lenders, or all affected Lenders, as the case may be, and such Agent shall not incur liability to any Person by reason of so refraining.  Each Agent shall be fully justified in failing or refusing to take any action hereunder or under any other Loan Document (a) if such action would, in the opinion of such Agent, be contrary to law or the terms of this Agreement or any other Loan Document, (b) if such action would, in the opinion of such Agent, expose such Agent to Environmental Liabilities or (c) if such Agent shall not first be indemnified to its satisfaction against any and all liability and expense which may be incurred by it by reason of taking or continuing to take any such action.  Without limiting the foregoing, no Secured Party shall have any right of action whatsoever against any Agent as a result of any Agent acting or refraining from acting hereunder or under any other Loan Document in accordance with the instructions of Requisite Lenders, the Majority in Interest of any class of Lenders, the Supermajority Lenders or all affected Lenders, as applicable.
In its capacity, the Collateral Agent is a “representative” of the Secured Parties within the meaning of the term “secured party” as defined in the UCC.  Each Lender and the Administrative Agent authorizes the Collateral Agent to enter into each of the Collateral Documents to which it is a party and to take all action contemplated by such documents in accordance with the terms thereof. Subject to Section 9.8, each Lender agrees that no Secured Party (other than the Collateral Agent) shall have the right individually to seek to realize upon the security granted by any Collateral Document, it being understood and agreed that such rights and remedies may be exercised solely by the Collateral Agent for the benefit of the Secured Parties upon the terms of the Collateral Documents.  In the event that any Collateral is hereafter pledged by any Person as collateral security for the Secured Obligations, the Collateral Agent is 

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hereby authorized, and hereby granted a power of attorney, to execute and deliver on behalf of the Secured Parties any Loan Documents necessary or appropriate to grant and perfect a Lien on such Collateral in favor of the Collateral Agent on behalf of the Secured Parties.
		
	9.3
	Agents’ Reliance, Etc.

Neither any Agent nor any of its Affiliates nor any of their respective directors, officers, agents or employees shall be liable for any action taken or omitted to be taken by it or them under or in connection with this Agreement or the other Loan Documents, except for damages caused by its or their own gross negligence or willful misconduct as determined in a final, non-appealable judgment by a court of competent jurisdiction.  Without limiting the generality of the foregoing, each Agent:  (a) may treat the payee of any Note as the holder thereof until such Agent receives written notice of the assignment or transfer thereof signed by such payee and in form reasonably satisfactory to such Agent; (b) may consult with legal counsel, independent public accountants and other experts selected by it and shall not be liable for any action taken or omitted to be taken by it in good faith in accordance with the advice of such counsel, accountants or experts; (c) makes no warranty or representation to any Lender and shall not be responsible to any Lender for any statements, warranties or representations made in or in connection with this Agreement or the other Loan Documents; (d) shall not have any duty to ascertain or to inquire as to the performance or observance of any of the terms, covenants or conditions of this Agreement or the other Loan Documents on the part of any Credit Party or to inspect the Collateral (including the books and records) of any Credit Party; (e) shall not be responsible to any Lender for the due execution, legality, validity, enforceability, genuineness, sufficiency or value of this Agreement or the other Loan Documents or any other instrument or document furnished pursuant hereto or thereto; and (f) shall incur no liability under or in respect of this Agreement or the other Loan Documents by acting upon any notice, consent, certificate or other instrument or writing (which may be by telecopy, telegram, cable or telex) believed by it to be genuine and signed or sent by the proper party or parties.
		
	9.4
	GE Capital and Affiliates.

With respect to its Commitments hereunder, GE Capital shall have the same rights and powers under this Agreement and the other Loan Documents as any other Lender and may exercise the same as though it were not an Agent; and the term “Lender” or “Lenders” shall, unless otherwise expressly indicated, include GE Capital in its individual capacity.  GE Capital and its Affiliates may lend money to, invest in, and generally engage in any kind of business with, any Sotheby Entity, any of their Affiliates and any Person who may do business with or own securities of any Sotheby Entity or any such Affiliate, all as if GE Capital were not an Agent and without any duty to account therefor to Lenders.  GE Capital and its Affiliates may accept fees and other consideration from any Sotheby Entity for services in connection with this Agreement or otherwise without having to account for the same to Lenders.  Each Lender acknowledges the potential conflict of interest between GE Capital as a Lender holding disproportionate interests in the Loans and GE Capital as the Administrative Agent and the Collateral Agent.
		
	9.5
	Lender Credit Decision.

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Each Lender acknowledges that it has, independently and without reliance upon any Agent or any other Lender and based on the Financial Statements referred to in Section 3.4(a) and such other documents and information as it has deemed appropriate, made its own credit and financial analysis of the Sotheby Entities and its own decision to enter into this Agreement.  Each Lender also acknowledges that it will, independently and without reliance upon any Agent or any other Lender and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under this Agreement.  Each Lender acknowledges the potential conflict of interest of each other Lender as a result of Lenders holding disproportionate interests in the Loans, and expressly consents to, and waives any claim based upon, such conflict of interest.
		
	9.6
	Indemnification.

Lenders agree to indemnify the Agents (to the extent not reimbursed by Credit Parties and without limiting the obligations of Credit Parties hereunder), ratably according to their respective Pro Rata Shares, from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever that may be imposed on, incurred by, or asserted against any Agent in any way relating to or arising out of this Agreement or any other Loan Document or any action taken or omitted to be taken by any Agent in connection therewith; provided, that no Lender shall be liable to any Agent for any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements resulting from such Agent’s gross negligence or willful misconduct as determined in a final, non-appealable judgment by a court of competent jurisdiction. Without limiting the foregoing, each Lender agrees to reimburse the Agents promptly upon demand for its ratable share of any out-of-pocket expenses (including reasonable counsel fees) incurred by any Agent in connection with the preparation, execution, delivery, administration, modification, amendment or enforcement (whether through negotiations, legal proceedings or otherwise) of, or legal advice in respect of rights or responsibilities under, this Agreement and each other Loan Document, to the extent that any such Agent is not reimbursed for such expenses by Credit Parties.
		
	9.7
	Successor Agents.  

Any Agent may resign at any time by giving not less than thirty (30) days’ prior written notice thereof to Lenders and Borrower Representative.  Upon any such resignation, the Requisite Lenders shall have the right to appoint a successor Agent.  If no successor Agent shall have been so appointed by the Requisite Lenders and shall have accepted such appointment within thirty (30) days after the resigning Agent’s giving notice of resignation, then the resigning Agent may, on behalf of Lenders, appoint a successor Agent, which shall be a Lender (if a Lender is willing to accept such appointment), or otherwise shall be a commercial bank or financial institution or a subsidiary of a commercial bank or financial institution if such commercial bank or financial institution is organized under the laws of the United States of America or of any State thereof and has a combined capital and surplus of at least $300,000,000.  If no successor Agent has been appointed pursuant to the foregoing, within thirty (30) days after the date such notice of resignation was given by the resigning Agent, such resignation shall 

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become effective and the Requisite Lenders shall thereafter perform all the duties of such Agent, hereunder until such time, if any, as the Requisite Lenders appoint a successor Agent as provided above.  Any successor Agent appointed by Requisite Lenders hereunder shall be subject to the approval of Borrower Representative, such approval not to be unreasonably withheld or delayed; provided that such approval shall not be required if a Default or an Event of Default has occurred and is continuing.  Upon the acceptance of any appointment as Administrative Agent or Collateral Agent, as applicable, hereunder by a successor Agent, such successor Agent shall succeed to and become vested with all the rights, powers, privileges and duties of the resigning Agent.  Upon the earlier of the acceptance of any appointment as Administrative Agent or Collateral Agent, as applicable, hereunder by a successor Agent or the effective date of the resigning Agent’s resignation, the resigning Agent shall be discharged from its duties and obligations under this Agreement and the other Loan Documents, except that any indemnity rights or other rights in favor of such resigning Agent shall continue.  After any resigning Agent’s resignation hereunder, the provisions of this Section 9 shall inure to its benefit as to any actions taken or omitted to be taken by it while it was acting as Administrative Agent or Collateral Agent, as applicable, under this Agreement and the other Loan Documents.
		
	9.8
	Setoff and Sharing of Payments.

In addition to any rights now or hereafter granted under applicable law and not by way of limitation of any such rights, upon the occurrence and during the continuance of any Event of Default and subject to Section 9.9(g), each Lender is hereby authorized at any time or from time to time, without prior notice to any Credit Party or to any Person other than the Agents, any such notice being hereby expressly waived, to offset and to appropriate and to apply any and all balances held by it at any of its offices for the account of any Credit Party (regardless of whether such balances are then due to such Credit Party) and any other properties or assets at any time held or owing by that Lender or that holder to or for the credit or for the account of any Credit Party against and on account of any of the Obligations that are not paid when due; provided, that (i) the Lender exercising such offset rights shall give notice thereof to the affected Credit Party promptly after exercising such rights, and (ii) any balances, properties or assets of a Foreign Credit Party shall be offset, appropriated or applied only to or against the Obligations of the Foreign Credit Parties.  Any Lender exercising a right of setoff or otherwise receiving any payment on account of the Obligations in excess of its Pro Rata Share thereof shall purchase for cash (and the other Lenders or holders shall sell) such participations in each such other Lender’s or holder’s Pro Rata Share of the Obligations as would be necessary to cause such Lender to share the amount so offset or otherwise received with each other Lender or holder in accordance with their respective Pro Rata Shares (other than offset rights exercised by any Lender with respect to Sections 1.14, 1.16 or 1.17).  Each Dollar Tranche Lender’s obligation under this Section 9.8 shall be in addition to and not in limitation of its obligations to purchase a participation in an amount equal to its Pro Rata Share of the Dollar Tranche Swing Line Loan under Section 1.1.  Each Multicurrency Tranche Lender’s obligation under this Section 9.8 shall be in addition to and not in limitation of its obligations to purchase a participation in an amount equal to its Pro Rata Share of the Multicurrency Tranche Swing Line Loan under Section 1.1. Each Credit Party agrees, to the fullest extent permitted by law, that (a) any Lender may exercise its right to offset with respect to amounts in excess of its Pro Rata Share of the Obligations and 

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may sell participations in such amounts so offset to other Lenders and holders and (b) any Lender so purchasing a participation in the Loans made or other Obligations held by other Lenders or holders may exercise all rights of offset, bankers’ lien, counterclaim or similar rights with respect to such participation as fully as if such Lender or holder were a direct holder of the Loans and the other Obligations in the amount of such participation.  Notwithstanding the foregoing, if all or any portion of the offset amount or payment otherwise received is thereafter recovered from the Lender that has exercised the right of offset, the purchase of participations by that Lender shall be rescinded and the purchase price restored without interest.  If a Non-Funding Lender receives any payment described in the second sentence of this Section 9.8, such Lender shall turn over such payments to the Collateral Agent in an amount that would satisfy the cash collateral requirements set forth in Section 9.9(d).
		
	9.9
	Advances; Payments; Non-Funding Lenders; Information; Actions in Concert.  

(l)    Revolving Credit Advances; Payments.
(i)    Lenders shall refund or participate in the Swing Line Loan in accordance with clauses (iii), (iv) and (v) of Section 1.1(b).  If (i) the Swing Line Lender declines to make a Swing Line Advance, (ii) the Dollar Tranche Swing Line Availability is zero, (iii) the Multicurrency Tranche Swing Line Availability is zero or (iv) the Administrative Agent shall receive a Notice of Revolving Credit Advance in respect of a Revolving Credit Advance to be made as a LIBOR Loan, the Administrative Agent shall notify Lenders, promptly after receipt of a Notice of Revolving Credit Advance and in any event prior to 1:00 p.m. (New York time) on the date such Notice of Revolving Credit Advance is received, by telecopy, telephone or other similar form of transmission.  
(ii)    In the case of any  Dollar Tranche Revolving Credit Advance, each  Dollar Tranche Lender shall make the amount of such Lender’s Pro Rata Share of such  Dollar Tranche Revolving Credit Advance available to the Administrative Agent in same day funds in Dollars by wire transfer to the Administrative Agent’s account as set forth in Annex H not later than 3:00 p.m. (New York time) on the requested funding date, in the case of an Index Rate Loan, and not later than 11:00 a.m. (New York time) on the requested funding date, in the case of a LIBOR Loan.  In the case of any  Multicurrency Tranche Revolving Credit Advance, each  Multicurrency Tranche Lender shall make the amount of such Lender’s Pro Rata Share of such  Multicurrency Tranche Revolving Credit Advance available to the Administrative Agent in same day funds in the currency in which such Multicurrency Tranche Revolving Credit Advance is denominated by wire transfer to the Administrative Agent’s account as set forth in Annex H not later than 3:00 p.m. (New York time) on the requested funding date, in the case of an Index Rate Loan, and not later than 11:00 a.m. (New York time) on the requested funding date, in the case of a LIBOR Loan.  After receipt of such wire transfers (or, in the Administrative Agent’s sole discretion, before receipt of such wire transfers), subject to the terms hereof, the Administrative Agent shall make the requested Revolving Credit Advance to Borrower.  All payments by each Lender pursuant to this Section 9.9(a) shall be made without setoff, counterclaim or deduction of any kind.

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(iii)    On each Business Day (each, a “Settlement Date”), the Administrative Agent shall advise each Lender by telephone or telecopy of the amount to be disbursed to such Person in accordance with this Section 9.9(a)(iii).  Provided that each Lender has funded all payments or Advances required to be made by it and has purchased all participations required to be purchased by it under this Agreement and the other Loan Documents as of such Settlement Date, the Administrative Agent shall pay to each Lender, such Lender’s Pro Rata Share of principal, interest and Fees received by the Administrative Agent from the Borrowers on such Settlement Date (or, in the case of amounts denominated in a Foreign Currency, (x) with respect to principal, on the date one (1) Business Day prior to such Settlement Date and (y) with respect to all other amounts, on the date two (2) Business Days prior to such Settlement Date) (as determined in accordance with Section 1.11) for the benefit of Lenders with respect to each applicable Loan. Such payments shall be made by wire transfer to such Lender’s account (as specified by such Lender in Annex H or the applicable Assignment Agreement) not later than 5:00 p.m. (New York time) on each Settlement Date.
(m)    Availability of Lender’s Pro Rata Share.  The Administrative Agent may assume that, on each funding date, (i) each Dollar Tranche Lender will make its Pro Rata Share of each Dollar Tranche Revolving Credit Advance being funded on such funding date available to the Administrative Agent and (ii) each Multicurrency Tranche Lender will make its Pro Rata Share of each Multicurrency Tranche Revolving Credit Advance being funded on such funding date available to the Administrative Agent.  If such Pro Rata Share is not, in fact, paid to the Administrative Agent by such Lender when due, the Administrative Agent will be entitled to recover such amount on demand from such Lender, without setoff, counterclaim or deduction of any kind.  If any Lender fails to pay the amount of its Pro Rata Share forthwith upon the Administrative Agent’s demand, the Administrative Agent shall promptly notify Borrower Representative and Borrowers shall immediately repay such amount to the Administrative Agent.  Nothing in this Section 9.9(b) or elsewhere in this Agreement or the other Loan Documents shall be deemed to require any Agent to advance funds on behalf of any Lender or to relieve any Lender from its obligation to fulfill its Commitments or obligations hereunder or to prejudice any rights that Borrowers may have against any Lender as a result of any default by such Lender hereunder.  To the extent that any Agent advances funds to any Borrower on behalf of any Lender and is not reimbursed therefor on the same Business Day as such Advance is made, such Agent shall be entitled to retain for its account all interest accrued on such Advance until reimbursed by the applicable Lender.
(n)    Return of Payments.
(i)    If any Agent pays an amount to a Lender under this Agreement in the belief or expectation that a related payment has been or will be received by such Agent from Borrowers and such related payment is not received by such Agent, then such Agent will be entitled to recover such amount from such Lender on demand without setoff, counterclaim or deduction of any kind.
(ii)    If any Agent determines at any time that any amount received by such Agent under this Agreement must be returned to any Borrower or paid to any other Person 

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pursuant to any insolvency law or otherwise, then, notwithstanding any other term or condition of this Agreement or any other Loan Document, such Agent will not be required to distribute any portion thereof to any Lender.  In addition, each Lender will repay to each Agent on demand any portion of such amount that such Agent has distributed to such Lender, together with interest at such rate, if any, as such Agent is required to pay to any Borrower or such other Person, without setoff, counterclaim or deduction of any kind.
(o)    Non-Funding Lenders.  
(i)    Responsibility.  The failure of any Non-Funding Lender to make any Revolving Credit Advance, Letter of Credit Obligation or any payment required by it, or to make any payment required by it hereunder, or to fund any purchase of any participation to be made or funded by it on the date specified therefor shall not relieve any other Lender (each such other Lender, an “Other Lender”) of its obligations to make such loan, fund the purchase of any such participation, or make any other payment required hereunder on such date, and neither any Agent nor, other than as expressly set forth herein, any other Lender shall be responsible for the failure of any Non-Funding Lender to make a loan, fund the purchase of a participation or make any other payment required hereunder.  
(ii)    Reallocation.  
(A)    If any  Dollar Tranche Lender is a Non-Funding Lender, all or a portion of such Non-Funding Lender’s  Dollar Tranche Letter of Credit Obligations (unless such Lender is the L/C Issuer that issued such Letter of Credit), and reimbursement obligations with respect to  Dollar Tranche Swing Loans shall, at the Administrative Agent’s election at any time or upon any L/C Issuer’s or the Swing Line Lender’s written request delivered to the Administrative Agent (whether before or after the occurrence of any Default or Event of Default), be reallocated to and assumed or funded by the  Dollar Tranche Lenders that are not Non-Funding Lenders or Impacted Lenders pro rata in accordance with their Pro Rata Shares of the aggregate  Dollar Tranche Commitments of all Lenders (calculated as if the Non-Funding Lender’s Pro Rata Share was reduced to zero and each other Lender’s Pro Rata Share of the  Dollar Tranche Commitments had been increased proportionately); provided, that no Lender shall be reallocated any such amounts or be required to fund any amounts that would cause the sum of its outstanding  Dollar Tranche Revolving Credit Advances, outstanding  Dollar Tranche Letter of Credit Obligations, amounts of its participations in  Dollar Tranche Swing Line Advances, and its pro rata share of unparticipated amounts in  Dollar Tranche Swing Line Advances to exceed its  Dollar Tranche Commitments.  At any time any  Dollar Tranche Lender is a Non-Funding Lender, at the Administrative Agent’s election at any time or upon any L/C 

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Issuer’s or the Swing Line Lender’s written request delivered to the Administrative Agent (whether before or after the occurrence of any Default or Event of Default), participating interests in any newly made  Dollar Tranche Swing Line Loan or any newly issued or modified  Dollar Tranche Letter of Credit will be allocated among Non-Funding Lenders that constitute  Dollar Tranche Lenders in a manner consistent with this Section 9.9(d)(ii)(A).
(B)    If any  Multicurrency Tranche Lender is a Non-Funding Lender, all or a portion of such Non-Funding Lender’s  Multicurrency Tranche Letter of Credit Obligations (unless such Lender is the L/C Issuer that issued such Letter of Credit), and reimbursement obligations with respect to  Multicurrency Tranche Swing Loans shall, at the Administrative Agent’s election at any time or upon any L/C Issuer’s or the Swing Line Lender’s written request delivered to the Administrative Agent (whether before or after the occurrence of any Default or Event of Default), be reallocated to and assumed or funded by the  Multicurrency Tranche Lenders that are not Non-Funding Lenders or Impacted Lenders pro rata in accordance with their Pro Rata Shares of the aggregate  Multicurrency Tranche Commitments of all Lenders (calculated as if the Non-Funding Lender’s Pro Rata Share was reduced to zero and each other Lender’s Pro Rata Share of the  Multicurrency Tranche Commitments had been increased proportionately); provided, that no Lender shall be reallocated any such amounts or be required to fund any amounts that would cause the sum of its outstanding  Multicurrency Tranche Revolving Credit Advances, outstanding  Multicurrency Tranche Letter of Credit Obligations, amounts of its participations in  Multicurrency Tranche Swing Line Advances, and its pro rata share of unparticipated amounts in  Multicurrency Tranche Swing Line Advances to exceed its  Multicurrency Tranche Commitments.  At any time any  Multicurrency Tranche Lender is a Non-Funding Lender, at the Administrative Agent’s election at any time or upon any L/C Issuer’s or the Swing Line Lender’s written request delivered to the Administrative Agent (whether before or after the occurrence of any Default or Event of Default), participating interests in any newly made  Multicurrency Tranche Swing Line Loan or any newly issued or modified  Multicurrency Tranche Letter of Credit will be allocated among Non-Funding Lenders that constitute  Multicurrency Tranche Lenders in a manner consistent with this Section 9.9(d)(ii)(B).
(iii)    Voting Rights.  Notwithstanding anything set forth herein to the contrary, including Section 9.1, a Non-Funding Lender shall not have any voting or consent 

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rights under or with respect to any Loan Document or constitute a “Lender” (or be, or have its Loans, participations and Commitments, included in the determination of “Requisite Lenders”, “Majority in Interest”, “Supermajority Lenders” or “Lenders directly affected” pursuant to Section 11.2) for any voting or consent rights under or with respect to any Loan Document; provided, that (A) the Commitment of a Non-Funding Lender may not be increased, extended or reinstated (B) the principal of a Non-Funding Lender’s Loans may not be reduced or forgiven and (C) the interest rate applicable to Obligations owing to a Non-Funding Lender may not be reduced in such a manner that by its terms affects such Non-Funding Lender more adversely than other Lenders, in each case without the consent of such Non-Funding Lender.  Moreover, for the purposes of determining Requisite Lenders, Majority in Interest of any class of Lenders or Supermajority Lenders, the Loans, participations and Commitments held by Non-Funding Lenders shall be excluded from the total Loans, participations and Commitments outstanding.
(iv)    Borrower Payments to a Non-Funding Lender.  Each Agent shall be authorized to use all payments received by such Agent for the benefit of any Non-Funding Lender pursuant to this Agreement to pay in full the Aggregate Excess Funding Amount to the appropriate Secured Parties.  Following such payment in full of the Aggregate Excess Funding Amount, the Collateral Agent shall be entitled to hold such funds as cash collateral in a non-interest bearing account up to an amount equal to such Non-Funding Lender’s unfunded Commitment and to use such amount to pay such Non-Funding Lender’s funding obligations hereunder until the Obligations are paid in full in cash, all Letter of Credit Obligations have been discharged or cash collateralized and all Commitments have been terminated.  Upon any such unfunded obligations owing by a Non-Funding Lender becoming due and payable, the Agents shall be authorized to use such cash collateral to make such payment on behalf of such Non-Funding Lender.  With respect to such Non-Funding Lender’s failure to fund Dollar Tranche Revolving Credit Advances or purchase participations in Dollar Tranche Letters of Credit or Dollar Tranche Letter of Credit Obligations, any amounts applied by any Agent to satisfy such funding shortfalls shall be deemed to constitute a Dollar Tranche Revolving Credit Advance or amount of the participation required to be funded and, if necessary to effectuate the foregoing, the other Dollar Tranche Lenders shall be deemed to have sold, and such Non-Funding Lender shall be deemed to have purchased, Dollar Tranche Revolving Credit Advances or participation interests from the other Dollar Tranche Lenders until such time as the aggregate amount of the Dollar Tranche Revolving Credit Advances and participations in Dollar Tranche Letters of Credit and Dollar Tranche Letter of Credit Obligations are held by the Dollar Tranche Lenders in accordance with their Pro Rata Shares of the aggregate Dollar Tranche Commitments of the Lenders.  With respect to such Non-Funding Lender’s failure to fund Multicurrency Tranche Revolving Credit Advances or purchase participations in Multicurrency Tranche Letters of Credit or Multicurrency Tranche Letter of Credit Obligations, any amounts applied by any Agent to satisfy such funding shortfalls shall be deemed to constitute a Multicurrency Tranche Revolving Credit Advance or amount of the participation required to be funded and, if necessary to effectuate the foregoing, the other Multicurrency Tranche Lenders shall be deemed to have sold, and such Non-Funding Lender shall be deemed to have purchased, Multicurrency Tranche Revolving Credit Advances or participation interests from the other Multicurrency Tranche Lenders until such time as the aggregate amount of the Multicurrency Tranche Revolving Credit Advances and participations in Multicurrency Tranche Letters of Credit and Multicurrency 

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Tranche Letter of Credit Obligations are held by the Multicurrency Tranche Lenders in accordance with their Pro Rata Shares of the aggregate Multicurrency Tranche Commitments of the Lenders. Any amounts owing by a Non-Funding Lender to any Agent which are not paid when due shall accrue interest at the interest rate applicable during such period to Index Rate Loans.  In the event that any Agent is holding cash collateral of a Non-Funding Lender that cures pursuant to clause (v) below or ceases to be a Non-Funding Lender pursuant to the definition of Non-Funding Lender, such Agent shall return the unused portion of such cash collateral to such Lender. The “Aggregate Excess Funding Amount” of a Non-Funding Lender shall be the aggregate amount of (A) all unpaid obligations owing by such Lender to the Agents, L/C Issuers, Swing Line Lender and other Lenders under the Loan Documents, including such Lender’s pro rata share of (x) if such Lender is a Dollar Tranche Lender, all Dollar Tranche Revolving Credit Advances, Dollar Tranche Letter of Credit Obligations and Dollar Tranche Swing Line Loans and (y) if such Lender is a Multicurrency Tranche Lender, all Multicurrency Tranche Revolving Credit Advances, Multicurrency Tranche Letter of Credit Obligations and Multicurrency Tranche Swing Line Loans plus, without duplication, (B) all amounts of such Non-Funding Lender’s Commitment reallocated to other Lenders pursuant to Section 9.9(d)(ii).
(v)    Cure.  A Lender may cure its status as a Non-Funding Lender under clause (a) of the definition of Non-Funding Lender if such Lender (A) fully pays to the Administrative Agent, on behalf of the applicable Secured Parties, the Aggregate Excess Funding Amount, plus all interest due thereon and (B) timely funds the next Revolving Credit Advance required to be funded by such Lender or makes the next reimbursement required to be made by such Lender.  Any such cure shall not relieve any Lender from liability for breaching its contractual obligations hereunder.
(vi)    Fees.  A Lender that is a Non-Funding Lender pursuant to clause (a) of the definition of Non-Funding Lender shall not earn and shall not be entitled to receive, and the Borrowers shall not be required to pay, such Lender’s portion of the Fee set forth in Section 1.10(b) during the time such Lender is a Non-Funding Lender pursuant to clause (a) thereof.  In the event that any reallocation of Letter of Credit Obligations occurs pursuant to Section 9.9(d)(ii), during the period of time that such reallocation remains in effect, the Letter of Credit Fee payable with respect to such reallocated portion shall be payable to (A) all Dollar Tranche Lenders or Multicurrency Tranche Lenders, as applicable, based on their pro rata share of such reallocation or (B) to the L/C Issuer for any remaining portion not reallocated to any other Lenders. 
(p)    [Reserved].  
(q)    Dissemination of Information.  The Administrative Agent shall use reasonable efforts to provide Lenders with any notice of Default or Event of Default received by the Administrative Agent from, or delivered by the Administrative Agent to, any Credit Party, with notice of any Event of Default of which the Administrative Agent has actually become aware and with notice of any action taken by the Administrative Agent following any Event of Default; provided, that the Administrative Agent shall not be liable to any Lender for any failure to do so, except to the extent that such failure is attributable to the Administrative Agent’s gross 

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negligence or willful misconduct as determined in a final, non-appealable judgment by a court of competent jurisdiction.  Lenders acknowledge that Borrowers are required to provide Financial Statements and Collateral Reports to Lenders in accordance with Annexes E and F hereto and agree that the Administrative Agent shall have no duty to provide the same to Lenders.
(r)    Actions in Concert.  Anything in this Agreement to the contrary notwithstanding, each Lender hereby agrees with each other Lender that no Lender shall take any action to protect or enforce its rights arising out of this Agreement or any other Loan Document (including exercising any rights of setoff) without first obtaining the prior written consent of the Agents and Requisite Lenders, it being the intent of Lenders that any such action to protect or enforce rights under this Agreement and the Notes shall be taken in concert and at the direction or with the consent of the Agents or Requisite Lenders.
(s)    Procedures.  The Administrative Agent is hereby authorized by each Credit Party and each other Secured Party to establish procedures (and to amend such procedures from time to time) to facilitate administration and servicing of the Loans and other matters incidental thereto.  Without limiting the generality of the foregoing, the Administrative Agent is hereby authorized to establish procedures to make available or deliver, or to accept, notices, documents and similar items on, by posting to or submitting and/or completion on, E-Systems.
9.10    Release of Guarantors or Collateral.  Each Lender hereby authorizes the Collateral Agent to release the following:
(a)    any Subsidiary of any Sotheby Entity from its guaranty of any Obligation of any Credit Party if all of the Stock of such Subsidiary owned by any Credit Party is sold in a sale permitted under the Loan Documents (including pursuant to a waiver or consent), to the extent that, after giving effect to such sale, such Subsidiary would not be required to guaranty any Obligations pursuant to any Loan Documents; and
(b)    any Lien held by the Collateral Agent for the benefit of the Secured Parties against (i) any Collateral that is sold by a Credit Party in a sale permitted by the Loan Documents (including pursuant to a valid waiver or consent), and (ii) all of the Collateral and all Loan Parties, upon satisfaction of the conditions for such release pursuant to Section 11.2(f).
Each Lender hereby authorizes the Collateral Agent, and the Collateral Agent hereby agrees, upon receipt of reasonable advance notice from the Borrower Representative, to execute and deliver or file such documents and to perform other actions reasonably necessary to release the guaranties and Liens when and as directed in this Section 9.10.
10.    SUCCESSORS AND ASSIGNS
		
	10.1
	Successors and Assigns.

This Agreement and the other Loan Documents shall be binding on and shall inure to the benefit of each Credit Party, the Agents, Lenders and their respective successors and assigns (including, in the case of any Credit Party, a debtor-in-possession on behalf of such 

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Credit Party), except as otherwise provided herein or therein.  No Credit Party may assign, transfer, hypothecate or otherwise convey its rights, benefits, obligations or duties hereunder or under any of the other Loan Documents without the prior express written consent of the Agents and Lenders.  Any such purported assignment, transfer, hypothecation or other conveyance by any Credit Party without the prior express written consent of the Agents and Lenders shall be void.  The terms and provisions of this Agreement are for the purpose of defining the relative rights and obligations of each Credit Party, the Agents and Lenders with respect to the transactions contemplated hereby and no Person shall be a third party beneficiary of any of the terms and provisions of this Agreement or any of the other Loan Documents.
11.    MISCELLANEOUS
		
	11.1
	Complete Agreement; Modification of Agreement.

The Loan Documents constitute the complete agreement between the parties with respect to the subject matter thereof and may not be modified, altered or amended except as set forth in Section 11.2.  Any letter of interest, commitment letter, fee letter or confidentiality agreement, if any, between any Credit Party and any Agent or any Lender or any of their respective Affiliates, predating this Agreement and relating to a financing of substantially similar form, purpose or effect shall be superseded by this Agreement.
		
	11.2
	Amendments and Waivers.  

(c)    Except for actions expressly permitted to be taken by any Agent, no amendment, modification, termination or waiver of any provision of this Agreement or any other Loan Document, or any consent to any departure by any Credit Party therefrom, shall in any event be effective unless the same shall be in writing and signed by the Administrative Agent and Borrowers, and by Requisite Lenders, Supermajority Lenders and/or all affected Lenders, as applicable.  Except as set forth in clauses (b), (c) and (d) below, all such amendments, modifications, terminations or waivers requiring the consent of any Lenders shall require the written consent of Requisite Lenders.
(d)    No amendment, modification, termination or waiver of or consent with respect to any provision of this Agreement or any other Loan Document shall: (i) increase the percentage advance rates set forth in the definition of “Domestic  Borrowing Base” or “Foreign  Borrowing Base,” unless in writing and signed by the Administrative Agent and the Supermajority Lenders, (ii) modify any criteria set forth in Section 1.6 in a manner that has the effect of increasing any applicable Borrowing Availability, unless in writing and signed by the Administrative Agent and the Supermajority Lenders or (iii) increase the Foreign Borrower Subfacility Limit, unless in writing and signed by the Administrative Agent and the Supermajority Lenders.
(e)    No amendment, modification, termination or waiver with respect to any provision of this Agreement or any other Loan Document shall, unless in writing and signed by the Administrative Agent and each Lender directly affected thereby: (i) increase the principal amount of any Lender’s Commitment; (ii) reduce the principal of, rate of interest on or Fees 

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payable with respect to any Loan or Letter of Credit Obligations of any affected Lender (except that (A) any amendment or modification of any financial covenant in this Agreement (or defined terms used in such financial covenant in this Agreement) or (B) any amendment modifying the definition of “Default Rate” (or amendment modifying Section 1.5(d) for purposes of modifying the definition of “Default Rate”) or any waiver of any obligation of the Credit Parties to pay interest or Letter of Credit Fees at the Default Rate shall not, in either case, constitute a reduction in the rate of interest or Fees for purposes of this clause (ii)); (iii) extend any scheduled payment date (other than payment dates of mandatory prepayments under Sections 1.3(b)(iii) and (iv)) or final maturity date of the principal amount of any Loan of any affected Lender; (iv) waive, forgive, defer, extend or postpone any payment of interest or Fees as to any affected Lender; (v) release all or substantially all the value of any Guaranty (other than in connection with any sale of assets by a Sotheby Entity (A) permitted pursuant to Section 6.8 or (B) consented to by Requisite Lenders or Supermajority Lenders, as applicable, pursuant to this Section 11.2) or, except as otherwise permitted herein or in the other Loan Documents, release, or permit any Credit Party to sell or otherwise dispose of, all or substantially all of the Collateral (which action shall be deemed to directly affect all Lenders and the L/C Issuer); (vi) change the percentage of the Commitments or of the aggregate unpaid principal amount of the Loans that shall be required for Lenders or any of them to take any action hereunder; (vii) amend or waive Section 1.12(a); (viii) amend or waive this Section 11.2 or the definitions of the terms “Majority in Interest”, “Requisite Lenders” or “Supermajority Lenders” insofar as such definitions affect the substance of this Section 11.2, (ix) amend the definition of “Pro Rata Share” or (x) designate a new “Borrower” hereunder.  Furthermore, no amendment, modification, termination or waiver affecting the rights or duties of the Administrative Agent, the Collateral Agent or L/C Issuer under this Agreement or any other Loan Document, including any release of any Guaranty or Collateral requiring a writing signed by all Lenders and, in the case of the L/C Issuer, any increase in the L/C Sublimit, shall be effective unless in writing and signed by the Administrative Agent, the Collateral Agent or L/C Issuer, as the case may be, in addition to Lenders required hereinabove to take such action.  Each amendment, modification, termination or waiver shall be effective only in the specific instance and for the specific purpose for which it was given.  No amendment, modification, termination or waiver shall be required for any Agent to take additional Collateral pursuant to any Loan Document.  No amendment, modification, termination or waiver of any provision of any Note shall be effective without the written concurrence of the holder of that Note.  No notice to or demand on any Sotheby Entity in any case shall entitle such Sotheby Entity or any other Sotheby Entity to any other or further notice or demand in similar or other circumstances.  Any amendment, modification, termination, waiver or consent effected in accordance with this Section 11.2 shall be binding upon each holder of the Notes at the time outstanding and each future holder of the Notes. 
(f)    No amendment, modification or waiver of this Agreement or any Loan Document resulting in any Bank Product and Hedging Obligations becoming unsecured (other than releases of Liens permitted in accordance with the terms hereof) shall be effective without the written consent of such holder of Bank Product and Hedging Obligations or, in the case of Bank Product and Hedging Obligations provided or arranged by GE Capital or an Affiliate of GE Capital, GE Capital.

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(g)    If, in connection with any proposed amendment, modification, waiver or termination (a “Proposed Change”):
(i)    requiring the consent of all affected Lenders, the consent of Requisite Lenders is obtained, but the consent of other Lenders whose consent is required is not obtained (any such Lender whose consent is not obtained as described in this clause (i) and in clause (ii) below being referred to as a “Non-Consenting Lender”); or
(ii)    requiring the consent of Supermajority Lenders, the consent of Requisite Lenders is obtained, but the consent of Supermajority Lenders is not obtained; 
then, so long as neither Agent is a Non-Consenting Lender, at Borrower Representative’s request, the Administrative Agent or a Person reasonably acceptable to the Administrative Agent shall have the right with the Administrative Agent’s consent and in the Administrative Agent’s sole discretion (but shall have no obligation) to purchase from such Non-Consenting Lenders, and such Non-Consenting Lenders agree that they shall, upon the Administrative Agent’s request, sell and assign to the Administrative Agent or such Person, all of the Loans and Commitments of such Non-Consenting Lenders for an amount equal to the principal balance of all Loans held by the Non-Consenting Lenders and all accrued interest and Fees with respect thereto through the date of sale, such purchase and sale to be consummated pursuant to an executed Assignment Agreement.
(h)    Upon (i) payment in full in cash and performance of all of the Obligations and Bank Product and Hedging Obligations, but excluding contingent Obligations, (ii) termination of the Commitments, (iii) deposit of cash collateral (or, as an alternative to cash collateral in the case of any Letter of Credit Obligation, receipt by the Collateral Agent of a back-up letter of credit) with respect to all contingent Obligations (excluding contingent Obligations (other than Letter of Credit Obligations) as to which no claim has been asserted), in amounts and on terms and conditions and with parties reasonably satisfactory to the Collateral Agent and each Indemnified Person that is or may be owed such Obligations and (iv) a release of all claims against the Agents and Lenders, and so long as no suits, actions, proceedings or claims are pending or threatened against any Indemnified Person asserting any damages, losses or liabilities that are Indemnified Liabilities, the Collateral Agent shall deliver to Borrowers termination statements, mortgage releases and other documents necessary or appropriate to evidence the termination of the Liens securing payment of the Obligations.
		
	11.3
	Fees and Expenses.

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Borrowers shall reimburse (i) each Agent for all fees, costs and expenses (including the reasonable fees and expenses of all of its counsel, advisors, consultants and auditors) and (ii) each Agent (and, with respect to clauses (b), (c) and (d) below, all Lenders) for all fees, costs and expenses, including the reasonable fees, costs and expenses of counsel or other advisors (including environmental and management consultants and appraisers), incurred in connection with the negotiation, preparation and filing and/or recordation of the Loan Documents and incurred in connection with:
(a)    any amendment, modification or waiver of, consent with respect to, or termination of, any of the Loan Documents or advice in connection with the syndication and administration of the Loans made pursuant hereto or its rights hereunder or thereunder;
(b)    any litigation, contest, dispute, suit, proceeding or action (whether instituted by any Agent, any Lender, any Sotheby Entity or any other Person and whether as a party, witness or otherwise) in any way relating to the Collateral, any of the Loan Documents or any other agreement to be executed or delivered in connection herewith or therewith, including any litigation, contest, dispute, suit, case, proceeding or action, and any appeal or review thereof, in connection with a case commenced by or against any or all of the Sotheby Entities or any other Person that may be obligated to any Agent or any Lender by virtue of the Loan Documents; including any such litigation, contest, dispute, suit, proceeding or action arising in connection with any work-out or restructuring of the Loans during the pendency of one or more Events of Default; provided, that in the case of reimbursement of counsel for Lenders other than the Agents, such reimbursement shall be limited to one counsel for all such Lenders; provided, further, that no Person shall be entitled to reimbursement under this clause (b) in respect of any litigation, contest, dispute, suit, proceeding or action to the extent any of the foregoing results from such Person’s gross negligence or willful misconduct as determined in a final, non-appealable judgment by a court of competent jurisdiction;
(c)    any attempt to enforce any remedies of any Agent against any or all of the Credit Parties or any other Person that may be obligated to any Agent or any Lender by virtue of any of the Loan Documents, including any such attempt to enforce any such remedies in the course of any work-out or restructuring of the Loans during the pendency of one or more Events of Default; provided, that in the case of reimbursement of counsel for Lenders other than the Agents, such reimbursement shall be limited to one counsel for all such Lenders;
(d)    any workout or restructuring of the Loans during the pendency of one or more Events of Default; provided, that in the case of reimbursement of counsel for Lenders other than the Agents, such reimbursement shall be limited to one counsel for all such Lenders; and
(e)    efforts to (i) monitor the Loans or any of the other Obligations, (ii) evaluate, observe or assess any of the Sotheby Entities or their respective affairs, and (iii) verify, protect, evaluate, assess, appraise, collect, sell, liquidate or otherwise dispose of any of the Collateral;
including, as to each of clauses (a) through (e) above, all reasonable attorneys’ and other professional and service providers’ fees arising from such services and other advice, assistance or 

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other representation, including those in connection with any appellate proceedings, and all expenses, costs, charges and other fees incurred by such counsel and others in connection with or relating to any of the events or actions described in this Section 11.3, all of which shall be payable, on demand, by Borrowers to the Agents.  Without limiting the generality of the foregoing, such expenses, costs, charges and fees may include: fees, costs and expenses of accountants, environmental advisors, appraisers, investment bankers, management and other consultants and paralegals; court costs and expenses; photocopying and duplication expenses; court reporter fees, costs and expenses; long distance telephone charges; air express charges; telegram or telecopy charges; secretarial overtime charges; and expenses for travel, lodging and food paid or incurred in connection with the performance of such legal or other advisory services.
		
	11.4
	No Waiver.

Any Agent’s or any Lender’s failure, at any time or times, to require strict performance by the Sotheby Entities of any provision of this Agreement or any other Loan Document shall not waive, affect or diminish any right of such Agent or such Lender thereafter to demand strict compliance and performance herewith or therewith.  Any suspension or waiver of an Event of Default shall not suspend, waive or affect any other Event of Default whether the same is prior or subsequent thereto and whether the same or of a different type.  Subject to the provisions of Section 11.2, none of the undertakings, agreements, warranties, covenants and representations of any Sotheby Entity contained in this Agreement or any of the other Loan Documents and no Default or Event of Default by any Sotheby Entity shall be deemed to have been suspended or waived by any Agent or any Lender, unless such waiver or suspension is by an instrument in writing signed by an officer of or other authorized employee of applicable Agent and the applicable required Lenders, and directed to Borrowers specifying such suspension or waiver.
		
	11.5
	Remedies.

The Agents’ and Lenders’ rights and remedies under this Agreement shall be cumulative and nonexclusive of any other rights and remedies that any Agent or any Lender may have under any other agreement, including the other Loan Documents, by operation of law or otherwise.  Recourse to the Collateral shall not be required.
		
	11.6
	Severability.

Wherever possible, each provision of this Agreement and the other Loan Documents shall be interpreted in such a manner as to be effective and valid under applicable law, but if any provision of this Agreement or any other Loan Document shall be prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity without invalidating the remainder of such provision or the remaining provisions of this Agreement or such other Loan Document.
		
	11.7
	Conflict of Terms.

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Except as otherwise provided in this Agreement or any of the other Loan Documents by specific reference to the applicable provisions of this Agreement, if any provision contained in this Agreement conflicts with any provision in any of the other Loan Documents, the provision contained in this Agreement shall govern and control.
		
	11.8
	Confidentiality.

(f)    Confidential Information.  Each Agent, each L/C Issuer, and each Lender agree to use commercially reasonable efforts (equivalent to the efforts such Agent, such L/C Issuer or such Lender applies to maintaining the confidentiality of its own confidential information) to maintain as confidential all confidential information provided to them by the Sotheby Entities and designated as confidential for a period of two (2) years following receipt thereof, except that any Agent, any L/C Issuer and any Lender may disclose such information (i) to Persons employed or engaged by such Agent, such L/C Issuer or such Lender, or such Agent’s, L/C Issuer’s or Lender’s Affiliates; (ii) to any bona fide assignee or participant or potential assignee or participant that has agreed to be bound by provisions substantially similar to the provisions of this Section 11.8 (and any such bona fide assignee or participant or potential assignee or participant may disclose such information to Persons employed or engaged by them as described in clause (i) above); (iii) as required or requested by any Governmental Authority or reasonably believed by such Agent, such L/C Issuer or such Lender to be compelled by any court decree, subpoena or legal or administrative order or process; (iv) as, on the advice of such Agent’s, such L/C Issuer’s or such Lender’s counsel, is required by law; (v) in connection with the exercise of any right or remedy under the Loan Documents or in connection with any Litigation to which such Agent, such L/C Issuer or such Lender is a party; or (vi) that ceases to be confidential through no fault of any Agent, any L/C Issuer or any Lender.  Furthermore, each Credit Party releases any Agent, any L/C Issuer and any Lender from the applicable banking secrecy obligations with regard to the Loan Documents and to any information directly or indirectly relating to the credit relations described in this Agreement to the extent as required for the execution, performance and administration of the Loan Documents, and/or for due exercise of the respective rights or fulfillment of the respective obligations by any Agent, any L/C Issuer or any Lender and authorizes the respective party to forward data within its respective jurisdiction and abroad.
(g)    Tombstones; League Tables.  Each Credit Party consents to the publication by any Agent or any Lender of any press releases, tombstones, advertising or other promotional materials (including, without limitation, via any Electronic Transmission) relating to the financing transactions contemplated by this Agreement using such Credit Party’s name, logo or trademark.  Such Agent or such Lender shall provide a draft of any such press release, advertising or other material to Borrower Representative for review and comment prior to the publication thereof.  Each Lender hereby consents to the disclosure by each Agent, each Lead Arranger and each Bookrunner of information necessary or customary for inclusion in league table measurements.
(h)    Distribution of Materials to Lenders and L/C Issuers.  The Credit Parties acknowledge and agree that the Loan Documents and all reports, notices, communications and 

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other information or materials provided or delivered by, or on behalf of, the Credit Parties hereunder (collectively, the “Borrower Materials”) may be disseminated by, or on behalf of, any Agent, and made available, to the Lenders and the L/C Issuers by posting such Borrower Materials on an E-System. The Credit Parties authorize each Agent to download copies of their logos from its website and post copies thereof on an E-System.
		
	11.9
	GOVERNING LAW.

EXCEPT AS OTHERWISE EXPRESSLY PROVIDED IN ANY OF THE LOAN DOCUMENTS, IN ALL RESPECTS, INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, THE LOAN DOCUMENTS AND THE OBLIGATIONS SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND PERFORMED IN THAT STATE AND ANY APPLICABLE LAWS OF THE UNITED STATES OF AMERICA.  EACH PARTY HERETO HEREBY CONSENTS AND AGREES THAT THE STATE OR FEDERAL COURTS LOCATED IN NEW YORK COUNTY, CITY OF NEW YORK, NEW YORK SHALL HAVE EXCLUSIVE JURISDICTION TO HEAR AND DETERMINE ANY CLAIMS OR DISPUTES BETWEEN THE CREDIT PARTIES, THE AGENTS AND LENDERS PERTAINING TO THIS AGREEMENT OR ANY OF THE OTHER LOAN DOCUMENTS OR TO ANY MATTER ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OF THE OTHER LOAN DOCUMENTS; PROVIDED, THAT THE AGENTS, THE LENDERS AND THE CREDIT PARTIES ACKNOWLEDGE THAT ANY APPEALS FROM THOSE COURTS MAY HAVE TO BE HEARD BY A COURT LOCATED OUTSIDE OF NEW YORK COUNTY; PROVIDED FURTHER,  THAT NOTHING IN THIS AGREEMENT SHALL BE DEEMED OR OPERATE TO PRECLUDE ANY AGENT FROM BRINGING SUIT OR TAKING OTHER LEGAL ACTION IN ANY OTHER JURISDICTION TO REALIZE ON THE COLLATERAL OR ANY OTHER SECURITY FOR THE OBLIGATIONS, OR TO ENFORCE A JUDGMENT OR OTHER COURT ORDER IN FAVOR OF SUCH AGENT.  EACH PARTY HERETO EXPRESSLY SUBMITS AND CONSENTS IN ADVANCE TO SUCH JURISDICTION IN ANY ACTION OR SUIT COMMENCED IN ANY SUCH COURT, AND EACH PARTY HERETO HEREBY WAIVES ANY OBJECTION THAT SUCH PARTY MAY HAVE BASED UPON LACK OF PERSONAL JURISDICTION, IMPROPER VENUE OR FORUM NON CONVENIENS AND HEREBY CONSENTS TO THE GRANTING OF SUCH LEGAL OR EQUITABLE RELIEF AS IS DEEMED APPROPRIATE BY SUCH COURT.  EACH PARTY HERETO HEREBY WAIVES PERSONAL SERVICE OF THE SUMMONS, COMPLAINT AND OTHER PROCESS ISSUED IN ANY SUCH ACTION OR SUIT AND AGREES THAT SERVICE OF SUCH SUMMONS, COMPLAINTS AND OTHER PROCESS MAY BE MADE BY REGISTERED OR CERTIFIED MAIL ADDRESSED TO SUCH PARTY AT THE ADDRESS SET FORTH IN ANNEX H OF THIS AGREEMENT AND THAT SERVICE SO MADE SHALL BE DEEMED COMPLETED UPON THE EARLIER OF SUCH PARTY’S ACTUAL RECEIPT THEREOF OR FIVE (5) DAYS AFTER DEPOSIT IN THE UNITED STATES MAILS, PROPER POSTAGE PREPAID.

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	11.10
	Notices.

(e)    Addresses.  All notices and other communications required or expressly authorized to be made by this Agreement shall be, (i) in the case of the Borrowers and the Agents addressed to the applicable address(es) set forth on Annex I and (ii) in the case of the Lenders, addressed to the applicable address(es) set forth on the applicable signature page hereto, or addressed to such other address as shall be notified in writing (A) in the case of the Borrower Representative, the Agents and the Swing Line Lender, to the other parties hereto and (B) in the case of all other parties, to Borrower Representative and the Administrative Agent.  Each Lender shall notify the Administrative Agent in writing of any changes in the address to which notices to such Lender should be directed, of addresses of its Lending Office, of payment instructions in respect of all payments to be made to it hereunder and of such other administrative information as the Administrative Agent shall reasonably request.
(f)    Delivery.  All notices and other communications required or expressly authorized to be made by this Agreement shall be delivered in writing.  For purposes of this Agreement, “writing” shall include any Electronic Transmission (including posting such notice to Intralinks® (to the extent such system is available and set up by or at the direction of the Administrative Agent prior to posting) in an appropriate location by uploading such notice, demand, request, direction or other communication to www.intralinks.com, faxing such notice to 866-545-6600 with an appropriate bar-code fax coversheet or using such other means of posting to Intralinks® as may be available and reasonably acceptable to the Administrative Agent prior to such posting, or posting or submitting such notice via any other E-System approved by or set up by or at the direction of the Administrative Agent).  Notwithstanding anything herein to the contrary, transmissions made by Electronic Transmission shall be permitted only if such transmission is delivered in compliance with procedures of the Administrative Agent applicable at the time and previously communicated to the Borrower Representative.
(g)    Effectiveness.  All communications described in clause (a) above and all other notices, demands, requests and other communications made in connection with this Agreement shall be effective and be deemed to have been received (i) if delivered by hand, upon personal delivery, (ii) if delivered by overnight courier service, one (1) Business Day after delivery to such courier service, (iii) if delivered by mail, three (3) Business Days after deposit in the mail, (iv) if delivered by facsimile or E-Fax, upon sender’s receipt of confirmation of proper transmission, and (v) if delivered by Electronic Transmission (other than an E-Fax), on the later of the date of transmission thereof and the date access to such Electronic Transmission is given to the recipient thereof in accordance with the standard procedures applicable to the relevant E-System; provided, however, that no communications to the Administrative Agent pursuant to Article I shall be effective until received by the Administrative Agent.
(h)    Electronic Transmissions; E-Systems.  Each of the Agents, the Lenders, each Credit Party and each of their Related Persons, is authorized (but not required) to transmit, post or otherwise make or communicate, in its sole discretion, Electronic Transmissions in connection with any Loan Document and the transactions contemplated therein.  Each Credit Party and each Secured Party hereto acknowledges and agrees that the use of Electronic 

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Transmissions is not necessarily secure and that there are risks associated with such use, including risks of interception, disclosure and abuse and each indicates it assumes and accepts such risks by hereby authorizing the transmission of Electronic Transmissions.  All uses of an E-System shall be governed by and subject to, in addition to this Section 11.10, the separate terms, conditions and privacy policy posted or referenced in such E-System (or such terms, conditions and privacy policy as may be updated from time to time, including on such E-System) and related contractual obligations executed by the Administrative Agent and Credit Parties in connection with the use of such E-System.  Each of the Borrowers, the other Credit Parties and the Secured Parties agrees that the Administrative Agent has no responsibility for maintaining or providing any equipment, software, services or any testing required in connection with any Electronic Transmission or otherwise required for any E-System.  The posting, completion and/or submission by any Credit Party of any communication pursuant to an E-System shall constitute a representation and warranty by the Credit Parties that any representation, warranty, certification or other similar statement required by the Loan Documents to be provided, given or made by a Credit Party in connection with any such communication is true, correct and complete in all material respects except as expressly noted in such communication or E-System.
(i)    LIMITATION ON LIABILITY.  ALL E-SYSTEMS AND ELECTRONIC TRANSMISSIONS SHALL BE PROVIDED “AS IS” AND “AS AVAILABLE”.  NONE OF THE AGENTS, ANY LENDER OR ANY OF THEIR RELATED PERSONS WARRANTS THE ACCURACY, ADEQUACY OR COMPLETENESS OF ANY E-SYSTEMS OR ELECTRONIC TRANSMISSION AND DISCLAIMS ALL LIABILITY FOR ERRORS OR OMISSIONS THEREIN.  NO WARRANTY OF ANY KIND IS MADE BY THE AGENTS, ANY LENDER OR ANY OF THEIR RELATED PERSONS IN CONNECTION WITH ANY E‐SYSTEMS OR ELECTRONIC COMMUNICATION, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD-PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS.
(j)    Signatures.  Subject to the provisions of this Section 11.10, no Electronic Transmission shall be denied legal effect merely because it is made electronically, each E‐Signature on any such Electronic Transmission shall be deemed sufficient to satisfy any requirement for a “signature” and each such Electronic Transmission shall be deemed sufficient to satisfy any requirement for a “writing”, in each case including pursuant to any Loan Document, any applicable provision of any Code, the federal Uniform Electronic Transactions Act, the Electronic Signatures in Global and National Commerce Act and any substantive or procedural law governing such subject matter.  Each such Electronic Transmission that is not readily capable of bearing either a signature or a reproduction of a signature may be signed, and shall be deemed signed, by attaching to, or logically associating with such Electronic Transmission, an E-Signature, upon which the Agents, each other Secured Party and each Credit Party may rely and assume the authenticity thereof.   Each such Electronic Transmission containing a signature, a reproduction of a signature or an E-Signature shall, for all intents and purposes, have the same effect and weight as a signed paper original.  Each party hereto or beneficiary hereto agrees not to contest the validity or enforceability of any Electronic Transmission or E-Signature on any such Electronic Transmission under the provisions of any 

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applicable law requiring certain documents to be in writing or signed; provided, however, that nothing herein shall limit such party’s or beneficiary’s right to contest whether any Electronic Transmission or E-Signature has been altered after transmission.
		
	11.11
	Section Titles.

The Section titles and Table of Contents contained in this Agreement are and shall be without substantive meaning or content of any kind whatsoever and are not a part of the agreement between the parties hereto.
		
	11.12
	Counterparts; Facsimile Signature.

This Agreement may be executed in any number of counterparts and by different parties in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement.  Signature pages may be detached from multiple separate counterparts and attached to a single counterpart.  Delivery of an executed signature page of this Agreement by facsimile transmission or Electronic Transmission shall be as effective as delivery of a manually executed counterpart hereof.
		
	11.13
	WAIVER OF JURY TRIAL.

BECAUSE DISPUTES ARISING IN CONNECTION WITH COMPLEX FINANCIAL TRANSACTIONS ARE MOST QUICKLY AND ECONOMICALLY RESOLVED BY AN EXPERIENCED AND EXPERT PERSON AND THE PARTIES WISH APPLICABLE STATE AND FEDERAL LAWS TO APPLY (RATHER THAN ARBITRATION RULES), THE PARTIES DESIRE THAT THEIR DISPUTES BE RESOLVED BY A JUDGE APPLYING SUCH APPLICABLE LAWS.  THEREFORE, TO ACHIEVE THE BEST COMBINATION OF THE BENEFITS OF THE JUDICIAL SYSTEM AND OF ARBITRATION, THE PARTIES HERETO WAIVE ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, SUIT, OR PROCEEDING BROUGHT TO RESOLVE ANY DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE, AMONG THE AGENTS, THE LENDERS AND ANY CREDIT PARTY ARISING OUT OF, CONNECTED WITH, RELATED TO, OR INCIDENTAL TO THE RELATIONSHIP ESTABLISHED AMONG THEM IN CONNECTION WITH, THIS AGREEMENT OR ANY OF THE OTHER LOAN DOCUMENTS OR THE TRANSACTIONS RELATED THERETO.
		
	11.14
	Press Releases and Related Matters.

Each Credit Party executing this Agreement agrees that neither it nor its Affiliates will in the future issue any press releases or other public disclosure using the name of GE Capital or its affiliates or referring to this Agreement or the other Loan Documents without the prior written consent of GE Capital (not to be unreasonably withheld) unless (and only to the extent that) such Credit Party or Affiliate is required to do so under law and then, in any event, such Credit Party or Affiliate will consult with GE Capital before issuing such press release or other public disclosure.  Each Credit Party consents to the publication by any Agent or any Lender of 

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advertising material relating to the financing transactions contemplated by this Agreement using any Borrower’s name, logo or trademark.  Each Agent consents to the disclosure by the Credit Parties in their public securities filings and Financial Statements of the identity and role of such Agent under this Agreement.  Each Agent reserves the right to provide to industry trade organizations information necessary and customary for inclusion in league table measurements.
		
	11.15
	Reinstatement.

This Agreement shall remain in full force and effect and continue to be effective should any petition be filed by or against any Credit Party for liquidation or reorganization, should any Credit Party become insolvent or make an assignment for the benefit of any creditor or creditors or should a receiver or trustee be appointed for all or any significant part of any Credit Party’s assets, and shall continue to be effective or to be reinstated, as the case may be, if at any time payment and performance of the Obligations, or any part thereof, is, pursuant to applicable law, rescinded or reduced in amount, or must otherwise be restored or returned by any obligee of the Obligations, whether as a “voidable preference,” “fraudulent conveyance,” or otherwise (including pursuant to any settlement entered into by a Secured Party in its discretion), all as though such payment or performance had not been made.  In the event that any payment, or any part thereof, is rescinded, reduced, restored or returned, the Obligations shall be reinstated and deemed reduced only by such amount paid and not so rescinded, reduced, restored or returned.
		
	11.16
	Advice of Counsel.

Each of the parties represents to each other party hereto that it has discussed this Agreement and, specifically, the provisions of Sections 11.9 and 11.13, with its counsel.
		
	11.17
	No Strict Construction.

The parties hereto have participated jointly in the negotiation and drafting of this Agreement.  In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties hereto and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any provisions of this Agreement.
		
	11.18
	PATRIOT Act.

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

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	11.19
	Creditor-Debtor Relationship.

Any Agent, any Lender or any of their respective Affiliates may have economic interests that conflict with those of the Credit Parties, their equity holders and/or their Affiliates. The relationship between each Agent, each Lender, and each L/C Issuer, on the one hand, and the Credit Parties, on the other hand, is solely that of creditor and debtor.  No Secured Party has any fiduciary relationship or duty to any Credit Party arising out of or in connection with, and there is no agency, tenancy or joint venture relationship between the Secured Parties and the Credit Parties by virtue of, any Loan Document or any transaction contemplated therein.
		
	11.20
	Restatement.  The parties to this Agreement agree that, upon the satisfaction or waiver of each of the conditions precedent set forth in Section 2.1 hereof, on the Restatement Effective Date, the terms and provisions of the Existing Credit Agreement shall be and hereby are amended, superseded and restated in their entirety by the terms and provisions of this Agreement.  This Agreement is not intended to and shall not constitute a novation.  Upon the effectiveness of this Agreement, all loans made and obligations incurred under the Existing Credit Agreement which are outstanding on the Restatement Effective Date shall continue as Loans and Obligations under (and shall be governed by the terms of) this Agreement and the other Loan Documents.  Without limiting the foregoing, upon the effectiveness hereof: (a) all references in the “Loan Documents” (as defined in the Existing Credit Agreement) to the Existing Credit Agreement shall be deemed to refer to this Agreement, (b) Letters of Credit which remain outstanding on the Restatement Effective Date shall continue as Letters of Credit under (and shall be governed by the terms of) this Agreement, (c) all obligations constituting “Obligations” with any Lender or any Affiliate of any Lender which are outstanding on the Restatement Effective Date shall continue as Obligations under this Agreement and the other Loan Documents, (d) the liens and security interests in favor of the Collateral Agent for the benefit of the Secured Parties securing payment of the Secured Obligations (and all filings with any Governmental Authority in connection therewith) are in all respects continuing and in full force and effect with respect to all Secured Obligations, (e) the Administrative Agent shall, in consultation with the Borrower Representative, make such reallocations, sales, assignments or other relevant actions in respect of each Lender’s credit and loan exposure under the Existing Credit Agreement as are necessary in the judgment of the Administrative Agent in order that each such Lender’s Loans hereunder reflect such Lender’s Pro Rata Share of the Loans on the Restatement Effective Date, (f) the Credit Parties hereby agree to compensate each Lender for any and all losses, costs and expenses incurred by such Lender in connection with the sale and assignment of any LIBOR Loans and such reallocation described above, in each case on the terms and in the manner set forth in Section 1.14(b) of the Existing Credit 

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Agreement and (g) each of the Credit Parties reaffirms the terms and conditions of the Loan Documents executed by it and acknowledges and agrees that each Loan Document executed by it remains in full force and effect and is hereby ratified, reaffirmed and confirmed.

12.    CROSS-GUARANTY
		
	12.1
	Cross-Guaranty.

Each Domestic Borrower hereby agrees that such Domestic Borrower is jointly and severally liable for, and hereby absolutely and unconditionally guarantees to the Agents and Lenders and their respective successors and assigns, the full and prompt payment (whether at stated maturity, by acceleration or otherwise) and performance of, all Secured Obligations owed or hereafter owing to the Agents and Lenders by each other Domestic Borrower and each Foreign Borrower.  Each Foreign Borrower hereby agrees that such Foreign Borrower is jointly and severally liable for, and hereby absolutely and unconditionally guarantees to the Agents and Lenders and their respective successors and assigns, the full and prompt payment (whether at stated maturity, by acceleration or otherwise) and performance of, all Secured Obligations owed or hereafter owing to the Agents and Lenders by each other Foreign Borrower; it being understood that the Foreign Borrowers shall have no liability, direct or indirect, for the Secured Obligations of the Domestic Borrowers or the other Domestic Credit Parties hereunder or under any of the Loan Documents.  Each Borrower agrees that its guaranty obligation hereunder is a continuing guaranty of payment and performance and not of collection, that its obligations under this Section 12 shall not be discharged until payment and performance, in full, of the Secured Obligations (in the case of any Domestic Borrower) or the Secured Obligations of the Foreign Borrowers (in the case of any Foreign Borrower) has occurred, and that its obligations under this Section 12 shall be absolute and unconditional, irrespective of, and unaffected by, 
(i)    the genuineness, validity, regularity, enforceability or any future amendment of, or change in, this Agreement, any other Loan Document or any other agreement, document or instrument to which any Borrower is or may become a party;
(j)    the absence of any action to enforce this Agreement (including this Section 12) or any other Loan Document or the waiver or consent by the Agents and Lenders with respect to any of the provisions thereof;
(k)    the existence, value or condition of, or failure to perfect its Lien against, any security for the Secured Obligations or any action, or the absence of any action, by the Agents and Lenders in respect thereof (including the release of any such security); 
(l)    the insolvency of any Sotheby Entity; or
(m)    any other action or circumstances that might otherwise constitute a legal or equitable discharge or defense of a surety or guarantor.

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Each Domestic Borrower shall be regarded, and shall be in the same position, as principal debtor with respect to the Secured Obligations guaranteed hereunder.  Each Foreign Borrower shall be regarded, and shall be in the same position, as principal debtor with respect to the Secured Obligations of the other Foreign Borrower guaranteed hereunder.
		
	12.2
	Waivers by Borrowers.

Each Borrower expressly waives all rights it may have now or in the future under any statute, or at common law, or at law or in equity, or otherwise, to compel the Agents or Lenders to marshal assets or to proceed in respect of the Secured Obligations guaranteed hereunder by such Borrower against any other Credit Party, any other party or against any security for the payment and performance of such Secured Obligations before proceeding against, or as a condition to proceeding against, such Borrower.  It is agreed among each Borrower, the Agents and Lenders that the foregoing waivers are of the essence of the transaction contemplated by this Agreement and the other Loan Documents and that, but for the provisions of this Section 12 and such waivers, the Agents and Lenders would decline to enter into this Agreement.
		
	12.3
	Benefit of Guaranty.

Each Borrower agrees that the provisions of this Section 12 are for the benefit of the Agents and Lenders and their respective successors, transferees, endorsees and assigns, and nothing herein contained shall impair, as between any other Borrower and the Agents or Lenders, the obligations of such other Borrower under the Loan Documents. 
		
	12.4
	Waiver of Subrogation, Etc.

Notwithstanding anything to the contrary in this Agreement or in any other Loan Document, and except as set forth in the Domestic Guaranty and Security Agreement, each Borrower hereby expressly and irrevocably waives any and all rights at law or in equity to subrogation, reimbursement, exoneration, contribution, indemnification or set off and any and all defenses available to a surety, guarantor or accommodation co-obligor.  Each Borrower acknowledges and agrees that this waiver is intended to benefit the Agents and Lenders and shall not limit or otherwise affect such Borrower’s liability hereunder or the enforceability of this Section 12, and that the Agents, Lenders and their respective successors and assigns are intended third party beneficiaries of the waivers and agreements set forth in this Section 12.4.
		
	12.5
	Subordination by Credit Parties.

Each Credit Party agrees that any and all claims of such Credit Party against any other Borrower or any Guarantor (each an “Obligor”) with respect to any “Intercompany Indebtedness” (as hereinafter defined), any endorser, obligor or any other guarantor of all or any part of the Secured Obligations, or against any of its properties shall be subordinate and subject in right of payment to the prior payment, in full and in cash, of all Secured Obligations of (i) in the case of the Foreign Credit Parties, such Obligors that are Foreign Credit Parties and (ii) in the case of the Domestic Credit Parties, the Borrowers and the Guarantors, in each case now existing 

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or hereafter arising, including, without limitation, all such Secured Obligations arising after the filing of a petition in bankruptcy under the Bankruptcy Code, regardless of whether or not allowed under such case or proceeding; provided, however, that Intercompany Indebtedness may be repaid in the ordinary course of the Credit Parties’ businesses; provided, further, however, that following the occurrence and continuance of an Event of Default and the Collateral Agent’s notice to the Credit Parties of the Collateral Agent’s exercise of its rights under this paragraph, all such payments with respect to the Intercompany Indebtedness shall be paid directly to the Collateral Agent for application to the Secured Obligations in accordance with the terms of the Loan Documents.  Notwithstanding any right of any Credit Party to ask, demand, sue for, take or receive any payment from any Obligor, all rights, liens and security interests of such Credit Party, whether now or hereafter arising and howsoever existing, in any assets of any other Obligor shall be and are subordinated to the rights of the Agents and the Lenders in those assets, it being understood and agreed that the Agents and the Lenders shall have no right to use assets of an Obligor that constitutes a Foreign Credit Party in support of Secured Obligations of the Domestic Credit Parties.  No Credit Party shall have any right to possession of any such asset or to foreclose upon any such asset, whether by judicial action or otherwise, until the Termination Date (in the case of the assets of any Obligor that is a Domestic Credit Party) or the Foreign Obligations Termination Date (in the case of the assets of any Obligor that is a Foreign Credit Party).  If all or any part of the assets of any Obligor, or the proceeds thereof, are subject to any distribution, division or application to the creditors of such Obligor, whether partial or complete, voluntary or involuntary, and whether by reason of liquidation, bankruptcy, arrangement, receivership, assignment for the benefit of creditors or any analogous procedure or step in any jurisdiction or any other action or proceeding, or if the business of any such Obligor is dissolved or if substantially all of the assets of any such Obligor are sold, then, and in any such event (such events being herein referred to as an “Insolvency Event”), any payment or distribution of any kind or character, either in cash, securities or other property, which shall be payable or deliverable upon or with respect to any indebtedness of any Obligor to any Credit Party (“Intercompany Indebtedness”) shall be paid or delivered directly to the Collateral Agent for application to the Secured Obligations in accordance with the Loan Documents (but limited, in the case of any Foreign Credit Party, to the Secured Obligations of the Foreign Borrowers).  Should any payment, distribution, security or instrument or proceeds thereof be received by the applicable Credit Party upon or with respect to such Intercompany Indebtedness after any Insolvency Event and prior to the Termination Date (in the case of any Intercompany Indebtedness of a Domestic Credit Party) or the Foreign Obligations Termination Date (in the case of any Intercompany Indebtedness of a Foreign Credit Party), such Credit Party shall receive and hold the same in trust, as trustee, for the benefit of the Agents and the Lenders and shall forthwith deliver the same to the Collateral Agent in precisely the form received (except for the endorsement or assignment of such Credit Party where necessary), for application to the Secured Obligations in accordance with the Loan Documents (but limited, in the case of any Foreign Credit Party, to the Secured Obligations of the Foreign Borrowers), and, until so delivered, the same shall be held in trust by such Credit Party as the property of the Agents and the Lenders.  If any such Credit Party fails to make any such endorsement or assignment to any Agent, such Agent or any of its officers or employees is irrevocably authorized to make the same.  Each Credit Party agrees that until the Termination Date (in the case of any claim against an Obligor that is a Domestic Credit Party) or the Foreign Obligations Termination Date (in the 

109

case of any claim against an Obligor that is a Foreign Credit Party), such Credit Party will not assign or transfer to any Person (other than the Collateral Agent, a Credit Party or another Guarantor in accordance with the terms of the Loan Documents) any claim such Credit Party has or may have against any Obligor.  It is understood and agreed that, notwithstanding anything to the contrary set forth in this Section 12.5, no Foreign Credit Party shall have any obligation to any Agent or any Lender with respect to any Secured Obligations of any Domestic Credit Party.   
		
	12.6
	Election of Remedies.

If any Agent or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving such Agent or such Lender a Lien upon any Collateral, whether owned by any Borrower or by any other Person, either by judicial foreclosure or by non judicial sale or enforcement, such Agent or such Lender may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section 12.  If, in the exercise of any of its rights and remedies, any Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower or any other Person, whether because of any applicable laws pertaining to “election of remedies” or the like, each Borrower hereby consents to such action by such Agent or such Lender and waives any claim based upon such action, even if such action by such Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each Borrower might otherwise have had but for such action by such Agent or such Lender.  Any election of remedies that results in the denial or impairment of the right of any Agent or any Lender to seek a deficiency judgment against any Borrower shall not impair any other Borrower’s obligation to pay the full amount of the Secured Obligations guaranteed hereunder by such Borrower.  In the event any Agent or any Lender shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan Documents, such Agent or such Lender may bid all or less than the amount of the Secured Obligations and the amount of such bid need not be paid by such Agent or such Lender but shall be credited against the Secured Obligations.  The amount of the successful bid at any such sale, whether any Agent, any Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Secured Obligations shall be conclusively deemed to be the amount of the  Secured Obligations guaranteed by the applicable Borrowers under this Section 12, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which any Agent or any Lender might otherwise be entitled but for such bidding at any such sale.
		
	12.7
	Liability Cumulative. 

The liability of Borrowers under this Section 12 is in addition to and shall be cumulative with all liabilities of each Borrower to the Agents and Lenders under this Agreement and the other Loan Documents to which such Borrower is a party or in respect of any Secured Obligations or obligation of the other Borrowers, without any limitation as to amount, unless the instrument or agreement evidencing or creating such other liability specifically provides to the contrary.

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[Remainder of page intentionally left blank.]

111

IN WITNESS WHEREOF, this Agreement has been duly executed as of the date first written above.
	
		
	SOTHEBY’S, INC.
	SOTHEBY’S FINANCIAL SERVICES LIMITED

	 
	 

	 
	 

	By:  /s/Michael L. Gillis                
	By:  /s/Clive Lord                

	Name: Michael L. Gillis
	Name: Clive Lord

	Title: SVP, Treasurer
	Title: Director

	 
	 

	SOTHEBY’S HONG KONG LIMITED

	SOTHEBY’S,
a company registered in England

	 
	 

	By:  /s/Henry Li                
	By:  /s/Clive Lord                

	Name: Henry Li
	Name: Clive Lord

	Title: Director
	Title: Director

	 
	 

	 
	 

	SOTHEBY’S FINANCIAL SERVICES, INC.
SOTHEBY’S FINANCIAL SERVICES CALIFORNIA, INC.
OBERON, INC.
SOTHEBY’S VENTURES, LLC
	 

	 
	 

	 
	 

	By:  /s/Michael L. Gillis                
	 

	Name: Michael L. Gillis
	 

	Title: SVP, Treasurer
	 

	 
	 

	 
	 

	 
	 

	 
	 

	 
	 

	 
	 

	 
	 

	 
	 

	 
	 

	 
	 

	 
	 

	 
	 

	 
	 

Signature Page to Amended and Restated Credit Agreement
(SFS Revolving Credit Facility)

	
		
	 
	GENERAL ELECTRIC CAPITAL CORPORATION, as Administrative Agent, Collateral Agent, and a Lender 

	 
	 

	 
	 

	 
	By:  /s/Philip Carfora                

	 
	Name: Philip Carfora

	 
	Title: Duly Authorized Signatory

 

Signature Page to Amended and Restated Credit Agreement
(SFS Revolving Credit Facility)

JPMORGAN CHASE BANK, N.A., as an Auction Dollar Tranche Lender and an Auction Multicurrency Tranche Lender

 
By: /s/Kennedy A. Capin            
Name:Kennedy A. Capin
Title:  Vice President

For US Legal Notices: 
Kennedy A. Capin 
Vice President
JPMorgan Chase Bank, N.A Branch

277 Park Avenue, Floor 22
New York, NY 10172
T: 212-270-1480
F: 646-534-2268

For US Operational Notices: 
Robin D' Souza
Operations Specialist
JPMorgan Chase Bank, N.A 

10 South Dearborn
Chicago, IL 60603-2300
New York, NY 10172
T: 91 80 66760473
E: cbc.participation@jpmchase.com

For UK Legal Notices: 
Helen Mathie
Vice President
JPMorgan Chase Bank, N.A., London Branch

25 Bank Street, Canary Wharf
London, E14 5JP
T: +44 (0)20 7134 4398
F: +44 (0)20 3493 1365

For UK Operational Notices: 
Gomathy B
Transactional Processing Specialist
JPMorgan Chase Bank, N.A., London Branch

Signature Page to Amended and Restated Credit Agreement
(SFS Revolving Credit Facility)

25 Bank Street, Canary Wharf
London, E14 5JP
T: 91 80 4416 3110
E: cls.emea.loan.ops@jpmorgan.com

Signature Page to Amended and Restated Credit Agreement
(SFS Revolving Credit Facility)

HSBC BANK USA, NATIONAL ASSOCIATION, as a Dollar Tranche Lender and a Multicurrency Tranche Lender 
 
By: /s/Varun Gupta        
Name: Varun Gupta
Title: Vice President

Address for notices: 
452 Fifth Avenue - 4th Floor
New York, NY 10018
Attn: Varun Gupta / Alma Boxe-Crawford
Facsimile: 212 525 5257 

Lending office:
452 Fifth Avenue - 4th Floor
New York, NY 10018

Signature Page to Amended and Restated Credit Agreement
(SFS Revolving Credit Facility)

HSBC BANK PLC, as a Dollar Tranche Lender and a Multicurrency Tranche Lender
 
By: /s/Patrick J. Mlodozenec      
Name: Patrick J. Mlodozenec      
Title: Senior Corporate Banking Manager

Address for notices: 
8 Canada Square, London
E14 5HQ     

     
Attn:  Loans Admin Manager
Facsimile: 02079924680
Lending office:
8 Canada Square, 
London E14 5HQ     
     
 

Signature Page to Amended and Restated Credit Agreement
(SFS Revolving Credit Facility)

GOLDMAN SACHS BANK USA, as a Dollar Tranche Lender and a Multicurrency Tranche Lender

 
By: /s/Rebecca Kratz    
Name: Rebecca Kratz
Title: Authorized Signatory

Address for notices: 
Goldman Sachs Bank USA
200 West Street
New York, NY 10282
Fax: 917-977-3966

Lending office:
Goldman Sachs Bank USA
200 West Street
New York, NY 10282
Fax: 917-977-3966
 

Signature Page to Amended and Restated Credit Agreement
(SFS Revolving Credit Facility)

RBS CITIZENS, N.A., as a Dollar Tranche Lender and a Multicurrency Tranche Lender 
 
By: /s/Hassan Sayed    
Name: Hassan Sayed
Title: Vice President

Address for notices: 
RBS Citizens
20 Cabot Road
Medford, MA 02155
Attn: Laura Ferraz
Facsimile: (855) 457-1554

Lending office:
RBS Citizens
340 Madison Ave.
22nd Floor
New York, NY 10173
Attn: Hassan Sayed
 

Signature Page to Amended and Restated Credit Agreement
(SFS Revolving Credit Facility)

CREDIT SUISEE AG, as a Dollar Tranche Lender and a Multicurrency Tranche Lender 
 
By: /s/Christophe Muller    
Name: Christophe Muller
Title: Director

By: /s/Lorenz Meier    
Name: Lorenz Meier
Title: Assistant Vice President

Address for notices: 
Credit Suisse AG
Giesshubelstrasse 30
8070 Zurich (Switzerland)
Attn: Mr. Lorenz Meier
Facsimile: +41 (0) 44 333 40 41

Lending office:
Credit Suisse AG
Giesshubelstrasse 30
8070 Zurich (Switzerland)

 

Signature Page to Amended and Restated Credit Agreement
(SFS Revolving Credit Facility)

NYCB SPECIALTY FINANCE COMPANY, LLC, a wholly owned subsidiary of New York Community Bank, as a Dollar Tranch Lender
 
By: /s/Willard D. Dickerson, Jr. 
Name: Willard D. Dickerson, Jr.
Title: Senior Vice President

Address for notices: 
16 Chestnut Street
Foxboro, MA 02035

Attn:  Mary Trabucco     
Facsimile:  508-543-3006     

Lending office:
16 Chestnut Street
Foxboro, MA 02035

Signature Page to Amended and Restated Credit Agreement
(SFS Revolving Credit Facility)

COMERICA BANK, as a Dollar Tranche Lender and a Multicurrency Tranche Lender

 
By: /s/Timothy O'Rourke        
Name: Timothy O'Rourke
Title: Vice President

Address for notices: 
Comerica Bank     
3551 Hamlin - MC 2397     
Auburn Hills, MI 48326     
Attn:  Timothy O'Rourke 
Facsimile: (248) 371-6251

Lending office:
Comerica Bank     
3551 Hamlin - MC 2397     
Auburn Hills, MI 48326     

Signature Page to Amended and Restated Credit Agreement
(SFS Revolving Credit Facility)

THE PRIVATE BANK AND TRUST COMPANY, as a Dollar Tranche Lender 

 
By: /s/Andrew Hoffman        
Name: Andrew Hoffman
Title: Officer

Address for notices: 
120 S. LaSalle St.
Chicago, IL 60603     

Attn: Robert Mary
Facsimile: 312-291-2174

Lending office:
120 S. LaSalle St.
Chicago, IL 60603    

Signature Page to Amended and Restated Credit Agreement
(SFS Revolving Credit Facility)

INVESTORS BANK, as a Dollar Tranche Lender 

 
By: /s/L. W. Carlson        
Name: Lynsey W. Carlson
Title: V.P. Business Lending

Address for notices: 
Investor's Bank     
101 JFK Parkway     
Short Hills, NJ 07078     
Attn: Margaret Scuderi 
Facsimile: 973-522-1684

Lending office:
Investor's Bank
255 Lafayette Street
Newark, NJ 07105     

Signature Page to Amended and Restated Credit Agreement
(SFS Revolving Credit Facility)

ISRAEL DISCOUNT BANK OF NEW YORK, as a Dollar Tranche Lender and a Multicurrency Tranche Lender a

 
By: /s/ Michael Paul            
Name: Michael Paul
Title: Senior Vice President

By: /s/ Ekaterina Evenko        
Name: Ekaterina Evenko
Title: Assistant Vice President

Address for notices: 
511 Fifth Ave     
New York, NJ 10017     
     
Attn: Ekaterina Evenko
Facsimile: 212-551-8720 

Lending office:
511 Fifth Ave     
New York, NJ 10017     
 

Signature Page to Amended and Restated Credit Agreement
(SFS Revolving Credit Facility)

PEOPLE'S UNITED BANK, as a Dollar Tranche Lender 

 
By: /s/ Jeffrey Giunta            
Name: Jeffrey Giunta    
Title: Vice President

Address for notices: 
People's United Business Capital
One Conant Street
Danvers, MA 01923

Attn: Jeffrey Giunta    
Facsimile: (978) 777-0732 

Lending office:
People's United Business Capital
One Conant Street
Danvers, MA 01923

Signature Page to Amended and Restated Credit Agreement
(SFS Revolving Credit Facility)

TD BANK, N.A., as a Dollar Tranche Lender

 
By:     /s/Stephen A. Caffrey            
Name:    Stephen A. Caffrey
Title: Vice President

Address for notices: 
2005 Market Street, 2nd Floor     
Philadelphia, PA 19103     
Attn: ABL Dept. 
Facsimile: 215-282-2438

Lending office:
2005 Market Street, 2nd Floor     
Philadelphia, PA 19103     
Attn: ABL Dept. 
Fascimile: 215-282-2438

Lending office:
2005 Market Street, 2nd Floor     
Philadelphia, PA 19103     
Attn: ABL 

Signature Page to Amended and Restated Credit Agreement
(SFS Revolving Credit Facility)

BANK LEUMI USA, as a Dollar Tranche Lender and a Multicurrency Tranche Lender

 
By: /s/Alex Kozlowsky    
Name: Alex Kozlowsky
Title: Vice President

By: /s/Robert Kowalewski    
Name: Robert Kowalewski
Title: Assistant Vice President

Address for notices: 
579 Fifth Avenue
New York, NY 10017     
Attn: Ann Green / Virginia DeLeon 
Facsimile: (212) 626-1309

Lending office:
579 Fifth Avenue
New York, NY 10017     

Signature Page to Amended and Restated Credit Agreement
(SFS Revolving Credit Facility)

WEBSTER BUSINESS CREDIT CORPORATION, as a Dollar Tranche Lender and a Multicurrency Tranche Lender
 
By: /s/Harvey Winter        
Name: Harvey Winter
Title: Senior Vice President

Address for notices: 
Webster Business Credit Corporation
360 Lexington Avenue
New York, NY 10017
Attn: Sotheby's account executive
Facsimile: 212-806-4510

Lending office:
Webster Business Credit Corporation
360 Lexington Avenue
New York, NY 10017

Signature Page to Amended and Restated Credit Agreement
(SFS Revolving Credit Facility)

FLUSHING BANK, as a Dollar Tranche Lender

 
By: /s/John Stangl                
Name:John Stangl
Title: Vice President

Address for notices: 
225 Park Avenue South, 2nd Floor
New York, NY 10003     
     
Attn: John Stangl/Jeremy Applebaum
Facsimile: 212-477-8253

Lending office:
225 Park Avenue South, 2nd Floor
New York, NY 10003

[

Signature Page to Amended and Restated Credit Agreement
(SFS Revolving Credit Facility)

The following Persons are signatories to this Agreement in their capacity as Credit Parties and not as Borrowers.
	
		
	SOTHEBY’S,
	SOTHEBY’S FINE ART HOLDINGS, INC.

	a Delaware corporation
	SPTC, INC.

	 
	SOTHEBY PARKE BERNET, INC.

	By:   /s/Michael L. Gillis             
	YORK AVENUE DEVELOPMENT, INC.

	Name: Michael L. Gillis
	SOTHEBY’S THAILAND, INC.

	Title: SVP, Treasurer
	SOTHEBY’S HOLDINGS INTERNATIONAL,     INC.

	 
	SOTHEBY’S NEVADA, INC.

	 
	SOTHEBYS.COM LLC

	OATSHARE LIMITED
	SOTHEBYS.COM AUCTIONS, INC.

	 
	SIBS, LLC

	 
	72ND AND YORK, INC.

	By:   /s/Clive Lord             
	THETA, INC.

	Name: Clive Lord
	YORK HOLDINGS INTERNATIONAL, INC.

	Title: Director
	SOTHEBY’S RES, INC.

	 
	 

	 
	By:  /s/Michael L. Gillis              

	 
	Name: Michael L. Gillis

	 
	Title: SVP, Treasurer

	CATALOGUE DISTRIBUTION COMPANY LIMITED
	 

	NOORTMAN MASTER PAINTINGS LTD. 

	SOTHEBY’S WINE HONG KONG LIMITED

	SOTHEBY’S SHIPPING LIMITED

	 

	YORK UK HOLDCO INTERNATIONAL LIMITED
	By:   /s/Henry Li             

	 
	Name: Henry Li

	By:   /s/Clive Lord             
	Title: Director

	Name: Clive Lord
	 

	Title: Director
	 

	 
	 

	 
	 

	 
	 

	 
	 

	 
	 

	 
	 

	 
	 

Signature Page to Amended and Restated Credit Agreement
(SFS Revolving Credit Facility)

ANNEX A (Recitals) 
to 
CREDIT AGREEMENT 
 
DEFINITIONS
Capitalized terms used in the Loan Documents shall have (unless otherwise provided elsewhere in the Loan Documents) the following respective meanings, and all references to Sections, Exhibits, Schedules or Annexes in the following definitions shall refer to Sections, Exhibits, Schedules or Annexes of or to the Agreement:
“Acceptable Cash Equivalents” has the meaning ascribed to it in Annex B.
“Account Debtor” means any Person who may become obligated to any Sotheby Entity under, with respect to, or on account of, an Account (including, without limitation, an Art Loan), Chattel Paper or General Intangibles (including a payment intangible).
“Accounting Changes” has the meaning ascribed thereto in Annex G.
“Accounts” means all “accounts,” as such term is defined in the Code, now owned or hereafter acquired by any Sotheby Entity, including (a) all accounts receivable, other receivables, book debts and other forms of obligations (other than forms of obligations evidenced by Chattel Paper or Instruments), (including any such obligations that may be characterized as an account under the Code), (b) all of each Sotheby Entity’s rights in, to and under all purchase orders or receipts for goods or services, (c) all of each Sotheby Entity’s rights to any goods represented by any of the foregoing (including unpaid sellers’ rights of rescission, replevin, reclamation and stoppage in transit and rights to returned, reclaimed or repossessed goods), (d) all rights to payment due to any Sotheby Entity for property sold, leased, licensed, assigned or otherwise disposed of, for a policy of insurance issued or to be issued, for a secondary obligation incurred or to be incurred, for energy provided or to be provided, for the use or hire of a vessel under a charter or other contract, arising out of the use of a credit card or charge card, or for services rendered or to be rendered by such Sotheby Entity or in connection with any other transaction (whether or not yet earned by performance on the part of such Sotheby Entity), (e) all health care insurance receivables and (f) all collateral security of any kind, given by any Account Debtor or any other Person with respect to any of the foregoing.
 “Activation Event” shall mean, as of any date when the aggregate Revolving Loan then outstanding and the aggregate Swing Line Loan then outstanding, in the aggregate, shall be greater than zero, the occurrence of either of the following: (i) an Event of Default shall have occurred and shall have been continuing for at least three (3) Business Days as of such date or (ii) the Liquidity Amount shall be less than $85,000,000 as of such date.
“Activation Notice” means a notice from the Collateral Agent given to a Relationship Bank on or after the occurrence of an Activation Event pursuant to a Blocked Account Agreement, under which Blocked Account Agreement such Relationship Bank shall have agreed to honor instructions solely received from the Collateral Agent concerning the related Blocked Account(s) upon the receipt of such notice.
“Administrative Agent” means GE Capital, in its capacity as Administrative Agent, or its successor appointed pursuant to Section 9.7(a).
“Advance” means any  Dollar Tranche Revolving Credit Advance,  Multicurrency Tranche Revolving Credit Advance, Dollar Tranche Swing Line Advance or  Multicurrency Tranche Swing Line Advance, as the context may require.
“Affiliate” means, with respect to any Person, (a) each Person that, directly or indirectly, owns or Controls, whether beneficially, or as a trustee, guardian or other fiduciary, 5% or more of the Stock having ordinary voting power in the election of directors of such Person, (b) each Person that Controls, is Controlled by or is under common Control with such Person, (c) each of such Person’s executive officers (as such term is defined in the rules of the Securities and Exchange Commission), directors, joint venturers and partners and (d) in the case of Borrowers, the immediate family members, spouses and lineal descendants of individuals who are Affiliates of any Borrower; provided, however, that the term “Affiliate” shall specifically exclude each Agent and each Lender.
“Agents” means, collectively, the Administrative Agent and the Collateral Agent.
“Agreement” means the Amended and Restated Credit Agreement, dated as of the Restatement Effective Date, by and among the Borrowers, the other Sotheby Entities party thereto, GE Capital, as the Administrative Agent, the Collateral Agent and a Lender, and the other Lenders from time to time party thereto, as the same may be amended, supplemented, restated or otherwise modified from time to time.
“Aggregate Borrowing Availability” means, as of any date of determination, the lesser of (a) an amount equal to (i) the Maximum Amount plus the “Maximum Auction Amount” under the Auction Revolving Credit Agreement plus the “Maximum Incremental Amount” under the Auction Revolving Credit Agreement minus (ii) the sum of the aggregate Revolving Loan then outstanding plus the aggregate “Revolving Loan” then outstanding under the Auction Revolving Credit Agreement minus (iii) the sum of the aggregate Swing Line Loan then outstanding plus the aggregate “Swing Line Loan” then outstanding under the Auction Revolving Credit Agreement and (b) an amount equal to the sum of (i) the Domestic Borrowing Availability as of such date plus (ii) the Foreign Borrowing Availability as of such date plus (iii) the “Domestic Auction Borrowing Availability” as of such date under the Auction Revolving Credit Agreement plus (iv) the “Domestic Incremental Borrowing Availability” as of such date under the Auction Revolving Credit Agreement plus (v) the “Foreign Auction Borrowing Availability” as of such date under the Auction Revolving Credit Agreement plus (vi) the “Foreign Incremental Borrowing Availability” as of such date under the Auction Revolving Credit Agreement.
“Alternative Art Loan Currency” means any currency approved by the Administrative Agent (other than Dollars, Canadian Dollars, Hong Kong Dollars, Sterling, Euros or Swiss Francs); provided, that no currency shall be an Alternative Art Loan Currency if it is not freely transferable and freely convertible into Dollars, Hong Kong Dollars and Sterling in the London foreign exchange market as determined by the Administrative Agent.
“Alternative L/C Currency” means any currency approved by the L/C Issuer with respect to the incurrence of Letter of Credit Obligations in such currency (other than Dollars, Hong Kong Dollars,  Sterling, Euros or Swiss Francs); provided, that no currency shall be an Alternative L/C Currency if it is not freely transferable and freely convertible into Dollars, Sterling and Hong Kong Dollars in the London foreign exchange market as determined by the L/C Issuer.
“Appendices” has the meaning ascribed to it in the recitals to the Agreement.
“Applicable Dollar Revolver Index Margin” means the per annum interest rate margin from time to time in effect and payable in addition to the Dollar Index Rate applicable to the Revolving Loan, as determined by reference to Section 1.5(a).
“Applicable Dollar Revolver LIBOR Margin” means the per annum interest rate from time to time in effect and payable in addition to the Dollar LIBOR Rate applicable to the Revolving Loan, as determined by reference to Section 1.5(a).
“Applicable Euro Revolver Index Margin” means the per annum interest rate margin from time to time in effect and payable in addition to the Euro Index Rate applicable to the Revolving Loan, as determined by reference to Section 1.5(a).
“Applicable Euro Revolver LIBOR Margin” means the per annum interest rate from time to time in effect and payable in addition to the Euro LIBOR Rate applicable to the Revolving Loan, as determined by reference to Section 1.5(a).
“Applicable Hong Kong Dollar Revolver Index Margin” means the per annum interest rate margin from time to time in effect and payable in addition to the Hong Kong Dollar Index Rate applicable to Swing Line Loans, as determined by reference to Section 1.5(a).
“Applicable Hong Kong Dollar Revolver LIBOR Margin” means the per annum interest rate from time to time in effect and payable in addition to the Hong Kong Dollar LIBOR Rate applicable to the Revolving Loan, as determined by reference to Section 1.5(a).
“Applicable L/C Margin” means the per annum fee from time to time in effect and payable with respect to outstanding Letter of Credit Obligations, as determined by reference to Section 1.5(a).
“Applicable Margins” means collectively the Applicable L/C Margin, the Applicable Unused Line Fee Margin, the Applicable Dollar Revolver Index Margin, the Applicable Dollar Revolver LIBOR Margin, the Applicable Sterling Revolver Index Margin, the Applicable Sterling Revolver LIBOR Margin, the Applicable Euro Revolver Index Margin, the Applicable Euro Revolver LIBOR Margin, the Applicable Hong Kong Dollar Revolver Index Margin and the Applicable Hong Kong Dollar Revolver LIBOR Margin.
“Applicable Sterling Revolver Index Margin” means the per annum interest rate margin from time to time in effect and payable in addition to the Sterling Index Rate applicable to Swing Line Loans, as determined by reference to Section 1.5(a).
“Applicable Sterling Revolver LIBOR Margin” means the per annum interest rate from time to time in effect and payable in addition to the Sterling LIBOR Rate applicable to the Revolving Loan, as determined by reference to Section 1.5(a).
“Applicable Unused Line Fee Margin” means the per annum fee from time to time in effect and payable with respect to unused available funds in accordance with Section 1.10(b), as such fee is determined by reference to Section 1.5(a).
“Approved Fund” means, with respect to any Lender, any Person (other than a natural Person) that (a) (i) is engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of business or (ii) temporarily warehouses loans for any Lender or any Person described in clause (i) above and (b) is administered or managed by (i) such Lender, (ii) any Affiliate of such Lender or (iii) any Person (other than an individual) or any Affiliate of any Person (other than an individual) that administers or manages such Lender.
“Art Inventory” means all Inventory of Borrowers consisting of Works of Art.
“Art Loan Debtor” means an Account Debtor liable on an Art Loan.
“Art Loan/Inventory Joint Ventures” means any joint ventures, profit/loss sharing arrangements, or similar contractual arrangements entered into by any Borrower in the ordinary course of business in connection with any Art Inventory or Art Loan.
“Art Loan Receivables Report” means a report to be delivered from time to time by the Borrowers in the form attached to the Agreement as Exhibit 4.1(B).
“Art Loans” shall mean loans made by the Borrowers to customers of Parent and its Subsidiaries to finance the purchase or carrying of, or in anticipation of the potential sale of, or secured by, Works of Art.
“Art Loss Register” means The Art Loss Register, a computerized international database which captures information about lost and stolen art, antiques and collectibles.
“Assignment Agreement” has the meaning ascribed to it in Section 9.1(a).
“Auction Foreign Borrower Obligations” means, at any time, the sum of (a) the Dollar Equivalent of the outstanding principal balance of the “Auction Revolving Credit Advances” made to the “Foreign Borrowers” under the Auction Revolving Credit Agreement plus (b) the Dollar Equivalent of the aggregate amount of all “Letter of Credit Obligations” incurred for the benefit of the Foreign Borrowers under the Auction Revolving Credit Agreement.
“Auction Guaranty Side Letter” shall mean that certain amended and restated letter agreement, by and among the Administrative Agent, the “Administrative Agent” under the Auction Revolving Credit Agreement and the Credit Parties, dated as of the Restatement Effective Date, relating to auction guaranties, as the same may be amended, restated, supplemented or otherwise modified from time to time.
“Auction Revolving Credit Agreement” means that certain Amended and Restated Credit Agreement, dated as of the date hereof, by and among Parent, Sotheby’s, Inc., SFS Inc., SFS California, Oberon, Ventures LLC, Oatshare Limited, Sotheby’s U.K. and Sotheby’s H.K., as the Borrowers, the other Credit Parties party thereto, the Lenders from time to time party thereto, and GE Capital, as the Administrative Agent and the Collateral Agent.
“Automobile Work of Art” means Work of Art that constitutes one or more automobiles.
“Automobile Work of Art Component” means the sum of, without duplication, of:
(i)    (A) to the extent included in the product of the calculation of clause (a) of the definition of “Domestic Borrowing Base,” the Dollar Equivalent of the aggregate outstanding principal balance of all Eligible Art Loans secured by Automobile Works of Art plus (B) to the extent included in the product of the calculation of clause (a) of the definition of “Domestic Auction Borrowing Base” in the Auction Revolving Credit Agreement, the Dollar Equivalent of the aggregate outstanding principal balance of all “Eligible Art Loans” (as defined in the Auction Revolving Credit Agreement) secured by “Automobile Works of Art” (as defined in the Auction Revolving Credit Agreement), plus
(ii)    (A) to the extent included in the product of the calculation of clause (a) of the definition of “Foreign Borrowing Base,” the Dollar Equivalent of the aggregate outstanding principal balance of all Eligible Art Loans secured by Automobile Works of Art plus (B) to the extent included in the product of the calculation of clause (a) of the definition of “Foreign Auction Borrowing Base” in the Auction Revolving Credit Agreement, the Dollar Equivalent of the aggregate outstanding principal balance of all “Eligible Art Loans” (as defined in the Auction Revolving Credit Agreement) secured by “Automobile Works of Art” (as defined in the Auction Revolving Credit Agreement) plus
(iii)    to the extent included in the product of the calculation thereof, the “Domestic Eligible Art Inventory Component” (as defined in the Auction Revolving Credit Agreement) attributable to Automobile Works of Art plus 
(iv)    to the extent included in the product of the calculation thereof, the “Foreign Art Inventory Component” (as defined in the Auction Revolving Credit Agreement) attributable to Automobile Works of Art plus 
(v)    to the extent included in the product of the calculation thereof, the “Domestic Incremental Art Inventory Component” (as defined in the Auction Revolving Credit Agreement) attributable to Automobile Works of Art plus 
(vi)    to the extent included in the product of the calculation thereof, the “Foreign Incremental Art Inventory Component” (as defined in the Auction Revolving Credit Agreement) attributable to Automobile Works of Art plus
(vii)    to the extent included in the product of the calculation thereof, the “Domestic Eligible Extended Term Art Component” (as defined in the Auction Revolving Credit Agreement) attributable to the “Extended Term Art Purchase Price” (as defined in the Auction Revolving Credit Agreement) in respect of Automobile Works of Art plus 
(viii)    to the extent included in the product of the calculation thereof, the “Foreign Eligible Extended Term Art Component” (as defined in the Auction Revolving Credit Agreement) attributable to the “Extended Term Art Purchase Price” (as defined in the Auction Revolving Credit Agreement) in respect of Automobile Works of Art.
“Available Domestic Art Loan Balance” means the Dollar Equivalent of the aggregate outstanding principal balance of all Eligible Art Loans owned by Domestic Borrowers minus (a) the amount, if any, by which the Dollar Equivalent of the aggregate outstanding principal balance of all Eligible Venture Loans owned by Domestic Borrowers, collectively with the Dollar Equivalent of the aggregate outstanding principal balance of all “Eligible Venture Loans” owned by the “Domestic Borrowers” under the Auction Revolving Credit Agreement, exceeds $20,000,000 minus (b) the amount, if any, by which the Dollar Equivalent of the outstanding principal balance of Unhedged Domestic Art Loans exceeds 25% of the Dollar Equivalent of the aggregate outstanding principal balance of all Eligible Art Loans owned by the Domestic Borrowers.
“Available Foreign Art Loan Balance” means the Dollar Equivalent of the aggregate outstanding principal balance of all Eligible Art Loans owned by Foreign Borrowers minus (a) the amount, if any, by which the Dollar Equivalent of the aggregate outstanding principal balance of all Eligible Venture Loans owned by Foreign Borrowers, collectively with the Dollar Equivalent of the aggregate outstanding principal balance of all “Eligible Venture Loans” owned by the “Foreign Borrowers” under the Auction Revolving Credit Agreement, exceeds an amount equal to $20,000,000 less the Dollar Equivalent of the outstanding principal balance of Eligible Venture Loans included in the Available Domestic Art Loan Balance minus (b) the amount, if any, by which the Dollar Equivalent of the sum of the outstanding principal balance of Unhedged Hong Kong Art Loans and Unhedged U.K. Art Loans exceeds 25% of the Dollar Equivalent of the aggregate outstanding principal balance of all Eligible Art Loans owned by the Foreign Borrowers.
“Average Monthly Usage” means, as of any date of determination, average daily Usage for the immediately preceding calendar month.
“Bank Product and Hedging Obligations” means any and all obligations of any Sotheby Entity, whether absolute or contingent and howsoever and whensoever created, arising, evidenced or acquired (including all renewals, extensions and modifications thereof and substitutions therefor), to any Lender or any affiliate of any Lender under or in respect of (i) any and all Rate Management Transactions, (ii) any and all cancellations, buy backs, reversals, terminations or assignments of any Rate Management Transactions and (iii) any and all Bank Products; provided that, notwithstanding the foregoing, Excluded Hedging Obligations shall not constitute Bank Product and Hedging Obligations.
“Bank Products” means any of the following services provided to any Sotheby Entity: (i) commercial credit card services, (ii) cash management and other treasury management services (including, without limitation, controlled disbursements, automated clearinghouse transactions, return items, and interstate depository network services) and (iii) foreign exchange related services.
“Bankruptcy Code” means the provisions of Title 11 of the United States Code, 11 U.S.C. §§101 et seq. 
“Blocked Accounts” has the meaning ascribed to it in Annex C.
“Blocked Account Agreement” has the meaning ascribed to it in Annex C.
“Borrower Representative” means Parent, in its capacity as Borrower Representative pursuant to the provisions of Sections 1.1(c) and 1.2.
“Borrowers” has the meaning ascribed thereto in the preamble to the Agreement.
“Borrowing Availability” means either the Domestic Borrowing Availability or the Foreign Borrowing Availability, as the context may require.
“Borrowing Base” means either the Domestic Borrowing Base or the Foreign Borrowing Base, as the context may require.
“Borrowing Base Certificate” means a certificate to be executed and delivered from time to time by the Borrowers in the form attached to the Agreement as Exhibit 4.1(A).
“Business Day” means any day that is not a Saturday, a Sunday or a day on which banks are required or permitted to be closed in the State of New York and in reference to LIBOR Loans shall mean any such day that is also a LIBOR Business Day. 
“CAM Agreement” means the Collection Allocation Mechanism Agreement, dated as of the date hereof, among the Administrative Agent, each Lender and each “Auction Lender” under the Auction Revolving Credit Agreement, it being understood and agreed that no Credit Party shall be a party to such agreement or have any rights or obligations thereunder, nor shall the consent of any Credit Party be required with respect to any aspect thereof. 
 “Canadian Dollars” means the lawful currency of Canada.
“Capital Expenditures” means, with respect to any Person, all expenditures (by the expenditure of cash or the incurrence of Indebtedness) by such Person during any measuring period for any fixed assets or improvements or for replacements, substitutions or additions thereto that have a useful life of more than one year and that are required to be capitalized under GAAP.
“Capital Lease” means, with respect to any Person, any lease of any property (whether real, personal or mixed) by such Person as lessee that, in accordance with GAAP, would be required to be classified and accounted for as a capital lease on a balance sheet of such Person.
“Capital Lease Obligation” means, with respect to any Capital Lease of any Person, the amount of the obligation of the lessee thereunder that, in accordance with GAAP, would appear on a balance sheet of such lessee in respect of such Capital Lease.
“Cash Collateral Account” has the meaning ascribed to it in Annex B.
“Cash Equivalent Investments” means (i) marketable direct obligations issued or unconditionally guaranteed by the United States of America or any agency thereof or, in the case of any Foreign Subsidiary, guaranteed by any other member country of O.E.C.D. or any agency thereof, in each case maturing within one year from the date of acquisition thereof, (ii) commercial paper or other marketable debt securities maturing no more than one year from the date of creation thereof and currently having the highest rating obtainable from either Standard & Poor’s Ratings Group or Moody’s Investors Service, Inc., (iii) certificates of deposit maturing no more than one year from the date of creation thereof issued by (A) any Lender or (B) any commercial banks incorporated under the laws of the United States of America or, in the case of any Foreign Subsidiary, under the laws of any other member country of O.E.C.D., each having combined capital, surplus and undivided profits of not less than $300,000,000 and having a senior unsecured rating of “A” or better by an internationally recognized rating agency or an equivalent rating from a nationally recognized rating agency of the country in which such commercial bank is incorporated (an “A Rated Bank”), (iv) time deposits maturing no more than thirty (30) days from the date of creation thereof with (A) any Lender or (B) A Rated Banks, (v) mutual funds that invest primarily in one or more of the investments described in clauses (i) through (iv) above and currently have an investment grade rating from either Standard & Poor’s Ratings Group or Moody’s Investors Service, Inc. and (vi) time deposits maturing no more than thirty (30) days from the date of creation thereof with any commercial bank, so long as such deposits are fully-insured by the Federal Deposit Insurance Corporation on terms reasonably acceptable to the Administrative Agent.
“Cash Management Systems” has the meaning ascribed to it in Section 1.9.
“CCA” has the meaning ascribed to it in Section 3.1(b).
“Certificate of Title” means, with respect to any Automobile Work of Art, the related certificate of title, certificate of registration, and/or other document issued by any applicable Governmental Authority evidencing title for such Automobile Work of Art.
“CFC” means a Person that is a controlled foreign corporation under Section 957 of the IRC.
“Change of Control” means either of the following:  (a) any person or group of persons (within the meaning of the Securities Exchange Act of 1934) shall have acquired beneficial ownership (within the meaning of Rule 13d-3 promulgated by the Securities and Exchange Commission under the Securities Exchange Act of 1934) of 30% or more of the aggregate ordinary voting power represented by all of the issued and outstanding shares of capital Stock of Parent; or (b) during any period of twelve consecutive calendar months, individuals who at the beginning of such period constituted the board of directors of Parent (together with any new directors whose election by the board of directors of Parent or whose nomination for election by the Stockholders of Parent was approved by a vote of at least two-thirds of the directors then still in office who either were directors at the beginning of such period or whose election or nomination for election was previously so approved) cease for any reason other than death or disability to constitute a majority of the directors then in office.
“Charges” means all federal, state, county, city, municipal, local, foreign or other governmental taxes (including taxes owed to the PBGC at the time due and payable), levies, assessments, charges, liens, claims or encumbrances upon or relating to (a) the Collateral, (b) the Obligations, (c) the employees, payroll, income or gross receipts of any Sotheby Entity, (d) any Sotheby Entity’s ownership or use of any properties or other assets, or (e) any other aspect of any Sotheby Entity’s business.
“Chattel Paper” means any “chattel paper,” as such term is defined in the Code, including electronic chattel paper, now owned or hereafter acquired by any Sotheby Entity.
“Closing Checklist” means the schedule, including all appendices, exhibits or schedules thereto, listing certain documents and information to be delivered in connection with the Agreement, the other Loan Documents and the transactions contemplated thereunder, substantially in the form attached hereto as Annex D.
“Closing Date” means February 13, 2014. 
“Code” means the Uniform Commercial Code as the same may, from time to time, be enacted and in effect in the State of New York; provided, that to the extent that the Code is used to define any term herein or in any Loan Document and such term is defined differently in different Articles or Divisions of the Code, the definition of such term contained in Article or Division 9 shall govern; provided further, that in the event that, by reason of mandatory provisions of law, any or all of the attachment, perfection or priority of, or remedies with respect to, any Agent’s or any Lender’s Lien on any Collateral is governed by the Uniform Commercial Code as enacted and in effect in a jurisdiction other than the State of New York, the term “Code” shall mean the Uniform Commercial Code as enacted and in effect in such other jurisdiction solely for purposes of the provisions thereof relating to such attachment, perfection, priority or remedies and for purposes of definitions related to such provisions.
“Collateral” means the property covered by the Domestic Collateral Documents and the Foreign Collateral Documents and any other property, real or personal, tangible or intangible, now existing or hereafter acquired, that may at any time be or become subject to a security interest or Lien in favor of the Collateral Agent, for the benefit of the Secured Parties, to secure the Secured Obligations.
“Collateral Agent” means GE Capital, in its capacity as Collateral Agent for the Secured Parties, or its successor appointed pursuant to Section 9.7(a).
“Collateral Documents” means the Domestic Collateral Documents, the Foreign Collateral Documents and the Specified Debt Facility Intercreditor Agreement.
“Collateral Reports” means the reports with respect to the Collateral referred to in Annex F.
“Collection Account” means (i) with respect to payments in Dollars, that certain account of the Administrative Agent, account number  50279513 in the name of the Administrative Agent at Deutsche Bank Trust Company Americas in New York, New York ABA No. 021 001 033, (ii) with respect to payments in Sterling, account number 00282596 in the name of the Administrative Agent at Barclays Bank plc in London, (iii) with respect to payments in Euro, account number 1766039 in the name of the Administrative Agent at Deutsche Bank AG in Frankfurt, Germany or (iv) with respect to payments in Hong Kong Dollars, account number 502110182002 in the name of the Administrative Agent at HSBC Bank plc in Hong Kong, or in each case such other account as may be specified in writing by the Administrative Agent as the “Collection Account” for the applicable payments.
 “Commitments” means (a) as to any Lender, the commitment of such Lender to make Revolving Credit Advances, incur Letter of Credit Obligations or purchase participations therein as set forth on Annex J to the Agreement or in the most recent Assignment Agreement executed by such Lender (including without duplication the Swing Line Lender’s Dollar Tranche Swing Line Commitment as a subset of its Dollar Tranche Commitment and the Swing Line Lender’s Multicurrency Tranche Swing Line Commitment as a subset of its Multicurrency Tranche Commitment) and (b) as to all Lenders, the aggregate commitment of all Lenders to make Revolving Credit Advances, incur Letter of Credit Obligations or purchase participations therein (including without duplication the Swing Line Lender’s Dollar Tranche Swing Line Commitment as a subset of its Dollar Tranche Commitment and the Swing Line Lender’s Multicurrency Tranche Swing Line Commitment as a subset of its Multicurrency Tranche Commitment), which aggregate commitment shall be Five Hundred Fifty Million Dollars ($550,000,000) on the Restatement Effective Date, as such amount may be reduced or adjusted from time to time in accordance with the Agreement.
“Commitment Termination Date” means the earliest of (a) August 22, 2019, (b) the date of termination of Lenders’ obligations to make Advances and to incur Letter of Credit Obligations or permit existing Advances and Letter of Credit Obligations to remain outstanding pursuant to Section 8.2(b), (c) the date of (i) indefeasible prepayment in full by Borrowers of the Loans and all other outstanding Obligations and the cancellation and return (or stand-by guarantee) of all Letters of Credit or the cash collateralization of all Letter of Credit Obligations pursuant to Annex B and (ii) the permanent reduction of all Commitments to zero dollars ($0) and (d) the “Auction Commitment Termination Date” (as defined in the Auction Revolving Credit Agreement).
“Commodity Exchange Act” means the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to time, and any successor statute.
“Compliance Certificate” has the meaning ascribed to it in Annex E.
“Contracts” means all “contracts,” as such term is defined in the Code, now owned or hereafter acquired by any Sotheby Entity, in any event, including all contracts, undertakings, or agreements (other than rights evidenced by Chattel Paper, Documents or Instruments) in or under which any Sotheby Entity may now or hereafter have any right, title or interest, including any agreement relating to the terms of payment or the terms of performance of any Account.
“Contribution Notice” means a notice issued by the Pensions Regulator in accordance with section 38 of the Pensions Act 2004 (as amended) of the United Kingdom.
“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 ownership of voting securities, by contract or otherwise.
 “Copyright License” means any and all rights now owned or hereafter acquired by any Sotheby Entity under any written agreement granting any right to use any Copyright or Copyright registration.
“Copyright Security Agreements” means the Copyright Security Agreements made in favor of the Collateral Agent, on behalf of itself and the other Secured Parties, by each applicable Credit Party.
“Copyrights” means all of the following now owned or hereafter adopted or acquired by any Sotheby Entity: (a) all copyrights and General Intangibles of like nature (whether registered or unregistered), all registrations and recordings thereof, and all applications in connection therewith, including all registrations, recordings and applications in the United States Copyright Office or in any similar office or agency of the United States, any state or territory thereof, or any other country or any political subdivision thereof, and (b) all reissues, extensions or renewals thereof.
“Credit Party” means any Borrower or any Guarantor, and “Credit Parties” shall mean all such Persons, collectively.
“Current Fiscal Year” has the meaning ascribed to it in Annex G.
“Data Protection Laws” means any applicable data protection or privacy laws or regulations including all laws and regulations implementing in the United Kingdom the European Union’s Data Protection Directive 95/46/EC and the European Union's Privacy and Electronic Communications Directive 2002/58/EC.
“Default” means any event that, with the passage of time or notice or both, would, unless cured or waived, become an Event of Default.
“Default Rate” has the meaning ascribed to it in Section 1.5(d).
 “Deposit Accounts” means all “deposit accounts” as such term is defined in the Code, now or hereafter held in the name of any Credit Party.
“Direction” has the meaning ascribed to it in Section 1.16(a).
“Disclosure Schedules” means the Schedules prepared by Borrowers and denominated as Disclosure Schedules (1.4) through (6.7) in the table of contents to the Agreement.
“Disregarded Domestic Person” means any direct or indirect Domestic Subsidiary that is treated as a disregarded entity for U.S. federal income tax purposes, substantially all of the assets of which consist of the Stock of one or more Foreign Subsidiaries or other such disregarded entities holding such assets.
“Documents” means all “documents,” as such term is defined in the Code, now owned or hereafter acquired by any Credit Party, wherever located.
“Dollar Equivalent” means, with respect to any amount denominated in Dollars, such amount of Dollars, and with respect to any amount denominated in a currency other than Dollars, the amount of Dollars, as of any date of determination, into which such other currency (as the context may require) can be converted in accordance with Section 1.19.
“Dollar Index Rate” means, for any day, a rate per annum equal to the highest of (a) the rate last quoted by The Wall Street Journal as the “Prime Rate” in the United States or, if The Wall Street Journal ceases to quote such rate, the highest per annum interest rate published by the Federal Reserve Board in Federal Reserve Statistical Release H.15 (519) (Selected Interest Rates) as the “bank prime loan” rate or, if such rate is no longer quoted therein, any similar rate quoted therein (as determined by the Administrative Agent) or in any similar release by the Federal Reserve Board (as determined by the Administrative Agent), (b) the sum of 0.50% per annum and the Federal Funds Rate, and (c) the sum of (x) the Dollar LIBOR Rate, as defined herein, calculated for each such day based on a LIBOR Period of three months determined two (2) Business Days prior to such day plus (y) the excess of the Applicable Dollar Revolver LIBOR Margin over the Applicable Dollar Revolver Index Margin, in each instance, as of such day.  Any change in the Dollar Index Rate due to a change in any of the foregoing shall be effective on the effective date of such change in the “bank prime loan” rate, the Federal Funds Rate or the Dollar LIBOR Rate for a LIBOR Period of three months. 
“Dollar LIBOR Rate” means for each LIBOR Period with respect to a LIBOR Loan denominated in Dollars, the offered rate per annum for deposits of Dollars for such LIBOR Period that appears on Reuters Screen LIBOR01 Page (or any successor or substitute page of such service, or any successor to or substitute for such service, providing rate quotations comparable to those currently provided on such page of such service, as determined by the Administrative Agent from time to time for purposes of providing quotations of interest rates applicable to deposits in Dollars in the London interbank market) as of 11:00 A.M. (London, England time) two (2) Business Days prior to the first day in such LIBOR Period.  If the offered rate described in the foregoing sentence does not exist, such rate will be the rate of interest per annum, as determined by the Administrative Agent (rounded upwards, if necessary, to the nearest 1/100 of 1%) at which deposits of Dollars in immediately available funds are offered at 11:00 A.M. (London, England time) two (2) Business Days prior to the first day in such LIBOR Period by major financial institutions reasonably satisfactory to the Administrative Agent in the London interbank market for a LIBOR Period of the applicable duration for the applicable principal amount on such date of determination. Notwithstanding the foregoing, the “Dollar LIBOR Rate” shall be deemed to be zero if the rate otherwise calculated pursuant to this definition would result in a rate less than zero.
“Dollar Tranche Advance” means any  Dollar Tranche Revolving Credit Advance or  Dollar Tranche Swing Line Advance, as the context may require.
“Dollar Tranche Commitments” means (a) as to any Lender, the commitment of such Lender to make  Dollar Tranche Revolving Credit Advances, incur  Dollar Tranche Letter of Credit Obligations or purchase participations therein as set forth on Annex J to the Agreement or in the most recent Assignment Agreement executed by such Lender (including without duplication the Swing Line Lender’s  Dollar Tranche Swing Line Commitment as a subset of its  Dollar Tranche Commitment) and (b) as to all Lenders, the aggregate commitment of all Lenders to make  Dollar Tranche Revolving Credit Advances, incur  Dollar Tranche Letter of Credit Obligations or purchase participations therein (including without duplication the Swing Line Lender’s  Dollar Tranche Swing Line Commitment as a subset of its  Dollar Tranche Commitment), which aggregate commitment shall be Four Hundred Million Dollars ($400,000,000) on the Restatement Effective Date, in each case, as such amount may be reduced or adjusted from time to time in accordance with the Agreement.
“Dollar Tranche Lenders” means, as of any date, Lenders having a Dollar Tranche Commitment as of such date or, if the  Dollar Tranche Commitments have terminated or expired, Lenders holding any  Dollar Tranche Loans as of such date.  
“Dollar Tranche Letter of Credit Obligations” means all outstanding obligations incurred by the Administrative Agent and  Dollar Tranche Lenders at the request of Borrower Representative, whether direct or indirect, contingent or otherwise, due or not due, in connection with the issuance of  Dollar Tranche Letters of Credit by GE Capital or another L/C Issuer or the purchase of a participation as set forth in Annex B with respect to any  Dollar Tranche Letter of Credit.  The amount of such  Dollar Tranche Letter of Credit Obligations shall equal the maximum amount that may be payable at such time or at any time thereafter by the  Dollar Tranche Lenders thereupon or pursuant thereto.
“Dollar Tranche Letters of Credit” means documentary or standby letters of credit issued for the account of any Borrower (and any Subsidiary thereof that may be a co-applicant on any such Letter of Credit) by any L/C Issuer, and bankers’ acceptances issued by any Borrower, for which the Administrative Agent and  Dollar Tranche Lenders have incurred  Dollar Tranche Letter of Credit Obligations.
“Dollar Tranche Loans” means the  Dollar Tranche Revolving Loan and the  Dollar Tranche Swing Line Loan.
“Dollar Tranche Revolving Credit Advance” has the meaning ascribed to it in Section 1.1(a)(i).
“Dollar Tranche Revolving Loan” and “Dollar Tranche Revolving Loan Outstandings” mean, at any time, the sum of (i) the aggregate amount of  Dollar Tranche Revolving Credit Advances outstanding to the Borrowers plus (ii) the aggregate  Dollar Tranche Letter of Credit Obligations incurred on behalf of the Borrowers.  Unless the context otherwise requires, references to the outstanding principal balance of the  Dollar Tranche Revolving Loan shall include the outstanding balance of  Dollar Tranche Letter of Credit Obligations.
“Dollar Tranche Swing Line Advance” has the meaning ascribed to it in Section 1.1(b)(i).
“Dollar Tranche Swing Line Availability” means, as of any date of determination, the least of (a) the  Dollar Tranche Swing Line Commitment, (b) an amount equal to (i) the Maximum Dollar Tranche Amount minus (ii) the aggregate  Dollar Tranche Revolving Loan then outstanding and (c) an amount equal to (i) the Domestic  Borrowing Base as of such date minus (ii) the aggregate outstanding principal balance of the  Revolving Credit Advances made to the Domestic Borrowers as of such date minus (iii) the aggregate principal balance of  Multicurrency Tranche Swing Line Advances outstanding to the Borrowers minus (iv) the Dollar Equivalent of the aggregate Letter of Credit Obligations incurred on behalf of the Domestic Borrowers as of such date.
“Dollar Tranche Swing Line Commitment” means the commitment of the Swing Line Lender to make  Dollar Tranche Swing Line Advances as set forth on Annex J to the Agreement, which commitment constitutes a subfacility of the  Dollar Tranche Commitment.
“Dollar Tranche Swing Line Loan” means, as the context may require, at any time, the aggregate amount of  Dollar Tranche Swing Line Advances outstanding to any Borrower or to all Borrowers.
“Dollars” or “$” means lawful currency of the United States of America.
“Domestic Borrowers” has the meaning ascribed to it in the preamble to the Agreement.
“Domestic Borrowing Availability” means, as of any date of determination, the lesser of (a) an amount equal to (i) the Maximum Amount minus (ii) the aggregate Revolving Loan then outstanding minus (iii) the aggregate Swing Line Loan then outstanding and (b) an amount equal to (i) the Domestic Borrowing Base as of such date minus (ii) the aggregate outstanding principal balance of the Revolving Credit Advances and Swing Line Advances made to Domestic Borrowers as of such date minus (iii) the Dollar Equivalent of the aggregate Letter of Credit Obligations incurred for the benefit of the Domestic Borrowers as of such date.
“Domestic Borrowing Base” means, as of any date of determination, an amount equal to (a) 85% of the Available Domestic Art Loan Balance as of such date plus (b) the Domestic Trademark Component as of such date minus (c) Reserves established by the Administrative Agent at such time; provided that, in no event shall the Automobile Work of Art Component exceed $50,000,000.
“Domestic Collateral Documents” means the Domestic Guaranty and Security Agreement, the Trademark Security Agreements, the Copyright Security Agreements, all Local Law Collateral Documents and all similar agreements entered into by the Domestic Credit Parties or First-Tier Foreign Subsidiaries guaranteeing payment of the Obligations or granting a Lien upon property as security for payment of the Secured Obligations.
“Domestic Credit Parties” means each Domestic Borrower and each Domestic Subsidiary Guarantor.
 “Domestic Guaranty and Security Agreement” means that certain Amended and Restated Guaranty and Security Agreement, dated as of the Restatement Effective Date, executed by each Domestic Credit Party in favor of the Collateral Agent, for the benefit of the Secured Parties.
“Domestic Subsidiary” means any Subsidiary of Parent incorporated or organized under the laws of the United States of America, any state thereof or the District of Columbia.
“Domestic Subsidiary Guarantor” means a Domestic Subsidiary that does not constitute a Domestic Borrower or an Immaterial Subsidiary, and is a Credit Party on the Restatement Effective Date or is required to become, and becomes, a Credit Party pursuant to Section 5.14 of the Agreement.
“Domestic Trademark Component” means, as of any date of determination, an amount specified by the Borrower Representative in the most recent Borrowing Base Certificate as the “Domestic Trademark Component”; provided that, in no event shall the sum of (a) the Domestic Trademark Component as of such date plus (b) the Foreign Trademark Component as of such date plus (c) the “Domestic Auction Trademark Component” (as defined in the Auction Revolving Credit Agreement) as of such date plus (d) the “Foreign Auction Trademark Component” (as defined in the Auction Revolving Credit Agreement) as of such date exceed the lesser of (i) the Maximum Trademark Component and (ii) $100,000,000.
“Due-to-Consignor Amount” means, on any date of determination, the aggregate amount of cash received and held by all Sotheby Entities that is payable to consignors as of such day as a result of the sale of such consignors’ Works of Art by a Sotheby Entity (net of the aggregate outstanding amount of all principal, accrued interest and other related amounts as of such day with respect to any Art Loans secured by such Works of Art).
“Due-to-Consignor Disbursement Account” means such account as Borrower Representative and the Administrative Agent may agree upon from time to time pursuant to a written agreement.
“Due-to-Consignor Reserve” means, at any time, a reserve equal to the SFS/Auction Ratable Share of the positive difference, if any, of (a) 100% of the amounts payable to consignors in respect of consigned items sold to third parties by the Sotheby Entities at such time minus (b) an amount equal to, without duplication (i) the aggregate balance of accounts receivable (other than any account receivable included in any Borrowing Base or any “Borrowing Base” under the Auction Revolving Credit Agreement) of the Sotheby Entities (determined in accordance with GAAP) at such time plus (ii) the aggregate amount of cash of the Sotheby Entities (as determined in accordance with GAAP) at such time minus (iii) the amount of such cash subject to a Lien (or held in a deposit or securities account subject to a Lien) in favor of any Person other than (x) the Collateral Agent or (y) a consignor to whom such cash is due to be paid in respect of the sale of a Work of Art consigned by such Person to the Sotheby Entities for sale minus (iv) without duplication of the foregoing clause (b)(iii), the amount of such cash subject to any restriction on withdrawal from the deposit or securities account in which such cash is held minus (v) the aggregate amount of any dividends or distributions publicly declared, but not yet made, by Parent at such time.
“Due-to-Consignor Statement” has the meaning ascribed to it in Annex E.
“EBITDA” means, with respect to Parent and its Subsidiaries, on a consolidated basis, for any fiscal period, without duplication, an amount equal to (a) consolidated net income of such Persons for such period determined in accordance with GAAP, minus (b) the sum of (i) income tax credits, (ii) gain from extraordinary items for such period and (iii) any non-recurring non-cash gains, in each case, to the extent included in the calculation of consolidated net income of such Persons for such period in accordance with GAAP, but without duplication, plus (c) the sum of (i) the provision for income taxes with respect to such fiscal period, (ii) Interest Expense (plus, without duplication, any interest expense of the “Borrowers” under the Auction Revolving Credit Agreement characterized as operating expense under GAAP) with respect to such period, (iii) loss from extraordinary items for such period, (iv) depreciation and amortization for such period, (v) the amount of any deduction to consolidated net income as a result of any grant of any Stock (including restricted stock and stock options), (vi) fees, premiums, expenses and other transaction costs incurred in connection with the Specified Debt Facility Documents, and (vii) other non-recurring expenses which either (A) do not represent a cash item in such fiscal period or any future period (in each case, of or by Parent and its Subsidiaries for such fiscal period) or (B) do not exceed $25,000,000 (or, solely for the period commencing on the Restatement Effective Date and ending on the first anniversary thereof, $40,000,000) in the aggregate (when added to all other amounts determined under this subclause (B)), in each case, to the extent included in the calculation of consolidated net income of such Persons for such period in accordance with GAAP, but without duplication.  For purposes of this definition, the following items shall be excluded in determining consolidated net income of such Persons: (1) the income (or deficit) of any other Person accrued prior to the date it became a Subsidiary of, or was merged or consolidated into, any such Person or any of such Persons’ Subsidiaries; (2) the income (or deficit) of any other Person (other than a Subsidiary) in which any such Person has an ownership interest, except to the extent any such income has actually been received by such Person in the form of cash dividends or distributions; (3) the undistributed earnings of any Subsidiary of any such Person to the extent that the declaration or payment of dividends or similar distributions by such Subsidiary is not at the time permitted by the terms of any contractual obligation or requirement of law applicable to such Subsidiary; (4) any net gain from the collection of the proceeds of life insurance policies; (5) any net gain or loss arising from the acquisition of any securities, or the extinguishment, under GAAP, of any Indebtedness, of any such Person; (6) in the case of a successor to any such Person by consolidation or merger or as a transferee of its assets, any earnings of such successor prior to such consolidation, merger or transfer of assets; and (7) any deferred credit representing the excess of equity in any Subsidiary of any such Person at the date of acquisition of such Subsidiary over the cost to such Person of the investment in such Subsidiary.
“E-Fax” means any system used to receive or transmit faxes electronically.
“Electronic Transmission” means each document, instruction, authorization, file, information and any other communication transmitted, posted or otherwise made or communicated by e-mail or E-Fax, or otherwise to or from an E-System or other equivalent service.
“Eligible Art Loan” has the meaning ascribed to it in Section 1.6.
“Eligible Art Loan Collateral” shall mean, with respect to any Art Loan of any Borrower, a Work of Art:
(a) in which such Borrower has a first priority security interest securing repayment of such Art Loan that is perfected in each applicable jurisdiction (i) by the filing of a financing statement pursuant to the UCC, (ii) by physical possession of such Work of Art by such Borrower or its agent at all times or (iii) solely in the case of Automobile Work of Art registered in the United States of America (or any state thereof), by notation of such Borrower’s security interest on the “certificate of title” (as defined in Section 9-102(a)(10) of the UCC) for such Automobile Work of Art;
(b) unless otherwise agreed to by the Administrative Agent, with respect to which, if such Borrower has a security interest in such Work of Art that is perfected by physical possession by a Person acting as an agent of such Borrower (which Person may be another Sotheby Entity) or otherwise in the physical possession of any Person other than such Borrower, (i) such Person has executed a bailee letter or similar agreement in form and substance reasonably acceptable to the Administrative Agent, (ii) Reserves satisfactory to the Administrative Agent have been established, or (iii) other arrangements have been entered into, in form and substance reasonably acceptable to the Administrative Agent;
(c) that is (i) (x) located in a Permitted Art Loan Country or (y) in transport between such countries and (ii) if located in a Permitted Art Loan Country, such Borrower shall have taken all actions reasonably required by the Collateral Agent with respect to such Work of Art in order to protect the interests of such Borrower and the Agents therein under the laws of such Permitted Art Loan Country;
(d) that, if held by such Borrower, is held (i) at a location owned by a Sotheby Entity, or (ii) unless Reserves satisfactory to Agent have been established (A) at a location in which a Sotheby Entity has obtained a leasehold interest with respect to which, unless otherwise agreed by Agent, the lessor has executed a landlord waiver, in form and substance reasonably acceptable to Agent, or (B) at a warehouse, storage facility or other third-party location (including, without limitation, the Geneva free port, but not including the location of any agent described in paragraph (b) of this definition) with respect to which, unless otherwise agreed by Agent, such third party has executed a bailee letter or similar agreement in form and substance reasonably acceptable to Agent;
(e) that is (i) in the physical possession of such Borrower, (ii) in the physical possession of an agent described in paragraph (b) of this definition or (iii) in the case of Work of Art physically located in the United States, unless Reserves satisfactory to Agent have been established, in the actual physical possession of the applicable Art Loan Debtor at a location owned by such Art Loan Debtor;
(f) that is (i) adequately insured by such Borrower or the applicable Art Loan Debtor and (ii) if such Work of Art is insured by the applicable Art Loan Debtor, subject to a valid loss payable endorsement in favor of such Borrower with respect to such Work of Art;
(g) with respect to which the applicable Art Loan Debtor is not the original artist or creator;
(h) with respect to which the validity, enforceability, perfection or priority of such Borrower’s security interest in such Work of Art is not subject to any litigation, other than litigation with respect to which (i) such Borrower has notified Agent of such litigation, and (ii) Agent has determined in its reasonable judgment, pursuant to a written notice to such Borrower (not to be unreasonably withheld or delayed), that such litigation does not have a material risk of being determined adversely to such Borrower;
(i) with respect to which the rights of the related Art Loan Debtor in such Work of Art are not subject to litigation, unless (i) such Borrower notifies the Administrative Agent of such litigation, and (ii) the Administrative Agent has determined in its reasonable judgment, pursuant to a written notice to such Borrower (not to be unreasonably withheld or delayed), that such litigation does not have a material risk of being determined adversely to such Borrower; 
(j) that does not constitute Work of Art (i) securing any “Art Loan” included in any “Borrowing Base” under the Auction Revolving Credit Agreement or (ii) in respect of any “Extended Term Art Receivable” included in any “Borrowing Base” under the Auction Revolving Credit Agreement;
(k) if the value of such Work of Art exceeds $250,000, has been the subject of a search by such Borrower in the Art Loss Register (if applicable) and is not listed in the Art Loss Register; and
(l) to the extent constituting Automobile Work of Art, with respect to which such Borrower or any other Credit Party shall have in its possession the original Certificate of Title for such Automobile Work of Art (unless no Certificate of Title has been, or is required to be, issued with respect to such Automobile Work of Art by any applicable Governmental Authority).
“Eligible Venture Loan” means a Venture Loan that is an Eligible Art Loan.
“Environmental Laws” means all applicable federal, state, local and foreign laws, statutes, ordinances, codes, rules, standards and regulations, now or hereafter in effect, and any applicable judicial or administrative interpretation thereof, including any applicable judicial or administrative order, consent decree, order or judgment, imposing liability or standards of conduct for or relating to the regulation and protection of human health, safety, the environment and natural resources (including ambient air, surface water, groundwater, wetlands, land surface or subsurface strata, wildlife, aquatic species and vegetation).  Environmental Laws include the Comprehensive Environmental Response, Compensation, and Liability Act of 1980 (42 U.S.C. §§ 9601 et seq.) (“CERCLA”); the Hazardous Materials Transportation Authorization Act of 1994 (49 U.S.C. §§ 5101 et seq.); the Federal Insecticide, Fungicide, and Rodenticide Act (7 U.S.C. §§ 136 et seq.); the Solid Waste Disposal Act (42 U.S.C. §§ 6901 et seq.); the Toxic Substance Control Act (15 U.S.C. §§ 2601 et seq.); the Clean Air Act (42 U.S.C. §§ 7401 et seq.); the Federal Water Pollution Control Act (33 U.S.C. §§ 1251 et seq.); the Occupational Safety and Health Act (29 U.S.C. §§ 651 et seq.); and the Safe Drinking Water Act (42 U.S.C. §§ 300(f) et seq.), and any and all regulations promulgated thereunder, and all analogous state, local and foreign counterparts or equivalents and any transfer of ownership notification or approval statutes.
“Environmental Liabilities” means, with respect to any Person, all liabilities, obligations, responsibilities, response, remedial and removal costs, investigation and feasibility study costs, capital costs, operation and maintenance costs, losses, damages, punitive damages, property damages, natural resource damages, consequential damages, treble damages, costs and expenses (including all reasonable fees, disbursements and expenses of counsel, experts and consultants), fines, penalties, sanctions and interest incurred as a result of or related to any claim, suit, action, investigation, proceeding or demand by any Person, whether based in contract, tort, implied or express warranty, strict liability, criminal or civil statute or common law, arising under or related to any Environmental Laws, Environmental Permits, or in connection with any Release or threatened Release or presence of a Hazardous Material whether on, at, in, under or from any real or personal property.
“Environmental Permits” means all permits, licenses, authorizations, certificates, approvals or registrations required for the operations of any Sotheby Entity by any Governmental Authority under any Environmental Laws.
“Equipment” means all “equipment,” as such term is defined in the Code, now owned or hereafter acquired by any Credit Party, wherever located and, in any event, including all such Credit Party’s machinery and equipment, including processing equipment, conveyors, machine tools, data processing and computer equipment, including embedded software and peripheral equipment and all engineering, processing and manufacturing equipment, office machinery, furniture, materials handling equipment, tools, attachments, accessories, automotive equipment, trailers, trucks, forklifts, molds, dies, stamps, motor vehicles, rolling stock and other equipment of every kind and nature, trade fixtures and fixtures not forming a part of real property, together with all additions and accessions thereto, replacements therefor, all parts therefor, all substitutes for any of the foregoing, fuel therefor, and all manuals, drawings, instructions, warranties and rights with respect thereto, and all products and proceeds thereof and condemnation awards and insurance proceeds with respect thereto.
“ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time, and any regulations promulgated thereunder.
“ERISA Affiliate” means, with respect to any Sotheby Entity, any trade or business (whether or not incorporated) that, together with such Sotheby Entity, are treated as a single employer within the meaning of Sections 414(b), (c), (m) or (o) of the IRC.
“ERISA Event” means, with respect to any Sotheby Entity or any ERISA Affiliate, (a) any event described in Section 4043(c) of ERISA with respect to a Title IV Plan; (b) the withdrawal of any Sotheby Entity or ERISA Affiliate from a Title IV Plan subject to Section 4063 of ERISA during a plan year in which it was a substantial employer, as defined in Section 4001(a)(2) of ERISA; (c) the complete or partial withdrawal of any Sotheby Entity or any ERISA Affiliate from any Multiemployer Plan; (d) the filing of a notice of intent to terminate a Title IV Plan or the treatment of a plan amendment as a termination under Section 4041 of ERISA; (e) the institution of proceedings to terminate a Title IV Plan or Multiemployer Plan by the PBGC; (f) the failure by any Sotheby Entity or ERISA Affiliate to make when due required contributions to a Multiemployer Plan or Title IV Plan unless such failure is cured within thirty (30) days; (g) any other event or condition that would reasonably be expected to constitute grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Title IV Plan or Multiemployer Plan or for the imposition of liability under Section 4069 or 4212(c) of ERISA; (h) the termination of a Multiemployer Plan under Section 4041A of ERISA or the reorganization or insolvency of a Multiemployer Plan under Section 4241 or 4245 of ERISA; or (i) the loss of a Qualified Plan’s qualification or tax exempt status; or (j) the termination of a Plan described in Section 4064 of ERISA.
“ESOP” means a Plan that is intended to satisfy the requirements of Section 4975(e)(7) of the IRC. 
“Estimated Value” means, as of any date of determination, with respect to any Work of Art, the most recent estimate of value of such Work of Art, as determined from time to time by the applicable Borrower in accordance with Section 5.12.
“E-Signature” means the process of attaching to or logically associating with an Electronic Transmission an electronic symbol, encryption, digital signature or process (including the name or an abbreviation of the name of the party transmitting the Electronic Transmission) with the intent to sign, authenticate or accept such Electronic Transmission.
“E-System” means any electronic system approved by the Administrative Agent, including Intralinks® and ClearPar® and any other Internet or extranet-based site, whether such electronic system is owned, operated or hosted by the Administrative Agent, any of its Related Persons or any other Person, providing for access to data protected by passcodes or other security system.
 “Euro” means the single currency of the Participating Member States.
“Euro Index Rate” means, for any day, the higher of (a) a floating rate equal to the rate publicly quoted from time to time by The Wall Street Journal as the “prime rate” for the Eurozone (or, if The Wall Street Journal ceases quoting a rate of the type described, the prime rate for Euro generally posted by the Eurozone’s largest banks) and (b) 1.00% per annum.  Each change in any interest rate provided for in the Agreement based upon the Euro Index Rate shall take effect at the time of such change in the Euro Index Rate.
“Euro LIBO Rate” means for each LIBOR Period with respect to a LIBOR Loan denominated in Euro, the offered rate per annum for deposits of Euro for such LIBOR Period that appears on Reuters Screen LIBOR01 Page (or any successor or substitute page of such service, or any successor to or substitute for such service, providing rate quotations comparable to those currently provided on such page of such service, as determined by the Administrative Agent from time to time for purposes of providing quotations of interest rates applicable to deposits in Euro in the London interbank market) as of 11:00 A.M. (London, England time) two (2) Business Days prior to the first day in such LIBOR Period.  If the offered rate described in the foregoing sentence does not exist, such rate will be the rate of interest per annum, as determined by the Administrative Agent (rounded upwards, if necessary, to the nearest 1/100 of 1%) at which deposits of Euro in immediately available funds are offered at 11:00 A.M. (London, England time) two (2) Business Days prior to the first day in such LIBOR Period by major financial institutions reasonably satisfactory to the Administrative Agent in the London interbank market for a LIBOR Period of the applicable duration for the applicable principal amount on such date of determination.  Notwithstanding the foregoing, the “Euro LIBO Rate” shall be deemed to be zero if the rate otherwise calculated pursuant to this definition would result in a rate less than zero.
“Event of Default” has the meaning ascribed to it in Section 8.1.
“Excluded Accounts” means, collectively, any Due-to-Consignor Disbursement Accounts, payroll accounts, zero balance accounts and Deposit Accounts of the Credit Parties with aggregate balances that do not collectively exceed $200,000 for more than seven (7) consecutive Business Days at any time.
“Excluded Hedging Obligation” means, with respect to any Guarantor, any Guaranty Hedging Obligation if, and to the extent that, all or a portion of the guarantee of such Guarantor of, or the grant by such Guarantor of a security interest to secure, such Guaranty Hedging Obligation (or any guarantee thereof) is or becomes illegal under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such Guarantor’s failure for any reason to constitute an “eligible contract participant” as defined in the Commodity Exchange Act and the regulations thereunder at the time the guarantee of such Guarantor or the grant of such security interest becomes effective with respect to such Guaranty Hedging Obligation.  If a Guaranty Hedging Obligation arises under a master agreement governing more than one swap, such exclusion shall apply only to the portion of such Guaranty Hedging Obligation that is attributable to swaps for which such guarantee or security interest is or becomes illegal.
“Executive Order” means Executive Order No. 13224 on Terrorist Financing, effective September 24, 2001, and relating to Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism.
“Existing Credit Agreement” has the meaning assigned to it in the recitals to the Agreement.
“Fair Labor Standards Act” means the Fair Labor Standards Act, 29 U.S.C. §201 et seq. 
“FATCA” means Sections 1471 through 1474 of the IRC, as of the date of the 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, and any agreements entered into pursuant to Section 1471(b)(1) of the IRC and any intergovernmental agreements entered into pursuant thereto.

 “Federal Funds Rate” means, for any day, a floating rate equal to the weighted average of the rates on overnight Federal funds transactions among members of the Federal Reserve System, as determined by the Administrative Agent in its sole discretion, which determination shall be final, binding and conclusive (absent manifest error).
“Federal Reserve Board” means the Board of Governors of the Federal Reserve System.
“Fees” means any and all fees payable to any Agent or any Lender pursuant to the Agreement or any of the other Loan Documents.
“Financial Covenant Compliance Period” means each period (i) commencing on any date on which (a)(1) the average daily Aggregate Borrowing Availability for the previous thirty (30) consecutive Business Days shall be less than $85,000,000 and (2) the average daily Liquidity Amount for the previous thirty (30) consecutive Business Days shall be less than $150,000,000, or (b) Aggregate Borrowing Availability shall be less than $70,000,000 on such date (unless the outstanding principal balance of the Revolving Loan shall be zero on such date) and (ii) continuing until the first date occurring at least thirty (30) Business Days after the commencement of such period that does not satisfy any of the criteria set forth in the foregoing clause (i).
“Financial Covenants” means the financial covenants set forth in Annex G.
“Financial Officer” means, with respect to any Person, the Chief Financial Officer, Treasurer or Controller thereof or another officer thereof of similar seniority and responsibility.
“Financial Statements” means the consolidated and consolidating income statements, statements of cash flows and balance sheets of Borrowers delivered in accordance with Section 3.4 and Annex E.
“Financial Support Direction” means a direction issued by the Pensions Regulator in accordance with section 43 of the Pensions Act 2004 (as amended) of the United Kingdom.
“First-Tier Foreign Subsidiary” means each Foreign Subsidiary with respect to which any one or more of the Domestic Credit Parties directly owns or Controls more than 50% of such Foreign Subsidiary’s issued and outstanding Stock.
“Fiscal Month” means any of the monthly accounting periods of Parent.
“Fiscal Quarter” means any of the quarterly accounting periods of Parent ending on March 31, June 30, September 30 or December 31 of each year.
“Fiscal Year” means any of the annual accounting periods of Parent ending on December 31 of each year.
“Fixed Charges” means, with respect to Parent and its Subsidiaries, on a consolidated basis, for any fiscal period, an amount equal to (a) the aggregate of all Interest Expense with respect to such period plus (b) scheduled payments of principal with respect to Indebtedness during such period, other than (i) any balloon, bullet or similar principal payment payable on the maturity date under the Specified Debt Facility Documents that repays the outstanding principal amount thereunder in full and (ii) any principal payments of any “Incremental Revolving Credit Advances” (as defined in the Auction Revolving Credit Agreement) payable on the “Incremental Maturity Date” (as defined in the Auction Revolving Credit Agreement) (and any principal payments made to any “Non-Extending Incremental Lenders” (as defined in the Auction Revolving Credit Agreement)  on any “Non-Extending Incremental Maturity Date” (as defined in the Auction Revolving Credit Agreement)), plus (c) dividends and distributions on the Stock of Parent paid in cash, payments with respect to purchases of any Senior Notes, and Repurchases, in each case, during such period (other than any special dividends or distributions permitted under Section 6.13(j) of the Agreement), minus (d) discounts and any upfront fees on the Senior Notes and the amounts owed under the York Avenue Loan Agreement or the Specified Debt Facility Documents, in each case, to the extent included as Interest Expense during such period on a non-cash basis minus (e) amounts included in Interest Expense for such period in respect of amortization of (i) closing fees incurred in conjunction with this Agreement and (ii) interest accrued on amounts payable on the unfunded senior management benefit plan of Parent and its Subsidiaries, in each case, of or by Parent and its Subsidiaries on a consolidated basis for such period.
“Fixed Charge Coverage Ratio” means, with respect to Parent and its Subsidiaries, on a consolidated basis, for any four Fiscal Quarter period, the ratio of (I) the sum of (a) EBITDA for each of such four Fiscal Quarters minus (b) Capital Expenditures during such four Fiscal Quarters  minus (c) cash income taxes paid during such Fiscal Quarters net of income tax refunds to (II) the aggregate Fixed Charges for such four Fiscal Quarters.
“Fixtures” means all “fixtures” as such term is defined in the Code, now owned or hereafter acquired by any Sotheby Entity.
“Foreign Borrower Subfacility Limit” means $200,000,000, as such amount may be reduced pursuant to Section 1.3(a).
“Foreign Borrowers” has the meaning ascribed to it in the preamble to the Agreement.
“Foreign Borrowing Availability” means, as of any date of determination, the lesser of (a) an amount equal to (i) the Maximum Amount minus (ii) the aggregate Revolving Loan then outstanding minus (iii) the aggregate Swing Line Loan then outstanding and (b) an amount equal to (i) the lesser of (x) an amount equal to the Foreign Borrower Subfacility Limit minus the Auction Foreign Borrower Obligations and (y) the Foreign Borrowing Base as of such date minus (ii) the Dollar Equivalent of the aggregate outstanding principal balance of the Revolving Credit Advances and Swing Line Advances made to Foreign Borrowers as of such date minus (iii) the Dollar Equivalent of the aggregate Letter of Credit Obligations incurred for the benefit of the Foreign Borrowers as of such date.
“Foreign Borrowing Base” means, as of any date of determination, an amount equal to (a) 85% of the Available Foreign Art Loan Balance as of such date plus (b) the Foreign Trademark Component as of such date minus (c) Reserves established by the Administrative Agent at such time; provided that, in no event shall the Automobile Work of Art Component exceed $50,000,000.
“Foreign Collateral Documents” means the deeds of assignment and charge and charges over shares executed by the Foreign Credit Parties, and all similar agreements entered into by the Foreign Credit Parties guaranteeing payment of the Obligations of the Foreign Borrowers, or granting a Lien upon property as security for payment of the Secured Obligations of the Foreign Credit Parties.
“Foreign Credit Parties” means the Foreign Borrowers and the Foreign Subsidiary Guarantors.
“Foreign Currency” means Sterling, Euro and Hong Kong Dollars.
 “Foreign Currency Revolving Credit Advance” has the meaning ascribed to it in Section 1.1(a)(i).
“Foreign Currency Lender” shall mean each Lender (a) designated in Annex J to the Agreement or in the most recent Assignment Agreement executed by such Lender as a “Foreign Currency Lender” or (b) that shall have become a Foreign Currency Lender pursuant to Section 9.1(i).
“Foreign Obligations Termination Date” means the date on which (a) all Loans to the Foreign Borrowers have been indefeasibly repaid in full, (b) all other Obligations of the Foreign Borrowers have been completely discharged, (c) all Letter of Credit Obligations incurred on behalf of the Foreign Borrowers have been cash collateralized, canceled or backed by standby letters of credit in accordance with Annex B and (d) the Commitment Termination Date shall have occurred.
“Foreign Subsidiary” means any Subsidiary of Parent that is not a Domestic Subsidiary.
“Foreign Subsidiary Guarantors” means, collectively, (a) each Subsidiary of Parent organized under the laws of England that is not a Foreign Borrower or an Immaterial Subsidiary and (b) each Sotheby Entity organized under the laws of Hong Kong that is not a Foreign Borrower or an Immaterial Subsidiary and is a direct Subsidiary of any Credit Party, in each case, that is a Credit Party on the Restatement Effective Date or is required to become, and becomes, a Credit Party pursuant to Section 5.14.
“Foreign Trademark Component” means, as of any date of determination, an amount specified by the Borrower Representative in the most recent Borrowing Base Certificate as the “Foreign Trademark Component”; provided that, in no event shall the sum of (a) the Domestic Trademark Component as of such date plus (b) the Foreign Trademark Component as of such date plus (c) the “Domestic Auction Trademark Component” (as defined in the Auction Revolving Credit Agreement) as of such date plus (d) the “Foreign Auction Trademark Component” (as defined in the Auction Revolving Credit Agreement) as of such date exceed the lesser of (i) the Maximum Trademark Component and (ii) $100,000,000.
“Funded Debt” means, with respect to any Person, without duplication, all Indebtedness for borrowed money evidenced by notes, bonds, debentures, or similar evidences of Indebtedness that by its terms matures more than one year from, or is directly or indirectly renewable or extendible at such Person’s option under a revolving credit or similar agreement obligating the lender or lenders to extend credit over a period of more than one year from the date of creation thereof, and specifically including Capital Lease Obligations, current maturities of long term debt, revolving credit and short term debt extendible beyond one year at the option of the debtor, and also including, in the case of Borrowers, the Obligations and, without duplication, Guaranteed Indebtedness consisting of guaranties of Funded Debt of other Persons.
“GAAP” means generally accepted accounting principles in the United States of America consistently applied, as such term is further defined in Annex G to the Agreement.
“GE Capital” means General Electric Capital Corporation, a Delaware corporation.
“General Intangibles” means all “general intangibles,” as such term is defined in the Code, now owned or hereafter acquired by any Sotheby Entity, including all right, title and interest that such Sotheby Entity may now or hereafter have in or under any Contract, all payment intangibles, customer lists, Licenses, Copyrights, Trademarks, Patents, and all applications therefor and reissues, extensions or renewals thereof, rights in Intellectual Property, interests in partnerships, joint ventures and other business associations, licenses, permits, copyrights, trade secrets, proprietary or confidential information, inventions (whether or not patented or patentable), technical information, procedures, designs, knowledge, know how, software, data bases, data, skill, expertise, experience, processes, models, drawings, materials and records, goodwill (including the goodwill associated with any Trademark or Trademark License), all rights and claims in or under insurance policies (including insurance for fire, damage, loss and casualty, whether covering personal property, real property, tangible rights or intangible rights, all liability, life, key man and business interruption insurance, and all unearned premiums), uncertificated securities, choses in action, deposit, checking and other bank accounts, rights to receive tax refunds and other payments, rights to receive dividends, distributions, cash, Instruments and other property in respect of or in exchange for pledged Stock and Investment Property, rights of indemnification, all books and records, correspondence, credit files, invoices and other papers, including without limitation all tapes, cards, computer runs and other papers and documents in the possession or under the control of such Sotheby Entity or any computer bureau or service company from time to time acting for such Sotheby Entity.
“Goods” means all “goods” as defined in the Code, now owned or hereafter acquired by any Sotheby Entity, wherever located, including embedded software to the extent included  in “goods” as defined in the Code, manufactured homes, standing timber that is cut and removed for sale and unborn young of animals.
“Governmental Authority” means any nation or government, any state or other political subdivision thereof, and any agency, department or other entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government.
“Guaranteed Indebtedness” means as to any Person, any obligation of such Person guaranteeing, providing comfort or otherwise supporting any Indebtedness, lease, dividend, or other obligation (including, without limitation, any obligation described in Section 6.3(a)(vii)) (the “primary obligation”) of any other Person (the “primary obligor”) in any manner, including any obligation or arrangement of such Person to (a) purchase or repurchase any such primary obligation, (b) advance or supply funds (i) for the purchase or payment of any such primary obligation or (ii) to maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency or any balance sheet condition of the primary obligor, (c) purchase property, securities or services primarily for the purpose of assuring the owner of any such primary obligation of the ability of the primary obligor to make payment of such primary obligation, (d) protect the beneficiary of such arrangement from loss (other than product warranties given in the ordinary course of business) or (e) indemnify the owner of such primary obligation against loss in respect thereof.  The amount of any Guaranteed Indebtedness at any time shall be deemed to be an amount equal to the lesser at such time of (x) the stated or determinable amount of the primary obligation in respect of which such Guaranteed Indebtedness is incurred and (y) the maximum amount for which such Person may be liable pursuant to the terms of the instrument embodying such Guaranteed Indebtedness, or, if not stated or determinable, the maximum reasonably anticipated liability (assuming full performance) in respect thereof.
“Guaranties” means, collectively, the guaranty of the Domestic Subsidiary Guarantors in the Domestic Guaranty and Security Agreement and any other guaranty executed by any Guarantor in favor of the Collateral Agent, for the benefit of the Secured Parties, in respect of all or a portion of the Obligations.
“Guarantors” means the Domestic Subsidiary Guarantors, the Foreign Subsidiary Guarantors and each other Person, if any, that executes a guaranty or other similar agreement in favor of the Collateral Agent, for the benefit of the Secured Parties, in connection with the transactions contemplated by the Agreement and the other Loan Documents.
“Guaranty Hedging Obligation” means, with respect to any Guarantor, any obligation to pay or perform under any agreement, contract or transaction that constitutes a “swap” within the meaning of Section 1a(47) of the Commodity Exchange Act.
“Hazardous Material” means any substance, material or waste that is regulated by, or forms the basis of liability now or hereafter under, any Environmental Laws, including any material or substance that is (a) defined as a “solid waste,” “hazardous waste,” “hazardous material,” “hazardous substance,” “extremely hazardous waste,”  “restricted hazardous waste,” “pollutant,” “contaminant,” “hazardous constituent,” “special waste,” “toxic substance” or other similar term or phrase under any Environmental Laws, or (b) petroleum or any fraction or by product thereof, asbestos, polychlorinated biphenyls (PCB’s), or any radioactive substance.
“Hong Kong” means the Hong Kong Special Administrative Region of the People’s Republic of China.
“Hong Kong Dollar Equivalent” means, with respect to any amount denominated in Hong Kong Dollars, such amount of Hong Kong Dollars, and with respect to any amount denominated in a currency other than Hong Kong Dollars, the amount of Hong Kong Dollars, as of any date of determination, into which such other currency (as the context may require) can be converted in accordance with Section 1.19.
“Hong Kong Dollars” or “HK$” means the lawful currency of Hong Kong. 
“Hong Kong Dollars Index Rate” means, for any day, the higher of (a) a floating rate equal to the prime rate for Hong Kong Dollars quoted by The Hongkong and Shanghai Banking Corporation Limited or such other financial institution as may be selected by the Administrative Agent in consultation with the Borrower Representative from time to time and (b) 1.00% per annum.
 “Hong Kong Dollars LIBOR Rate” means, for each LIBOR Period with respect to a LIBOR Loan denominated in Hong Kong Dollars, the rate designated as “FIXING@11:00” (or any other designation which may from time to time replace that designation or, if no such designation appears, the arithmetic average (rounded upwards, if necessary, to the nearest 1/100 of 1%) of the displayed rates for such LIBOR Period) for such LIBOR Period appearing under the heading “HONG KONG INTERBANK OFFERED RATES (HK DOLLAR)” on page HKABHIBOR on Thomson Reuters Services (or any successor or substitute page of such service, or any successor to or substitute for such service, providing rate quotations comparable to those currently provided on such page of such service, as determined by the Administrative Agent from time to time for purposes of providing quotations of interest rates applicable to deposits in Hong Kong Dollars in the Hong Kong interbank market).  If the offered rate described in the foregoing sentence does not exist, such rate will be the rate of interest per annum, as determined by the Administrative Agent (rounded upwards, if necessary, to the nearest 1/100 of 1%) at which deposits of Hong Kong Dollars in immediately available funds are offered at 11:00 A.M. (Hong Kong time) on the first day of such LIBOR Period by major financial institutions reasonably satisfactory to the Administrative Agent in the Hong Kong interbank market for a LIBOR Period of the applicable duration for the applicable principal amount on such date of determination. Notwithstanding the foregoing, the “Hong Kong Dollars LIBOR Rate” shall be deemed to be zero if the rate otherwise calculated pursuant to this definition would result in a rate less than zero.
“IEEPA” means the International Emergency Economic Power Act, 50 U.S.C. § 1701 et. seq.
“Immaterial Subsidiary” means (a) any Domestic Subsidiary or any Foreign Subsidiary organized under the laws of England, in each case listed on Disclosure Schedule (5.15), unless such entity shall have executed a Guaranty and such Collateral Documents as the Administrative Agent shall reasonably request or (b) for purposes of Section 8.1(g) or (h), any Sotheby Entity that (i) is not a Credit Party, (ii) owns assets having a book value of which the Dollar Equivalent is less than $100,000 and (iii) had earnings during the most recently completed Fiscal Year of which the Dollar Equivalent was less than $100,000.
 “Impacted Lender” means any Lender that fails to provide the Administrative Agent, within three (3) Business Days following the Administrative Agent’s written request, satisfactory assurance that such Lender will not become a Non-Funding Lender.
“Indebtedness” means, with respect to any Person, without duplication, (a) all indebtedness of such Person for borrowed money or for the deferred purchase price of property payment for which is deferred 6 months or more, but excluding obligations to trade creditors incurred in the ordinary course of business that are unsecured and not overdue by more than 6 months unless being contested in good faith, (b) all reimbursement and other obligations with respect to letters of credit, bankers’ acceptances and surety bonds, whether or not matured, (c) all obligations evidenced by notes, bonds, debentures or similar instruments, (d) all indebtedness created or arising under any conditional sale or other title retention agreement with respect to property acquired by such Person (even though the rights and remedies of the seller or lender under such agreement in the event of default are limited to repossession or sale of such property), (e) all Capital Lease Obligations and the present value (discounted at the Dollar Index Rate as in effect on the Restatement Effective Date) of future rental payments under all synthetic leases, (f) all obligations of such Person under commodity purchase or option agreements or other commodity price hedging arrangements, in each case whether contingent or matured, (g) all obligations of such Person under any foreign exchange contract, currency swap agreement, interest rate swap, cap or collar agreement or other similar agreement or arrangement designed to alter the risks of that Person arising from fluctuations in currency values or interest rates, in each case whether contingent or matured, (h) all Indebtedness referred to above secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien upon or in property or other assets (including accounts and contract rights) owned by such Person, even though such Person has not assumed or become liable for the payment of such Indebtedness, and (i) the Obligations.
“Indemnified Liabilities” has the meaning ascribed to it in Section 1.14.
“Indemnified Person” has the meaning ascribed to in Section 1.14.
“Index Rate Loan” means the Swing Line Loan or any portion of the Revolving Loan bearing interest by reference to the Dollar Index Rate, the Euro Index Rate, the Sterling Index Rate or the Hong Kong Index Rate, as applicable.
“Insolvency Event” has the meaning ascribed to in Section 12.5.
“Instruments” means all “instruments,” as such term is defined in the Code, now owned or hereafter acquired by any Sotheby Entity, wherever located, and, in any event, including all certificated securities, all certificates of deposit, and all promissory notes and other evidences of indebtedness, other than instruments that constitute, or are a part of a group of writings that constitute, Chattel Paper.
“Intellectual Property” means any and all Licenses, Patents, Copyrights, Trademarks, and the goodwill associated with such Trademarks.
“Intercompany Indebtedness” has the meaning ascribed to in Section 12.5.
“Interest Expense” means, with respect to any Person for any fiscal period, the sum of (a) all interest, premium payments, debt discount, fees, charges and related expenses in connection with borrowed money (excluding capitalized interest) or in connection with the deferred purchase price of the assets, in each case, to the extent treated as interest in accordance with GAAP and (b) the portion of rent expense under Capital Leases that is treated as interest in accordance with GAAP, in each case, of or by Parent and its Subsidiaries for such fiscal period.
“Interest Income” means, with respect to Parent and its Subsidiaries, on a consolidated basis, for any fiscal period, an amount equal to the consolidated interest income of such Persons for such period, determined in accordance with GAAP.
“Interest Payment Date” means (a) as to any Index Rate Loan, the first Business Day of each month to occur while such Loan is outstanding, and (b) as to any LIBOR Loan, the last day of  the applicable LIBOR Period; provided, that in the case of any LIBOR Period greater than three months in duration, interest shall be payable at three-month intervals and on the last day of such LIBOR Period; provided, further, that, in addition to the foregoing, each of (x) the date upon which all of the Commitments have been terminated and the Loans have been paid in full and (y) the Commitment Termination Date shall be deemed to be an “Interest Payment Date” with respect to any interest that has then accrued under the Agreement.
“Inventory” means all “inventory,” as such term is defined in the Code, now owned or hereafter acquired by any Sotheby Entity, wherever located, and in any event including inventory, merchandise, goods and other personal property that are held by or on behalf of any Sotheby Entity for sale or lease or are furnished or are to be furnished under a contract of service, or that constitute raw materials, work in process, finished goods, returned goods, or materials or supplies of any kind, nature or description used or consumed or to be used or consumed in such Sotheby Entity’s business or in the processing, production, packaging, promotion, delivery or shipping of the same, including all supplies and embedded software.
“Investment Property” means all “investment property” as such term is defined in the Code now owned or hereafter acquired by any Sotheby Entity, wherever located, including (i) all securities, whether certificated or uncertificated, including stocks, bonds, interests in limited liability companies, partnership interests, treasuries, certificates of deposit, and mutual fund shares; (ii) all securities entitlements of any Sotheby Entity, including the rights of any Sotheby Entity to any securities account and the financial assets held by a securities intermediary in such securities account and any free credit balance or other money owing by any securities intermediary with respect to that account; (iii) all securities accounts of any Sotheby Entity; (iv) all commodity contracts of any Sotheby Entity; and (v) all commodity accounts held by any Sotheby Entity.
“IRC” means the Internal Revenue Code of 1986 and all regulations promulgated thereunder.
“IRS” means the Internal Revenue Service.
“Judgment Conversion Date” has the meaning ascribed to it in Section 1.20(a).
“Judgment Currency” has the meaning ascribed to it in Section 1.20(a).
“L/C Issuer” has the meaning ascribed to it in Annex B.
“L/C Sublimit” means, at any time, the sum of the Dollar Tranche L/C Sublimit at such time plus the Multicurrency Tranche L/C Sublimit at such time.
“Lenders” means, collectively, the Dollar Tranche Lenders and the Multicurrency Tranche Lenders. 
“Lending Office” means, with respect to any Lender, the office or offices of such Lender specified as its “Lending Office” beneath its name on the applicable signature page hereto or to the applicable Assignment Agreement, or such other office or offices of such Lender as it may from time to time notify the Borrower Representative and the Administrative Agent.
“Letters of Credit” means, collectively, Dollar Tranche Letters of Credit and Multicurrency Tranche Letters of Credit. 
“Letter of Credit Fee” has the meaning ascribed to it in Annex B.
“Letter of Credit Obligations” means, collectively, the Dollar Tranche Letter of Credit Obligations and the Multicurrency Tranche Letter of Credit Obligations.
“Letter of Credit Request” has the meaning ascribed to it in Annex B.
“Letter-of-Credit Rights” means “letter-of-credit rights” as such term is defined in the Code, now owned or hereafter acquired by any Sotheby Entity, including rights to payment or performance under a letter of credit, whether or not such Sotheby Entity, as beneficiary, has demanded or is entitled to demand payment or performance.
“LIBOR Business Day” means a Business Day on which banks in the City of London (and, in the case of LIBOR Loans denominated in Hong Kong Dollars, in Hong Kong) are generally open for interbank or foreign exchange transactions (and, in the case of LIBOR Loans denominated in Euro, on which the TARGET2 payment system is open for the settlement of payments in Euro).
“LIBOR Loan” means any portion of the Revolving Loan bearing interest by reference to a Dollar LIBOR Rate, a Euro LIBO Rate, a Sterling LIBOR Rate or a Hong Kong Dollars LIBOR Rate, as applicable.
“LIBOR Period” means, with respect to any LIBOR Loan, each period commencing on a LIBOR Business Day selected by Borrower Representative pursuant to the Agreement and ending one, two or three months thereafter, as selected by Borrower Representative’s irrevocable notice to the Administrative Agent as set forth in Section 1.5(e); provided, that the foregoing provision relating to LIBOR Periods is subject to the following:
(a)    if any LIBOR Period would otherwise end on a day that is not a LIBOR Business Day, such LIBOR Period shall be extended to the next succeeding LIBOR Business Day unless the result of such extension would be to carry such LIBOR Period into another calendar month in which event such LIBOR Period shall end on the immediately preceding LIBOR Business Day;
(b)    any LIBOR Period that would otherwise extend beyond the Commitment Termination Date shall end two (2) LIBOR Business Days prior to such date;
(c)    any LIBOR Period that begins on the last LIBOR Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such LIBOR Period) shall end on the last LIBOR Business Day of a calendar month; and
(d)    Borrower Representative shall select LIBOR Periods so that there shall be no more than fifteen (15) separate LIBOR Loans in existence at any one time.
“License” means any Copyright License, Patent License, Trademark License or other license of rights or interests now held or hereafter acquired by any Sotheby Entity.
“Lien” means any mortgage or deed of trust, pledge, hypothecation, assignment, deposit arrangement, lien, charge, claim, security interest, easement or encumbrance, or preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever (including any lease or title retention agreement, any financing lease having substantially the same economic effect as any of the foregoing, and the filing of, or agreement to give, any financing statement perfecting a security interest under the Code or comparable law of any jurisdiction).
“Liquidity Amount” means, as of any date of determination, the sum of (a) the Aggregate Borrowing Availability as of such date and (b) the Unrestricted Cash Amount as of such date.
“Litigation” has the meaning ascribed to it in Section 3.13(a).
“Loan Account” has the meaning ascribed to it in Section 1.13.
“Loan Documents” means the Agreement, the Notes, the Collateral Documents, the Master Standby Agreement, the Master Documentary Agreement, the Auction Guaranty Side Letter, and all other agreements, instruments, documents and certificates identified in the Closing Checklist executed and delivered to, or in favor of, any Agent or any Lenders and including all other fee letters, pledges, powers of attorney, consents, assignments, contracts, notices, letter of credit agreements and all other written matter whether heretofore, now or hereafter executed by or on behalf of any Credit Party, or any employee of any Credit Party, and delivered to any Agent or any Lender in connection with the Agreement or the transactions contemplated thereby.  Any reference in the Agreement or any other Loan Document to a Loan Document shall include all appendices, exhibits or schedules thereto, and all amendments, restatements, supplements or other modifications thereto, and shall refer to the Agreement or such Loan Document as the same may be in effect at any and all times such reference becomes operative.
“Loans” means the Revolving Loan and the Swing Line Loan.
“Local Law Collateral Documents” means, in respect of any property or asset owned by the Borrowers or any other Credit Party, in each case contemplated to be pledged by the terms of the Loan Documents for the benefit of the Secured Parties, all documents reasonably necessary to grant and perfect, under the laws of the jurisdiction of organization of such Credit Party (or a First-Tier Foreign Subsidiary), the security interest granted or contemplated to be granted, pursuant to the Loan Documents, together with an opinion of local counsel qualified in such jurisdiction of organization or registration, as applicable, in form and substance reasonably satisfactory to the Agents.
“Majority in Interest” means, at any time, (a) in the case of Dollar Tranche Lenders, Lenders having, in the aggregate, greater than 50% of the sum of the Dollar Tranche Commitments of all Lenders (or, if the Commitment Termination Date has occurred, Lenders holding in the aggregate, greater than 50% of the  aggregate outstanding amount of all Dollar Tranche Loans held by the Lenders) and (b) in the case of Multicurrency Tranche Lenders, Lenders having, in the aggregate, greater than 50% of the sum of the Multicurrency Tranche Commitments of all Lenders (or, if the Commitment Termination Date has occurred, Lenders holding in the aggregate, greater than 50% of the sum of the aggregate outstanding amount of all Multicurrency Tranche Loans held by the Lenders).
“Margin Stock” means “margin stock” as such term is defined in Regulation T, U or X of the Federal Reserve Board.
“Master Documentary Agreement” means the Amended and Restated Master Agreement for Documentary Letters of Credit dated as of the Restatement Effective Date among Borrowers, as applicants, and GE Capital, as issuer.
“Master Standby Agreement” means the Amended and Restated Master Agreement for Standby Letters of Credit dated as of the Restatement Effective Date among Borrowers, as applicants, and GE Capital, as issuer.
“Material Adverse Effect” means a material adverse effect on (a) the business, assets, operations or financial or other condition of the Sotheby Entities considered as a whole, (b) any Borrower’s ability to pay any of the Loans or any of the other Obligations in accordance with the terms of the Agreement, (c) the Collateral (including Works of Art securing repayment of Art Loans) or the Collateral Agent’s Liens, on behalf of itself and the other Secured Parties, on the Collateral or the priority of such Liens, or (d) any Agent’s or any Lender’s rights and remedies under the Agreement and the other Loan Documents.
“Material Indebtedness Contracts” means, collectively, (a) the Auction Revolving Credit Agreement, (b) the  Senior Note Indenture and the Senior Notes, (c) the Specified Debt Facility Documents, (d) the York Avenue Loan Agreement and (e) any other contract, agreement or other instrument to which any Sotheby Entity is a party evidencing any Indebtedness or Guaranteed Indebtedness (other than the Obligations) of such Sotheby Entity having a Dollar Equivalent in excess of $20,000,000 in the aggregate (including (x) undrawn committed or available amounts and (y) amounts owing to all creditors under any combined or syndicated credit arrangements).
“Maximum Amount” means, as of any date of determination, the sum of the Maximum Dollar Tranche Amount as of such date plus the Maximum Multicurrency Tranche Amount as of such date.
“Maximum Borrowing Availability” means, as of any date of determination, the lesser of (a) an amount equal to (i) the Maximum Amount minus (ii) the aggregate Revolving Loan then outstanding minus (iii) the aggregate Swing Line Loan then outstanding and (b) an amount equal to the sum of (i) the Domestic Borrowing Availability as of such date plus (ii) the Foreign Borrowing Availability as of such date.
 “Maximum Distribution Amount” has the meaning assigned to it in Section 6.13(g).
“Maximum Dollar Tranche Amount” means, as of any date of determination, an amount equal to the Dollar Tranche Commitments of all Lenders as of such date.
 “Maximum Lawful Rate” has the meaning assigned to it in Section 1.5(f).
“Maximum Multicurrency Tranche Amount” means, as of any date of determination, an amount equal to the Multicurrency Tranche Commitments of all Lenders as of such date.
“Maximum Trademark Component” means, as of any date of determination, an amount equal to 85% of the appraised distressed fair market value of all Trademarks of the Credit Parties on a consolidated basis, as determined by the Administrative Agent based on the most recent Trademark appraisal ordered by the Administrative Agent.
“Multicurrency Tranche Advance” means any  Multicurrency Tranche Revolving Credit Advance or  Multicurrency Tranche Swing Line Advance, as the context may require.
“Multicurrency Tranche Commitments” means (a) as to any Lender, the commitment of such Lender to make  Multicurrency Tranche Revolving Credit Advances, incur  Multicurrency Tranche Letter of Credit Obligations or purchase participations therein as set forth on Annex J to the Agreement or in the most recent Assignment Agreement executed by such Lender (including without duplication the Swing Line Lender’s  Multicurrency Tranche Swing Line Commitment as a subset of its  Multicurrency Tranche Commitment) and (b) as to all Lenders, the aggregate commitment of all Lenders to make  Multicurrency Tranche Revolving Credit Advances, incur  Multicurrency Tranche Letter of Credit Obligations or purchase participations therein (including without duplication the Swing Line Lender’s  Multicurrency Tranche Swing Line Commitment as a subset of its  Multicurrency Tranche Commitment), which aggregate commitment shall be One Hundred Fifty Million Dollars ($150,000,000) on the Restatement Effective Date, in each case, as such amount may be reduced or adjusted from time to time in accordance with the Agreement.
“Multicurrency Tranche Lenders” means, as of any date, Lenders having a  Multicurrency Tranche Commitment as of such date or, if the  Multicurrency Tranche Commitments have terminated or expired, Lenders holding any  Multicurrency Tranche Loans as of such date.  
“Multicurrency Tranche Letter of Credit Obligations” means all outstanding obligations incurred by the Administrative Agent and  Multicurrency Tranche Lenders at the request of Borrower Representative, whether direct or indirect, contingent or otherwise, due or not due, in connection with the issuance of  Multicurrency Tranche Letters of Credit by GE Capital or another L/C Issuer or the purchase of a participation as set forth in Annex B with respect to any  Multicurrency Tranche Letter of Credit.  The amount of such  Multicurrency Tranche Letter of Credit Obligations shall equal the maximum amount that may be payable at such time or at any time thereafter by the  Multicurrency Tranche Lenders thereupon or pursuant thereto. 
“Multicurrency Tranche Letters of Credit” means documentary or standby letters of credit issued for the account of any Borrower (and any Subsidiary thereof that may be a co-applicant on any such Letter of Credit) by any L/C Issuer, and bankers’ acceptances issued by any Borrower, for which the Administrative Agent and  Multicurrency Tranche Lenders have incurred  Multicurrency Tranche Letter of Credit Obligations. 
“Multicurrency Tranche Loans” means the  Multicurrency Tranche Revolving Loan and the  Multicurrency Tranche Swing Line Loan.
“Multicurrency Tranche Revolving Credit Advance” has the meaning ascribed to it in Section 1.1(a)(i).
“Multicurrency Tranche Revolving Loan” and “ Multicurrency Tranche Revolving Loan Outstandings” mean, at any time, the sum of (i) the Dollar Equivalent of the aggregate amount of  Multicurrency Tranche Revolving Credit Advances outstanding to the Borrowers plus (ii) the Dollar Equivalent of the aggregate  Multicurrency Tranche Letter of Credit Obligations incurred on behalf of the Borrowers.  Unless the context otherwise requires, references to the outstanding principal balance of the  Multicurrency Tranche Revolving Loan shall include the outstanding balance of  Multicurrency Tranche Letter of Credit Obligations.
“Multicurrency Tranche Swing Line Advance” has the meaning ascribed to it in Section 1.1(b)(i).
“Multicurrency Tranche Swing Line Availability” means, as of any date of determination, the least of (a) the  Multicurrency Tranche Swing Line Commitment, (b) an amount equal to (i) the Maximum Multicurrency Tranche Amount minus (ii) the aggregate  Multicurrency Tranche Revolving Loan then outstanding and (c) an amount equal to (i) the Domestic  Borrowing Base as of such date minus (ii) the aggregate outstanding principal balance of the  Revolving Credit Advances made to the Domestic Borrowers as of such date minus (iii) the aggregate principal balance of  Dollar Tranche Swing Line Advances outstanding to the Borrowers minus (iv) the Dollar Equivalent of the aggregate Letter of Credit Obligations incurred on behalf of the Domestic Borrowers as of such date.
“Multicurrency Tranche Swing Line Commitment” means the commitment of the Swing Line Lender to make  Multicurrency Tranche Swing Line Advances as set forth on Annex J to the Agreement, which commitment constitutes a subfacility of the  Multicurrency Tranche Commitment.
“Multicurrency Tranche Swing Line Loan” means, as the context may require, at any time, the aggregate amount of  Multicurrency Tranche Swing Line Advances outstanding to any Borrower or to all Borrowers.
“Multiemployer Plan” means a “multiemployer plan” as defined in Sections 3(37) or 4001(a)(3) of ERISA, and to which any Sotheby Entity or ERISA Affiliate is making, is obligated to make or has made or been obligated to make, contributions on behalf of participants who are or were employed by any of them.
“New Lender” has the meaning ascribed to it in Section 1.16(a)(ix).
“Non-Funding Lender” means any Lender that has (a) failed to fund any payments required to be made by it under the Loan Documents within two (2) Business Days after any such payment is due (excluding expense and similar reimbursements that are subject to good faith disputes), (b) given written notice (and the Administrative Agent has not received a revocation in writing), to a Borrower, any Agent, any Lender, or any L/C Issuer or has otherwise publicly announced (and the Administrative Agent has not received notice of a public retraction) that such Lender believes it will fail to fund payments or purchases of participations required to be funded by it under the Loan Documents or one or more other syndicated credit facilities, (c) failed to fund, and not cured, loans, participations, advances, or reimbursement obligations under one or more other syndicated credit facilities, unless subject to a good faith dispute, or (d) any Lender that has (i) become subject to a voluntary or involuntary case under the Bankruptcy Code or any similar bankruptcy laws, (ii) a custodian, conservator, receiver or similar official appointed for it or any substantial part of such Person’s assets, or (iii) made a general assignment for the benefit of creditors, been liquidated, or otherwise been adjudicated as, or determined by any Governmental Authority having regulatory authority over such Person or its assets to be, insolvent or bankrupt, and for clause (d), and the Administrative Agent has determined that such Lender is reasonably likely to fail to fund any payments required to be made by it under the Loan Documents.
“Notes” means, collectively, the Revolving Notes and the Swing Line Notes.
“Notice of Conversion/Continuation” has the meaning ascribed to it in Section 1.5(e).
“Notice of Revolving Credit Advance” has the meaning ascribed to it in Section 1.1(a).
 “Oberon” has the meaning ascribed to it in the preamble to the Agreement.
“Obligation Currency” has the meaning ascribed to it in Section 1.20(a).
“Obligations” means all loans, advances, debts, liabilities and obligations for the performance of covenants, tasks or duties or for payment of monetary amounts (whether or not such performance is then required or contingent, or such amounts are liquidated or determinable) owing by any Credit Party to any Agent, any Lender or any L/C Issuer, and all covenants and duties regarding such amounts, of any kind or nature, present or future, whether or not evidenced by any note, agreement, letter of credit agreement or other instrument, arising under the Agreement or any of the other Loan Documents.  This term includes all principal, interest (including all interest that accrues after the commencement of any case or proceeding by or against any Credit Party in bankruptcy, whether or not allowed in such case or proceeding), Fees, expenses, attorneys’ fees and any other sum chargeable to any Credit Party under the Agreement or any of the other Loan Documents.  This term does not include any Bank Product and Hedging Obligations.
“Obligor” has the meaning ascribed to it in Section 12.5.
“O.E.C.D.” means the Organisation for Economic Co-operation and Development as contemplated by the Convention on the Organisation for Economic Co-operation and Development of December 14, 1960, as amended from time to time.
“OFAC” means the U.S. Department of Treasury’s Office of Foreign Asset Control.
 “Overadvance” has the meaning ascribed to it in Section 1.1(a)(iii).
“Parent” means Sotheby’s, a Delaware corporation.
“Participant Register” has the meaning ascribed to it in Section 9.1(d).
“Participating Member State” means any member state of the European Union that has the Euro as its lawful currency in accordance with legislation of the European Union relating to Economic and Monetary Union.
“Patent License” means rights under any written agreement now owned or hereafter acquired by any Sotheby Entity granting any right with respect to any invention on which a Patent is in existence.
“Patents” means all of the following in which any Sotheby Entity now holds or hereafter acquires any interest: (a) all letters patent of the United States or of any other country, all registrations and recordings thereof, and all applications for letters patent of the United States or of any other country, including registrations, recordings and applications in the United States Patent and Trademark Office or in any similar office or agency of the United States, any State, or any other country, and (b) all reissues, continuations, continuations in part or extensions thereof.
“PATRIOT Act” means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (Public Law 107-56) (The USA PATRIOT Act).
“PBGC” means the Pension Benefit Guaranty Corporation.
“Pension Plan” means a Plan described in Section 3(2) of ERISA.
“Permitted Art Loan Country” means (a) the United States of America, (b) England, (c) Wales, (d) Hong Kong and (e) any other country with respect to which the Collateral Agent, in its sole discretion in consultation with the Lenders, shall have determined (and notified the Borrowers in writing) that Works of Art securing repayment of an Art Loan may be located in such country without causing such Works of Art to fail to constitute Eligible Art Loan Collateral pursuant to clause (c) of the definition thereof, it being understood that the Collateral Agent may withdraw such determination at any time in its sole discretion with respect to any country (other than the United States of America, England, Wales and Hong Kong) and thereafter such country shall not constitute a Permitted Art Loan Country.
“Permitted Encumbrances” means the following encumbrances: (a) Liens for taxes or assessments or other governmental Charges not yet due and payable or which are being contested in accordance with Section 5.2(b); (b) pledges or deposits of money securing statutory obligations under workmen’s compensation, unemployment insurance, social security or public liability laws or similar legislation (excluding Liens under ERISA); (c) pledges or deposits of money securing bids, tenders, contracts (other than contracts for the payment of money) or leases to which any Sotheby Entity is a party as lessee made in the ordinary course of business; (d) inchoate and unperfected workers’, mechanics’ or similar liens arising in the ordinary course of business, so long as such Liens attach only to Equipment, Fixtures and/or Real Estate; (e)(i) carriers’, warehousemen’s, suppliers’ or other similar possessory liens arising in the ordinary course of business and securing liabilities in an outstanding aggregate amount not in excess of a Dollar Equivalent of $2,500,000 at any time, so long as such Liens attach only to Inventory or (ii) solely for purposes of Sections 1.6, 3.6 and 6.7, Liens securing Indebtedness under the Specified Debt Facility, so long as such Liens are subject to an intercreditor agreement (the “Specified Debt Facility Intercreditor Agreement”) entered into between the Agents and the administrative agent under the Specified Debt Facility and in form and substance reasonably satisfactory to the Agents, which shall provide that the Liens securing Indebtedness under the Specified Debt Facility shall be junior in priority to the Liens securing the Secured Obligations, except with respect to any Collateral which is purchased or financed solely with the proceeds of the Specified Debt Facility, in which case the Liens securing Indebtedness under the Specified Debt Facility may be senior to the Liens securing the Secured Obligations solely with respect to the Collateral so purchased or financed;  (f) deposits securing, or in lieu of, surety, appeal or customs bonds in proceedings to which any Sotheby Entity is a party; (g) any attachment or judgment lien not constituting an Event of Default under Section 8.1(i); (h) zoning restrictions, easements, licenses, or other restrictions on the use of any Real Estate or other minor irregularities in title (including leasehold title) thereto, so long as the same do not materially impair the use, value, or marketability of such Real Estate; (i) any Lien in favor of a consignor on a segregated deposit account established for the benefit of such consignor and into which only proceeds of Works of Art consigned by such consignor to a Sotheby Entity for sale (including such Sotheby Entity’s commissions on such sales) are deposited; provided, that if such consignor is an Art Loan Debtor, such Lien shall constitute a “Permitted Encumbrance” only if an agreement among the applicable Borrower, such consignor and the applicable account bank expressly states that amounts received in such deposit account shall be transferred first, without any further consent of any Person, to the applicable Borrower until the related Art Loan is repaid in full prior to any such amounts being transferred to such consignor; (j) presently existing or hereafter created Liens in favor of the Collateral Agent, on behalf of Secured Parties, pursuant to the Loan Documents and the “Loan Documents” under the Auction Revolving Credit Agreement; (k) other than with respect to any Blocked Account or Cash Collateral Account, any lien or banker’s right of set-off or combination of accounts arising by operation of law or in accordance with standard terms of banking; (l) Liens expressly permitted under clauses (c) and (d) of Section 6.7 of the Agreement, and (m) Liens arising in the ordinary course of business in favor of consignors securing Works of Art of such consignors that are consigned to a Sotheby Entity for sale.
“Permitted U.K. Real Estate Financing” means any mortgage financing, sale leaseback, synthetic lease or similar transaction in respect of any Specified U.K. Real Estate.
“Person” means any individual, sole proprietorship, partnership, joint venture, trust, unincorporated organization, association, corporation, limited liability company, institution, public benefit corporation, other entity or government (whether federal, state, county, city, municipal, local, foreign, or otherwise, including any instrumentality, division, agency, body or department thereof).
“Personal Data” shall have the same meaning set forth in the Data Protection Laws.  
“Plan” means, at any time, an “employee benefit plan”, as defined in Section 3(3) of ERISA, that any Sotheby Entity or ERISA Affiliate maintains, contributes to or has an obligation to contribute to or has maintained, contributed to or had an obligation to contribute to at any time within the past 7 years on behalf of participants who are or were employed by any Sotheby Entity or ERISA Affiliate.  “Plan” shall not include any pension or retirement plan or arrangement operating in the United Kingdom.
“Proceeds” means “proceeds,” as such term is defined in the Code, including (a) any and all proceeds of any insurance, indemnity, warranty or guaranty payable to any Sotheby Entity from time to time with respect to any of the Collateral, (b) any and all payments (in any form whatsoever) made or due and payable to any Sotheby Entity from time to time in connection with any requisition, confiscation, condemnation, seizure or forfeiture of all or any part of the Collateral by any Governmental Authority (or any Person acting under color of governmental authority), (c) any claim of any Sotheby Entity against third parties (i) for past, present or future infringement of any Patent or Patent License, or  (ii) for past, present or future infringement or dilution of any Copyright, Copyright License, Trademark or Trademark License, or for injury to the goodwill associated with any Trademark or Trademark License, (d) any recoveries by any Sotheby Entity against third parties with respect to any litigation or dispute concerning any of the Collateral including claims arising out of the loss or nonconformity of, interference with the use of, defects in, or infringement of rights in, or damage to, Collateral, (e) all amounts collected on, or distributed on account of, other Collateral, including dividends, interest, distributions and Instruments with respect to Investment Property and pledged Stock, and (f) any and all other amounts, rights to payment or other property acquired upon the sale, lease, license, exchange or other disposition of Collateral and all rights arising out of Collateral.
“Prohibited Person” means any Person:
(a)    listed in the Annex to, or otherwise subject to the provisions of, the Executive Order;
(b)    that is owned or controlled by, or acting for or on behalf of, any person or entity that is listed in the Annex to, or is otherwise subject to the provisions of, the Executive Order; 
(c)    with whom any Agent or any Lender is prohibited from dealing or otherwise engaging in any transaction by any terrorism or money laundering legal requirements, including the PATRIOT Act and the Executive Order;
(d)    that commits, threatens or conspires to commit or supports “terrorism” as defined in the Executive Order;
(e)    that is named as a “specifically designated national (SDN)” on the most current list published by OFAC at its official website (http://www.treas.gov.ofac/t11sdn.pdf) or at any replacement website or other replacement official publication of such list or is named on any other U.S. or foreign government or regulatory list (including, without limitation, any sanctions list administered by the United Nations (“UN”), the European Union (“EU”), the State Secretariat for Economic Affairs of Switzerland (“SECO”), the Swiss Directorate of International Law (“DIL”), the United States Treasury Department’s Office of Foreign Assets Control (“OFAC”), Her Majesty’s Treasury of the United Kingdom (“HMT”), the Hong Kong Monetary Authority (“HKMA”) or the Monetary Authority of Singapore (“MAS”));
(f)    that is covered by IEEPA, OFAC or any other law, regulation or executive order relating to the imposition of economic sanctions against any country, region or individual pursuant to United States law or United Nations resolution; or
(g)    that is an affiliate (including any principal, officer, immediate family member or close associate) of a person or entity described in one or more of clauses (a) – (f) of this definition.
“Projections” means Parent’s forecasted consolidated: (a) balance sheets; (b) profit and loss statements; and (c) cash flow statements, in each case prepared on a basis consistent with the historical Financial Statements of Parent, together with appropriate supporting details and a statement of underlying assumptions.
 “Pro Rata Share” means with respect to all matters relating to any Lender, 
(a) in respect of the Dollar Tranche Commitment, (i) prior to the Commitment Termination Date, the percentage obtained by dividing (x) the Dollar Tranche Commitment of that Lender by (y) the aggregate Dollar Tranche Commitments of all Lenders, and (ii) on and after the Commitment Termination Date, the percentage obtained by dividing (x) the sum of (A) the aggregate outstanding principal balance of the Dollar Tranche Revolving Loan held by that Lender by (y) the outstanding principal balance of the Dollar Tranche Revolving Loan held by all Lenders;
(b) in respect of the Multicurrency Tranche Commitment, (i) prior to the Commitment Termination Date, the percentage obtained by dividing (x) the Multicurrency Tranche Commitment of that Lender by (y) the aggregate Multicurrency Tranche Commitments of all Lenders, and (ii) on and after the Commitment Termination Date, the percentage obtained by dividing (x) the Dollar Equivalent of the aggregate outstanding principal balance of the Multicurrency Tranche Revolving Loan held by that Lender by (y) the Dollar Equivalent of the outstanding principal balance of the Multicurrency Tranche Revolving Loan held by all Lenders; and
(c) in respect of the Commitment, (i) prior to the Commitment Termination Date, the percentage obtained by dividing (x) the Commitment of that Lender by (y) the aggregate Commitments of all Lenders, and (ii) on and after the Commitment Termination Date, the percentage obtained by dividing (x) the Dollar Equivalent of the aggregate outstanding principal balance of the Revolving Loan held by that Lender by (y) the Dollar Equivalent of the outstanding principal balance of the Revolving Loan held by all Lenders;
in each case as any such percentages may be adjusted by assignments permitted pursuant to Section 9.1 or other adjustments to the Commitments pursuant to the Agreement.
“Protected Party” means a Lender which is or will be subject to any liability or required to make any payment, for or on account of Tax in relation to a sum received or receivable (or any sum deemed for the purposes of Tax to be received or receivable) under any Loan Document.
“Qualified Assignee” means any existing Lender (other than a Non-Funding Lender or an Impacted Lender) or any Affiliate or Approved Fund of any existing Lender (other than a Non-Funding Lender or an Impacted Lender); provided that, notwithstanding the foregoing, for purposes of this definition, no vulture fund, distressed debt purchaser or similar institution whose primary business consists of purchasing or investing in Persons that are highly financially distressed and insolvent or imminently insolvent shall constitute an Affiliate or Approved Fund of any existing Lender.
“Qualifying Lender” means:
		
	(i)
	in respect of a payment made by a U.K. Credit Party, a Lender which is beneficially entitled to interest or other amounts payable to that Lender in respect of an advance under this Agreement or the other Loan Documents and is:

(A)    a Lender:
		
	(1)
	in respect of an advance made under this Agreement or the other Loan Documents by a Person that was a bank (as defined for the purpose of Section 879 of the Income Tax Act 2007 of the United Kingdom) at the time that that advance was made and which is a bank (as defined for the purpose of section 879 of the Income Tax Act 2007 of the United Kingdom) and would be within the charge to United Kingdom corporation tax as respects any payments of interest made in respect of that advance apart from Section 18A of the Corporation Tax Act 2009 of the United Kingdom; or

		
	(2)
	in respect of an advance made under this Agreement or the other Loan Documents by a Person that was a bank (as defined for the purpose of Section 879 of the Income Tax Act 2007 of the United Kingdom) at the time that that advance was made and which is within the charge to United Kingdom corporation tax as respects any payments of interest made in respect of that advance; or

		
	(B)
	a Lender which is:

		
	(1)
	a company resident in the United Kingdom for United Kingdom tax purposes;

		
	(2)
	a partnership each member of which is:

		
	(a)
	a company resident in the United Kingdom for United Kingdom tax purposes; or

		
	(b)
	a company not so resident in the United Kingdom which carries on a trade in the United Kingdom through a permanent establishment and which brings into account in computing its chargeable profits (within the meaning of section 19 of the Corporation Tax Act 2009 of the United Kingdom) the whole of any share of interest (or other amounts) payable in respect of that advance that falls to it by reason of Part 17 of the Corporation Tax Act 2009 of the United Kingdom;

		
	(3)
	a company not so resident in the United Kingdom which carries on a trade in the United Kingdom through a permanent establishment and which brings into account interest payable in respect of that advance in computing its chargeable profits (within the meaning of section 19 of the Corporation Tax Act 2009 of the United Kingdom); or

		
	(C)
	a Treaty Lender with respect to the United Kingdom.

		
	(ii)
	in respect of a payment made by a Domestic Credit Party, a Lender which is:

		
	(A)
	created or organized under the laws of the United States of America or of any state (including the District of Columbia) thereof; provided, that such Lender has delivered (in a timely fashion and without undue delay and from time to time thereafter upon the reasonable request of Borrowers or the Administrative Agent, shall deliver) to Borrower Representative and the Administrative Agent two original copies of IRS Form W-9 (or successor form) properly prepared and executed;

		
	(B)
	a Treaty Lender with respect to the United States of America that is entitled to receive payments under any Loan Document without deduction or withholding of any United States federal income Taxes, provided such Lender has delivered (in a timely fashion and without undue delay and from time to time thereafter upon the reasonable request of Borrowers or the Administrative Agent, shall deliver) to Borrower Representative and the Administrative Agent two duly completed original copies of IRS Form W-8BEN or IRS Form W-8BEN-E (or any successor form) providing that it is a resident of a foreign country with which the United States of America has an income tax treaty and claiming eligibility for benefits of an income tax treaty to which the United States of America is a party and a complete exemption from U.S. withholding tax under such treaty; or

		
	(C)
	entitled to receive payments under any Loan Document without deduction or withholding of any United States federal income Taxes as a result of such payments being effectively connected with the conduct by such Lender of a trade or business within the United States of America, provided such Lender has delivered (in a timely fashion and without undue delay and from time to time thereafter upon the reasonable request of Borrowers or the Administrative Agent, shall deliver) to the Credit Party Representative and the Administrative Agent two original copies of either (1) IRS Form W-8ECI (or any successor form) certifying that the payments made pursuant to any Loan Document are effectively connected with the conduct by that Lender of a trade or business within the United States of America or (2) such other applicable form prescribed by the IRS certifying as to such Lender’s entitlement to exemption from United States withholding tax with respect to all payments to be made to such Lender under any Loan Document.

(iii)     in respect of a payment made by a Credit Party organized under the laws of Hong Kong, a Lender which is:

		
	(A) 
	created or organized under the laws of Hong Kong or a company that is resident in Hong Kong for Hong Kong tax purposes;

		
	(B) 
	a Treaty Lender with respect to Hong Kong that is entitled to receive payments under any Loan Document without deduction or withholding of any Hong Kong profits taxes;

		
	(C) 
	entitled to receive payments under any Loan Document without deduction or withholding of any Hong Kong profits taxes, provided such Lender has delivered (in a timely fashion and without undue delay and from time to time upon the reasonable request of Borrowers and the Administrative Agent, shall deliver) to the Borrower Representative and the Administrative Agent any applicable forms certifying to such Lender’s entitlement to exemption from Hong Kong withholding tax with respect to all payments to be made to such Lender under any Loan Document.

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 Borrowers and the Administrative Agent in writing of its legal inability to do so.
“Qualified Plan” means a Pension Plan that is intended to be tax qualified under Section 401(a) of the IRC.
“Rate Management Transaction” means any transaction (including an agreement with respect thereto) now existing or hereafter entered by a Sotheby Entity that is a rate swap, basis swap, forward rate transaction, equity or equity index swap, equity or equity index option, bond option, interest rate option, foreign exchange transaction, cap transaction, floor transaction, collar transaction, forward transaction, currency swap transaction, cross-currency rate swap transaction, currency option or any other similar transaction (including any option with respect to any of these transactions) or any combination thereof, whether linked to one or more interest rates, foreign currencies, or equity prices.
“Real Estate” has the meaning ascribed to it in Section 3.6.
 “Refunded Dollar Tranche Swing Line Loan” has the meaning ascribed to it in Section 1.1(b)(iii).
“Refunded Multicurrency Tranche Swing Line Loan” has the meaning ascribed to it in Section 1.1(b)(iii).
“Refunded Foreign Currency Swing Line Loan” has the meaning ascribed to it in Section 1.1(b)(iv).
“Related Persons” means, with respect to any Person, each Affiliate of such Person and each director, officer, employee, agent, trustee, representative, attorney, accountant and each insurance, environmental, legal, financial and other advisor and other consultants and agents of or to such Person or any of its Affiliates.
“Related Transactions” means (i) the execution and delivery of the Auction Revolving Credit Agreement, (ii) the “Loans” and “Letter of Credit Obligations” to be made or incurred on the Restatement Effective Date under the Auction Revolving Credit Agreement, (iii) the disbursement of the proceeds of such “Loans” under the Auction Revolving Credit Agreement pursuant to the instructions of the “Borrower Representative” thereunder and (iv) the payment of all fees, costs and expenses in connection with each of the foregoing.
“Relationship Bank” has the meaning ascribed to it in Annex C.
“Release” means any release, threatened release, spill, emission, leaking, pumping, pouring, emitting, emptying, escape, injection, deposit, disposal, discharge, dispersal, dumping, leaching or migration of Hazardous Material in the indoor or outdoor environment.
“Register” has the meaning ascribed to it in Section 9.1(b).
“Replacement Lender” has the meaning ascribed to it in Section 1.17(d).
“Repurchase” means a repurchase by Parent of the Stock of Parent on any date.
“Repurchase Period” means the period of time during which a Repurchase or a series of Repurchases may occur, as reflected in a written notice thereof from Parent to the Administrative Agent pursuant to Section 6.13(f).
“Requisite Lenders” means, collectively, (a) prior to the “Incremental Commitment Termination Date” (as defined in the Auction Revolving Credit Agreement) or Commitment Termination Date, Lenders having, in the aggregate, more than 50% of the sum of the Commitments of all Lenders plus the “Commitments” of all “Lenders” under the Auction Revolving Credit Agreement, (b) on and after the “Incremental Commitment Termination Date” (as defined in the Auction Revolving Credit Agreement) but prior to the Commitment Termination Date, Lenders holding in the aggregate, greater than 50% of (i) the sum of the Commitments of all the Lenders plus the sum of the “Auction Commitments” of all the “Auction Lenders” under the Auction Revolving Credit Agreement and (ii) the aggregate outstanding principal balance of the “Incremental Revolving Credit Advances” (as defined in the Auction Revolving Credit Agreement) held by all “Incremental Lenders” (as defined in the Auction Revolving Credit Agreement), and (c) on and after the Commitment Termination Date, Lenders holding in the aggregate, greater than 50% of (i) the aggregate outstanding amount of all Loans held by the Lenders and (ii) the aggregate outstanding amount of all “Loans” held by the “Lenders” under the Auction Revolving Credit Agreement.
“Reserves” means the Due-to-Consignor Reserve and such other reserves against Eligible Art Loans, Domestic Borrowing Availability or Foreign Borrowing Availability that the Administrative Agent may, in its sole reasonable credit judgment, establish from time to time.  Without limiting the generality of the foregoing, Reserves established to ensure the payment of accrued Interest Expenses, Indebtedness, Bank Product and Hedging Obligations or other scheduled liabilities shall be deemed to be a reasonable exercise of the Administrative Agent’s credit judgment.  For purposes of clarity, the Administrative Agent will not be required at any time to obtain any approval from any Sotheby Entity, any Lenders or any other Person(s) for the establishment, modification or elimination of any Reserves (other than the Due-to-Consignor Reserve).
“Restatement Effective Date” means August 22, 2014.
“Restricted Payment” means, with respect to any Sotheby Entity (a) the declaration or payment of any dividend or the incurrence of any liability to make any other payment or distribution of cash or other property or assets in respect of Stock; (b) any payment on account of the purchase, redemption, defeasance, sinking fund or other retirement of such Sotheby Entity’s Stock or any other payment or distribution made in respect thereof, either directly or indirectly; (c) any payment made to redeem, purchase, repurchase or retire, or to obtain the surrender of, any outstanding warrants, options or other rights to acquire Stock of such Sotheby Entity now or hereafter outstanding; (d) any payment of a claim for the rescission of the purchase or sale of, or for material damages arising from the purchase or sale of, any shares of such Sotheby Entity’s Stock or of a claim for reimbursement, indemnification or contribution arising out of or related to any such claim for damages or rescission; (e) any payment, loan, contribution, or other transfer of funds or other property to any Stockholder of Parent other than (i) payments of compensation in the ordinary course of business to Stockholders who are employees of such Person and (ii) payments made in connection with the consignment of property for sale in the ordinary course of business; and (f) any payment of management fees (or other fees of a similar nature) by a Borrower or Guarantor to any Stockholder of such Person or its Affiliates that is not a Borrower or Guarantor unless (i) such fees are paid in the ordinary course of business of such Borrower or Guarantor, as applicable, and (ii) such payment is not made following the occurrence and during the continuance of an Event of Default.
“Retiree Welfare Plan” means, at any time, a welfare plan (within the meaning of Section 3(1) of ERISA) that provides for continuing coverage or benefits for any participant or any beneficiary of a participant after such participant’s termination of employment, other than continuation coverage provided pursuant to Section 4980B of the IRC or other similar state law and at the sole expense of the participant or the beneficiary of the participant.
“Revolving Credit Advance” means either a Dollar Revolving Credit Advance or a Foreign Currency Revolving Credit Advance.
“Revolving Loan” and “Revolving Loan Outstandings” mean, at any time, the sum of (i) the Dollar Equivalent of the aggregate amount of all Revolving Credit Advances outstanding to the Borrowers plus (ii) the Dollar Equivalent of the aggregate Letter of Credit Obligations incurred on behalf of the Borrowers.  Unless the context otherwise requires, references to the outstanding principal balance of the Revolving Loan shall include the outstanding balance of Letter of Credit Obligations.
 “Secured Obligations” means, collectively, (i) the Obligations, (ii) the “Obligations” (as defined in the Auction Revolving Credit Agreement), (iii) the Bank Product and Hedging Obligations and (iv) the “Bank Product and Hedging Obligations” (as defined in the Auction Revolving Credit Agreement).
“Secured Parties” means the holders of the Secured Obligations from time to time (including, without limitation, each holder of Bank Product and Hedging Obligations and their respective assignees).
“Senior Note Indenture” means that certain Indenture, dated as of September 27, 2012, governing the Senior Notes.
“Senior Notes” means Parent’s 5.25% Senior Notes due October 1, 2022, in an aggregate principal amount outstanding on the date hereof of $300,000,000, issued pursuant to the Senior Note Indenture.
“SFS/Auction Ratable Share” means, at any time, the sum of the Revolving Loan at such time plus the outstanding balance of the Swing Line Loan at such time as a percentage of the sum of (a) the sum of the Auction Revolving Loan at such time plus the outstanding balance of the Swing Line Loan at such time plus (b) the sum of the “Auction Revolving Loan” (as defined in the Auction Revolving Credit Agreement) at such time plus the outstanding balance of the “Swing Line Loan” (as defined in the Auction Revolving Credit Agreement) at such time.
“SFS California” has the meaning ascribed to it in the preamble to the Agreement.
“SFS Inc.” has the meaning ascribed to it in the preamble to the Agreement.
“SFS Ltd.” has the meaning ascribed to it in the preamble to the Agreement.
“Software” means all “software” as such term is defined in the Code, now owned or hereafter acquired by any Sotheby Entity, other than software embedded in any category of Goods, including all computer programs and all supporting information provided in connection with a transaction related to any program.
“Solvent”  means (i) with respect to any Person other than a Foreign Subsidiary organized under the laws of England or Hong Kong, on a particular date, that on such date (a) the fair value of the property of such Person is greater than the total amount of liabilities, including contingent liabilities, of such Person; (b) the present fair salable value of the assets of such Person is not less than the amount that will be required to pay the probable liability of such Person on its debts as they become absolute and matured; (c) such Person does not intend to, and does not believe that it will, incur debts or liabilities beyond such Person’s ability to pay as such debts and liabilities mature; and (d) such Person is not engaged in a business or transaction, and is not about to engage in a business or transaction, for which such Person’s property would constitute an unreasonably small capital and (ii) with respect to any Foreign Subsidiary organized under the laws of England or Hong Kong, on a particular date, (a) such Foreign Subsidiary is unable, or has admitted its inability, to pay its debts as they fall due, has suspended making payments on any of its debts or, by reason of actual or anticipated financial difficulties, has commenced negotiations with one or more of its creditors with a view to rescheduling any of its indebtedness, (b) the value of the assets of such Foreign Subsidiary is less than its liabilities (taking into account contingent and prospective liabilities) or (c) a moratorium has been declared in respect of any indebtedness of such Foreign Subsidiary.  The amount of contingent liabilities (such as litigation, guaranties and pension plan liabilities) at any time shall be computed as the amount that, in light of all the facts and circumstances existing at the time, represents the amount that can be reasonably be expected to become an actual or matured liability.
“Sotheby Entities” means, collectively, Parent, each other Borrower, each “Borrower” under the Auction Revolving Credit Agreement and each of their respective Subsidiaries.
“Sotheby’s Deferred Benefits Compensation Plan” means the Sotheby’s Deferred Benefits Compensation Plan, dated as of January 1, 2007.
“Sotheby’s H.K.” has the meaning ascribed to it in the preamble to the Agreement.
“Sotheby’s, Inc.” has the meaning ascribed to it in the preamble to the Agreement.
“Sotheby’s U.K.” has the meaning ascribed to it in the preamble to the Agreement.
“Specified Debt Facility” means one or more credit facilities designated by Parent to the Administrative Agent in writing as the “Specified Debt Facility,” in an aggregate principal amount not to exceed $300,000,000.
“Specified Debt Facility Documents” means, collectively, the credit agreements evidencing the Specified Debt Facility and all other agreements, instruments, documents and certificates executed and/or delivered in connection therewith, as the same may be amended, restated, supplemented or otherwise modified from time to time in accordance with the terms hereof and of the Specified Debt Facility Intercreditor Agreement.
“Specified Debt Facility Intercreditor Agreement” has the meaning ascribed to it in clause (e)(ii) of the definition of “Permitted Encumbrances” in Annex A.
“Specified Related Person” has the meaning ascribed to it in Annex C.
“Specified U.K. Real Estate” means any Real Estate located in England that any U.K. Credit Party has a fee simple interest in as of the Restatement Effective Date.
“SPTC Delaware” means SPTC Delaware LLC, a Delaware limited liability company, and each other “Eligible SPV” (as such term is defined in the SPTC Delaware Trademark License Agreement).
“SPTC Delaware Trademark License Agreement” means the Trademark License Agreement dated as of February 17, 2004 and entered into by and among SPTC, Inc., as licensor, Parent, as guarantor, Monticello Licensee Corporation, as licensee, and Cendant Corporation, as guarantor.
“Sterling” or “£” means the lawful currency of Great Britain and Northern Ireland.
“Sterling Equivalent” means, with respect to any amount denominated in Sterling, such amount of Sterling, and with respect to any amount denominated in a currency other than Sterling, the amount of Sterling, as of any date of determination, into which such other currency (as the context may require) can be converted in accordance with Section 1.19.
“Sterling Index Rate” means, for any day, the higher of (a) a floating rate equal to the rate publicly quoted from time to time by The Wall Street Journal as the “prime rate” for Britain (or, if The Wall Street Journal ceases quoting a rate of the type described, the prime rate for Sterling generally posted by Britain’s largest banks) and (b) 1.00% per annum.  Each change in any interest rate provided for in the Agreement based upon the Sterling Index Rate shall take effect at the time of such change in the Sterling Index Rate.
“Sterling LIBOR Rate” means for each LIBOR Period with respect to a LIBOR Loan denominated in Sterling, the offered rate per annum for deposits of Sterling for such LIBOR Period that appears on pages LIBOR01 or LIBOR02 of the Reuters screen (or any successor or substitute page of such service, or any successor to or substitute for such service, providing rate quotations comparable to those currently provided on such page of such service, as determined by the Administrative Agent from time to time for purposes of providing quotations of interest rates applicable to deposits in Sterling in the London interbank market) as of 11:00 A.M. (London, England time) on the first day of such LIBOR Period. If the offered rate described in the foregoing sentence does not exist, such rate will be the rate of interest per annum, as determined by the Administrative Agent (rounded upwards, if necessary, to the nearest 1/100 of 1%) at which deposits of Sterling in immediately available funds are offered at 11:00 A.M. (London, England time) on the first day of such LIBOR Period by major financial institutions reasonably satisfactory to the Administrative Agent in the London interbank market for a LIBOR Period of the applicable duration for the applicable principal amount on such date of determination. Notwithstanding the foregoing, the “Sterling LIBOR Rate” shall be deemed to be zero if the rate otherwise calculated pursuant to this definition would result in a rate less than zero.
“Stock” means all shares, options, warrants, general or limited partnership interests, membership interests or other equivalents (regardless of how designated) of or in a corporation, partnership, limited liability company or equivalent entity whether voting or nonvoting, including common stock, preferred stock or any other “equity security” (as such term is defined in Rule 3a11 1 of the General Rules and Regulations promulgated by the Securities and Exchange Commission under the Securities Exchange Act of 1934).
“Stockholder” means, with respect to any Person, each holder of Stock of such Person.
“Subsidiary” means, with respect to any Person, (a) any corporation of which an aggregate of more than 50% of the outstanding Stock having ordinary voting power to elect a majority of the board of directors of such corporation (irrespective of whether, at the time, Stock of any other class or classes of such corporation shall have or might have voting power by reason of the happening of any contingency) is at the time, directly or indirectly, owned legally or beneficially by such Person or one or more Subsidiaries of such Person, or with respect to which any such Person has the right to vote or designate the vote of 50% or more of such Stock whether by proxy, agreement, operation of law or otherwise, and (b) any partnership or limited liability company in which such Person and/or one or more Subsidiaries of such Person shall have an interest (whether in the form of voting or participation in profits or capital contribution) of more than 50% or of which any such Person is a general partner or may exercise the powers of a general partner.  Unless the context otherwise requires, each reference to a Subsidiary shall be a reference to a Subsidiary of a Borrower.  Notwithstanding the foregoing, the York Avenue Owner shall not be deemed to be a Subsidiary of Parent or any of its Subsidiaries for purposes of this Agreement other than with respect to Section 4, Section 6.10, Sections 8.1(e), (g), (h) and (i) and Annex E and paragraphs (b) and (c) of Annex G.
 “Supermajority Lenders” means, collectively, (a) prior to the “Incremental Commitment Termination Date” (as defined in the Auction Revolving Credit Agreement) or Commitment Termination Date, Lenders having, in the aggregate, 75% or more of the sum of the Commitments of all Lenders plus the “Commitments” of all “Lenders” under the Auction Revolving Credit Agreement, (b) on and after the “Incremental Commitment Termination Date” (as defined in the Auction Revolving Credit Agreement) but prior to the Commitment Termination Date, Lenders holding in the aggregate, 75% or more of (i) the sum of the Commitments of all the Lenders plus the sum of the “Auction Commitments” of all the “Auction Lenders” under the Auction Revolving Credit Agreement and (ii) the aggregate outstanding principal balance of the “Incremental Revolving Credit Advances” (as defined in the Auction Revolving Credit Agreement) held by all “Incremental Lenders” (as defined in the Auction Revolving Credit Agreement), and (c) on and after the Commitment Termination Date, Lenders holding in the aggregate, 75% or more of (i) the aggregate outstanding amount of all Loans held by the Lenders and (ii) the aggregate outstanding amount of all “Loans” held by the “Lenders” under the Auction Revolving Credit Agreement.
“Supporting Obligations” means all “supporting obligations” as such term is defined in the Code, including letters of credit and guaranties issued in support of Accounts, Chattel Paper, Documents, General Intangibles, Instruments, or Investment Property.
“Swing Line Advances” has the meaning ascribed to it in Section 1.1(b)(i).
 “Swing Line Lender” means GE Capital.
“Swing Line Loan” means, at any time, the sum of the  Dollar Tranche Swing Line Loan at such time plus the Multicurrency Tranche Swing Line Loan at such time.
“Swing Line Note” has the meaning ascribed to it in Section 1.1(b)(ii).
“Swing Line Request” has the meaning ascribed to it in Section 1.1(b)(i).
“Swiss Franc” means the lawful currency of Switzerland.
 “Tax” means taxes, levies, imposts, deductions, duties, Charges or withholdings imposed by any Governmental Authority, and all liabilities with respect thereto, including any penalty or interest payable in connection with any failure to pay or delay in paying any of the same.
“Tax Confirmation” means a confirmation by a Lender that the person beneficially entitled to interest or other amounts payable to that Lender under this Agreement or the other Loan Documents is:
(a)    a company resident in the United Kingdom for United Kingdom tax purposes;
(b)    a partnership each member of which is (i) a company so resident in the United Kingdom or (ii) a company not so resident in the United Kingdom which carries on a trade in the United Kingdom through a permanent establishment and which brings into account in computing its chargeable profits (within the meaning of section 19 of the Corporation Tax Act 2009 of the United Kingdom) the whole of any share of that interest or other amount payable that falls to it by reason of Part 17 of the Corporation Tax Act 2009 of the United Kingdom; or
(c)    a company not so resident in the United Kingdom which carries on a trade in the United Kingdom through a permanent establishment and which brings into account that interest or other amount payable in computing the chargeable profits (within the meaning of section 19 of the Corporation Tax Act 2009 of the United Kingdom) of that company.
“Tax Credit” means a credit against, relief or remission for, or repayment of, any Tax.
“Tax Deduction” means a deduction or withholding for or on account of Tax from a payment under any Loan Document.
“Tax Payment” means either the increase in a payment made by a Credit Party to a Lender under Section 1.16(a) or a payment under Section 1.16(b).
“Termination Date” means the date on which (a) the Loans have been indefeasibly repaid in full, (b) all other Obligations under the Agreement and the other Loan Documents have been completely discharged, (c) all Letter of Credit Obligations have been cash collateralized, canceled or backed by standby letters of credit in accordance with Annex B, and (d) the Commitment Termination Date shall have occurred.
 “Title IV Plan” means a Pension Plan (other than a Multiemployer Plan), that is subject to Title IV of ERISA or Section 412 of the IRC, and that any Sotheby Entity or ERISA Affiliate maintains, contributes to or has an obligation to contribute to on behalf of participants who are or were employed by any of them.
“Trademark License” means rights under any written agreement now owned or hereafter acquired by any Sotheby Entity granting any right to use any Trademark.
“Trademark Security Agreements” means the Trademark Security Agreements made in favor of the Collateral Agent, on behalf of the Secured Parties, by each applicable Credit Party.
“Trademarks” means all of the following now owned or hereafter existing or adopted or acquired by any Sotheby Entity: (a) all trademarks, trade names, corporate names, business names, trade styles, service marks, logos, other source or business identifiers, prints and labels on which any of the foregoing have appeared or appear, designs and general intangibles of like nature (whether registered or unregistered), all registrations and recordings thereof, and all applications in connection therewith, including registrations, recordings and applications in the United States Patent and Trademark Office or in any similar office or agency of the United States, any state or territory thereof, or any other country or any political subdivision thereof; (b) all reissues, extensions or renewals thereof; and (c) all goodwill associated with or symbolized by any of the foregoing.
“Transfer Account” has the meaning ascribed thereto in Annex C.
“Treaty” has the meaning ascribed to it in the definition of “Treaty State”.
“Treaty Lender” means a Lender which:
(a)    is treated as a resident of a Treaty State for the purposes of a Treaty;
(b)    in the case of a U.S. source interest payment made by a Domestic Credit Party, is the beneficial owner of the payment within the meaning of the income tax treaty between the United States and the country of the Lender’s residence referred to in clause (a) above and meets the requirement of the provisions dealing with limitation on benefits if such treaty contains such a provision; 
(c)    does not carry on a business in the jurisdiction in which the applicable Credit Party is resident through a permanent establishment to which that Lender’s participation in the Loans is attributable; and
(d)    is entitled, under the terms of the relevant Treaty (subject to the completion of any necessary procedural formalities), to claim full exemption from tax on interest;
but, in the case of a UK source interest payment made by a U.K. Credit Party, if a Lender:
		
	(A)
	is a limited liability company organized in the United States and disregarded for United States federal income tax purposes (a “US LLC Lender”);

		
	(B)
	is a party to this Agreement at the date of this Agreement (or, in relation to a Lender which becomes a party to this Agreement after the date of this Agreement, the Borrower Representative has approved the Lender for the purposes of this paragraph (B));

		
	(C)
	is wholly owned (directly) by a single person which is incorporated in the United States and not disregarded for United States federal income tax purposes (a “US Corporation”) (such that the interest payment in question is treated for United States federal income tax purposes as the income of the US Corporation) and which would, if it were itself a Lender, fall within the definition of a Treaty Lender by virtue of the application of the income tax treaty between the United States and the United Kingdom, and no arrangements exist that would result in any change to the direct ownership of the US LLC Lender; and

		
	(D)
	has duly completed and filed form US/Company 2002 (or replacement form) with H.M. Revenue & Customs (applying for relief at source) (and has provided a copy of that application and any related subsequent correspondence to the Borrower Representative) and (without limiting the foregoing) has provided to H.M Revenue & Customs the name and address of the US Corporation and assurances required by H.M. Revenue & Customs regarding the monitoring and notification of membership of the US LLC and has complied in all other respects with HMRC Double Taxation Guidance Note 3 (or replacement guidance),

the US LLC Lender shall be regarded as a “Treaty Lender” at any time if at that time the US Corporation which wholly owns (directly) the US LLC Lender would fall within the definition of a “Treaty Lender” if it were itself a Lender; provided that (i) the US LLC Lender shall not be regarded as a “Treaty Lender” at any point before the first Interest Payment Date that falls at least 3 months after the date of this Agreement; and (ii) the US LLC shall cease to be regarded as a “Treaty Lender” with effect from the day on which H.M. Revenue & Customs indicates that it does not intend to issue a direction under Regulation 2 of the Double Taxation Relief (Taxes on Income) (General) Regulations 1970 (SI 1970/488) in relation to UK source interest payments to the US LLC.
“Treaty State” means a jurisdiction having a double taxation agreement (a “Treaty”) with the United Kingdom, Hong Kong or the United States of America (as the case may be) which makes provision for full exemption from tax imposed by the United Kingdom, Hong Kong or the United States of America (as the case may be) on interest.
“UCC” means the Uniform Commercial Code as in effect from time to time in each applicable jurisdiction.
“U.K. Borrowers” has the meaning ascribed thereto in the preamble to the Agreement.
“U.K. Credit Parties” means, collectively, the U.K. Borrowers and the U.K. Subsidiary Guarantors.
“U.K. Non-Bank Lender” means where a Lender becomes a party to this Agreement after the Restatement Effective Date, a Lender that gives a Tax Confirmation in the Assignment Agreement that it executes on becoming a party to this Agreement.
“U.K. Pension Plans” has the meaning ascribed to it in Section 3.12(c).
“U.K. Subsidiary Guarantors” means each Subsidiary of Parent organized under the laws of England that is not a U.K. Borrower or an Immaterial Subsidiary, and is a Credit Party on the Restatement Effective Date or is required to become a Credit Party pursuant to Section 5.14.
“Unfunded Pension Liability” means, at any valuation date, the aggregate amount, if any, of the sum of (a) the amount by which the present value of all accrued benefits under each Title IV Plan exceeds the fair market value of all assets of such Title IV Plan allocable to such benefits in accordance with Title IV of ERISA, all determined as of the most recent valuation date for each such Title IV Plan using the actuarial assumptions for funding purposes in effect under such Title IV Plan, and (b) for a period of five (5) years following a transaction which might reasonably be expected to be covered by Section 4069 of ERISA, the liabilities (whether or not accrued) that could be avoided by any Sotheby Entity or any ERISA Affiliate as a result of such transaction.
“Unhedged Domestic Art Loan” means an Eligible Art Loan owned by a Domestic Borrower (i) that is denominated in Sterling, Canadian Dollars, Euros or Swiss Francs and (ii) unless the Administrative Agent shall otherwise agree, with respect to which such Domestic Borrower shall not have entered into a Rate Management Transaction reasonably acceptable to the Administrative Agent (x) having a notional amount substantially equal to the outstanding principal balance of such Art Loan at all times until the maturity of such Art Loan and (y) directly mitigating the risk associated with changes in the exchange rate between the currency in which such Art Loan is denominated and Dollars at all times until the maturity of such Art Loan.
“Unhedged Hong Kong Art Loan” means an Eligible Art Loan owned by Sotheby’s H.K. (i) that is denominated in Dollars, Canadian Dollars, Euros or Swiss Francs and (ii) unless the Administrative Agent shall otherwise agree, with respect to which Sotheby’s H.K. shall not have entered into a Rate Management Transaction reasonably acceptable to the Administrative Agent (x) having a notional amount substantially equal to the outstanding principal balance of such Art Loan at all times until the maturity of such Art Loan and (y) directly mitigating the risk associated with changes in the exchange rate between the currency in which such Art Loan is denominated and Hong Kong Dollars at all times until the maturity of such Art Loan.
“Unhedged U.K. Art Loan” means an Eligible Art Loan owned by a U.K. Borrower (i) that is denominated in Dollars, Canadian Dollars, Euros or Swiss Francs and (ii) unless the Administrative Agent shall otherwise agree, with respect to which such U.K. Borrower shall not have entered into a Rate Management Transaction reasonably acceptable to the Administrative Agent (x) having a notional amount substantially equal to the outstanding principal balance of such Art Loan at all times until the maturity of such Art Loan and (y) directly mitigating the risk associated with changes in the exchange rate between the currency in which such Art Loan is denominated and Sterling at all times until the maturity of such Art Loan.
“Unrestricted Cash Amount” means, as of any date of determination, the greater of (a) zero and (b) the aggregate amount of cash of the Credit Parties as of such date (determined in accordance with GAAP), excluding (without duplication) any cash (i) owing to consignors in respect of Works of Art consigned by such Persons to the Credit Parties for sale, (ii) subject to a Lien (or held in a deposit or securities account subject to a Lien) in favor of any Person other than the Collateral Agent and (iii) subject to any restriction on withdrawal from the deposit or securities account in which such cash is being held.
“Usage” means, as of any date, an amount (stated as a percentage) equal to (a) the outstanding principal balance of the Revolving Loan and Swing Line Loan as of the end of the preceding Business Day (after giving effect to Advances funded or Letters of Credit incurred, or any payments made, on such preceding Business Day) divided by (b) the Maximum Amount.
“US Corporation” has the meaning set forth in the definition of “Treaty Lender” in this Annex A.
“US LLC Lender” has the meaning set forth in the definition of “Treaty Lender” in this Annex A.
“VAT”  means:
(a)    any tax imposed in compliance with the Council Directive of 28 November 2006 on the common system of value added tax (EC Directive 2006/112); and
(b)    any other tax of a similar nature, whether imposed in a member state of the European Union in substitution for, or levied in addition to, such tax referred to in clause (a) of this definition, or imposed elsewhere.
“Venture Loan” means an Art Loan made to finance the purchase of a Work of Art in conjunction with a dealer, which art is being purchased for resale pursuant to a profit and loss sharing agreement with the dealer.
“Ventures LLC” has the meaning ascribed to it in the preamble to the Agreement.
“Welfare Plan” means a Plan described in Section 3(1) of ERISA.
“Work of Art” shall mean any item of Goods of a type purchased, sold or taken as collateral for an Art Loan or an “Extended Term Art Receivable” (as defined in the Auction Revolving Credit Agreement), or consigned to the Credit Parties for sale, in each case in the ordinary course of the Credit Parties’ business.
“Working Time Regulations” means the Working Time Regulations 1998 (as amended) of the United Kingdom implementing the Council Directive 93/104/EC and Council Directive 94/33/EC of the European Union.
“York Avenue Lease” means that certain Lease, dated February 7, 2003, between York Avenue Owner (as successor to 1334 York Avenue L.P.), as landlord, and Sotheby’s, Inc., as tenant, as amended, restated, supplemented or otherwise modified from time to time.
“York Avenue Lease Documents” means the York Avenue Lease, the York Avenue Lease Guaranty and each document executed in connection therewith or otherwise related thereto.
“York Avenue Lease Guaranty” means that certain Guaranty of Lease, dated as of June 20, 2006, by Parent and York Avenue Owner (as successor to 1334 York Avenue L.P.), as amended, restated, supplemented or otherwise modified from time to time.
“York Avenue Lender” means the “Lender” as defined in the York Avenue Loan Agreement.
“York Avenue Loan Agreement” means that certain Loan Agreement, dated as of June 22, 2005, between the York Avenue Owner (as successor to 1334 York Avenue L.P.) and Bank of America, N.A., as amended, restated, supplemented or otherwise modified from time to time.
“York Avenue Loan Documents” means the York Avenue Loan Agreement and all documents executed in connection therewith or otherwise related thereto.
“York Avenue Owner” means 1334 York, LLC, a Delaware limited liability company.
Rules of construction with respect to accounting terms used in the Agreement or the other Loan Documents shall be as set forth in Annex G.  All other undefined terms contained in any of the Loan Documents shall, unless the context indicates otherwise, have the meanings provided for by the Code to the extent the same are used or defined therein; in the event that any term is defined differently in different Articles or Divisions of the Code, the definition contained in Article or Division 9 shall control.  Unless otherwise specified, references in the Agreement or any of the Appendices to a Section, subsection or clause refer to such Section, subsection or clause as contained in the Agreement.  The words “herein,” “hereof” and “hereunder” and other words of similar import refer to the Agreement as a whole, including all Annexes, Exhibits and Schedules, as the same may from time to time be amended, restated, modified or supplemented, and not to any particular section, subsection or clause contained in the Agreement or any such Annex, Exhibit or Schedule.  Unless the context requires otherwise, any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, restated, supplemented or otherwise modified (subject to any restrictions on such amendments, restatements, supplements or modifications set forth in any of the Loan Documents).
Wherever from the context it appears appropriate, each term stated in either the singular or plural shall include the singular and the plural, and pronouns stated in the masculine, feminine or neuter gender shall include the masculine, feminine and neuter genders.  The words “including”, “includes” and “include” shall be deemed to be followed by the words “without limitation”; the word “or” is not exclusive; references to Persons include their respective successors and assigns (to the extent and only to the extent permitted by the Loan Documents) or, in the case of governmental Persons, Persons succeeding to the relevant functions of such Persons; and all references to statutes and related regulations shall include any amendments of the same and any successor statutes and regulations.  Whenever any provision in any Loan Document refers to the knowledge (or an analogous phrase) of any Sotheby Entity, such words are intended to signify that such Sotheby Entity has actual knowledge or awareness of a particular fact or circumstance or that such Sotheby Entity, if it had exercised reasonable diligence, would have known or been aware of such fact or circumstance.  Unless otherwise set forth therein, for purposes of Section 1.16 (and the definitions of the capitalized terms used therein), a reference to “determines” or “determined” shall mean a determination made in the absolute discretion of the person making the determination.

ANNEX B (Section 1.2) 
to 
CREDIT AGREEMENT 
 
LETTERS OF CREDIT
(a)    Issuance.  
(i)    Subject to the terms and conditions of the Agreement, the Administrative Agent and  Dollar Tranche Lenders agree to incur, from time to time prior to the  Commitment Termination Date, upon the request of Borrower Representative on behalf of the applicable Borrower (and any Subsidiary that may be a co-applicant therewith) and for such Borrower’s (and such Subsidiary’s, as applicable) account,  Dollar Tranche Letter of Credit Obligations by causing Letters of Credit denominated in Dollars to be issued by GE Capital or a Subsidiary thereof or a bank or other legally authorized Person selected by or acceptable to the Administrative Agent in its sole discretion (and  consented to by such Person) (each, an “L/C Issuer”) for such Borrower’s account and guaranteed by the Administrative Agent; provided, that if the L/C Issuer is a Lender, then such Letters of Credit shall not be guaranteed by the Administrative Agent but rather each  Dollar Tranche Lender shall, subject to the terms and conditions hereinafter set forth, purchase (or be deemed to have purchased) risk participations in all such Letters of Credit issued with the written consent of the Administrative Agent, as more fully described in paragraph (b)(ii) below.  The aggregate amount of all such  Dollar Tranche Letter of Credit Obligations shall not at any time exceed the lesser of (i) an amount equal to Ten Million Dollars ($10,000,000) (the “ Dollar Tranche L/C Sublimit”) and (ii) the Maximum  Dollar Tranche Amount less the aggregate outstanding principal balance of the  Dollar Tranche Revolving Credit Advances and the  Dollar Tranche Swing Line Loan.  
(ii)    Subject to the terms and conditions of the Agreement, the Administrative Agent and  Multicurrency Tranche Lenders agree to incur, from time to time prior to the  Commitment Termination Date, upon the request of Borrower Representative on behalf of the applicable Borrower (and any Subsidiary that may be a co-applicant therewith) and for such Borrower’s (and such Subsidiary’s, as applicable) account,  Multicurrency Tranche Letter of Credit Obligations by causing Letters of Credit denominated in Dollars, Sterling, Euros, Swiss Francs, Hong Kong Dollars or any Alternative L/C Currency to be issued by an L/C Issuer for such Borrower’s account and guaranteed by the Administrative Agent; provided, that if the L/C Issuer is a Lender, then such Letters of Credit shall not be guaranteed by the Administrative Agent but rather each Lender shall, subject to the terms and conditions hereinafter set forth, purchase (or be deemed to have purchased) risk participations in all such Letters of Credit issued with the written consent of the Administrative Agent, as more fully described in paragraph (b)(ii) below.  The Dollar Equivalent of the aggregate amount of all such  Multicurrency Tranche Letter of Credit Obligations shall not at any time exceed the lesser of (i) an amount equal to Five Million Dollars ($5,000,000) (the “ Multicurrency Tranche L/C Sublimit”) and (ii) the Maximum Multicurrency Tranche Amount less the Dollar Equivalent of the aggregate outstanding principal balance of the  Multicurrency Tranche Revolving Credit Advances and the  Multicurrency Tranche Swing Line Loan.  
(iii)    The Dollar Equivalent of the aggregate amount of all Letter of Credit Obligations incurred for the benefit of the Domestic Borrowers shall not at any time exceed the Domestic  Borrowing Base less the aggregate outstanding principal balance of the  Revolving Credit Advances and Swing Line Advances made to Domestic Borrowers.  The Dollar Equivalent of the aggregate amount of all Letter of Credit Obligations incurred for the benefit of the Foreign Borrowers shall not at any time exceed an amount equal to the Foreign Borrowing Base less the Dollar Equivalent of the outstanding principal balance of the  Revolving Credit Advances made to the Foreign Borrowers.  The sum of (i) the Dollar Equivalent of the aggregate amount of all Letter of Credit Obligations incurred for the benefit of the Foreign Borrowers plus (ii) the Dollar Equivalent of the outstanding principal balance of the  Revolving Credit Advances made to the Foreign Borrowers plus (iii) SFS Foreign Borrower Obligations shall not at any time exceed the Foreign Borrower Subfacility Limit.  No Letter of Credit shall have an expiry date that is more than one year following the date of issuance thereof, unless otherwise determined by the Administrative Agent, in its sole discretion (including with respect to customary evergreen provisions), and neither the Administrative Agent nor Lenders shall be under any obligation to incur Letter of Credit Obligations in respect of, or purchase risk participations in, any Letter of Credit having an expiry date that is later than the  Commitment Termination Date.
(b)    Revolving Credit Advances Automatic; Participations.  
(i)    In the event that the Administrative Agent or any  Dollar Tranche Lender shall make any payment on or pursuant to any  Dollar Tranche Letter of Credit Obligation incurred for the benefit of a Borrower, regardless of whether a Default or Event of Default has occurred and is continuing and notwithstanding any Borrower’s failure to satisfy the conditions precedent set forth in Section 2, such payment shall then be deemed automatically to constitute a Dollar Tranche Revolving Credit Advance to the applicable Borrower under Section 1.1(a) of the Agreement in Dollars in an amount equal to the Dollar Equivalent of such payment as of the date thereof, and each  Dollar Tranche Lender shall be obligated to pay its Pro Rata Share thereof in accordance with the Agreement. 
(ii)    In the event that the Administrative Agent or any  Multicurrency Tranche Lender shall make any payment on or pursuant to any  Multicurrency Tranche Letter of Credit Obligation incurred for the benefit of any Borrower, regardless of whether a Default or Event of Default has occurred and is continuing and notwithstanding any Borrower’s failure to satisfy the conditions precedent set forth in Section 2, such payment shall then be deemed automatically to constitute a Multicurrency Tranche Revolving Credit Advance to the applicable Borrower under Section 1.1(a) of the Agreement in Dollars (if the applicable Borrower is a Domestic Borrower), in Sterling (if the applicable Borrower is a U.K. Borrower) or Hong Kong Dollars (if the applicable Borrower is Sotheby’s H.K.) in an amount equal to the Dollar Equivalent, Sterling Equivalent or Hong Kong Dollar Equivalent, as applicable, of such payment as of the date thereof, and each  Multicurrency Tranche Lender shall be obligated to pay its Pro Rata Share thereof in accordance with the Agreement.  
(iii)    The failure of any  Lender to make available to the Administrative Agent for the Administrative Agent’s own account its Pro Rata Share of any such  Revolving Credit Advance or payment by the Administrative Agent under or in respect of a Letter of Credit shall not relieve any other Lender of its obligation hereunder to make available to the Administrative Agent its Pro Rata Share thereof, but neither any Lender shall be responsible for the failure of any other Lender to make available such Person’s share of any such payment.
(iv)    If it shall be illegal or unlawful for any Borrower to incur  Dollar Tranche Revolving Credit Advances as contemplated by paragraph (b)(i) above because of an Event of Default described in Sections 8.1(g) or (h) or otherwise or if it shall be illegal or unlawful for any  Dollar Tranche Lender to be deemed to have assumed a ratable share of the reimbursement obligations owed to an L/C Issuer, or if the L/C Issuer is a Lender, then (A) immediately and without further action whatsoever, each  Dollar Tranche Lender shall be deemed to have irrevocably and unconditionally purchased from the Administrative Agent (or such L/C Issuer, as the case may be) an undivided interest and participation equal to such  Lender’s Pro Rata Share (based on its  Dollar Tranche Commitments) of the  Dollar Tranche Letter of Credit Obligations in respect of all  Dollar Tranche Letters of Credit then outstanding for the benefit of the Borrowers and (B) thereafter, immediately upon issuance of any  Dollar Tranche Letter of Credit for the benefit of any Borrower, each  Dollar Tranche Lender shall be deemed to have irrevocably and unconditionally purchased from the Administrative Agent (or such L/C Issuer, as the case may be) an undivided interest and participation equal to such  Dollar Tranche Lender’s Pro Rata Share (based on the  Dollar Tranche Commitments) of the  Dollar Tranche Letter of Credit Obligations with respect to such  Dollar Tranche Letter of Credit on the date of such issuance.  Each  Dollar Tranche Lender shall fund its participation in all payments made under any  Dollar Tranche Letters of Credit issued for the benefit of a Borrower, in the same manner as provided in the Agreement with respect to  Dollar Tranche Revolving Credit Advances, each of which  Dollar Tranche Revolving Credit Advances shall be in an amount equal to the Dollar Equivalent of such payment as of the date thereof.
(v)    If it shall be illegal or unlawful for any Borrower to incur  Multicurrency Tranche Revolving Credit Advances as contemplated by paragraph (b)(ii) above because of an Event of Default described in Sections 8.1(g) or (h) or otherwise or if it shall be illegal or unlawful for any  Multicurrency Tranche Lender to be deemed to have assumed a ratable share of the reimbursement obligations owed to an L/C Issuer, or if the L/C Issuer is a  Multicurrency Tranche Lender, then (A) immediately and without further action whatsoever, each  Multicurrency Tranche Lender shall be deemed to have irrevocably and unconditionally purchased from the Administrative Agent (or such L/C Issuer, as the case may be) an undivided interest and participation equal to such  Multicurrency Tranche Lender’s Pro Rata Share (based on the  Multicurrency Tranche Commitments) of the  Multicurrency Tranche Letter of Credit Obligations in respect of all  Multicurrency Tranche Letters of Credit then outstanding for the benefit of the Borrowers and (B) thereafter, immediately upon issuance of any  Multicurrency Tranche Letter of Credit for the benefit of a Borrower, each  Multicurrency Tranche Lender shall be deemed to have irrevocably and unconditionally purchased from the Administrative Agent (or such L/C Issuer, as the case may be) an undivided interest and participation equal to such  Multicurrency Tranche Lender’s Pro Rata Share (based on the  Multicurrency Tranche Commitments) of the  Multicurrency Tranche Letter of Credit Obligations with respect to such  Multicurrency Tranche Letter of Credit on the date of such issuance.  Each  Multicurrency Tranche Lender shall fund its participation in all payments made under any  Multicurrency Tranche Letters of Credit in the same manner as provided in the Agreement with respect to  Multicurrency Tranche Revolving Credit Advances, each of which  Multicurrency Tranche Revolving Credit Advances shall be in an amount equal to the Dollar Equivalent (if such Borrower is a Domestic Borrower), Sterling Equivalent (if such Borrower is a U.K. Borrower) or Hong Kong Dollar Equivalent (if such Borrower is Sotheby’s H.K.) of such payment as of the date thereof.
(c)    Cash Collateral.
(i)    If Borrowers are required to provide cash collateral for any Letter of Credit Obligations pursuant to the Agreement, including Section 8.2 of the Agreement, prior to the Commitment Termination Date, each Borrower will pay to the Collateral Agent for the ratable benefit of itself and the other Secured Parties, with respect to each Letter of Credit outstanding for the benefit of such Borrower, cash or cash equivalents acceptable to the Administrative Agent (“Acceptable Cash Equivalents”) in the currency in which such Letter of Credit is denominated in an amount equal to 105% of the maximum amount then available to be drawn under such Letter of Credit.  Such funds or Acceptable Cash Equivalents shall be held by the Collateral Agent in a cash collateral account (each, a “Cash Collateral Account”) maintained at a bank or financial institution acceptable to the Collateral Agent.  Each Cash Collateral Account shall be in the name of the applicable Borrower(s) and shall be pledged to, and subject to the control of, the Collateral Agent, on behalf of itself and the other Secured Parties, in a manner satisfactory to the Collateral Agent.  
(ii)    If any Letter of Credit Obligations, whether or not then due and payable, shall for any reason be outstanding on the Commitment Termination Date, Borrowers shall either (A) provide cash collateral therefor in the manner described above, or (B) cause all such Letters of Credit and guaranties thereof, if any, to be canceled and returned, or (C) deliver a stand-by letter (or letters) of credit in guaranty of such Letter of Credit Obligations, which stand-by letter (or letters) of credit shall be of like tenor, currency and duration (plus thirty (30) additional days) as, and in an amount equal to 105% of, the aggregate maximum amount then available to be drawn under, the Letters of Credit to which such outstanding Letter of Credit Obligations relate and shall be issued by a Person, and shall be subject to such terms and conditions, as are be satisfactory to the Collateral Agent in its sole discretion.
(iii)    From time to time after funds are deposited in the Cash Collateral Account by any Borrower, whether before or after the Commitment Termination Date, the Collateral Agent may apply such funds or Acceptable Cash Equivalents then held in the Cash Collateral Account to the payment of any amounts, and in such order as the Collateral Agent may elect, as shall be or shall become due and payable by such Borrower to the Secured Parties with respect to such Letter of Credit Obligations of such Borrower and, upon the satisfaction in full of all Letter of Credit Obligations of such Borrower, to any other Secured Obligations then due and payable.
(iv)    No Borrower nor any Person claiming on behalf of or through any Borrower shall have any right to withdraw any of the funds or Acceptable Cash Equivalents held in the Cash Collateral Account, except that upon the termination of all Letter of Credit Obligations and the payment of all amounts payable by Borrowers to the Secured Parties in respect thereof, any funds remaining in the Cash Collateral Account shall be applied to other Secured Obligations then due and owing and upon payment in full of such Secured Obligations, any remaining amount shall be paid to Borrowers or as otherwise required by law.  Interest earned on deposits in the Cash Collateral Account shall be held as additional collateral.
(d)    Fees and Expenses.  Each Borrower agrees to pay to the Administrative Agent for the benefit of the  Dollar Tranche Lenders, as compensation for  Dollar Tranche Letter of Credit Obligations incurred hereunder for the benefit of such Borrower, (i) all costs and expenses incurred by the Administrative Agent or any  Dollar Tranche Lender on account of such  Dollar Tranche Letter of Credit Obligations, and (ii) for each month during which any such  Dollar Tranche Letter of Credit Obligation shall remain outstanding, a fee in Dollars in an amount equal to the Applicable L/C Margin from time to time in effect multiplied by the Dollar Equivalent of the maximum amount available from time to time to be drawn under each applicable  Dollar Tranche Letter of Credit.  Each Borrower agrees to pay to the Administrative Agent for the benefit of the  Multicurrency Tranche Lenders, as compensation for  Multicurrency Tranche Letter of Credit Obligations incurred hereunder for the benefit of such Borrower, (i) all costs and expenses incurred by the Administrative Agent or any  Multicurrency Tranche Lender on account of such  Multicurrency Tranche Letter of Credit Obligations, and (ii) for each month during which any such  Multicurrency Tranche Letter of Credit Obligation shall remain outstanding, a fee in Dollars in an amount equal to the Applicable L/C Margin from time to time in effect multiplied by the Dollar Equivalent of the maximum amount available from time to time to be drawn under each applicable  Multicurrency Tranche Letter of Credit.  The foregoing fees (collectively, the “Letter of Credit Fee”) shall be paid to the Administrative Agent for the benefit of the  Dollar Tranche Lenders or  Multicurrency Tranche Lenders, as applicable, in arrears, on the first Business Day of each month and on the  Commitment Termination Date.  In addition, Borrowers shall pay to any L/C Issuer, on demand, such fees, charges and expenses of such L/C Issuer in respect of the issuance, negotiation, acceptance, amendment, transfer and payment of such Letter of Credit or otherwise payable pursuant to the application and related documentation under which such Letter of Credit is issued.
(e)    Request for Incurrence of Letter of Credit Obligations.  Borrower Representative shall give the Administrative Agent at least two (2) Business Days’ prior notice  to request the incurrence of any Letter of Credit Obligation.  Such notice shall be made in writing substantially in the form of Exhibit B-1 or in any other written form reasonably acceptable to the L/C Issuer (each, a “Letter of Credit Request”).  The notice shall be accompanied by the form of the Letter of Credit (which shall be acceptable to the L/C Issuer) and a completed Application for Letter of Credit in the form of Exhibit B.  Notwithstanding anything contained herein to the contrary, Letter of Credit applications by Borrower Representative and approvals by the Administrative Agent and the L/C Issuer may be made and transmitted pursuant to electronic codes and security measures mutually agreed upon and established by and among Borrower Representative, the Administrative Agent and the L/C Issuer.  
(f)    Obligation Absolute.  The obligation of Borrowers to reimburse the Administrative Agent and Lenders for payments made with respect to any Letter of Credit Obligation shall be absolute, unconditional and irrevocable, without necessity of presentment, demand, protest or other formalities, and the obligations of each Lender to make payments to the Administrative Agent with respect to Letters of Credit shall be unconditional and irrevocable.  Such obligations of Borrowers and Lenders shall be paid strictly in accordance with the terms hereof under all circumstances including the following:
(i)    any lack of validity or enforceability of any Letter of Credit or the Agreement or the other Loan Documents or any other agreement;
(ii)    the existence of any claim, setoff, defense or other right that any Borrower or any of their respective Affiliates or any Lender may at any time have against a beneficiary or any transferee of any Letter of Credit (or any Persons or entities for whom any such transferee may be acting), the Administrative Agent, any Lender, or any other Person, whether in connection with the Agreement, the Letter of Credit, the transactions contemplated herein or therein or any unrelated transaction (including any underlying transaction between any Borrower or any of their respective Affiliates and the beneficiary for which the Letter of Credit was procured);
(iii)    any draft, demand, certificate or any other document presented under any Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect;
(iv)    payment by the Administrative Agent (except as otherwise expressly provided in paragraph (g)(ii)(C) below) or any L/C Issuer under any Letter of Credit or guaranty thereof against presentation of a demand, draft or certificate or other document that does not comply with the terms of such Letter of Credit or such guaranty;
(v)    any other circumstance or event whatsoever, that is similar to any of the foregoing; or
(vi)    the fact that a Default or an Event of Default has occurred and is continuing.
(g)    Indemnification; Nature of Lenders’ Duties.
(i)    In addition to amounts payable as elsewhere provided in the Agreement, Borrowers hereby agree to pay and to protect, indemnify, and save harmless each Agent and each Lender from and against any and all claims, demands, liabilities, damages, losses, costs, charges and expenses (including reasonable attorneys’ fees and allocated costs of internal counsel) that any Agent or any Lender may incur or be subject to as a consequence, direct or indirect, of (A) the issuance of any Letter of Credit or guaranty thereof, or (B) the failure of any Agent or any Lender seeking indemnification or of any L/C Issuer to honor a demand for payment under any Letter of Credit or guaranty thereof as a result of any act or omission, whether rightful or wrongful, of any present or future de jure or de facto government or Governmental Authority, in each case other than to the extent solely as a result of the gross negligence or willful misconduct of such Agent or such Lender (as determined by a court of competent jurisdiction in a final, non-appealable judgment).  It is understood and agreed that, notwithstanding anything to the contrary herein, no Foreign Credit Party shall have any obligation hereunder with respect to any indemnification liabilities that are Obligations of any Domestic Credit Party.
(ii)    As between any Agent and any Lender and Borrowers, Borrowers assume all risks of the acts and omissions of, or misuse of any Letter of Credit by beneficiaries, of any Letter of Credit.  In furtherance and not in limitation of the foregoing, to the fullest extent permitted by law, neither any Agent nor any Lender shall be responsible for:  (A) the form, validity, sufficiency, accuracy, genuineness or legal effect of any document issued by any party in connection with the application for and issuance of any Letter of Credit, even if it should in fact prove to be in any or all respects invalid, insufficient, inaccurate, fraudulent or forged; (B) the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign any Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, that may prove to be invalid or ineffective for any reason; (C) failure of the beneficiary of any Letter of Credit to comply fully with conditions required in order to demand payment under such Letter of Credit; provided, that in the case of any payment by any Agent under any Letter of Credit or guaranty thereof, such Agent shall be liable to the extent such payment was made solely as a result of its gross negligence or willful misconduct (as determined by a court of competent jurisdiction in a final, non-appealable judgment) in determining that the demand for payment under such Letter of Credit or guaranty thereof complies on its face with any applicable requirements for a demand for payment under such Letter of Credit or guaranty thereof; (D) errors, omissions, interruptions or delays in transmission or delivery of any messages, by mail, cable, telegraph, telex or otherwise, whether or not they may be in cipher; (E) errors in interpretation of technical terms; (F) any loss or delay in the transmission or otherwise of any document required in order to make a payment under any Letter of Credit or guaranty thereof or of the proceeds thereof; (G) the credit of the proceeds of any drawing under any Letter of Credit or guaranty thereof; and (H) any consequences arising from causes beyond the control of any Agent or any Lender. None of the above shall affect, impair, or prevent the vesting of any of any Agent’s or any Lender’s rights or powers hereunder or under the Agreement.
(iii)    Nothing contained herein shall be deemed to limit or to expand any waivers, covenants or indemnities made by Borrowers in favor of any L/C Issuer in any letter of credit application, reimbursement agreement or similar document, instrument or agreement between or among Borrowers and such L/C Issuer, including a Master Standby Agreement or Master Documentary Agreement entered into with the Administrative Agent.
(h)    Non-Funding Lender; Impacted Lender.  Notwithstanding anything else to the contrary herein, if any  Dollar Tranche Lender is a Non-Funding Lender or Impacted Lender, no L/C Issuer shall be obligated to issue any  Dollar Tranche Letter of Credit unless (i) the Non-Funding Lender or Impacted Lender has been replaced in accordance with Section 1.17(d) or 9.1, (ii) the  Dollar Tranche Letter of Credit Obligations of such Non-Funding Lender or Impacted Lender have been cash collateralized, (iii) the  Dollar Tranche Commitments of the other  Dollar Tranche Lenders have been increased by an amount sufficient to satisfy the Administrative Agent that all future  Dollar Tranche Letter of Credit Obligations will be covered by all  Dollar Tranche Lenders that are not Non-Funding Lenders or Impacted Lenders, or (iv) the  Dollar Tranche Letter of Credit Obligations of such Non-Funding Lender or Impacted Lender have been reallocated to other  Dollar Tranche Lenders in a manner consistent with Section 9.9(d)(ii).  Notwithstanding anything else to the contrary herein, if any  Multicurrency Tranche Lender is a Non-Funding Lender or Impacted Lender, no L/C Issuer shall be obligated to issue any  Multicurrency Tranche Letter of Credit unless (i) the Non-Funding Lender or Impacted Lender has been replaced in accordance with Section 1.17(d) or 9.1, (ii) the  Multicurrency Tranche Letter of Credit Obligations of such Non-Funding Lender or Impacted Lender have been cash collateralized, (iii) the  Multicurrency Tranche Commitments of the other  Multicurrency Tranche Lenders have been increased by an amount sufficient to satisfy the Administrative Agent that all future  Multicurrency Tranche Letter of Credit Obligations will be covered by all  Multicurrency Tranche Lenders that are not Non-Funding Lenders or Impacted Lenders, or (iv) the  Multicurrency Tranche Letter of Credit Obligations of such Non-Funding Lender or Impacted Lender have been reallocated to other  Multicurrency Tranche Lenders in a manner consistent with Section 9.9(d)(ii).

ANNEX C (Section 1.9) 
to 
CREDIT AGREEMENT 
 
CASH MANAGEMENT SYSTEM
Each Sotheby Entity shall, and shall cause its Subsidiaries to, establish and maintain the Cash Management Systems described below:
(a)    Each Credit Party shall (i) cause each of its Deposit Accounts (other than any Excluded Account) to be subject to a tri-party blocked account agreement or similar agreement or notice (each such tri-party blocked account agreement, similar agreement or notice, a “Blocked Account Agreement”, and each such Deposit Account subject to a Blocked Account Agreement, a “Blocked Account”) among, if applicable, the financial institution at which such Deposit Account is maintained (each, a “Relationship Bank”), such Credit Party, and the Collateral Agent, for the benefit of itself and the other Secured Parties, which Blocked Account Agreement shall be in form and substance reasonably acceptable to the Collateral Agent, and (ii) deposit or cause to be deposited, and cause the other Sotheby Entities to deposit or cause to be deposited, promptly, and in any event no later than the first Business Day after the date of receipt thereof, all cash, checks, drafts or other similar items of payment relating to or constituting Collateral into one or more Blocked Accounts, other than any such cash, checks, drafts or items of payment held in an Excluded Account. 
(b)    Following the occurrence of any Activation Event, the Collateral Agent may (and, at the direction of Requisite Lenders, shall) deliver an Activation Notice to any or all Relationship Banks with respect to any or all Blocked Accounts, and each Relationship Bank that has received an Activation Notice shall be instructed to transfer, on each Business Day, all amounts on deposit in all applicable Blocked Accounts to one or more accounts specified by the Collateral Agent (such accounts, collectively, the “Transfer Account”).  
(c)    Following the transfer of funds to the Transfer Account on each Business Day pursuant to clause (b) above, the Collateral Agent shall (unless the Collateral Agent decides otherwise in its sole discretion) transfer, on each Business Day, from the Transfer Account (i) to the applicable Collection Account (or such other Blocked Account as the Collateral Agent shall agree), all amounts in the Transfer Account other than such amounts as may be identified by the Collateral Agent, in its reasonable estimation, that represent any portion of the Due-to-Consignor Amount as of such Business Day, and (ii) to the applicable Due-to-Consignor Disbursement Account, all amounts in the Transfer Account as may be identified by the Collateral Agent, in its reasonable estimation, that represent any portion of the Due-to-Consignor Amount as of such Business Day.
(d)    So long as no Default or Event of Default has occurred and is continuing or the Administrative Agent shall have otherwise agreed, the Borrowers may amend Disclosure Schedule (3.19) to add or replace a Relationship Bank or Blocked Account; provided, that within thirty (30) days (or such later date as the Administrative Agent may agree to in its sole discretion) of the opening of any such account by any Credit Party, the applicable Credit Party, such bank and the Collateral Agent, if applicable, shall have entered into a Blocked Account Agreement with respect to such account, in form and substance reasonably acceptable to the Collateral Agent. 
(e)    The Borrowers shall close any of their Blocked Accounts (and establish replacement accounts in accordance with clause (d) above) promptly and in any event within thirty (30) days following notice from the Administrative Agent that the creditworthiness of any Relationship Bank holding such an account is no longer acceptable in the Administrative Agent’s reasonable judgment, or as promptly as practicable and in any event within sixty (60) days following notice from the Administrative Agent that the operating performance, funds transfer or availability procedures or performance with respect to accounts of the Relationship Bank holding such accounts or the Administrative Agent’s liability under any Blocked Account Agreement with respect to such Relationship Bank is no longer acceptable in the Administrative Agent’s reasonable judgment.
(f)    The Blocked Accounts shall be cash collateral accounts, with all cash, checks and other similar items of payment in such accounts securing payment of some or all of the Loans and other Secured Obligations in accordance with the applicable Collateral Document, and in which each applicable Borrower shall have granted a security interest to the Collateral Agent, on behalf of itself and the other Secured Parties, pursuant to the applicable Collateral Document.
(g)    All amounts deposited in any Collection Account shall be deemed received by the Administrative Agent in accordance with Section 1.11 and shall be applied (and allocated) by the Administrative Agent in accordance with Section 1.12.  In no event shall any amount be so applied unless and until such amount shall have been credited in immediately available funds to the applicable Collection Account.
(h)    Each Borrower shall and shall cause its Affiliates, officers, employees, agents, directors or other Persons acting for or in concert with such Borrower (each, a “Specified Related Person”) to (i) hold in trust for the Collateral Agent, for the benefit of itself and the other Secured Parties, all checks, cash and other items of payment delivered by the applicable Art Loan Debtor (other than pursuant to the sale of Works of Art securing repayment of such Art Loan) and received by such Borrower or any such Specified Related Person in respect of any Art Loan and (ii) within one (1) Business Day after receipt by such Borrower or any such Specified Related Person of any such checks, cash or other items of payment, deposit the same into a Blocked Account of such Borrower.  Each Borrower on behalf of itself and each Specified Related Person thereof acknowledges and agrees that all cash, checks or other items of payment constituting proceeds of Art Loans are part of the Collateral.  Following delivery of an Activation Notice, proceeds of the sale or other disposition of any Art Loans shall be deposited directly to the applicable Blocked Account within two (2) Business Days after the receipt thereof by any Sotheby Entity.
ANNEX D (Section 2.1(a)) 
to 
CREDIT AGREEMENT 
 
 
See attached.

ANNEX E (Section 4.1(a)) 
to 
CREDIT AGREEMENT 
 
FINANCIAL STATEMENTS AND PROJECTIONS -- REPORTING
Borrowers shall deliver or cause to be delivered in writing or by Electronic Transmission:
(a)    Monthly Financials.  To the Administrative Agent and Lenders, within thirty (30) days after the end of each Fiscal Month beginning with the Fiscal Month ending July 31, 2014 (or within forty-five (45) days (or sixty-five (65) days for December) after the end of each Fiscal Month ending on or about the last day of each June, September, December, January and March thereafter), financial information regarding Borrowers and their Subsidiaries, certified by a Financial Officer of Borrower Representative, consisting of consolidated (with respect to Parent and its Subsidiaries) and consolidating (i) unaudited balance sheets as of the close of such Fiscal Month and the related statements of income and (consolidated) cash flows (relating solely to depreciation, amortization and capital expenditures) for that portion of the Fiscal Year ending as of the close of such Fiscal Month; (ii) unaudited statements of income, if available, on a consolidated basis for such Fiscal Month, setting forth in comparative form the figures for the corresponding period in the prior year, all prepared in accordance with GAAP (subject to normal year-end adjustments); (iii) a calculation of the Due-to-Consignor Amount as of the last day of that Fiscal Month, which calculation shall separately identify (A) the aggregate amount of cash received and held by all Sotheby Entities that is payable to consignors as of such day as a result of the sale of such consignors’ Works of Art by a Sotheby Entity, and (B) the aggregate outstanding amount of all principal, accrued interest, and other related amounts as of such day with respect to any Art Loans secured by such Works of Art, and (iv) a calculation of the aggregate unfunded commitment of the Borrowers to make future Art Loans as of the last day of that Fiscal Month.  Such financial information shall be accompanied by the certification of a Financial Officer of Borrower Representative (i) that such financial information presents fairly (in the case of the consolidated Financial Statements with respect to Parent and its Subsidiaries, in accordance with GAAP (subject to normal year-end adjustments)) the financial position and results of operations of Borrowers and their Subsidiaries, on a consolidated (with respect to Parent and its Subsidiaries) and consolidating basis, in each case as at the end of such Fiscal Month and for that portion of the Fiscal Year then ended, (ii) if the Revolving Loan Outstandings and the outstanding balance of the Swing Line Loan, in the aggregate, are greater than zero as of the last day of such Fiscal Month, (x) setting forth the Unrestricted Cash Amount and Liquidity Amount as of the end of such Fiscal Month and (y) that no Financial Covenant Compliance Period commenced during such Fiscal Month or, if a Financial Covenant Compliance Period commenced during such Fiscal Month, describing the date and cause of such commencement, (iii) that any other information presented is true, correct and complete in all material respects and (iv) that there was no Default or Event of Default in existence as of such time or, if a Default or Event of Default has occurred and is continuing, describing the nature thereof and all efforts undertaken to cure such Default or Event of Default.   
(b)    Quarterly Financials.  To the Administrative Agent and Lenders, within forty-five (45) days after the end of each Fiscal Quarter, consolidated (with respect to Parent and its Subsidiaries) and consolidating financial information, certified by a Financial Officer of Borrower Representative, including (i) unaudited balance sheets as of the close of such Fiscal Quarter and the related statements of income and (consolidated) cash flow for that portion of the Fiscal Year ending as of the close of such Fiscal Quarter and (ii) unaudited statements of income for such Fiscal Quarter, in each case setting forth in comparative form the figures for the corresponding period in the prior year.  All such consolidated Financial Statements shall be prepared in accordance with GAAP (subject to normal year-end adjustments).  Such financial information shall be accompanied by (A) during any Financial Covenant Compliance Period, a statement substantially in the form of Exhibit C (each, a “Compliance Certificate”) showing the calculations used in determining compliance with each of the Financial Covenants that is tested on a quarterly basis and (B) a certification of a Financial Officer of Borrower Representative (i) that such financial information presents fairly (in the case of the consolidated Financial Statements with respect to Parent and its Subsidiaries, in accordance with GAAP (subject to normal year-end adjustments)) the financial position, results of operations and statements of cash flows of Borrowers and their Subsidiaries, on both a consolidated (with respect to Parent and its Subsidiaries) and consolidating basis, as at the end of such Fiscal Quarter and for that portion of the Fiscal Year then ended, (ii) setting forth the Unrestricted Cash Amount and Liquidity Amount as of the end of such Fiscal Quarter, (iii) that no Financial Covenant Compliance Period commenced during such Fiscal Quarter or, if a Financial Covenant Compliance Period commenced during such Fiscal Quarter, describing the date and cause of such commencement, (iv) any other information presented is true, correct and complete in all material respects and (v) that there was no Default or Event of Default in existence as of such time or, if a Default or Event of Default has occurred and is continuing, describing the nature thereof and all efforts undertaken to cure such Default or Event of Default.
(c)    Operating Plan.  To the Administrative Agent and Lenders, as soon as available, but not later than forty-five (45) days after the end of each Fiscal Year, an annual operating plan for Parent and its Subsidiaries on a consolidated basis for the following Fiscal Year, which (i) includes a statement of all of the material assumptions on which such plan is based, (ii) includes quarterly balance sheets, income statements and statements of cash flows for the following year and (iii) integrates sales, gross profits, operating expenses, operating profit, cash flow projections, Domestic Borrowing Availability and Foreign Borrowing Availability projections, all prepared on the same basis and in similar detail as that on which operating results are reported (and in the case of cash flow projections, representing management’s good faith estimates of future financial performance based on historical performance), and including plans for personnel, Capital Expenditures and facilities.  The income statements contained in such annual operating plan shall be approved by the Board of Directors of Parent.
(d)    Annual Audited Financials.  To the Administrative Agent and Lenders, within ninety (90) days after the end of each Fiscal Year, audited consolidated (with respect to Parent and its Subsidiaries) and unaudited consolidating Financial Statements, consisting of balance sheets, statements of income and (consolidated) statements of retained earnings and cash flows, setting forth in comparative form in each case the figures for the previous Fiscal Year, which Financial Statements shall be prepared in accordance with GAAP and certified without qualification, by an independent certified public accounting firm of national standing or otherwise acceptable to the Administrative Agent.  Such Financial Statements shall be accompanied by (i) a statement prepared in reasonable detail showing the calculations used in determining compliance with each of the Financial Covenants, (ii) a report from such accounting firm to the effect that, in connection with their audit examination, nothing has come to their attention to cause them to believe that a Default or Event of Default has occurred with respect to the Financial Covenants (or specifying those Defaults and Events of Default that they became aware of), it being understood that such audit examination extended only to accounting matters and that no special investigation was made with respect to the existence of Defaults or Events of Default, and (iii) the certification of a Financial Officer of Borrowers that (x) such financial information presents fairly (in the case of the consolidated Financial Statements with respect to Parent and its Subsidiaries, in accordance with GAAP) the financial position, results of operations and statements of cash flows of Borrowers and their Subsidiaries, on both a consolidated (with respect to Parent and its Subsidiaries) and consolidating basis, as at the end of such Fiscal Year and for the period then ended, and (y) there was no Default or Event of Default in existence as of such time or, if a Default or Event of Default has occurred and is continuing, describing the nature thereof and all efforts undertaken to cure such Default or Event of Default.
(e)    Initial Compliance Certificate.  To the Administrative Agent and Lenders, within two (2) Business Days of the commencement of any Financial Covenant Compliance Period, to the extent a Compliance Certificate has not already been delivered with respect to such Financial Covenant Compliance Period pursuant to clause (b) above, a Compliance Certificate, certified by a Financial Officer of Borrower Representative, showing the calculations used in determining compliance with each of the Financial Covenants that is tested on a quarterly basis.
(e)    Management Letters.  To the Administrative Agent, within five (5) Business Days after receipt thereof by Parent, copies of all management letters, exception reports or similar letters or reports received by Parent from its independent certified public accountants, except to the extent such accountants shall restrict the ability of Parent to deliver such documents to the Administrative Agent.
(f)    Default Notices.  To the Administrative Agent and Lenders, as soon as practicable, and in any event within five (5) Business Days after an executive officer of any Borrower has actual knowledge of the existence of any Default, Event of Default or other event that has had a Material Adverse Effect, telephonic or telecopied notice specifying the nature of such Default or Event of Default or other event, including the anticipated effect thereof, which notice, if given telephonically, shall be promptly confirmed in writing on the next Business Day.
(g)    Due-to-Consignor Statements.  To the Administrative Agent, (i) on the last Business Day of the calendar week immediately following any calendar week in which the Liquidity Amount shall be less than $100,000,000 and continuing so long as the Liquidity Amount shall be less than $100,000,000 on the last Business Day of each alternate calendar week thereafter and (ii) on each Business Day on which a Default or Event of Default has occurred and is continuing or on which the Liquidity Amount shall be less than $70,000,000, a statement (such statement, a “Due-to-Consignor Statement”) certified by a Financial Officer of Borrower Representative, providing a calculation of the Due-to-Consignor Amount as of the date on which such statement is delivered, which calculation shall separately identify (i) the aggregate amount of cash received and held by all Sotheby Entities that is payable to consignors as of such Business Day as a result of the sale of such consignors’ Works of Art by a Sotheby Entity, and (ii) the aggregate outstanding amount of all principal, accrued interest, and other related amounts as of such Business Day with respect to any Art Loans secured by such Works of Art. 
(h)    SEC Filings and Press Releases.  To the Administrative Agent and Lenders, promptly upon their becoming available, copies of:  (i) all Financial Statements, reports, notices and proxy statements made publicly available by Parent to its security holders; (ii) all regular and periodic reports and all registration statements and prospectuses, if any, filed by Parent with any securities exchange or with the Securities and Exchange Commission or any governmental or private regulatory authority in any jurisdiction; and (iii) all press releases and other statements made available by Parent to the public concerning material changes or developments in the business of any such Person.
(i)    Debt and Equity Notices.  To the Administrative Agent, as soon as practicable, copies of all material written notices given or received by any Sotheby Entity or the York Avenue Owner with respect to the Senior Notes, the York Avenue Lease, the York Avenue Loan Agreement or the Specified Debt Facility, and, within two (2) Business Days after any Sotheby Entity obtains knowledge of any matured or unmatured event of default with respect to the Senior Notes, the York Avenue Lease, the York Avenue Loan Agreement or the Specified Debt Facility, notice of such event of default.
(j)    Supplemental Schedules.  To the Administrative Agent, supplemental disclosures, if any, required by Section 5.6.
(k)    Litigation.  To the Administrative Agent in writing, as soon as practicable upon learning thereof, notice of any Litigation commenced or threatened in writing against any Sotheby Entity that (i) seeks damages in excess of $10,000,000, (ii) seeks injunctive relief that could reasonably be expected to have a Material Adverse Effect, (iii) alleges criminal misconduct by any Sotheby Entity, (iv) alleges the violation of any law regarding, or seeks remedies in connection with, any Environmental Liabilities or (v) alleges, or seeks remedies in connection with, any violation of any antitrust law or similar law of any jurisdiction (in each case, other than any such Litigation that (x) is not commenced or threatened by a Governmental Authority and (y) has been reasonably determined by the applicable Sotheby Entity to be frivolous and without merit).  To the Administrative Agent in writing, as soon as practicable upon learning thereof, notice of any Litigation commenced or threatened against any Plan, its fiduciaries or its assets or against any Sotheby Entity or ERISA Affiliate in connection with any Plan.
(l)    Insurance Notices.  To the Administrative Agent, disclosure of losses or casualties required by Section 5.4. 
(m)    Lease Default Notices.  To the Administrative Agent, (i) within two (2) Business Days after receipt thereof, copies of any and all default notices received under or with respect to any leased location or public warehouse where Collateral (including any Work of Art securing repayment of any Art Loan) is located, and (ii) such other notices or documents as the Administrative Agent may reasonably request.
(n)    Hedging Agreements.  To the Administrative Agent, within five (5) Business Days after its request therefor, copies of any interest rate, commodity or currency hedging agreements or amendments thereto entered into by any Sotheby Entity.
(o)    U.K. Pension Plans.  To the Administrative Agent in writing, promptly upon learning thereof, notice of (i) any Litigation commenced or threatened against any Sotheby Entity in relation to the U.K. Pensions Plans or (ii) any requirement to materially increase funding levels of the U.K. Pension Plans.
(p)    Unfunded Commitments.  To the Administrative Agent in writing, promptly upon the occurrence thereof, (i) any failure by any Sotheby Entity to fund any unfunded commitment to make future Art Loans upon satisfaction of the conditions precedent to such funding obligation or (ii) any dispute between any Sotheby Entity and any Art Loan Debtor regarding the obligation of any Sotheby Entity to make an Art Loan pursuant to any such unfunded commitment.
(q)    Other Documents.  To the Agents and Lenders, such other financial and other information respecting any Sotheby Entity’s business or financial condition as the any Agent or any Lender shall from time to time reasonably request.
(r)    Liquidity Amount.  At any time the Aggregate Borrowing Availability shall be less than $85,000,000, promptly upon the reasonable request of the Administrative Agent, a certification of a Financial Officer of Borrower Representative (i) setting forth the Unrestricted Cash Amount and Liquidity Amount as of the date specified in such request (which date shall be a Business Day no earlier than one Business Day after the date of such request) and (ii) that no Financial Covenant Compliance Period has commenced since the previous such certification or, if a Financial Covenant Compliance Period has commenced, describing the date and cause of such commencement.

ANNEX F (Section 4.1(b)) 
to 
CREDIT AGREEMENT 
 
COLLATERAL REPORTS
Borrowers shall deliver or cause to be delivered the following:
(a)    To the Administrative Agent, upon its request, and in any event no less frequently than fourteen (14) days (or if the 14th day of any Fiscal Month is not a Business Day, the next succeeding Business Day) after the end of (i) if the Revolving Loan Outstandings and the outstanding balance of the Swing Line Loan, in the aggregate, are greater than zero as of the last day of such Fiscal Month, each Fiscal Month or (ii) otherwise, each Fiscal Quarter, each of the following reports, each of which shall be prepared by the Borrowers as of the last day of the immediately preceding Fiscal Month or Fiscal Quarter, as applicable, or the date two (2) days prior to the date of any such request:
(i)    a Borrowing Base Certificate, accompanied by such supporting detail and documentation as shall be requested by the Administrative Agent in its reasonable discretion; and
(ii)    an Art Loan Receivables Report, accompanied by such supporting detail and documentation as shall be requested by Administrative Agent in its reasonable discretion; 
provided that, without limiting the foregoing, the Borrowers’ may, in their sole discretion, deliver the foregoing on a more frequent basis.
(b)    To the Administrative Agent, in connection with any inspection or audit pursuant to Section 1.15 of the Agreement and, otherwise, within five (5) Business Days (or such later date as the Administrative Agent shall consent to in writing) of its request:
(i)    a reconciliation of the Art Loans Receivables Report to the most recent Borrowing Base Certificate, general ledger and monthly Financial Statements delivered pursuant to Annex E, in each case accompanied by such supporting detail and documentation as shall be requested by the Administrative Agent in its reasonable discretion;
(ii)    a reconciliation of the outstanding Loans as set forth in the monthly Loan Account statement provided by the Administrative Agent to each Borrower’s general ledger and monthly Financial Statements delivered pursuant to Annex E, in each case accompanied by such supporting detail and documentation as shall be requested by the Administrative Agent in its reasonable discretion;
(c)    To the Administrative Agent, at the time of delivery of each of the quarterly Financial Statements delivered pursuant to Annex E, a list of any applications for the registration of any Patent, Trademark or Copyright filed by any Credit Party with the United States Patent and Trademark Office, the United States Copyright Office or any similar office or agency in the prior Fiscal Quarter, except any Trademark registered by a Sotheby Entity at the direction of the purchaser of Sotheby’s International Realty, Inc., a Michigan corporation, as contemplated by Disclosure Schedule (3.15).
(d)    Each Borrower, at its own expense, shall make available to the Administrative Agent upon reasonable request the results of each physical verification, if any, that such Borrower or any of its Subsidiaries may in their discretion have made, or caused any other Person to have made on their behalf, of all or any portion of the Collateral (including, without limitation, any Works of Art securing repayment of Art Loans) (and, if a Default or an Event of Default has occurred and is continuing, each Borrower shall, upon the request of the Administrative Agent, conduct, and deliver the results of, such physical verifications as the Administrative Agent may require). 
(e)    Such other reports, statements and reconciliations with respect to the Borrowing Bases, Collateral or Obligations of any or all of the Credit Parties as the Administrative Agent shall from time to time request in its reasonable discretion.

ANNEX G (Section 6.10) 
to 
CREDIT AGREEMENT 
 
FINANCIAL COVENANTS
Borrowers shall not breach or fail to comply with any of the following financial covenants, each of which shall be calculated in accordance with GAAP consistently applied:
(a)    Maximum Capital Expenditures.  During each Fiscal Year, Parent and its Subsidiaries on a consolidated basis shall not make Capital Expenditures (other than (i) portions of such Capital Expenditures financed by the Lenders hereunder and (ii) amounts used to purchase and upgrade a headquarters building) during such Fiscal Year in excess of $50,000,000.  
(b)    Minimum Fixed Charge Coverage Ratio.  During each Financial Covenant Compliance Period, Parent and its Subsidiaries shall have on a consolidated basis at the end of the most recently ended Fiscal Quarter for which Financial Statements are required to be delivered to the Administrative Agent and Lenders pursuant to Annex E, a Fixed Charge Coverage Ratio for the four Fiscal-Quarter period then ended of not less than 1.15:1.00.
(c)    Minimum EBITDA.  During each Financial Covenant Compliance Period, Parent and its Subsidiaries shall have on a consolidated basis at the end of the most recently ended Fiscal Quarter for which Financial Statements are required to be delivered to the Administrative Agent and Lenders pursuant to Annex E, EBITDA for the 12-month period then ended of not less than $100,000,000.
 
        Unless otherwise specifically provided herein, any accounting term used in the Agreement shall have the meaning customarily given such term in accordance with GAAP, and all financial computations hereunder shall be computed in accordance with GAAP consistently applied.  That certain items or computations are explicitly modified by the phrase “in accordance with GAAP” shall in no way be construed to limit the foregoing.  If any “Accounting Changes” (as defined below) occur and such changes result in a change in the calculation of the financial covenants, standards or terms used in the Agreement or any other Loan Document, then Borrowers, the Administrative Agent and Lenders agree to enter into negotiations in order to amend such provisions of the Agreement so as to equitably reflect such Accounting Changes with the desired result that the criteria for evaluating Borrowers’ and their Subsidiaries’ financial condition shall be the same after such Accounting Changes as if such Accounting Changes had not been made; provided, however, that the agreement of Requisite Lenders to any required amendments of such provisions shall be sufficient to bind all Lenders.  “Accounting Changes” means (i) changes in accounting principles required by the promulgation of any rule, regulation, pronouncement or opinion by the Financial Accounting Standards Board of the American Institute of Certified Public Accountants (or successor thereto or any agency with similar functions), (ii) changes in accounting principles concurred in by any Borrower’s certified public accountants; (iii) purchase accounting adjustments under A.P.B. 16 or 17 and EITF 88-16, and the application of the accounting principles set forth in FASB 109, including the establishment of reserves pursuant thereto and any subsequent reversal (in whole or in part) of such reserves; and (iv) the reversal of any reserves established as a result of purchase accounting adjustments.  All such adjustments resulting from expenditures made subsequent to the Restatement Effective Date (including capitalization of costs and expenses or payment of pre-Restatement Effective Date liabilities) shall be treated as expenses in the period the expenditures are made and deducted as part of the calculation of EBITDA in such period.  If the Administrative Agent, Borrowers and Requisite Lenders agree upon the required amendments, then after appropriate amendments have been executed and the underlying Accounting Change with respect thereto has been implemented, any reference to GAAP contained in the Agreement or in any other Loan Document shall, only to the extent of such Accounting Change, refer to GAAP, consistently applied after giving effect to the implementation of such Accounting Change.  If the Administrative Agent, Borrowers and Requisite Lenders cannot agree upon the required amendments within thirty (30) days following the date of implementation of any Accounting Change, then all Financial Statements delivered and all calculations of financial covenants and other standards and terms in accordance with the Agreement and the other Loan Documents shall be prepared, delivered and made without regard to the underlying Accounting Change.  For purposes of Section 8.1, a breach of a Financial Covenant contained in this Annex G shall be deemed to have occurred as of any date of determination by the Administrative Agent or as of the last day of any specified measurement period, regardless of when the Financial Statements reflecting such breach are delivered to the Administrative Agent.  Notwithstanding any other provision contained in the Agreement, all terms of an accounting or financial nature used in the Agreement shall be construed, and all computations of amounts and ratios referred to in Section 6 of the Agreement or this Annex G shall be made, without giving effect to (i) any election under Accounting Standards Codification 825-10 (or any other Financial Accounting Standard having a similar result or effect) to value any Indebtedness or other liabilities of any Sotheby Entity at “fair value” and (ii) any change to, or modification of, GAAP which would require the capitalization of leases that are characterized as (or would have been characterized as) “operating leases” as of the Restatement Effective Date.

Signature Page to Amended and Restated Credit Agreement
(SFS Revolving Credit Facility)

ANNEX H (Section 9.9(a)) 
to 
CREDIT AGREEMENT 
 
WIRE TRANSFER INFORMATION
 
Dollars
 

	
				
	Bank Name:
	Deutsche Bank Trust Company
	 

	Bank Address:
	New York, NY
	 
	 

	Account Title:
	[Redacted]

	Account #:
	[Redacted]

	ABA #:
	[Redacted]

	Reference:
	[Redacted]

Sterling

	
				
	Bank Name:
	Barclays Bank plc
	 

	Bank Address:
	London, England
	 
	 

	Account Title:
	[Redacted]

	Account #:
	[Redacted]

	Swift Code:
	[Redacted]

	Branch Code:
	[Redacted]

	Reference:
	[Redacted]

Euro

	
				
	Bank Name:
	Deutsche Bank AG
	 

	Bank Address:
	Frankfurt, Germany
	 
	 

	Account Title:
	[Redacted]

	Account #:
	[Redacted]

	Swift Code:
	[Redacted]

	Branch Code:
	[Redacted]

	Reference:
	[Redacted]

Hong Kong Dollars

H-1

	
				
	Bank Name:
	HSBC Bank (Hong Kong)
	 

	Bank Address:
	Hong Kong
	 
	 

	Account Title:
	[Redacted]

	Account #:
	[Redacted]

	Swift Code:
	[Redacted]

	Reference:
	[Redacted]

ANNEX I (Section 11.10) 
to 
CREDIT AGREEMENT 
 
NOTICE ADDRESSES
(A)    If to any Agent or GE Capital, at
General Electric Capital Corporation 
401 Merritt Seven
Norwalk, Connecticut 06851
Attention: Sotheby’s Account Manager 
Telecopier No.: (203) 749-4307
Telephone No.: (203) 956-3640
with a copy to:
General Electric Capital Corporation 
401 Merritt Seven 
Norwalk, Connecticut 06851 
Attention:  Corporate Counsel - Commercial Finance 
Telecopier No.: (203) 567-8215
Telephone No.:  (203) 956-4379
(B)    If to any Borrower, to Borrower Representative, at
Sotheby’s  
1334 York Avenue 
New York, NY  10021 
Attention: Chief Financial Officer 
Telecopier No.: (212) 606-7372
Telephone No.: (212) 606-7107
with a copy to: 
Sotheby’s  
1334 York Avenue 
New York, NY  10021 
Attention: General Counsel 
Telecopier No.: (212) 606-7574 
Telephone No.: (212) 894-1439
ANNEX J (from Annex A - Commitments definition) 
to 
CREDIT AGREEMENT
	
						
	 
	 
	 
	 

	Lender(s)
	Dollar Tranche Commitment
	Multicurrency Tranche Commitment

	General Electric Capital Corporation
	$66,770,893.47
	$33,775,981.53

	JPMorgan Chase Bank, N.A.
	$72,477,807.45
	$36,662,817.55

	HSBC Bank USA, National Association
	$22,827,655.89
	$11,547,344.11

	HSBC Bank PLC
	$22,827,655.89
	$11,547,344.11

	Goldman Sachs Bank USA
	$26,251,804.27
	$13,279,445.73

	RBS Citizens, N.A.
	$22,827,655.89
	$11,547,344.11

	Credit Suisse AG
	$18,901,299.08
	$9,561,200.92

	NYCB Specialty Finance Company, LLC, a wholly owned subsidiary of New York Community Bank
	$27,500,000.00
	$0.00

	Comerica Bank
	$15,979,359.12
	$8,083,140.88

	The PrivateBank and Trust Company
	$19,456,250.00
	$0.00

	Investors Bank
	$16,225,000.00
	$0.00

	Israel Discount Bank of New York
	$9,861,547.34
	$4,988,452.66

	People’s United Bank
	$16,225,000.00
	$0.00

	TD Bank, N.A.
	$17,187,500.00
	$0.00

	Bank Leumi USA
	$9,131,062.36
	$4,618,937.64

	Webster Business Credit Corporation
	$8,674,509.24
	$4,387,990.76

	Flushing Bank
	$6,875,000.00
	$0.00

	Total
	$400,000,000.00
	$150,000,000.00

	 
	 
	 

	Lender
	Dollar Tranche Swing Line Commitment
	Multicurrency Tranche Swing Line Commitment

	General Electric Capital Corporation
	$10,000,000
	$5,000,000

H-2EX-4.1

 Exhibit 4.1 

EXECUTION VERSION 

AMENDMENT NO. 1 TO THE THIRD AMENDED AND RESTATED CREDIT AGREEMENT 

AMENDMENT NO. 1, dated as of August 20, 2014 (this “Amendment”), among Constellation Brands, Inc., a Delaware
corporation (the “Company”), CIH International S.à r.l., a private limited liability company (société à responsabilité limitée) incorporated under the laws of Luxembourg, having its
registered office at 5, rue Guillaume Kroll, L-1882 Luxembourg and registered with the Luxembourg trade and companies register under number B 176.850 with a share capital of US$1,000,000 (the “European Borrower” and together with
the Company, the “Borrowers”), the Guarantors, CI Cerveza S.à r.l., a private limited liability company (société à responsabilité limitée) incorporated under the laws of Luxembourg,
having its registered office at 5, rue Guillaume Kroll, L-1882 Luxembourg and registered with the Luxembourg trade and companies register under number B176.833 and having a share capital of U.S.$25,050 (“CI Cerveza”), Bank of
America, N.A., as Administrative Agent (as defined below), and the other parties hereto. 
 PRELIMINARY STATEMENTS 

A.          The Company has entered into a Credit Agreement dated as of May 3, 2012,
as amended and restated by the Amended and Restated Credit Agreement, dated August 8, 2012, as further amended and restated by the Second Amended and Restated Credit Agreement, dated May 2, 2013 and as further amended and restated by the
Third Amended and Restated Credit Agreement, dated May 28, 2014, among the Company, the Lenders thereto, BANK OF AMERICA, N.A., as swingline lender (in such capacity, “Swingline Lender”), as issuing bank (in such capacity,
“Issuing Bank”), and as administrative agent (in such capacity, “Administrative Agent”) for the Lenders and the other parties thereto (the “Third Amended and Restated Credit Agreement”). 

B.          The parties hereto wish to amend the Third Amended and Restated Credit
Agreement on the terms set forth herein. 
 C.          Section 9.02 of the Third
Amended and Restated Credit Agreement provides that with the consent of the Administrative Agent, the Borrowers and the Lenders providing Replacement Term Loans, the parties thereto may amend the Third Amended and Restated Credit Agreement and the
other Loan Documents to permit the refinancing of all outstanding European Term B Loans. 

D.          (i) Each Amendment No. 1 Consenting Lender has agreed, on the terms
and conditions set forth herein, to have up to all or a portion of its outstanding European Term B Loans converted into a like principal amount of European Term B-1 Loans effective as of the Amendment No. 1 Effective Date (as defined below) and
(ii) if not all outstanding European Term B Loans are converted as described in clause (i) each Additional European Term B-1 Lender has agreed to make an Additional European Term B-1 Commitment in a principal amount equal to the principal
amount of European Term B Loans not converted into European Term B-1 Loans on the Amendment No. 1 Effective Date, the proceeds of which shall be applied to repay in full such non-converted European Term B Loans. 

NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration, the sufficiency and receipt of all of which
are hereby acknowledged, the parties hereto hereby agree as follows: 
 SECTION 1. Definitions. Capitalized terms not otherwise
defined in this Amendment have the same meanings as specified in the Third Amended and Restated Credit Agreement (as set forth as Annex A hereto). 

 SECTION 2. Amendment. Effective as of the Amendment No. 1 Effective Date, the Third
Amended and Restated Credit Agreement is hereby amended to delete the stricken text (indicated textually in the same manner as the following example: stricken text) and to add the double-underlined text (indicated textually in the
same manner as the following example: double-underlined text) as set forth in the pages of the Third Amended and Restated Credit Agreement attached as Annex A. 

SECTION 3. Conditions to Effectiveness of this Amendment. This Amendment shall become effective on the date (such date, if any, the
“Amendment No. 1 Effective Date”) that the following conditions have been satisfied: 

(a)           The Administrative Agent shall have received executed signature pages
hereto from each Loan Party, CI Cerveza, the Administrative Agent each Amendment No. 1 Consenting Lender and each Additional European Term B-1 Lender; 

(b)           The Administrative Agent shall have received all fees required to be
paid, including all expenses required to be paid or reimbursed under the Third Amended and Restated Credit Agreement for which invoices have been presented a reasonable period of time prior to the Amendment No. 1 Effective Date, on or before
the Amendment No. 1 Effective Date; 
 (c)           The representations and
warranties of the Borrowers set forth in Article III of the Third Amended and Restated Credit Agreement (as set forth as Annex A hereto) shall be true and correct in all material respects (except to the extent that any representation and
warranty that is qualified by materiality shall be true and correct in all respects), except where any representation and warranty is expressly made as of a specific earlier date, such representation and warranty shall be true in all material
respects as of any such earlier date; 
 (d)           The Administrative Agent shall
have received Notes executed by the European Borrower in favor of each European Term B-1 Lender requesting a Note at least five Business Days prior to the Amendment No. 1 Effective Date; 

(e)           The Administrative Agent shall have received a certificate in a form
reasonably satisfactory to the Administrative Agent signed by a Responsible Officer of the Company certifying that the conditions specified in Sections 4.02(a) and (b) of the Third Amended and Restated Credit Agreement (as set forth as Annex
A hereto) have been satisfied; 
 (f)            The Administrative Agent
shall have received the executed legal opinions of (i) Nixon Peabody LLP, U.S. counsel to the Borrowers and (ii) Clifford Chance LLP, Luxembourg counsel to the European Borrower, each in form reasonably satisfactory to the Administrative
Agent; and 
 (g)           The Administrative Agent shall have received such
customary closing documents and certificates as the Administrative Agent or its counsel may reasonably request in form and substance reasonably satisfactory to the Administrative Agent and its counsel. 

SECTION 4. Representations and Warranties. The Borrowers represent and warrant as follows as of the date hereof: 

(a)          The execution, delivery and performance by the Loan Parties of this Amendment
has been duly authorized by all necessary corporate or other organizational action. The execution, delivery and performance by the Loan Parties of this Amendment will not (a) violate the organizational documents of any Loan Party,
(b) violate any law applicable to any Loan Party, (c) violate or result in a default or require any consent or approval under any indenture, agreement or other instrument binding 

  
 2 

 
upon any Loan Party or its property, or give rise to a right thereunder to require any payment to be made by any Loan Party, except for violations, defaults, failures to obtain any consent or
approval or the creation of such rights that could not reasonably be expected to result in a Material Adverse Effect, and (d) will not result in the creation or imposition of any Lien on any property of any Loan Party, except Liens created by
the Loan Documents. 
 (b)          This Amendment has been duly executed and delivered
by each Loan Party. Each of this Amendment, the Third Amended and Restated Credit Agreement (as set forth as Annex A hereto) and each other Loan Document to which any Loan Party is a party, after giving effect to the amendments pursuant to
this Amendment, constitutes a legal, valid and binding obligation of each applicable Loan Party, enforceable against each such Loan Party in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other
laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law. 

(c)          Each of the representations and warranties of the Borrowers and each other
Loan Party contained in Article III of the Third Amended and Restated Credit Agreement (as set forth as Annex A hereto) or any other Loan Document, is true and correct in all material respects on and as of the date hereof; provided
that, to the extent that such representations and warranties specifically refer to an earlier date, they are true and correct in all material respects as of such earlier date; provided, further, that any representation and warranty that is
qualified as to “materiality” or “Material Adverse Effect” is true and correct (after giving effect to any qualification therein) in all respects on such respective dates. 

SECTION 5. Effect of Amendment. Except as expressly set forth herein, (i) this Amendment shall not by implication or otherwise
limit, impair, constitute a waiver of or otherwise affect the rights and remedies of the Lenders, the Administrative Agent or any other Agent Parties, in each case under the Third Amended and Restated Credit Agreement or any other Loan Document, and
(ii) shall not alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Third Amended and Restated Credit Agreement or any other provision of either such agreement or any
other Loan Document. Except as expressly set forth herein, each and every term, condition, obligation, covenant and agreement contained in the Third Amended and Restated Credit Agreement or any other Loan Document is hereby ratified and reaffirmed
in all respects and shall continue in full force and effect. This Amendment shall constitute a Loan Document for purposes of the Third Amended and Restated Credit Agreement and from and after the Amendment No. 1 Effective Date, all references
to the Credit Agreement in any Loan Document and all references in the Third Amended and Restated Credit Agreement to “this Agreement”, “hereunder”, “hereof” or words of like import referring to the Third Amended and
Restated Credit Agreement, shall, unless expressly provided otherwise, refer to the Third Amended and Restated Credit Agreement as amended by this Amendment. Each of the Loan Parties hereby consents to this Amendment and confirms that all
obligations of such Loan Party under the Loan Documents to which such Loan Party is a party shall continue to apply to the Third Amended and Restated Credit Agreement as amended hereby. 

SECTION 6. Acknowledgment and Reaffirmation of Guarantors. The Guarantors, the Company, the European Borrower and CI Cerveza
acknowledge and consent to all terms and conditions of this Amendment and the Third Amended and Restated Credit Agreement (as set forth as Annex A hereto) and agree that this Amendment and the Third Amended and Restated Credit Agreement (as
set forth as Annex A hereto) and all documents executed in connection herewith do not operate to reduce or discharge the Guarantors’, the Company’s, the European Borrower’s and CI Cerveza’s obligations under the Loan
Documents. Each Guarantor hereby ratifies and confirms its 

  
 3 

 
obligations under the Loan Documents, including, without limitation, its guarantee of the Obligations and its grant of the security interest in the Collateral to secure the Obligations. The
Company hereby ratifies and confirms its obligations under the Loan Documents, including, without limitation, its guarantee of the European Obligations and its grant of the security interest in the Collateral to secure the Obligations. The
European Borrower and CI Cerveza hereby ratify and confirm their obligations under the Loan Documents, including, without limitation, their grant of the security interest in the Collateral to secure the European Obligations. Each Guarantor, the
Company, the European Borrower and CI Cerveza acknowledge that from and after the date hereof, all Loans (including Revolving Loans) made under the Third Amended and Restated Credit Agreement (as set forth as Annex A hereto) from time to time
outstanding shall be deemed to be Obligations. Each Guarantor, the Company, the European Borrower and CI Cerveza acknowledge, confirm and agree that the liens and security interests granted to the Administrative Agent pursuant to any Loan
Document shall continue to be valid, enforceable first-priority liens and security interests, subject, in each case, only to Liens permitted by Section 6.02 of the Third Amended and Restated Credit Agreement (as set forth as Annex A
hereto). 
 SECTION 7. Execution in Counterparts. This Amendment may be executed in one or more counterparts, each of which shall be
deemed an original, but all of which together shall constitute one and the same instrument. Delivery by facsimile or electronic transmission of an executed counterpart of a signature page to this Amendment shall be effective as delivery of an
original executed counterpart of this Amendment. 
 SECTION 8. Successors. The terms of this Amendment shall be binding upon, and
shall inure for the benefit of, the parties hereto and their respective successors and assigns. 
 SECTION 9. Governing Law. This
Amendment shall be governed by, and construed in accordance with, the law of the State of New York. 
 [The remainder of this page is
intentionally left blank] 

  
 4 

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

							
	CONSTELLATION BRANDS, INC.
			
	By:	 	 /s/ Christopher Stenzel
	 	
		 	Name: Christopher Stenzel
		 	Title: Senior Vice President and Treasurer

  
 [Constellation –
Amendment No. 1] 

 
					
	CIH INTERNATIONAL S.À R.L.
			
	By:	 	 /s/ Nicolas Susgin
	 	
		 	Name: Nicolas Susgin
		 	Title: Manager A
	
	CI CERVEZA S.À R.L.
			
	By:	 	 /s/ Nicolas Susgin
	 	
		 	Name: Nicolas Susgin
		 	Title: Manager A

  
 [Constellation –
Amendment No. 1] 

 
					
	ALCOFI INC.
	CONSTELLATION BEERS LTD.
	CONSTELLATION BRANDS SMO, LLC
	CONSTELLATION LEASING, LLC
	 CONSTELLATION SERVICES LLC
  

	By:	 	 /s/ Oksana S. Dominach
	 	
		 	Name: Oksana S. Dominach	 	
		 	Title: Assistant Treasurer	 	
	  
 CONSTELLATION BRANDS BEACH HOLDINGS, INC.

	CONSTELLATION BRANDS U.S. OPERATIONS, INC.
	CONSTELLATION MARKETING SERVICES, INC.
	CONSTELLATION TRADING COMPANY, INC.
	CROWN IMPORTS LLC
	FRANCISCAN VINEYARDS, INC.
	ROBERT MONDAVI INVESTMENTS
	 THE HOGUE CELLARS, LTD.
  

	By:	 	 /s/ Oksana S. Dominach
	 	
		 	Name: Oksana S. Dominach	 	
		 	Title: Vice President and Assistant Treasurer

  
 [Constellation –
Amendment No. 1] 

 
					
	BANK OF AMERICA, N.A.,
	 individually as a Lender, Swingline Lender, Issuing Bank and Administrative Agent

 

	By: 	 	 /s/ Colleen M. O’Brien
	 	
		 	Name: Colleen M. O’Brien	 	
		 	Title: SVP	 	

  
 [Constellation –
Amendment No. 1] 

 By executing this signature page as an Amendment No. 1 Consenting Lender, the undersigned institution agrees
to the terms of the Amendment and the Third Amended and Restated Credit Agreement (as set forth as Annex A to the Amendment) and consents to convert 100% of the outstanding principal amount of the European Term B Loan held by such Lender (or
such lesser amount allocated to such Lender by the Amendment No. 1 Lead Arranger) into a European Term B-1 Loan in a like principal amount. 
  

					
	Bank of America, N.A.,
	as an Amendment No. 1 Consenting Lender
			
	By: 	 	 /s/ Colleen M. O’Brien
	 	
		 	Name: Colleen M. O’Brien	 	
		 	Title: SVP	 	

  
 [Constellation –
Amendment No. 1] 

 By executing this signature page as an Amendment No. 1 Consenting Lender, the undersigned institution agrees
to the terms of the Amendment and the Third Amended and Restated Credit Agreement (as set forth as Annex A to the Amendment) and consents to convert 100% of the outstanding principal amount of the European Term B Loan held by such Lender (or
such lesser amount allocated to such Lender by the Amendment No. 1 Lead Arranger) into a European Term B-1 Loan in a like principal amount. 
  

					
	COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK, B.A. “RABOBANK NEDERLAND”, NEW YORK BRANCH,
	
	as an Amendment No. 1 Consenting Lender
			
	By: 	 	 /s/ Betty Janelle
	 	
		 	Name: Betty Janelle	 	
		 	Title: Managing Director	 	
			
	By: 	 	 /s/ Claire Laury
	 	
		 	Name: Claire Laury	 	
		 	Title: Executive Director	 	

  
 [Constellation –
Amendment No. 1] 

 By executing this signature page as an Amendment No. 1 Consenting Lender, the undersigned institution agrees
to the terms of the Amendment and the Third Amended and Restated Credit Agreement (as set forth as Annex A to the Amendment) and consents to convert 100% of the outstanding principal amount of the European Term B Loan held by such Lender (or
such lesser amount allocated to such Lender by the Amendment No. 1 Lead Arranger) into a European Term B-1 Loan in a like principal amount. 
  

					
	Wells Fargo Bank, N.A.,
	as an Amendment No. 1 Consenting Lender
			
	By: 	 	 /s/ Kenneth Washington
	 	
		 	Name: Kenneth Washington	 	
		 	Title: Senior Vice President	 	

  
 [Constellation –
Amendment No. 1] 

 By executing this signature page as an Amendment No. 1 Consenting Lender, the undersigned institution agrees
to the terms of the Amendment and the Third Amended and Restated Credit Agreement (as set forth as Annex A to the Amendment) and consents to convert 100% of the outstanding principal amount of the European Term B Loan held by such Lender (or
such lesser amount allocated to such Lender by the Amendment No. 1 Lead Arranger) into a European Term B-1 Loan in a like principal amount. 
  

					
	TD Bank, N.A.,
	as an Amendment No. 1 Consenting Lender
			
	By: 	 	 /s/ Alan Garson
	 	
		 	Name: Alan Garson	 	
		 	Title: Senior Vice President

  
 [Constellation –
Amendment No. 1] 

 By executing this signature page as an Amendment No. 1 Consenting Lender, the undersigned institution agrees
to the terms of the Amendment and the Third Amended and Restated Credit Agreement (as set forth as Annex A to the Amendment) and consents to convert 100% of the outstanding principal amount of the European Term B Loan held by such Lender (or
such lesser amount allocated to such Lender by the Amendment No. 1 Lead Arranger) into a European Term B-1 Loan in a like principal amount. 
  

					
	Fifth Third Bank,
	as an Amendment No. 1 Consenting Lender
			
	By: 	 	 /s/ Laird Boulden
	 	
		 	Name: Laird Boulden	 	
		 	Title: Officer	 	

  
 [Constellation –
Amendment No. 1] 

 By executing this signature page as an Amendment No. 1 Consenting Lender, the undersigned institution agrees
to the terms of the Amendment and the Third Amended and Restated Credit Agreement (as set forth as Annex A to the Amendment) and consents to convert 100% of the outstanding principal amount of the European Term B Loan held by such Lender (or
such lesser amount allocated to such Lender by the Amendment No. 1 Lead Arranger) into a European Term B-1 Loan in a like principal amount. 
  

					
	Pacific Coast Bankers’ Bank,
	as an Amendment No. 1 Consenting Lender
			
	By: 	 	 /s/ Allen Sztukowski
	 	
		 	Name: Allen Sztukowski
		 	Title: Managing Director, Chief Compliance Officer

  
 [Constellation –
Amendment No. 1] 

 By executing this signature page as an Amendment No. 1 Consenting Lender, the undersigned institution agrees
to the terms of the Amendment and the Third Amended and Restated Credit Agreement (as set forth as Annex A to the Amendment) and consents to convert 100% of the outstanding principal amount of the European Term B Loan held by such Lender (or
such lesser amount allocated to such Lender by the Amendment No. 1 Lead Arranger) into a European Term B-1 Loan in a like principal amount. 
  

					
	 Banco de Credito e Inversiones, S.A.

Miami Branch,
 as an Amendment No. 1 Consenting
Lender

			
	By: 	 	 /s/ Ivan Vera
	 	
		 	Name: Ivan Vera
		 	Title: Head of Credit
			
	By: 	 	 /s/ Juan Segundo
	 	
		 	Name: Juan Segundo
		 	Title: Head of Corporate Banking

  
 [Constellation –
Amendment No. 1] 

 By executing this signature page as an Amendment No. 1 Consenting Lender, the undersigned institution agrees
to the terms of the Amendment and the Third Amended and Restated Credit Agreement (as set forth as Annex A to the Amendment) and consents to convert 100% of the outstanding principal amount of the European Term B Loan held by such Lender (or
such lesser amount allocated to such Lender by the Amendment No. 1 Lead Arranger) into a European Term B-1 Loan in a like principal amount. 
  

					
	Erste Group Bank AG,
	as an Amendment No. 1 Consenting Lender
			
	By: 	 	 /s/ Robert J. Wagman
	 	
		 	Name: Robert J. Wagman
		 	Title: Managing Director
			
	By: 	 	 /s/ Bryan Lynch
	 	
		 	Name: Bryan Lynch
		 	Title: Senior Vice President

  
 [Constellation –
Amendment No. 1] 

 By executing this signature page as an Amendment No. 1 Consenting Lender, the undersigned institution agrees
to the terms of the Amendment and the Third Amended and Restated Credit Agreement (as set forth as Annex A to the Amendment) and consents to convert 100% of the outstanding principal amount of the European Term B Loan held by such Lender (or
such lesser amount allocated to such Lender by the Amendment No. 1 Lead Arranger) into a European Term B-1 Loan in a like principal amount. 
  

					
	Taiwan Cooperative Bank Ltd, Seattle Branch,
	as an Amendment No. 1 Consenting Lender
			
	By: 	 	 /s/ Ming-Chih Chen
	 	
		 	Name: Ming-Chih Chen
		 	Title: VP & General Manager

  
 [Constellation –
Amendment No. 1] 

 By executing this signature page as an Amendment No. 1 Consenting Lender, the undersigned institution agrees
to the terms of the Amendment and the Third Amended and Restated Credit Agreement (as set forth as Annex A to the Amendment) and consents to convert 100% of the outstanding principal amount of the European Term B Loan held by such Lender (or
such lesser amount allocated to such Lender by the Amendment No. 1 Lead Arranger) into a European Term B-1 Loan in a like principal amount. 
  

							
	Farmers & Merchants Bank of Central California,
	as an Amendment No. 1 Consenting Lender
			
	By: 	 	 /s/ Ken Smith
	 	
		 	Name: Ken Smith	 	
		 	Title:	 	EVP/SCO
		 		 	Farmers & Merchants Bank of Central California

  
 [Constellation –
Amendment No. 1] 

 By executing this signature page as an Amendment No. 1 Consenting Lender, the undersigned institution agrees
to the terms of the Amendment and the Third Amended and Restated Credit Agreement (as set forth as Annex A to the Amendment) and consents to convert 100% of the outstanding principal amount of the European Term B Loan held by such Lender (or
such lesser amount allocated to such Lender by the Amendment No. 1 Lead Arranger) into a European Term B-1 Loan in a like principal amount. 
  

					
	FirstMerit Bank, N.A.,
	as an Amendment No. 1 Consenting Lender
			
	By: 	 	 /s/ Timothy Daniels
	 	
		 	Name: Timothy Daniels
		 	Title: Senior Vice President

  
 [Constellation –
Amendment No. 1] 

 By executing this signature page as an Amendment No. 1 Consenting Lender, the undersigned institution agrees
to the terms of the Amendment and the Third Amended and Restated Credit Agreement (as set forth as Annex A to the Amendment) and consents to convert 100% of the outstanding principal amount of the European Term B Loan held by such Lender (or
such lesser amount allocated to such Lender by the Amendment No. 1 Lead Arranger) into a European Term B-1 Loan in a like principal amount. 
  

					
	BOKF, NA dba Bank of Oklahoma,
	as an Amendment No. 1 Consenting Lender
			
	By: 	 	 /s/ Paul E. Johnson
	 	
		 	Name: Paul E. Johnson
		 	Title: Vice President

  
 [Constellation –
Amendment No. 1] 

 By executing this signature page as an Amendment No. 1 Consenting Lender, the undersigned institution agrees
to the terms of the Amendment and the Third Amended and Restated Credit Agreement (as set forth as Annex A to the Amendment) and consents to convert 100% of the outstanding principal amount of the European Term B Loan held by such Lender (or
such lesser amount allocated to such Lender by the Amendment No. 1 Lead Arranger) into a European Term B-1 Loan in a like principal amount. 
  

					
	First Savings Bank of Perkasie,
	as an Amendment No. 1 Consenting Lender
			
	By: 	 	 /s/ Kevin R. Cornwall
	 	
		 	Name: Kevin R. Cornwall
		 	Title: Executive Vice President, Chief Credit Officer

  
 [Constellation –
Amendment No. 1] 

 By executing this signature page as an Amendment No. 1 Consenting Lender, the undersigned institution agrees
to the terms of the Amendment and the Third Amended and Restated Credit Agreement (as set forth as Annex A to the Amendment) and consents to convert 100% of the outstanding principal amount of the European Term B Loan held by such Lender (or
such lesser amount allocated to such Lender by the Amendment No. 1 Lead Arranger) into a European Term B-1 Loan in a like principal amount. 
  

					
	Xenith Bank,
	as an Amendment No. 1 Consenting Lender
			
	By: 	 	 /s/ Bradley D. Nott
	 	
		 	Name: Bradley D. Nott
		 	Title: Senior Vice President

  
 [Constellation –
Amendment No. 1] 

 By executing this signature page as an Amendment No. 1 Consenting Lender, the undersigned institution agrees
to the terms of the Amendment and the Third Amended and Restated Credit Agreement (as set forth as Annex A to the Amendment) and consents to convert 100% of the outstanding principal amount of the European Term B Loan held by such Lender (or
such lesser amount allocated to such Lender by the Amendment No. 1 Lead Arranger) into a European Term B-1 Loan in a like principal amount. 
  

					
	Waukesha State Bank,
	as an Amendment No. 1 Consenting Lender
			
	By: 	 	 /s/ Tina Neis
	 	
		 	Name: Tina Neis	 	
		 	Title: Vice President

  
 [Constellation –
Amendment No. 1] 

 By executing this signature page as an Amendment No. 1 Consenting Lender, the undersigned institution agrees
to the terms of the Amendment and the Third Amended and Restated Credit Agreement (as set forth as Annex A to the Amendment) and consents to convert 100% of the outstanding principal amount of the European Term B Loan held by such Lender (or
such lesser amount allocated to such Lender by the Amendment No. 1 Lead Arranger) into a European Term B-1 Loan in a like principal amount. 
  

					
	1st Constitution Bank,
	as an Amendment No. 1 Consenting Lender
			
	By: 	 	 /s/ John T. Andreacio
	 	
		 	Name: John T. Andreacio
		 	Title: Senior Vice President

  
 [Constellation –
Amendment No. 1] 

 By executing this signature page as an Amendment No. 1 Consenting Lender, the undersigned institution agrees
to the terms of the Amendment and the Third Amended and Restated Credit Agreement (as set forth as Annex A to the Amendment) and consents to convert 100% of the outstanding principal amount of the European Term B Loan held by such Lender (or
such lesser amount allocated to such Lender by the Amendment No. 1 Lead Arranger) into a European Term B-1 Loan in a like principal amount. 
  

					
	BALLANTYNE FUNDING LLC,
	as an Amendment No. 1 Consenting Lender
			
	By: 	 	 /s/ Tara E. Kenny
	 	
		 	Name: Tara E. Kenny
		 	Title: Assistant Vice President

  
 [Constellation –
Amendment No. 1] 

 By executing this signature page as an Amendment No. 1 Consenting Lender, the undersigned institution agrees
to the terms of the Amendment and the Third Amended and Restated Credit Agreement (as set forth as Annex A to the Amendment) and consents to convert 100% of the outstanding principal amount of the European Term B Loan held by such Lender (or
such lesser amount allocated to such Lender by the Amendment No. 1 Lead Arranger) into a European Term B-1 Loan in a like principal amount. 
  

					
	CITIBANK, N.A.,
	as an Amendment No. 1 Consenting Lender
			
	By: 	 	 /s/ Brian S. Broyles
	 	
		 	Name: Brian S. Broyles
		 	Title: Attorney-In-Fact

  
 [Constellation –
Amendment No. 1] 

 By executing this signature page as an Amendment No. 1 Consenting Lender, the undersigned institution agrees
to the terms of the Amendment and the Third Amended and Restated Credit Agreement (as set forth as Annex A to the Amendment) and consents to convert 100% of the outstanding principal amount of the European Term B Loan held by such Lender (or
such lesser amount allocated to such Lender by the Amendment No. 1 Lead Arranger) into a European Term B-1 Loan in a like principal amount. 
  

					
	Lender,
	as an Amendment No. 1 Consenting Lender
	
	Northrup Grumman Pension Master Trust
		
	By: 	 	MacKay Shields LLC,
	an Investment Adviser and not individually
			
	By:	 	 /s/ Dan Roberts
	 	
		 	Name: Dan Roberts	 	
		 	Title: Executive Managing Director

  
 [Constellation –
Amendment No. 1] 

 By executing this signature page as an Amendment No. 1 Consenting Lender, the undersigned institution agrees
to the terms of the Amendment and the Third Amended and Restated Credit Agreement (as set forth as Annex A to the Amendment) and consents to convert 100% of the outstanding principal amount of the European Term B Loan held by such Lender (or
such lesser amount allocated to such Lender by the Amendment No. 1 Lead Arranger) into a European Term B-1 Loan in a like principal amount. 
  

					
	Canyon Capital CLO 2006-1, Ltd.
	as an Amendment No. 1 Consenting Lender
		
	By: 	 	Canyon Capital Advisors LLC,
	its Asset Manager
			
	By:	 	 /s/ Jonathan M. Kaplan
	 	
		 	Name: Jonathan M. Kaplan	 	
		 	Title: Authorized Signatory	 	

  
 [Constellation –
Amendment No. 1] 

 By executing this signature page as an Amendment No. 1 Consenting Lender, the undersigned institution agrees
to the terms of the Amendment and the Third Amended and Restated Credit Agreement (as set forth as Annex A to the Amendment) and consents to convert 100% of the outstanding principal amount of the European Term B Loan held by such Lender (or
such lesser amount allocated to such Lender by the Amendment No. 1 Lead Arranger) into a European Term B-1 Loan in a like principal amount. 
  

					
	WM Pool – High Yield Fixed Interest Trust
	as an Amendment No. 1 Consenting Lender
			
	By: 	 	 /s/ Ron Polye
	 	
		 	Name: Ron Polye	 	
		 	Title: Authorized Officer  	 	

  
 [Constellation –
Amendment No. 1] 

 By executing this signature page as an Amendment No. 1 Consenting Lender, the undersigned institution agrees
to the terms of the Amendment and the Third Amended and Restated Credit Agreement (as set forth as Annex A to the Amendment) and consents to convert 100% of the outstanding principal amount of the European Term B Loan held by such Lender (or
such lesser amount allocated to such Lender by the Amendment No. 1 Lead Arranger) into a European Term B-1 Loan in a like principal amount. 
  

					
	AMMC CLO X, LIMITED
	as an Amendment No. 1 Consenting Lender
		
	By: 	 	American Money Management Corp., as
		 	Collateral Manager	 	
			
	By:	 	 /s/ David P. Meyer
	 	
		 	Name: David P. Meyer
		 	Title: Senior Vice President	 	

  
 [Constellation –
Amendment No. 1] 

 By executing this signature page as an Amendment No. 1 Consenting Lender, the undersigned institution agrees
to the terms of the Amendment and the Third Amended and Restated Credit Agreement (as set forth as Annex A to the Amendment) and consents to convert 100% of the outstanding principal amount of the European Term B Loan held by such Lender (or
such lesser amount allocated to such Lender by the Amendment No. 1 Lead Arranger) into a European Term B-1 Loan in a like principal amount. 
  

					
	AMMC CLO XII, LIMITED
	as an Amendment No. 1 Consenting Lender
		
	By: 	 	American Money Management Corp., as
		 	Collateral Manager	 	
			
	By:	 	 /s/ David P. Meyer
	 	
		 	Name: David P. Meyer
		 	Title: Senior Vice President	 	

  
 [Constellation –
Amendment No. 1] 

 By executing this signature page as an Amendment No. 1 Consenting Lender, the undersigned institution agrees
to the terms of the Amendment and the Third Amended and Restated Credit Agreement (as set forth as Annex A to the Amendment) and consents to convert 100% of the outstanding principal amount of the European Term B Loan held by such Lender (or
such lesser amount allocated to such Lender by the Amendment No. 1 Lead Arranger) into a European Term B-1 Loan in a like principal amount. 
  

					
	Goldman Sachs Credit Partners L.P.,
	as an Amendment No. 1 Consenting Lender
			
	By: 	 	 /s/ Michelle Latzoni
	 	
		 	Name: Michelle Latzoni
		 	Title: Authorized Signatory	 	

  
 [Constellation –
Amendment No. 1] 

 By executing this signature page as an Amendment No. 1 Consenting Lender, the undersigned institution agrees
to the terms of the Amendment and the Third Amended and Restated Credit Agreement (as set forth as Annex A to the Amendment) and consents to convert 100% of the outstanding principal amount of the European Term B Loan held by such Lender (or
such lesser amount allocated to such Lender by the Amendment No. 1 Lead Arranger) into a European Term B-1 Loan in a like principal amount. 
  

					
	Eaton Vance Institutional Senior Loan Fund
	as an Amendment No. 1 Consenting Lender
			
	By: 	 	Eaton Vance Management	 	
	as Investment Advisor
			
	By:	 	 /s/ Michael Botthof
	 	
		 	Name: Michael Botthof
		 	Title: Vice President

  
 [Constellation –
Amendment No. 1] 

 By executing this signature page as an Amendment No. 1 Consenting Lender, the undersigned institution agrees
to the terms of the Amendment and the Third Amended and Restated Credit Agreement (as set forth as Annex A to the Amendment) and consents to convert 100% of the outstanding principal amount of the European Term B Loan held by such Lender (or
such lesser amount allocated to such Lender by the Amendment No. 1 Lead Arranger) into a European Term B-1 Loan in a like principal amount. 
  

					
	VENTURE XV CLO, Limited
	as an Amendment No. 1 Consenting Lender
		
	By: 	 	its investment advisor
	MJX Asset Management LLC
			
	By:	 	 /s/ Martin E. Davey
	 	
		 	Name: Martin E. Davey
		 	Title: Senior Portfolio Manager

  
 [Constellation –
Amendment No. 1] 

 By executing this signature page as an Amendment No. 1 Consenting Lender, the undersigned institution agrees
to the terms of the Amendment and the Third Amended and Restated Credit Agreement (as set forth as Annex A to the Amendment) and consents to convert 100% of the outstanding principal amount of the European Term B Loan held by such Lender (or
such lesser amount allocated to such Lender by the Amendment No. 1 Lead Arranger) into a European Term B-1 Loan in a like principal amount. 
  

					
	VENTURE XVI CLO, Limited
	as an Amendment No. 1 Consenting Lender
		
	By: 	 	its investment advisor
	MJX Asset Management LLC
			
	By:	 	 /s/ Martin E. Davey
	 	
		 	Name: Martin E. Davey
		 	Title: Senior Portfolio Manager

  
 [Constellation –
Amendment No. 1] 

 By executing this signature page as an Amendment No. 1 Consenting Lender, the undersigned institution agrees
to the terms of the Amendment and the Third Amended and Restated Credit Agreement (as set forth as Annex A to the Amendment) and consents to convert 100% of the outstanding principal amount of the European Term B Loan held by such Lender (or
such lesser amount allocated to such Lender by the Amendment No. 1 Lead Arranger) into a European Term B-1 Loan in a like principal amount. 
  

					
	VENTURE XIII CLO, Limited
	as an Amendment No. 1 Consenting Lender
		
	By: 	 	its Investment Advisor
	MJX Asset Management LLC
			
	By:	 	 /s/ Martin E. Davey
	 	
		 	Name: Martin E. Davey
		 	Title: Senior Portfolio Manager

  
 [Constellation –
Amendment No. 1] 

 By executing this signature page as an Amendment No. 1 Consenting Lender, the undersigned institution agrees
to the terms of the Amendment and the Third Amended and Restated Credit Agreement (as set forth as Annex A to the Amendment) and consents to convert 100% of the outstanding principal amount of the European Term B Loan held by such Lender (or
such lesser amount allocated to such Lender by the Amendment No. 1 Lead Arranger) into a European Term B-1 Loan in a like principal amount. 
  

					
	VENTURE XIV CLO, Limited
	as an Amendment No. 1 Consenting Lender
		
	By:	 	its investment advisor
	MJX Asset Management LLC
			
	By: 	 	 /s/ Martin E. Davey
	 	
		 	Name: Martin E. Davey
		 	Title: Senior Portfolio Manager

  
 [Constellation –
Amendment No. 1] 

 By executing this signature page as an Amendment No. 1 Consenting Lender, the undersigned institution agrees
to the terms of the Amendment and the Third Amended and Restated Credit Agreement (as set forth as Annex A to the Amendment) and consents to convert 100% of the outstanding principal amount of the European Term B Loan held by such Lender (or
such lesser amount allocated to such Lender by the Amendment No. 1 Lead Arranger) into a European Term B-1 Loan in a like principal amount. 
  

					
	Callidus Debt Partners CLO Fund VI, Ltd.
	as an Amendment No. 1 Consenting Lender
		
	By:	 	GSO / Blackstone Debt Funds Management
		 	LLC as Collateral Manager	 	
			
	By: 	 	 /s/ Thomas Iannarone
	 	
		 	Name: Thomas Iannarone
		 	Title: Authorized Signatory

  
 [Constellation –
Amendment No. 1] 

 By executing this signature page as an Amendment No. 1 Consenting Lender, the undersigned institution agrees
to the terms of the Amendment and the Third Amended and Restated Credit Agreement (as set forth as Annex A to the Amendment) and consents to convert 100% of the outstanding principal amount of the European Term B Loan held by such Lender (or
such lesser amount allocated to such Lender by the Amendment No. 1 Lead Arranger) into a European Term B-1 Loan in a like principal amount. 
  

					
	Hartford Total Return Bond HLS Fund
	as an Amendment No. 1 Consenting Lender
		
	By:	 	Wellington Management Company, LLP as its
		 	Investment Advisor	 	
			
	By: 	 	 /s/ Donna Sirianni
	 	
		 	Name: Donna Sirianni
		 	Title: Assistant Vice President

  
 [Constellation –
Amendment No. 1] 

 By executing this signature page as an Amendment No. 1 Consenting Lender, the undersigned institution agrees
to the terms of the Amendment and the Third Amended and Restated Credit Agreement (as set forth as Annex A to the Amendment) and consents to convert 100% of the outstanding principal amount of the European Term B Loan held by such Lender (or
such lesser amount allocated to such Lender by the Amendment No. 1 Lead Arranger) into a European Term B-1 Loan in a like principal amount. 
  

					
	The Hartford Total Return Bond Fund
	as an Amendment No. 1 Consenting Lender
		
	By:	 	Wellington Management Company, LLP as its
		 	Investment Advisor	 	
			
	By: 	 	 /s/ Donna Sirianni
	 	
		 	Name: Donna Sirianni
		 	Title: Assistant Vice President

  
 [Constellation –
Amendment No. 1] 

 By executing this signature page as an Amendment No. 1 Consenting Lender, the undersigned institution agrees
to the terms of the Amendment and the Third Amended and Restated Credit Agreement (as set forth as Annex A to the Amendment) and consents to convert 100% of the outstanding principal amount of the European Term B Loan held by such Lender (or
such lesser amount allocated to such Lender by the Amendment No. 1 Lead Arranger) into a European Term B-1 Loan in a like principal amount. 
  

					
	DoubleLine Low Duration Bond Fund
	as an Amendment No. 1 Consenting Lender
		
	By:	 	DoubleLine Capital LP
			
	By: 	 	 /s/ Karen Tsang
	 	
		 	Name: Karen Tsang
		 	Title: Authorized Signatory	 	

  
 [Constellation –
Amendment No. 1] 

 By executing this signature page as an Amendment No. 1 Consenting Lender, the undersigned institution agrees
to the terms of the Amendment and the Third Amended and Restated Credit Agreement (as set forth as Annex A to the Amendment) and consents to convert 100% of the outstanding principal amount of the European Term B Loan held by such Lender (or
such lesser amount allocated to such Lender by the Amendment No. 1 Lead Arranger) into a European Term B-1 Loan in a like principal amount. 
  

					
	Manufacturers and Traders Trust Co
	as an Amendment No. 1 Consenting Lender
			
	By: 	 	
/s/ Timothy Jones  
8-12-14
	 	
		 	Name: Timothy Jones
		 	Title: Vice President/Group Manager

  
 [Constellation –
Amendment No. 1] 

 By executing this signature page as an Amendment No. 1 Consenting Lender, the undersigned institution agrees
to the terms of the Amendment and the Third Amended and Restated Credit Agreement (as set forth as Annex A to the Amendment) and consents to convert 100% of the outstanding principal amount of the European Term B Loan held by such Lender (or
such lesser amount allocated to such Lender by the Amendment No. 1 Lead Arranger) into a European Term B-1 Loan in a like principal amount. 
  

					
	Sumitomo Mitsui Banking Corporation,
	as an Amendment No. 1 Consenting Lender
			
	By: 	 	 /s/ Katsuyuki Kubo
	 	
		 	Name: Katsuyuki Kubo
		 	Title: Managing Director

  
 [Constellation –
Amendment No. 1] 

 By executing this signature page as an Amendment No. 1 Consenting Lender, the undersigned institution agrees
to the terms of the Amendment and the Third Amended and Restated Credit Agreement (as set forth as Annex A to the Amendment) and consents to convert 100% of the outstanding principal amount of the European Term B Loan held by such Lender (or
such lesser amount allocated to such Lender by the Amendment No. 1 Lead Arranger) into a European Term B-1 Loan in a like principal amount. 
  

					
	Branch Banking and Trust Company,
	as an Amendment No. 1 Consenting Lender
			
	By: 	 	 /s/ Kenneth M. Blackwell
	 	
		 	Name: Kenneth M. Blackwell
		 	Title: Senior Vice President

  
 [Constellation –
Amendment No. 1] 

 By executing this signature page as an Amendment No. 1 Consenting Lender, the undersigned institution agrees
to the terms of the Amendment and the Third Amended and Restated Credit Agreement (as set forth as Annex A to the Amendment) and consents to convert 100% of the outstanding principal amount of the European Term B Loan held by such Lender (or
such lesser amount allocated to such Lender by the Amendment No. 1 Lead Arranger) into a European Term B-1 Loan in a like principal amount. 
  

			
	Morgan Stanley Bank National Association,
	as an Amendment No. 1 Consenting Lender
		
	By: 	 	/s/ Howard G. Cohen            
		 	Name: Howard G. Cohen
		 	Title: Executive Director

  
 [Constellation –
Amendment No. 1] 

 By executing this signature page as an Amendment No. 1 Consenting Lender, the undersigned institution agrees
to the terms of the Amendment and the Third Amended and Restated Credit Agreement (as set forth as Annex A to the Amendment) and consents to convert 100% of the outstanding principal amount of the European Term B Loan held by such Lender (or
such lesser amount allocated to such Lender by the Amendment No. 1 Lead Arranger) into a European Term B-1 Loan in a like principal amount. 
  

			
	Florida Community Bank N.A.,
	as an Amendment No. 1 Consenting Lender
		
	By: 	 	/s/ Jonathan Simoens          
		 	Name: Jonathan Simoens
		 	Title: SVP

  
 [Constellation –
Amendment No. 1] 

 By executing this signature page as an Amendment No. 1 Consenting Lender, the undersigned institution agrees
to the terms of the Amendment and the Third Amended and Restated Credit Agreement (as set forth as Annex A to the Amendment) and consents to convert 100% of the outstanding principal amount of the European Term B Loan held by such Lender (or
such lesser amount allocated to such Lender by the Amendment No. 1 Lead Arranger) into a European Term B-1 Loan in a like principal amount. 
  

			
	Capital Bank, N.A.,
	as an Amendment No. 1 Consenting Lender
		
	By: 	 	/s/ Brian Reeves                  
		 	Name: Brian Reeves
		 	Title: Market President

  
 [Constellation –
Amendment No. 1] 

 By executing this signature page as an Amendment No. 1 Consenting Lender, the undersigned institution agrees
to the terms of the Amendment and the Third Amended and Restated Credit Agreement (as set forth as Annex A to the Amendment) and consents to convert 100% of the outstanding principal amount of the European Term B Loan held by such Lender (or
such lesser amount allocated to such Lender by the Amendment No. 1 Lead Arranger) into a European Term B-1 Loan in a like principal amount. 
  

			
	AZB Funding,
	as an Amendment No. 1 Consenting Lender
		
	By: 	 	/s/ Hiroshi Matsumoto       
		 	Name: Hiroshi Matsumoto
		 	Title: Deputy General Manager

  
 [Constellation –
Amendment No. 1] 

 By executing this signature page as an Amendment No. 1 Consenting Lender, the undersigned institution agrees
to the terms of the Amendment and the Third Amended and Restated Credit Agreement (as set forth as Annex A to the Amendment) and consents to convert 100% of the outstanding principal amount of the European Term B Loan held by such Lender (or
such lesser amount allocated to such Lender by the Amendment No. 1 Lead Arranger) into a European Term B-1 Loan in a like principal amount. 
  

			
	The Huntington National Bank,
	as an Amendment No. 1 Consenting Lender
		
	By: 	 	/s/ Amanda M. Sigg            
		 	Name: Amanda M. Sigg
		 	Title: Vice President

  
 [Constellation –
Amendment No. 1] 

 By executing this signature page as an Amendment No. 1 Consenting Lender, the undersigned institution agrees
to the terms of the Amendment and the Third Amended and Restated Credit Agreement (as set forth as Annex A to the Amendment) and consents to convert 100% of the outstanding principal amount of the European Term B Loan held by such Lender (or
such lesser amount allocated to such Lender by the Amendment No. 1 Lead Arranger) into a European Term B-1 Loan in a like principal amount. 
  

			
	Mechanics Bank, a California banking corporation,
	as an Amendment No. 1 Consenting Lender
		
	By: 	 	/s/ Fernando Buesa             
		 	Name: Fernando Buesa
		 	 Title: Senior Vice President

         Capital Markets Manager

  
 [Constellation –
Amendment No. 1] 

 By executing this signature page as an Amendment No. 1 Consenting Lender, the undersigned institution agrees
to the terms of the Amendment and the Third Amended and Restated Credit Agreement (as set forth as Annex A to the Amendment) and consents to convert 100% of the outstanding principal amount of the European Term B Loan held by such Lender (or
such lesser amount allocated to such Lender by the Amendment No. 1 Lead Arranger) into a European Term B-1 Loan in a like principal amount. 
  

			
	Somerset Trust Company,
	as an Amendment No. 1 Consenting Lender
		
	By: 	 	/s/ Parke Kreinbrook            
		 	Name: Parke Kreinbrook
		 	Title: Loan Officer

  
 [Constellation –
Amendment No. 1] 

 By executing this signature page as an Amendment No. 1 Consenting Lender, the undersigned institution agrees
to the terms of the Amendment and the Third Amended and Restated Credit Agreement (as set forth as Annex A to the Amendment) and consents to convert 100% of the outstanding principal amount of the European Term B Loan held by such Lender (or
such lesser amount allocated to such Lender by the Amendment No. 1 Lead Arranger) into a European Term B-1 Loan in a like principal amount. 
  

			
	OCEAN TRAILS CLO I
	as an Amendment No. 1 Consenting Lender
		
	By: 	 	West Gate Horizons Advisors LLC,
	as Investment Manager
		
	By:	 	/s/ Heidi Skor                      
		 	Name: Heidi Skor
		 	Title: Senior Credit Analyst

  
 [Constellation –
Amendment No. 1] 

 By executing this signature page, the undersigned institution as an Additional European Term B-1 Lender agrees to
the terms of the Amendment and the Third Amended and Restated Credit Agreement (as set forth as Annex A to the Amendment). 
  

			
	BANK OF AMERICA, N.A.,
	as an Additional European Term B-1 Lender
		
	By: 	 	/s/ Colleen M. O’Brien       
		 	Name: Colleen M. O’Brien
		 	Title: Sr. Vice President

  
 Additional European Term Loan B-1 Commitment:
$56,000,000.00 

  
 [Constellation –
Amendment No. 1] 

 By executing this signature page, the undersigned institution as an Additional European Term B-1 Lender agrees to
the terms of the Amendment and the Third Amended and Restated Credit Agreement (as set forth as Annex A to the Amendment). 
  

			
	SUMITOMO MITSUI BANKING CORP.,
	as an Additional European Term B-1 Lender
		
	By: 	 	/s/ David W. Kee                  
		 	David W. Kee
		 	Managing Director

  
 Additional European Term Loan B-1 Commitment:
$20,000,000 

  
 [Constellation –
Amendment No. 1] 

 By executing this signature page, the undersigned institution as an Additional European Term B-1 Lender agrees to
the terms of the Amendment and the Third Amended and Restated Credit Agreement (as set forth as Annex A to the Amendment). 
  

			
	COMPASS BANK,
	as an Additional European Term B-1 Lender
		
	By: 	 	/s/ Susana Campuzano        
		 	Name: Susana Campuzano
		 	Title: Senior Vice President

  
 Additional European Term Loan B-1 Commitment:
$40,000,000.00 

  
 [Constellation –
Amendment No. 1] 

 By executing this signature page, the undersigned institution as an Additional European Term B-1 Lender agrees to
the terms of the Amendment and the Third Amended and Restated Credit Agreement (as set forth as Annex A to the Amendment). 
  

			
	 CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH,

as an Additional European Term B-1 Lender

		
	By: 	 	/s/ Mikhail Faybusovich                        
		 	Name: Mikhail Faybusovich
		 	Title: Authorized Signatory
		
	By:	 	/s/ Samuel Miller                
		 	Name: Samuel Miller
		 	Title: Authorized Signatory

  
 Additional European Term Loan B-1 Commitment:
$37,500,000.00 

  
 [Constellation –
Amendment No. 1] 

 By executing this signature page, the undersigned institution as an Additional European Term B-1 Lender agrees to
the terms of the Amendment and the Third Amended and Restated Credit Agreement (as set forth as Annex A to the Amendment). 
  

			
	TD BANK, N.A.,
	as an Additional European Term B-1 Lender
		
	By: 	 	/s/ Alan Garson                   
		 	Name: Alan Garson
		 	Title: Senior Vice President

  
 Additional European Term Loan B-1 Commitment:
$20,000,000.00 

  
 [Constellation –
Amendment No. 1] 

 By executing this signature page, the undersigned institution as an Additional European Term B-1 Lender agrees to
the terms of the Amendment and the Third Amended and Restated Credit Agreement (as set forth as Annex A to the Amendment). 
  

			
	STATE BANK OF INDIA, LOS ANGELES AGENCY,
	as an Additional European Term B-1 Lender
		
	By: 	 	/s/ Vijayalakshmi Muddu                
		 	Name: Vijayalakshmi Muddu
		 	Title: VP & Head (Syndications)

  
 Additional European Term Loan B-1 Commitment:
$25,000,000 

  
 [Constellation –
Amendment No. 1] 

 By executing this signature page, the undersigned institution as an Additional European Term B-1 Lender agrees to
the terms of the Amendment and the Third Amended and Restated Credit Agreement (as set forth as Annex A to the Amendment). 
  

			
	SUNTRUST BANK,
	as an Additional European Term B-1 Lender
		
	By: 	 	/s/ Tesha Winslow              
		 	Name: Tesha Winslow
		 	Title: Director

  
 Additional European Term Loan B-1 Commitment:
$25,000,000 

  
 [Constellation –
Amendment No. 1] 

 By executing this signature page, the undersigned institution as an Additional European Term B-1 Lender agrees to
the terms of the Amendment and the Third Amended and Restated Credit Agreement (as set forth as Annex A to the Amendment). 
  

			
	FIFTH THIRD BANK,
	as an Additional European Term B-1 Lender
		
	By: 	 	/s/ Laird Boulden                
		 	Name: Laird Boulden
		 	Title: Officer

  
 Additional European Term Loan B-1 Commitment:
$8,000,000.00 

  
 [Constellation –
Amendment No. 1] 

 By executing this signature page, the undersigned institution as an Additional European Term B-1 Lender agrees to
the terms of the Amendment and the Third Amended and Restated Credit Agreement (as set forth as Annex A to the Amendment). 
  

			
	THE BANK OF NOVA SCOTIA,
	as an Additional European Term B-1 Lender
		
	By: 	 	/s/ Michael Grad                  
		 	Name: Michael Grad
		 	Title: Director

  
 Additional European Term Loan B-1 Commitment:
$20,000,000.00 

  
 [Constellation –
Amendment No. 1] 

 By executing this signature page, the undersigned institution as an Additional European Term B-1 Lender agrees to
the terms of the Amendment and the Third Amended and Restated Credit Agreement (as set forth as Annex A to the Amendment). 
  

			
	CAPITAL BANK, N.A.,
	as an Additional European Term B-1 Lender
		
	By: 	 	/s/ Brian Reeves                
		 	Name: Brian Reeves
		 	Title: Market President

  
 Additional European Term Loan B-1 Commitment:
$6,135,012.60 

  
 [Constellation –
Amendment No. 1] 

 By executing this signature page, the undersigned institution as an Additional European Term B-1 Lender agrees to
the terms of the Amendment and the Third Amended and Restated Credit Agreement (as set forth as Annex A to the Amendment). 
  

			
	JPMORGAN CHASE BANK, N.A.,
	as an Additional European Term B-1 Lender
		
	By: 	 	/s/ Tony Yung                      
		 	Name: Tony Yung
		 	Title: Executive Director

  
 Additional European Term Loan B-1 Commitment:
$10,764,400.11 

  
 [Constellation –
Amendment No. 1] 

 By executing this signature page, the undersigned institution as an Additional European Term B-1 Lender agrees to
the terms of the Amendment and the Third Amended and Restated Credit Agreement (as set forth as Annex A to the Amendment). 
  

			
	BOKF, NA DBA BANK OF OKLAHOMA,
	as an Additional European Term B-1 Lender
		
	By: 	 	/s/ Paul E. Johnson                            
		 	Name: Paul E. Johnson
		 	Title: Vice President

  
 Additional European Term Loan B-1 Commitment:
$2,030,000 

  
 [Constellation –
Amendment No. 1] 

 By executing this signature page, the undersigned institution as an Additional European Term B-1 Lender agrees to
the terms of the Amendment and the Third Amended and Restated Credit Agreement (as set forth as Annex A to the Amendment). 
  

			
	First Savings Bank of Perkasie
	as an Additional European Term B-1 Lender
		
	By: 	 	/s/ Kevin Cornwall                            
		 	Name: Kevin Cornwall
		 	Title: EVP, Chief Credit Officer

  
 Additional European Term Loan B-1 Commitment:
$2,000,000 

  
 [Constellation –
Amendment No. 1] 

 By executing this signature page, the undersigned institution as an Additional European Term B-1 Lender agrees to
the terms of the Amendment and the Third Amended and Restated Credit Agreement (as set forth as Annex A to the Amendment). 
  

			
	ERSTE GROUP BANK AG,
	as an Additional European Term B-1 Lender
		
	By: 	 	/s/ Gregory
Aptman                                    
		 	Name: Gregory Aptman
		 	Title: Managing Director
		
	By:	 	/s/ Patrick Kunkel                            
		 	Name: Patrick Kunkel
		 	Title: Managing Director

  
 Additional European Term Loan B-1 Commitment:
$2,531,486.15 

  
 [Constellation –
Amendment No. 1] 

 ANNEX A 

THIRD AMENDED AND RESTATED CREDIT AGREEMENT 

AS AMENDED BY AMENDMENT NO. 1 

[SEE ATTACHED] 

 THIRD AMENDED AND RESTATED CREDIT AGREEMENT 

dated as of 
 May 28,
2014, 
 and as Amended
by Amendment No. 1 on August 20, 2014 
 among 

CONSTELLATION BRANDS, INC., 
 as
the Company 
 CIH INTERNATIONAL S.À R.L., 

as the European Borrower 
 and 

BANK OF AMERICA, N.A., 
 as
Administrative Agent, 
 The Lenders Party Hereto, 

JPMORGAN CHASE BANK, N.A. 

BARCLAYS BANK PLC 
 COBANK, ACB 

and 
 COÖPERATIEVE CENTRALE
RAIFFEISEN – BOERENLEENBANK, B.A. 
 “RABOBANK NEDERLAND,” NEW YORK BRANCH, 

as Co-Syndication Agents 
 MERRILL
LYNCH, PIERCE, FENNER & SMITH INCORPORATED 
 J.P. MORGAN SECURITIES LLC 

BARCLAYS BANK PLC 

COÖPERATIEVE CENTRALE RAIFFEISEN – BOERENLEENBANK, B.A. 

“RABOBANK NEDERLAND,” NEW YORK BRANCH, 

and 
 COBANK, ACB, 

as Joint Lead Arrangers and Joint Bookrunning Managers 

for the U.S. Term A Loans and Revolving Loans 

COÖPERATIEVE CENTRALE RAIFFEISEN – BOERENLEENBANK, B.A. 

“RABOBANK NEDERLAND,” NEW YORK BRANCH 

and 
 COBANK, ACB, 

as Joint Lead Arrangers and Joint Bookrunning Managers for the U.S. Term A-1 Loans 

J.P. MORGAN SECURITIES LLC 

MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED 

WELLS FARGO SECURITIES, LLC 

BARCLAYS BANK PLC 
 and 

COÖPERATIEVE CENTRALE RAIFFEISEN – BOERENLEENBANK, B.A. 

 “RABOBANK NEDERLAND,” NEW YORK BRANCH, 

as Joint Lead Arrangers and Joint Bookrunning Managers for the U.S. Term A-2 Loans, 

European Term A Loans and European Term B Loans 

JPMORGAN CHASE BANK, N.A. 
 and

 COÖPERATIEVE CENTRALE RAIFFEISEN – BOERENLEENBANK, B.A. 

“RABOBANK NEDERLAND,” NEW YORK BRANCH, 

as Co-Syndication Agents for the U.S. Term A-2 Loans, 

European Term A Loans and European Term B Loans 

WELLS FARGO BANK, N.A. 
 and 

BARCLAYS BANK PLC, 
 as
Co-Documentation Agents for the U.S. Term A-2 Loans, 
 European Term A Loans and European Term B Loans 

   

MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED,  

as Amendment No. 1 Lead Arranger and Amendment No. 1 Bookrunning Manager

  
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	
	ARTICLE I	  
	
	Definitions	  
			
	 SECTION 1.01.
	 	 Defined Terms
	  	 	1	  
	 SECTION 1.02.
	 	 Classification of Loans and Borrowings
	  	 	33	  
	 SECTION 1.03.
	 	 Terms Generally
	  	   
	3334  
	    

	 SECTION 1.04.
	 	 Accounting Terms; GAAP
	  	 	34	  
	 SECTION 1.05.
	 	 Payments on Business Days
	  	   
	3435  
	    

	 SECTION 1.06.
	 	 Pro Forma Compliance
	  	   
	3435  
	    

	 SECTION 1.07.
	 	 Rounding
	  	 	35	  
	 SECTION 1.08.
	 	 Times of Day
	  	 	35	  
	 SECTION 1.09.
	 	 Letter of Credit Amounts
	  	 	35	  
	 SECTION 1.10.
	 	 Exchange Rates; Currency Equivalents
	  	 	35	  
	 SECTION 1.11.
	 	 Effect of Restatement
	  	 	35	  
	
	ARTICLE II	  
	
	The Credits	  
			
	 SECTION 2.01.
	 	 Outstanding Loans; Commitments
	  	   
	3536  
	    

	 SECTION 2.02.
	 	 Loans and Borrowings
	  	   
	3637  
	    

	 SECTION 2.03.
	 	 Requests for Borrowings
	  	 	37	  
	 SECTION 2.04.
	 	 Swingline Loans
	  	 	38	  
	 SECTION 2.05.
	 	 Letters of Credit
	  	 	40	  
	 SECTION 2.06.
	 	 Funding of Borrowings
	  	   
	4647  
	    

	 SECTION 2.07.
	 	 Market Disruption
	  	 	47	  
	 SECTION 2.08.
	 	 Termination and Reduction of Commitments
	  	 	47	  
	 SECTION 2.09.
	 	 Repayment of Loans; Evidence of Debt
	  	   
	4748  
	    

	 SECTION 2.10.
	 	 Prepayment of Loans
	  	   
	4950  
	    

	 SECTION 2.11.
	 	 Fees
	  	   
	5152  
	    

	 SECTION 2.12.
	 	 Interest
	  	   
	5253  
	    

	 SECTION 2.13.
	 	 Alternate Rate of Interest
	  	 	53	  
	 SECTION 2.14.
	 	 Increased Costs
	  	   
	5354  
	    

	 SECTION 2.15.
	 	 Break Funding Payments
	  	   
	5455  
	    

	 SECTION 2.16.
	 	 Taxes
	  	   
	5455  
	    

	 SECTION 2.17.
	 	 Payments Generally; Pro Rata Treatment; Sharing of Setoffs
	  	 	58	  
	 SECTION 2.18.
	 	 Mitigation Obligations; Replacement of Lenders
	  	 	60	  
	 SECTION 2.19.
	 	 Expansion Option
	  	 	61	  
	 SECTION 2.20.
	 	 Extended Term Loans and Extended Revolving Commitments
	  	   
	6263  
	    

	
	ARTICLE III	  
	
	Representations and Warranties	  
			
	 SECTION 3.01.
	 	 Organization; Powers; Subsidiaries
	  	 	64	  
	 SECTION 3.02.
	 	 Authorization; Enforceability
	  	 	6465	  
	 SECTION 3.03.
	 	 Governmental Approvals; No Conflicts
	  	 	6465	  
	 SECTION 3.04.
	 	 Financial Statements; Financial Condition; No Material Adverse Change
	  	 	65	  
	 SECTION 3.05.
	 	 Properties 
	  	 	65	  

  
 i 

							
	 	 	 	  	Page	 
			
	 SECTION 3.06.
	 	 Litigation and Environmental Matters
	  	 	65	  
	 SECTION 3.07.
	 	 Compliance with Laws and Agreements
	  	   
	6566  
	    

	 SECTION 3.08.
	 	 Investment Company Status
	  	   
	6566  
	    

	 SECTION 3.09.
	 	 Taxes
	  	   
	6566  
	    

	 SECTION 3.10.
	 	 Solvency
	  	 	66	  
	 SECTION 3.11.
	 	 Disclosure
	  	 	66	  
	 SECTION 3.12.
	 	 Federal Reserve Regulations
	  	 	66	  
	 SECTION 3.13.
	 	 Security Interests
	  	 	66	  
	 SECTION 3.14.
	 	 PATRIOT Act
	  	   
	6667  
	    

	 SECTION 3.15.
	 	 OFAC
	  	   
	6667  
	    

	 SECTION 3.16.
	 	 FCPA
	  	   
	6667  
	    

	
	ARTICLE IV	  
	
	Conditions	  
			
	 SECTION 4.01.
	 	 Conditions to the Restatement Effective Date
	  	 	67	  
	 SECTION 4.02.
	 	 Subsequent Credit Events
	  	   
	6768  
	    

	
	ARTICLE V	  
	
	Affirmative Covenants	  
			
	 SECTION 5.01.
	 	 Financial Statements and Other Information
	  	 	68	  
	 SECTION 5.02.
	 	 Notice of Material Events
	  	   
	6970  
	    

	 SECTION 5.03.
	 	 Existence; Conduct of Business
	  	 	70	  
	 SECTION 5.04.
	 	 Payment of Obligations
	  	 	70	  
	 SECTION 5.05.
	 	 Maintenance of Properties; Insurance
	  	 	70	  
	 SECTION 5.06.
	 	 Inspection Rights
	  	 	70	  
	 SECTION 5.07.
	 	 Compliance with Laws; Compliance with Agreements
	  	   
	7071  
	    

	 SECTION 5.08.
	 	 Use of Proceeds and Letters of Credit
	  	   
	7071  
	    

	 SECTION 5.09.
	 	 Further Assurances; Additional Security and Guarantees
	  	 	71	  
	 SECTION 5.10.
	 	 Farm Credit Equity and Security
	  	 	72	  
	
	ARTICLE VI	  
	
	Negative Covenants	  
			
	 SECTION 6.01.
	 	 Indebtedness
	  	 	73	  
	 SECTION 6.02.
	 	 Liens
	  	 	75	  
	 SECTION 6.03.
	 	 Fundamental Changes
	  	   
	7778  
	    

	 SECTION 6.04.
	 	 Restricted Payments
	  	 	78	  
	 SECTION 6.05.
	 	 Investments
	  	 	79	  
	 SECTION 6.06.
	 	 Prepayments of Specified Indebtedness
	  	   
	8081  
	    

	 SECTION 6.07.
	 	 Transactions with Affiliates
	  	 	81	  
	 SECTION 6.08.
	 	 Restrictive Agreements
	  	 	82	  
	 SECTION 6.09.
	 	 Financial Covenants
	  	   
	8283  
	    

	 SECTION 6.10.
	 	 Dispositions 
	  	 	83	  

  
 - ii- 

							
	 	 	 	  	Page	 
	
	ARTICLE VII	  
	
	Events of Default	  
	
	ARTICLE VIII	  
	
	The Administrative Agent	  
	
	ARTICLE IX	  
	
	Miscellaneous	  
			
	 SECTION 9.01.
	 	 Notices
	  	 	90	  
	 SECTION 9.02.
	 	 Waivers; Amendments
	  	   
	9192  
	    

	 SECTION 9.03.
	 	 Expenses; Indemnity; Damage Waiver
	  	 	93	  
	 SECTION 9.04.
	 	 Successors and Assigns
	  	 	94	  
	 SECTION 9.05.
	 	 Survival
	  	 	98	  
	 SECTION 9.06.
	 	 Counterparts; Integration; Effectiveness
	  	 	98	  
	 SECTION 9.07.
	 	 Severability
	  	 	98	  
	 SECTION 9.08.
	 	 Right of Setoff
	  	   
	9899  
	    

	 SECTION 9.09.
	 	 Governing Law; Jurisdiction; Consent to Service of Process
	  	 	99	  
	 SECTION 9.10.
	 	 WAIVER OF JURY TRIAL
	  	 	100	  
	 SECTION 9.11.
	 	 Headings
	  	 	100	  
	 SECTION 9.12.
	 	 Confidentiality
	  	 	100	  
	 SECTION 9.13.
	 	 USA PATRIOT Act
	  	 	101	  
	 SECTION 9.14.
	 	 Interest Rate Limitation
	  	 	101	  
	 SECTION 9.15.
	 	 No Fiduciary Duty
	  	 	101	  
	 SECTION 9.16.
	 	 Judgment Currency
	  	 	102	  

					
			
	 SCHEDULES:
	  		  	
			
	 Schedule 2.01
	  	 –
	  	 Commitments

	 Schedule 2.05
	  	 –
	  	 Existing Letters of Credit

	 Schedule 3.01
	  	 –
	  	 Subsidiaries

	 Schedule 3.06
	  	 –
	  	 Disclosed Matters

	 Schedule 6.01
	  	 –
	  	 Existing Indebtedness

	 Schedule 6.02
	  	 –
	  	 Existing Liens

	 Schedule 6.05(g)
	  	 –
	  	 Investments

	 Schedule 9.01
	  	 –
	  	 Notices

	 Schedule 9.04(f)
	  	 –
	  	 Voting Participants

			
	 EXHIBITS:
	  		  	
			
	 Exhibit A
	  	 –
	  	 Form of Assignment and Assumption

	 Exhibit B-1
	  	 –
	  	 Form of U.S. Term A Note

	 Exhibit B-2
	  	 –
	  	 Form of U.S. Term A-1 Note

	 Exhibit B-3
	  	 –
	  	 Form of U.S. Revolving Note

	 Exhibit B-4
	  	 –
	  	 Form of European Revolving Note

	 Exhibit B-5
	  	 –
	  	 Form of U.S. Term A-2 Note

	 Exhibit B-6
	  	 –
	  	 Form of European Term A Note

	 Exhibit B-7
	  	 –
	  	 Form of European Term B-1
Note 
  

  
 -iii- 

					
	 Exhibit C
	  	 –
	  	 [Reserved]

	 Exhibit D-1
	  	 –
	  	 [Reserved]

	 Exhibit D-2
	  	 –
	  	 [Reserved]

	 Exhibit D-3
	  	 –
	  	 [Reserved]

	 Exhibit D-4
	  	 –
	  	 [Reserved]

	 Exhibit E
	  	 –
	  	 Form of Committed Loan Notice

	 Exhibit F
	  	 –
	  	 Form of Swingline Loan Notice

	 Exhibit G
	  	 –
	  	 Form of Compliance Certificate

	 Exhibit H-1
	  	 –
	  	Form of U.S. Tax Certificate (For Foreign Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes)
	 Exhibit H-2
	  	 –
	  	Form of U.S. Tax Certificate (For Foreign Lenders That Are Partnerships For U.S. Federal Income Tax Purposes)
	 Exhibit H-3
	  	 –
	  	Form of U.S. Tax Certificate (For Non-U.S. Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes)
	 Exhibit H-4
	  	 –
	  	Form of U.S. Tax Certificate (For Non-U.S. Participants That Are Partnerships For U.S. Federal Income Tax Purposes)

  
 - iv- 

 THIRD AMENDED AND RESTATED CREDIT AGREEMENT (this “Agreement”) dated as of
May 28, 2014 (as amended by Amendment No. 1 on August 20, 2014) among CONSTELLATION BRANDS, INC., a Delaware corporation, CIH International S.à r.l., a private limited
liability company (société à responsabilité limitée) incorporated under the laws of Luxembourg, having its registered office at 5, rue Guillaume Kroll, L-1882 Luxembourg and registered with the Luxembourg
trade and companies register under number B 176.850 with a share capital of US$1,000,000, the LENDERS party hereto, BANK OF AMERICA, N.A., as Administrative Agent and the other parties hereto. 

The parties hereto agree to the following: 

ARTICLE I 
 Definitions

 SECTION 1.01.     Defined Terms. As used in this Agreement, the following terms have the meanings
specified below: 
 “Acquisition” means (i) the acquisition by Constellation Beers Ltd. and Constellation Brands Beach
Holdings, Inc., each a wholly owned subsidiary of the Company, of all of the outstanding Equity Interests of Crown Imports LLC that are not currently owned by Constellation Beers Ltd., (ii) the acquisition by the Company or one or more
Subsidiaries thereof of all of the outstanding shares of Compañia Cervecera de Coahuila, S.A. de C.V. and Servicios Modelo de Coahuila S.A. de C.V. and (iii) the acquisition by the Company or one or more Subsidiaries thereof of any other
assets (including intellectual property assets) relating to the foregoing, each in accordance with the terms of the Acquisition Agreement. 

“Acquisition Agreement” means (i) the Amended and Restated Membership Interest Purchase Agreement, dated as of
February 13, 2013, by and among Constellation Beers Ltd., Constellation Brands Beach Holdings, Inc., the Company and Anheuser-Busch InBev SA/NV, (ii) the Stock Purchase Agreement, dated as of February 13, 2013, between Anheuser-Busch
InBev SA/NA and the Company and (iii) all related agreements referred to in the agreements specified in clauses (i) and (ii), each as amended or supplemented in any manner that is not materially adverse to the Lenders. 

“Act” has the meaning assigned in Section 9.13. 

“Additional Credit Extension Amendment” means an amendment to this Agreement (which may, at the option of the Administrative
Agent, be in the form of an amendment and restatement of this Agreement) providing for any Incremental Term Loans, Replacement Term Loans, Extended Term Loans or Extended Revolving Commitments which shall be consistent with the applicable provisions
of this Agreement relating to Incremental Term Loans, Replacement Term Loans, Extended Term Loans or Extended Revolving Commitments and otherwise satisfactory to the Administrative Agent and the Company. 

“Additional European Term B-1 Commitment” means, with respect to each
Additional European Term B-1 Lender, its commitment to make its allocated portion of the European Term B-1 Loan on the Amendment No. 1 Effective Date in the amount indicated on such Additional European Term B-1 Lender’s signature page to
Amendment No. 1. The aggregate amount of Additional European Term B-1 Commitments on the Amendment No. 1 Effective Date is $990,000,000 minus the aggregate principal amount of the Converted European Term B Loans of all Lenders. 

“Additional European Term B-1 Lenders” means the Persons identified as such
in Amendment No. 1.  
 “Administrative Agent” means Bank of America, in its capacity as administrative agent
for the Lenders hereunder, or any successor administrative agent. 

 “Administrative Agent’s Office” means the Administrative Agent’s
address and, as appropriate, account as set forth on Schedule 9.01 hereto or such other address or account as the Administrative Agent may from time to time notify to the Company and the Lenders. 

“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. 
 “Agency Fee Letter”
means the administrative agency fee letter, dated as of the March 29, 2012, between the Company and the Administrative Agent. 

“Agent Parties” has the meaning assigned in Section 9.01(c). 

“Agreement” has the meaning assigned in the preamble hereto. 

“Alternative Currencies” means any currency (other than Dollars) approved by the Administrative Agent and the applicable
Issuing Bank. 
 “Amendment No. 1” means Amendment No. 1 to this
Agreement, dated as of August 20, 2014, by and among the Borrowers, the Guarantors, the Administrative Agent, the Lenders party thereto and the other parties thereto. 

“Amendment No. 1 Bookrunning Manager” means Merrill Lynch, Pierce,
Fenner & Smith Incorporated. 
 “Amendment No. 1 Consenting
Lender” means each Lender that provided the Administrative Agent with a counterpart to Amendment No. 1 executed by such Lender as an Amendment No. 1 Consenting Lender. 

 “Amendment No. 1 Effective Date” has the meaning specified in
Amendment No. 1. 
  “Amendment No. 1 Lead Arranger”
means Merrill Lynch, Pierce, Fenner & Smith Incorporated. 
 “Applicable Participants” means (i) with
respect to any U.S. Swingline Loans or U.S. Letter of Credit, the U.S. Revolving Lenders and (ii) with respect to any European Swingline Loans or European Letter of Credit, the European Revolving Lenders. 

“Applicable Percentage” means, with respect to any Lender, (a) with respect to Revolving Loans, L/C Exposure or
Swingline Loans of any Class, a percentage equal to a fraction the numerator of which is such Lender’s Revolving Commitment of such Class and the denominator of which is the aggregate Revolving Commitments of such Class of all Revolving Lenders
(if the Revolving Commitments of such Class have terminated or expired, the Applicable Percentages shall be determined based upon such Lender’s share of the aggregate Revolving Credit Exposures of such Class at that time), (b) with respect
to the Term Loans of any Class, a percentage equal to a fraction the numerator of which is such Lender’s outstanding principal amount of the Term Loans of such Class and the denominator of which is the aggregate outstanding principal amount of
the Term Loans of such Class, and (c) with respect to the Commitments in respect of Term Loans of any Class, a percentage equal to a fraction the numerator of which is such Lender’s Commitment of such Class and the denominator of which is
the aggregate outstanding amount of the Commitments of such Class of all Lenders. 
 “Applicable Period” has the meaning
assigned to such term in the definition of “Applicable Rate.” 
 “Applicable Rate” means (i) 2.00% in the
case of Eurodollar U.S. Term A Loans, Eurodollar U.S. Term A-2 Loans, Eurodollar European Term A Loans, Eurodollar U.S. Revolving Loans, Eurodollar European Revolving Loans and L/C Fees, (ii) 1.00% in the case of Base Rate U.S. Term A Loans,
Base Rate U.S. Term A-2 Loans, Base Rate European Term A Loans, Base Rate U.S. Revolving Loans, Base Rate European Revolving Loans, U.S. 

  
 2 

 
Swingline Loans and European Swingline Loans, (iii) 2.25% in the case of Eurodollar U.S. Term A-1 Loans, (iv) 1.25% in the case of Base Rate U.S. Term A-1 Loans, (v) 1.00% in the
case of Base Rate European Term B-1 Loans, (vi) 2.00% in the case of Eurodollar European Term B-1 Loans and (vii) 0.40%
in the case of commitment fees; provided that the Applicable Rate with respect to U.S. Revolving Loans, European Revolving Loans, L/C Fees, commitment fees, U.S. Term A Loans, U.S. Term A-1 Loans, U.S. Term A-2 Loans and the European Term A
Loans shall be subject to adjustment following each date of delivery of financial statements of the Company pursuant to Section 5.01(a) or (b) (“Financials”) based on the Consolidated Leverage Ratio, as follows: 

 

													
	   Level    
  
	 	 Consolidated Leverage

Ratio
  
	 	Eurodollar U.S. Term A 
Loans, Eurodollar U.S. 
Term A-2 Loans, 
Eurodollar European 
Term A Loans, U.S. 
Revolving
Loans, 
European Revolving 
Loans and L/C Fees	 	Base Rate U.S. Term A 
Loans, Base Rate U.S. 
Term A-2 Loans,
Base 
Rate European Term A 
Loans, U.S. Revolving 
Loans, European 
Revolving Loans and 
Swingline Loans	 	
Eurodollar U.S. 
Term A-1 Loans 

 
	 	 Base Rate U.S. 
Term A-1 Loans
  
	 	
  Commitment 
Fee
  

	
1  
	 	> 5.00:1	 	2.25%	 	1.25%	 	2.50%	 	1.50%	 	0.50%
	 2  
	 	> 4.50:1 but £ 5.00:1	 	2.00%	 	1.00%	 	2.25%	 	1.25%	 	0.40%
	
3  
	 	> 4.00:1 but £ 4.50:1	 	1.75%	 	0.75%	 	2.00%	 	1.00%	 	0.35%
	
4  
	 	> 3.00:1 but £ 4.00:1	 	1.50%	 	0.50%	 	1.75%	 	0.75%	 	0.30%
	
5  
	 	£ 3.00:1	 	1.25%	 	0.25%	 	1.50%	 	0.50%	 	0.25%

 provided, further, that the Applicable Rate with respect to the European Term
B-1 Loans shall be subject to adjustment following each date of delivery of Financials, commencing with the second full fiscal quarter after the Original Restatement Effective Date, based
on the Consolidated Leverage Ratio, as follows: 
  

							
	  Level    	 	Consolidated Leverage Ratio	 	    Eurodollar European Term B-1 Loans	 	          Base Rate 
European Term B-1 Loans    
	1  	 	3 4.25:1	 	2.00%	 	1.00%
	2  	 	< 4.25:1	 	1.75%	 	0.75%

  
 Any increase or decrease in the Applicable Rates
resulting from a change in the Consolidated Leverage Ratio shall become effective as of the first Business Day immediately following the date of delivery of the most recent Financials; provided that at the option of the Required Lenders
(which shall, except for purposes of determining the Applicable Rate for the European Term B-1 Loans, be calculated for such purposes assuming no European Term
B-1 Loans are outstanding), Level 1 pricing shall apply (i) as of the first Business Day after the date on which such Financials were required to have been delivered but have not been
delivered pursuant to Section 5.01(a) or (b) and shall continue to so apply to and including the date on which such Financials are so delivered (and thereafter the Level otherwise determined in accordance with this definition shall apply)
and (ii) as of the first Business Day after an Event of Default under Article VII shall have occurred and be continuing and the Administrative Agent has notified the Company that Level I pricing applies, and shall continue to so apply to but
excluding the date on which such Event of Default shall cease to be continuing (and thereafter the Level otherwise determined in accordance with this definition shall apply). 

In the event that any Financials previously delivered were incorrect or inaccurate (regardless of whether this Agreement or the Commitments
are in effect when such inaccuracy is discovered), and such inaccuracy, if corrected, would have led to the application of a higher Applicable Rate for any period (an “Applicable Period”) than the Applicable Rate applied for such
Applicable Period, then (i) the Company shall as soon as practicable deliver to the Administrative Agent the correct Financials for such Applicable Period, (ii) the Applicable Rate shall be determined as if the Level for such higher
Applicable Rate were applicable for such Applicable Period, and (iii) the Borrowers shall within 3 Business Days of demand thereof by the Administrative Agent pay to the Administrative Agent the accrued additional interest owing as a result of
such increased Applicable Rate for such Applicable Period, which payment shall be promptly applied by the Administrative Agent in accordance with this Agreement. This paragraph shall not limit the rights of the Administrative Agent and Lenders with
respect to any Event of Default. 
 “Applicable Time” means, with respect to any borrowings and payments in any Alternative
Currency, the local time in the place of settlement for such Alternative Currency as may be determined by the Administrative 

  
 3 

 
Agent or the Issuing Bank, as the case may be, to be necessary for timely settlement on the relevant date in accordance with normal banking procedures in the place of payment. 

“Approved Fund” means any Fund that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or
(c) an entity or an Affiliate of an entity that administers or manages a Lender. 
 “Arrangers” means (a) with
respect to the U.S. Term A Loans and the Revolving Loans, Merrill Lynch, Pierce, Fenner & Smith Incorporated, J.P. Morgan Securities LLC, Barclays Bank PLC, Coöperatieve Centrale Raiffeisen – Boerenleenbank, B.A. “Rabobank
Nederland,” New York Branch and CoBank, ACB, (b) with respect to the U.S. Term A-1 Loans, CoBank, ACB and Coöperatieve Centrale Raiffeisen – Boerenleenbank, B.A. “Rabobank Nederland,” New York Branch
and, (c) with respect to the U.S. Term A-2 Loans, European Term A Loans and European Term B Loans, J.P. Morgan Securities LLC, Merrill Lynch, Pierce, Fenner &
Smith Incorporated, Coöperatieve Centrale Raiffeisen – Boerenleenbank, B.A. “Rabobank Nederland,” New York Branch, Barclays Bank PLC and Wells Fargo Securities LLC and
(d) with respect to the European Term B-1 Loans, the Amendment No. 1 Lead Arranger; provided that, with respect to clauses (a), (b) and (c), any requirement that
the Arrangers consent to any action hereunder shall be satisfied if J.P. Morgan Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated deliver to the Administrative Agent a written notice stating that a number of Arrangers
have consented to such action to authorize such consent as separately agreed in writing among the Arrangers. 
 “Asset
Sale” means any Disposition of Property or series of related Dispositions of Property pursuant to clause (e)(iii) (but only to the extent of any Net Cash Proceeds in excess of $400,000,000), (j) or (k) of Section 6.10 which
yields Net Cash Proceeds to the Company or any of its Subsidiaries in excess of $25,000,000 in the aggregate for any such Disposition or series of related Dispositions. 

“Assignee Group” means two or more Eligible Assignees that are Affiliates of one another or two or more Approved Funds
managed by the same investment advisor. 
 “Assignment and Assumption” means an assignment and assumption agreement entered
into by a Lender and an assignee (with the consent of any party whose consent is required by Section 9.04 of this Agreement), and accepted by the Administrative Agent, in the form of Exhibit A or any other form (including electronic
documentation generated by use of an electronic platform) approved by the Administrative Agent. 
 “Attributable Receivables
Indebtedness” at any time shall mean the principal amount of Indebtedness which (i) if a Permitted Receivables Facility is structured as a secured lending agreement, would constitute the principal amount of such Indebtedness or
(ii) if a Permitted Receivables Facility is structured as a purchase agreement, would be outstanding at such time under the Permitted Receivables Facility if the same were structured as a secured lending agreement rather than a purchase
agreement. 
 “Augmenting Lender” has the meaning assigned to such term in Section 2.19(a). 

“Auto-Extension Letter of Credit” has the meaning set forth in Section 2.05(b)(iii). 

“Availability Period” means, with respect to any Revolving Credit Facility, the period from and including the Restatement
Effective Date to but excluding the earlier of the Revolving Credit Maturity Date for such Revolving Credit Facility and the date of termination of the Revolving Commitments for such Revolving Credit Facility in accordance with the provisions of
this Agreement. 
 “Available Amount” means, at any time (the “Reference Time”), an amount equal to: 

(a)          the sum, without duplication, of: 

  (i)          an amount equal to 50% of the cumulative amount of
Consolidated Net Income for the period commencing on June 1, 2012 and ending on the last day of the most recent fiscal quarter of the Company completed prior to the Reference Time for which financial statements have

  
 4 

 
been delivered pursuant to Section 5.01(a) or (b) (or, if Consolidated Net Income for such period is negative, 100% of such negative amount), plus 

 (ii)        the aggregate net cash proceeds received after the Original Closing
Date and at or prior to the Reference Time by the Company either (1) as capital contributions in the form of common equity to the Company (other than from any of its Subsidiaries) or (2) from the issuance or sale (other than to any of its
Subsidiaries) of Qualified Equity Interests, plus 
 (iii)        the
aggregate net cash proceeds received after the Original Closing Date and at or prior to the Reference Time by the Company (other than from any of its Subsidiaries) upon the exercise of any options, warrants or rights to purchase Qualified Equity
Interests of the Company (and excluding the Net Cash Proceeds from the exercise of any options, warrants or rights to purchase Qualified Equity Interest financed, directly or indirectly, using funds borrowed from the Company or any Subsidiary until
and only to the extent such borrowing is repaid), plus 
 (iv)        100%
of the aggregate amount received in cash by means of the sale or other disposition (other than to the Company or a Subsidiary) of Investments made pursuant to Section 6.05(n) or (o) by the Company or its Subsidiaries and repurchases and
redemptions of such Investments from the Company or its Subsidiaries and repayments of loans or advances which constitute such Investments made pursuant to Section 6.05(n) or (o) by the Company or its Subsidiaries, in each case to the
extent that such amounts were not otherwise included in the Consolidated Net Income of the Company for such period, minus 

(b)          the sum, without duplication, of: 

  (i)         the aggregate amount of Restricted Payments made
pursuant to Section 6.04(g) and (j) prior to the Reference Time; plus 

 (ii)         the aggregate amount of Investments made in reliance on
Section 6.05(n) and (o) prior to the Reference Time; plus 

(iii)         the aggregate amount of prepayments of Specified Indebtedness made
in reliance on Section 6.06(c) and (d) prior to the Reference Time. 
 “Bank of America” means Bank of America,
N.A. and its successors. 
 “Barbados Charge over Shares” means the Charge over Shares executed and delivered by the
Company in favor of the Administrative Agent on the Original Closing Date as amended by a Deed of Amendment and Further Charge by Way of Charge over Shares executed and delivered by the Company in favor of the Administrative Agent on July 2,
2013. 
 “Base Rate” means for any day a fluctuating rate per annum equal to the highest of (a) the Federal Funds
Effective Rate plus 1/2 of 1%, (b) the rate of interest in effect for such day as publicly announced from time to time by Bank of America as its “prime rate,” and (c) the LIBO Rate plus 1.00%;
provided, however, that the Base Rate in respect of the European Term B Loans shall at no time be less than 1.75% per annum. The “prime rate” is a rate set by Bank of America based
upon various factors including Bank of America’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 shall take effect at the opening of business on the day specified in the public announcement of such change. “Base Rate,” when used in reference to any Loan or Borrowing, refers to
whether such Loan, or the Loans comprising such Borrowing, are bearing interest at a rate determined by reference to the Base Rate. 

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

  
 5 

 “Borrower” means the Company and/or the European Borrower, as the context may
require, and “Borrowers” means both the Company and the European Borrower; provided that the European Borrower shall not be deemed to be a Borrower hereunder from and after the termination of the European Revolving Commitments and
full satisfaction of the European Obligations. 
 “Borrower Materials” has the meaning assigned in Section 5.01. 

“Borrowing” means (a) Loans (other than Swingline Loans) of the same Class and 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, or (b) a Swingline Loan. 

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

“Bridge B Loans” has the meaning assigned to such term in the Bridge Facility. 

“Bridge Facility” means the Second Amended and Restated Interim Loan Agreement, dated as of February 13, 2013, by and
among the Company, Bank of America, as administrative agent, and the lenders party thereto. 
 “Business Day” means any day
other than a Saturday, Sunday or other day on which commercial banks are authorized to close under the Laws of, or are in fact closed in, the state where the Administrative Agent’s Office is located and, if such day relates to any Eurodollar
Loan, means any such day that is also a London Banking Day. 
 “Capital Lease Obligations” of any Person means the
obligations of such Person to pay rent or other amounts under any lease of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as
capital leases on a balance sheet of such Person under GAAP as in effect on the Original Closing Date, and the amount of such obligations as of any date shall be the capitalized amount thereof determined in accordance with GAAP as in effect on the
Original Closing Date that would appear on a balance sheet of such Person prepared as of such date. 
 “Cash Collateralize”
means to pledge and deposit with or deliver to the Administrative Agent, for the benefit of the Issuing Bank and the Applicable Participants, as collateral for the L/C Exposures, cash or deposit account balances pursuant to documentation in form and
substance reasonably satisfactory to the Administrative Agent and the Issuing Bank (which documents are hereby consented to by the Applicable Participants). Cash Collateral shall be maintained in blocked, non-interest bearing deposit accounts at
Bank of America. 
 “Cash Equivalents” means: 

(a)          direct obligations of, or obligations the principal of and
interest on which are unconditionally guaranteed by, the United States of America (or by any agency or instrumentality thereof), in each case maturing within one year from the date of acquisition thereof; 

(b)          investments in commercial paper maturing within one year from
the date of acquisition thereof and having, at such date of acquisition, a credit rating of at least “A-1” from S&P’s or “P-1” from Moody’s; 

(c)          marketable short-term money market and similar securities
having a rating of at least “A-2” from S&P’s or “P-2” from Moody’s (or, if at the time neither S&P’s or Moody’s shall be rating such obligations, an equivalent rating from another rating agency) and in
each case maturing within one year from the date of acquisition thereof; 

(d)          investments in certificates of deposit, bankers’
acceptances, time deposits and eurodollar time deposits maturing within one year from the date of acquisition thereof issued or guaranteed by or placed with, and money market deposit accounts issued or offered by, any office of (x) any
commercial bank organized under the laws of the United States of America or any State thereof which has a combined capital and surplus and undivided profits of not less than U.S. $500,000,000 or (y) any Lender hereunder; 

  
 6 

 (e)          fully
collateralized repurchase agreements with a term of not more than 30 days for securities described in clause (a) of this definition and entered into with a financial institution satisfying the criteria described in clause (d) of this
definition; 
 (f)          money market funds that
(i) (x) comply with the criteria set forth in Securities and Exchange Commission Rule 2a-7 under the Investment Company Act of 1940, as amended, and (y) substantially all of whose assets are invested in the types of assets described
in clauses (a) through (e) of this definition or (ii) are issued or offered by any of the Lenders hereunder; 

(g)          foreign investments substantially comparable to any of the
foregoing in connection with managing the cash of any Foreign Subsidiary; 

(h)          readily marketable direct obligations issued by any state,
commonwealth or territory of the United States or any political subdivision or taxing authority thereof having an “A” rating from either S&P’s or Moody’s with maturities of one year or less from the date of acquisition; and

 (i)          Investments with weighted average life to maturities of
one year or less from the date of acquisition in money market funds rated “A” (or the equivalent thereof) or better by S&P’s or “A” (or the equivalent thereof) or better by Moody’s and in each case in U.S. dollars.

 “Cash Management Bank” means any Person that was a Lender or an Affiliate of a Lender (x) on the Original Closing
Date or (y) at the time the Company or any Subsidiary initially incurred any Cash Management Obligation to such Person. 

“Cash Management Obligations” means obligations owed by the Company or any Subsidiary to any Lender or a Cash Management Bank
in respect of (1) any overdraft and related liabilities arising from treasury, depository and cash management services or any automated clearing house transfers of funds and (2) the Company’s or any Subsidiary’s participation in
commercial (or purchasing) card programs at the Lender or any Affiliate (“card obligations”). 
 “Casualty
Event” means any event that gives rise to the receipt by the Company or any Subsidiary of any insurance proceeds or condemnation awards in respect of any Property in excess of $25,000,000. 

“Change in Control” means (a) the acquisition of beneficial ownership, directly or indirectly, by any Person or group
(within the meaning of the Securities Exchange Act of 1934 and the rules of the Securities and Exchange Commission thereunder as in effect on the Original Closing Date) (other than the Permitted Holders), of Equity Interests representing more than
35% of the aggregate ordinary voting power represented by the issued and outstanding Equity Interests of the Company (provided that the Permitted Holders in the aggregate “beneficially own” (as so defined) Equity Interests having a
lesser percentage of the aggregate ordinary voting power represented by the issued and outstanding Equity Interests of the Company than such other Person or group and do not have the right or ability by voting power, contract or otherwise to elect
or designate for election a majority of the Board of Directors of the Company), (b) during any period of two consecutive years, individuals who at the beginning of such period constituted the Board of Directors of the Company (together with any
new directors whose election to such Board or whose nomination for election by the shareholders of the Company was approved by a vote of 66 2/3% of the directors then still in office who were either directors at the beginning of such period or whose
election or nomination for election was previously so approved) cease for any reason to constitute a majority of such Board of Directors then in office or (c) during any period in which the European Revolving Credit Facility, European Term A
Loans, European Term B-1 Loans or any Extended Term Loans of such series remain outstanding, the European Borrower ceases for any reason to constitute a wholly-owned direct or indirect
Subsidiary of the Company. 
 “Change in Law” means (a) the adoption of any law, treaty, rule or regulation after the
date of this Agreement, (b) any change in any law, treaty, rule or regulation or in the administration, interpretation, implementation or application thereof by any Governmental Authority after the date of this Agreement or (c) compliance
by any Lender or any Issuing Bank (or, for purposes of Section 2.14(b), by any lending office of such Lender or by such Lender’s or such Issuing Bank’s holding company, if any) with any request, guideline or directive

  
 7 

 
(whether or not having the force of law) of any Governmental Authority made or issued after the date of this Agreement; 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, implemented or issued. 
 “Charges” has the meaning
assigned to such term in Section 9.14. 
 “Class” when used in reference to any (x) Loan or Borrowing, refers to
whether such Loan, or the Loans comprising such Borrowing, are U.S. Revolving Loans, European Revolving Loans, U.S. Term A Loans, U.S. Term A-1 Loans, U.S. Term A-2 Loans, European Term A Loans, European Term B Loans,
European Term B-1 Loans, Incremental Term Loans of any series, Extended Term Loans of any series, Replacement Term Loans of any series or Loans pursuant to any series of Extended Revolving
Commitments and (y) when used with respect to any Commitment, refers to whether such Commitment is a U.S. Revolving Commitment, European Revolving Commitment or Extended Revolving Commitment of any series. 

“CoBank” means CoBank, ACB. 

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

“Co-Documentation Agents” means the Persons listed on the cover of this Agreement as co-documentation agents, in their
capacities as such. 
 “Collateral” means all the “Collateral” (or any equivalent term) as defined in any
Collateral Document. 
 “Collateral Documents” means, collectively, each Pledge Agreement and any other security agreement,
pledge agreement or other similar agreement delivered to the Administrative Agent pursuant to Section 5.09 and each of the other agreements, instruments or documents executed by any Loan Party that creates or purports to create a Lien in favor
of the Administrative Agent for the benefit of the Secured Parties or European Secured Parties, as applicable. 
 “Committed Loan
Notice” means a notice of (a) a Term Loan Borrowing, (b) a Revolving Loan Borrowing, (c) a conversion of Loans from one Type to the other, or (d) a continuation of Eurodollar Rate Loans, pursuant to
Section 2.03, substantially in the form of Exhibit E or such other form as may be approved by the Administrative Agent) (including any form on an electronic platform or electronic transmission system as shall be approved by the
Administrative Agent), appropriately completed and signed by a Responsible Officer of the Borrower. 
 “Commitment” means a
U.S. Revolving Commitment, European Revolving Commitment or Extended Revolving Commitment. 
 “Commodity Exchange Act”
means the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to time, and any successor statute. 

“Company” means Constellation Brands, Inc., a Delaware corporation. 

“Consolidated EBITDA” means Consolidated Net Income plus, without duplication, to the extent deducted in determining
Consolidated Net Income, the sum of (a) (i) interest expense, (ii) expense and provision for taxes paid or accrued, (iii) depreciation, (iv) amortization (including amortization of intangibles), (v) non-cash charges
recorded in respect of impairment of goodwill or long-term assets, (vi) any other non-cash items (including non-cash costs or expenses in respect of impairments of goodwill, non-cash charges pursuant to any management equity plan and non-cash
charges pursuant to SFAS 158) except to the extent representing an accrual for future cash outlays, (vii) without duplication, income of any non-wholly-owned Subsidiaries and deductions attributable to minority interests,
(viii) extraordinary or unusual charges and expenses, (ix) expenses incurred in connection with any 

  
 8 

 
Permitted Acquisition, investment (including, without limitation, the Acquisition), asset disposition, issuance or repayment of debt, issuance of equity securities, refinancing transaction or
amendment or other modification of any debt instrument (in each case, including any such transaction consummated prior to the Original Restatement Effective Date and any such transaction undertaken but not completed, and including transaction
expenses incurred in connection therewith) and (x) any contingent or deferred payments (including earn-out payments, non-compete payments and consulting payments but excluding ongoing royalty payments) made in connection with any Permitted
Acquisition; minus, to the extent included in Consolidated Net Income, (b) the sum of (i) any unusual, or extraordinary income or gains and (ii) any other non-cash income (except to the extent representing an accrual for future
cash income). 
 “Consolidated Interest Coverage Ratio” means, for any Test Period, the ratio of (x) Consolidated
EBITDA for such Test Period to (y) Consolidated Interest Expense for such Test Period. 
 “Consolidated Interest
Expense” means, for any period, the sum, for the Company and its Consolidated Subsidiaries (determined on a consolidated basis in accordance with GAAP), of the following: (a) all interest in respect of Indebtedness (including the
interest component of any payments in respect of Capital Lease Obligations) accrued during such period (whether or not actually paid during such period) determined after giving effect to the net amount paid (or received) under Swap Agreements
relating to any such Indebtedness minus (b) the sum of (i) all interest income during such period and (ii) to the extent included in clause (a) above, the amount of write-offs of deferred financing fees, expensing of
bridge commitments and amounts paid on early terminations of Swap Agreements. 
 “Consolidated Leverage Ratio” means, for
any Test Period, the ratio of (a) Consolidated Total Indebtedness as of the last day of such Test Period to (b) Consolidated EBITDA for such Test Period. 

“Consolidated Net Income” means, with reference to any period, the net income (or loss) of the Company and its Subsidiaries
calculated in accordance with GAAP on a consolidated basis (without duplication) for such period; provided that, in calculating Consolidated Net Income of the Company and its Subsidiaries for any period, there shall be excluded
(a) except as provided in clause (b) below, the income (or deficit) of any Person accrued prior to the date it becomes a Subsidiary of the Company or is merged into or consolidated with the Company or any of its Subsidiaries, (b) the
income (or deficit) of any Person (other than a Guarantor) in which the Company or any of its Subsidiaries has an ownership interest, to the extent that any such income is contractually prohibited from being distributed to the Company or a Guarantor
in the form of dividends or similar distributions and (c) any income (loss) for such period attributable to the early extinguishment of Indebtedness (other than Swap Agreements), together with any related provision for taxes on any such income.

 “Consolidated Net Leverage Ratio” means, for any Test Period, the ratio of (a) Consolidated Total Net Indebtedness
as of the last day of such Test Period to (b) Consolidated EBITDA for such Test Period. 
 “Consolidated Subsidiaries”
means Subsidiaries that would be consolidated with the Company in accordance with GAAP. 
 “Consolidated Tangible Assets”
means, as at any date, the total assets of the Company and its Consolidated Subsidiaries (determined on a consolidated basis without duplication in accordance with GAAP) that would be shown as tangible assets on a consolidated balance sheet of the
Company and its Consolidated Subsidiaries after eliminating all amounts properly attributable to minority interests, if any, in the stock and surplus of Subsidiaries. For purposes hereof, “tangible assets” means all assets of the
Company and its Consolidated Subsidiaries other than assets that should be classified as intangibles including goodwill, minority interests, research and development costs, trademarks, trade names, copyrights, patents and franchises, unamortized
debt discount and expense, all reserves and any write-up in the book value of assets. 
 “Consolidated Total Indebtedness”
means at any time the sum, without duplication, of (i) the aggregate principal amount of Indebtedness of the Company and its Consolidated Subsidiaries outstanding as of such time calculated on a consolidated basis (other than Revolving Loans,
Swingline Loans, Letters of Credit and other than Indebtedness described in clause (h), (i) or (j) of the definition of “Indebtedness” (provided that there shall be 

  
 9 

 
included in Consolidated Total Indebtedness, any Indebtedness (x) in respect of drawings under Letters of Credit and other letters of credit to the extent not reimbursed within two Business
Days after the date of such drawing and (y) in respect of any Swap Agreement not permitted by Section 6.01(i)) plus (ii) the principal amount of any obligations of any Person (other than the Company or any Subsidiary) of the
type described in the foregoing clause (i) that are Guaranteed by the Company or any Subsidiary (whether or not reflected on a consolidated balance sheet of the Company), plus (iii) the average of the aggregate outstanding principal
amounts of Revolving Loans and Swingline Loans as at such date of determination and as at the last day of each of the three immediately preceding fiscal quarters (including, as applicable, “Revolving Loans” and “Swingline Loans”
under (and as defined in) the Original Credit Agreement). 
 “Consolidated Total Net Indebtedness” means, on any date, the
excess of (i) Consolidated Total Indebtedness over (ii) the lesser of (x) $250,000,000 and (y) the aggregate amount of unrestricted cash and Cash Equivalents of the Company and its Consolidated Subsidiaries, determined on a
consolidated basis in accordance with GAAP as of such date. 
 “Control” means, with respect to any Person, the power,
directly or indirectly, to direct or cause the direction of the management and policies of such Person, whether by contract or otherwise. 

“Converted European Term B Loan” means each European Term B Loan held by an
Amendment No. 1 Consenting Lender on the Amendment No. 1 Effective Date (or the lesser amount notified to such Lender by the Administrative Agent) immediately prior to the effectiveness of Amendment No. 1. 

“Co-Syndication Agents” means the Persons listed on the cover of this Agreement as co-syndication agents, in their capacities
as such. 
 “Credit Event” means each of the following: (a) a Borrowing and (b) the issuance, renewal or
amendment increasing the amount of any Letter of Credit. 
 “Credit Exposure” means, as to any Lender at any time, the sum
of (a) such Lender’s Revolving Credit Exposure at such time, plus (b) an amount equal to the aggregate principal amount of its Term Loans outstanding at such time. 

“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 and affecting the rights
of creditors generally. 
 “Default” means any event or condition, which constitutes an Event of Default or, which upon
notice, lapse of time or both would, unless cured or waived, become an Event of Default. 
 “Default Rate” has the meaning
set forth in Section 2.12(c). 
 “Defaulting Lender” means any Lender that (a) has failed to (i) fund all or
any portion of any Class of 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 Company 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 Issuing Bank, the Swingline Lender or any other Lender any other amount required to be paid by it hereunder (including in respect of its participation in Letters of Credit or Swingline Loans) within two Business Days of the
date when due, (b) has notified the Company, the Administrative Agent or any Issuing Bank or Swingline Lender in writing that it does not intend to comply with its funding obligations hereunder or generally under other agreements in which it
has committed to extend credit, 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) 

  
 10 

 
cannot be satisfied), (c) has failed, within three Business Days after written request by the Administrative Agent or the Company, to confirm in writing to the Administrative Agent and the
Company 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 Company), 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 shall be conclusive and binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender upon delivery of written notice of such determination to the Company, each Issuing Bank, the Swingline
Lender and each Lender. If the Company, the Administrative Agent, the Swingline Lender and each Issuing Bank 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 Letters of Credit and Swingline Loans to be held pro rata by the Lenders in
accordance with the Commitments with respect to the applicable Class of Loans, 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 any 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. 

“Disclosed Matters” means the matters disclosed in Schedule 3.06 hereto on the Original Closing Date. 

“Disposition” means, with respect to any Property, any sale, lease, sale and leaseback, assignment, conveyance, transfer or
other disposition thereof, and the terms “Dispose” and “Disposed of” shall have correlative meanings, but excluding, licenses and leases entered into in the ordinary course of business or that are customarily
entered into by companies in the same or similar lines of business. 
 “Disqualified Equity Interests” means any Equity
Interest which, by its terms (or by the terms of any security or other Equity Interests into which it is convertible or for which it is exchangeable), or upon the happening of any event or condition (a) matures or is mandatorily redeemable
(other than solely for Qualified Equity Interests), pursuant to a sinking fund obligation or otherwise (except as a result of a change of control, public equity offering or asset sale so long as any rights of the holders thereof upon the occurrence
of a change of control, public equity offering or asset sale event shall be subject to the prior repayment in full of the Loans and all other Obligations that are accrued and payable and the termination of the Commitments and the expiration,
cancellation, termination or cash collateralization of any Letters of Credit in accordance with the terms hereof), (b) is redeemable at the option of the holder thereof (other than solely for Qualified Equity Interests and except as permitted
in clause (a) above), in whole or in part, (c) requires the scheduled payments of dividends in cash (for this purpose, dividends shall not be considered required if the issuer has the option to permit them to accrue, cumulate, accrete or
increase in liquidation preference or if the Company has the option to pay such dividends solely in Qualified Equity Interests), or (d) is or becomes convertible into or exchangeable for Indebtedness or any other Equity Interests that would
constitute Disqualified Equity Interests, in each case, prior to the date that is 91 days after the European Term B-1 Loan Maturity Date. 

“Dollar Equivalent” means, at any time, (a) with respect to any amount denominated in Dollars, such amount, and
(b) with respect to any amount denominated in any Alternative Currency, the equivalent amount thereof 

  
 11 

 
in Dollars as determined by the Administrative Agent or the Issuing Bank, as the case may be, at such time on the basis of the Spot Rate (determined in respect of the most recent Revaluation
Date) for the purchase of Dollars with such Alternative Currency. 
 “Dollars” or “$” refers to lawful
money of the United States of America. 
 “Domestic Subsidiary” means any Subsidiary organized under the laws of the United
States, any state thereof or the District of Columbia. 
 “Eligible Assignee” means any Person that meets the requirements
to be an assignee under Section 9.04(b)(iii), (v) and (vi) (subject to such consents, if any, as may be required under Section 9.04(b)(iii)). 

“Environmental Laws” means all laws, rules, regulations, codes, ordinances, orders, decrees, judgments, injunctions, notices
or binding agreements issued, promulgated or entered into by any Governmental Authority, imposing liability or standards of conduct concerning protection of the environment, preservation or reclamation of natural resources, the management, Release
or threatened Release of any Hazardous Material or the effect of Hazardous Materials on the environment or on health and safety. 

“Environmental Liability” means any liability, contingent or otherwise (including any liability for damages, costs of
environmental remediation, fines, penalties or indemnities), of the Company or any Subsidiary directly or indirectly resulting from or based upon (a) violation of any Environmental Law, (b) the generation, use, handling, transportation,
storage, treatment or disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the release or threatened release of any Hazardous Materials into the environment or (e) any contract, agreement or other
consensual arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing. 
 “Equity
Interests” means shares of capital stock, partnership interests, membership interests in a limited liability company, beneficial interests in a trust or other equity ownership interests in a Person, and any warrants, options or other rights
entitling the holder thereof to purchase or acquire any such equity interest. 
 “ERISA” means the Employee Retirement
Income Security Act of 1974, as amended from time to time. 
 “ERISA Affiliate” means any trade or business (whether or not
incorporated) that, together with the Company, is treated as a single employer under Section 414(b) or (c) of the Code or, solely for purposes of Section 302 of ERISA and Section 412 of the Code, is treated as a single employer
under Section 414 of the Code. 
 “ERISA Event” means (a) any “reportable event,” as defined in
Section 4043 of ERISA or the regulations issued thereunder with respect to a Plan (other than an event for which the 30-day notice period is waived); (b) with respect to any Plan, a failure to satisfy the minimum funding standard within
the meaning of Section 412 of the Code or Section 302 of ERISA), whether or not waived; (c) the filing pursuant to Section 412(c) of the Code or Section 302(c) of ERISA of an application for a waiver of the minimum funding
standard with respect to any Plan; (d) a determination that any Plan is in “at-risk” status (as defined in Section 303(i)(4) of ERISA or Section 430(i)(4) of the Code); (e) the incurrence by the Company or any of its
ERISA Affiliates of any liability under Title IV of ERISA with respect to the termination of any Plan; (f) the receipt by the Company or any ERISA Affiliate from the PBGC or a plan administrator of any notice relating to an intention to
terminate any Plan or Plans or to appoint a trustee to administer any Plan; (g) the incurrence by the Company or any of its ERISA Affiliates of any liability with respect to the withdrawal or partial withdrawal of the Company or any of its
ERISA Affiliates from any Plan or Multiemployer Plan or a cessation of operations that is treated as such a withdrawal under Section 4062(e) of ERISA; or (h) the receipt by the Company or any ERISA Affiliate of any notice, or the receipt
by any Multiemployer Plan from the Company or any ERISA Affiliate of any notice, concerning the imposition upon the Borrower or any of its ERISA Affiliates of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to
be, insolvent or in reorganization, within the meaning of Title IV of ERISA. 
 “Eurodollar,” when used in reference to any
Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are bearing interest at a rate determined by reference to the LIBO Rate. 

  
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 “European Borrower” means CIH International S.à r.l., a private limited
liability company (société à responsabilité limitée) incorporated under the laws of Luxembourg, having its registered office at 5, rue Guillaume Kroll, L-1882 Luxembourg and registered with the Luxembourg
trade and companies register under number B 176.850 with a share capital of US$1,000,000, and which is a direct or indirect subsidiary of the Company. 

“European L/C Exposure” means, at any time, the sum of (a) the aggregate Outstanding Amount of all European Letters of
Credit at such time plus (b) the aggregate Outstanding Amount of all L/C Disbursements, including Unreimbursed Amounts, that have not yet been reimbursed by or on behalf of the applicable Borrower at such time under the European Revolving
Credit Facility. The European L/C Exposure of any European Revolving Lender at any time shall be its Applicable Percentage of the total European L/C Exposure at such time. For purposes of computing the amount available to be drawn under any European
Letter of Credit, the amount of such European Letter of Credit shall be determined in accordance with Section 1.09. For all purposes of this Agreement, if on any date of determination a European Letter of Credit has expired by its terms but any
amount may still be drawn thereunder by reason of the operation of Rule 3.14 of the ISP, such European Letter of Credit shall be deemed to be “outstanding” in the amount so remaining available to be drawn. 

“European L/C Exposure Sublimit” means $100,000,000. 

“European Letter of Credit” means any Letter of Credit issued pursuant to the European Revolving Credit Facility. 

“European Obligations” means all Obligations (i) arising from the European Term A Loans, European Term
B-1 Loans, any Extended Term Loans of the European Borrower, any European Revolving Loans to the European Borrower, any European Swingline Loans to the European Borrower and any European
Letter of Credit issued for the account of the European Borrower and (ii) of the European Borrower under this Agreement and the other Loan Documents. 

“European Revolving Commitment” means, with respect to each Lender, the commitment, if any, of such Lender to make European
Revolving Loans and to acquire participations in European Letters of Credit and European Swingline Loans, expressed as an amount representing the maximum possible aggregate amount of such Lender’s European Revolving Credit Exposure hereunder,
as such commitment may be (a) reduced from time to time pursuant to Section 2.08 and (b) reduced or increased from time to time pursuant to assignments by or to such Lender pursuant to Section 9.04 of this Agreement. The initial
amount of each Lender’s European Revolving Commitment is as set forth on Schedule 2.01A of the Restatement Agreement or in the Assignment and Assumption pursuant to which such Lender shall have
assumed its European Revolving Commitment, as applicable. The initial aggregate amount of the Lenders’ European Revolving Commitments is $425,000,000. 

“European Revolving Credit Exposure” means, with respect to any Lender at any time, the sum of such Lender’s outstanding
European Revolving Loans and its European L/C Exposure and European Swingline Exposure at such time. 
 “European Revolving Credit
Facility” means the European Revolving Commitments and the extension of credit made thereunder. 
 “European Revolving
Credit Maturity Date” means June 7, 2018. 
 “European Revolving Lender” means each Lender that has a
European Revolving Commitment or that holds European Revolving Credit Exposure. 
 “European Revolving Loan” means a
European Revolving Loan made pursuant to Section 2.01(c). 
 “European Secured Parties” means, collectively, the
Administrative Agent, the European Term A Lenders, the European Term B-1 Lenders, the European Revolving Lenders (solely in the case of the European Borrower’s European Revolving
Loans) and the other holders from time to time of any European Obligations. 

  
 13 

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

“European Swingline Loan” means a Loan made under the European Revolving Credit Facility pursuant to Section 2.04. 

“European Swingline Loan Sublimit” means $25,000,000. 

“European Term A Lender” means a Lender holding European Term A Loans. 

“European Term A Loan Maturity Date” means June 7, 2018. 

“European Term A Loans” means each outstanding European Term A Loan under the Original Credit Agreement immediately prior to
the Restatement Effective Date, which amount is $481,250,000.00. 
 “European Term B Joinder Agreement” means a joinder
agreement to the Original Credit Agreement pursuant to which the initial European Term B Lenders provided their European Term B Loans. 

“European Term B Lender” means a Lender holding European Term B Loans. 

“European Term B Loan Maturity Date” means June 7, 2020. 

“European Term B Loans” means each outstanding European Term B Loan under the Original Credit Agreement immediately prior to
the Restatement Effective Date, which amount is $992,500,000.00. 
 “European
Term B-1 Lender” means a Lender holding Additional European Term B-1 Commitments or European Term B-1 Loans. 

“European Term B-1 Loan Maturity Date” means June 7, 2020. 

“European Term B-1 Loan” has the meaning set forth in
Section 2.01(f). 
 “Event of Default” has the meaning assigned to such term in Article VII. 

“Excluded Equity Interests” means (i) Equity Interests of any class of any Foreign Subsidiary or Foreign Holding Company
in excess of 65% of the aggregate outstanding Equity Interests of such class, (ii) any Equity Interests of an Inactive Subsidiary, (iii) any Equity Interests of any person that is not a wholly-owned Subsidiary of the Company at any time on
or after the Original Closing Date, (iv) any Equity Interests that are not held of record by a Loan Party (v) any Equity Interests to the extent that a pledge of such Equity Interests would violate or conflict with any Law applicable to
the Company or any Subsidiary, (vi) the PECs of any class of any Foreign Subsidiary in excess of 55% of the aggregate outstanding PECs of such class and (vii) any Equity Interests of any Receivables Entity. 

“Excluded Intercompany Notes” means (i) any intercompany note existing on the Original Closing Date and (ii) any
intercompany note to the extent the Company has delivered a certificate of a Responsible Officer stating that the Company has determined that pledging such intercompany note is reasonably likely to result in adverse tax consequences to the Company
or any of its Subsidiaries. 
 “Excluded Swap Obligation” means, with respect to any Guarantor, any Swap Obligation if, and
to the extent that, all or a portion of the Guarantee of such Guarantor pursuant to the Guarantee Agreement of, or the grant by such Guarantor of a security interest pursuant to the Collateral Documents to secure, such Swap Obligation (or any
Guaranty thereof) is or becomes illegal under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such Guarantor’s
failure for any reason to constitute an “eligible contract participant” as defined in the Commodity 

  
 14 

 
Exchange Act (determined after giving effect to the Guarantee Agreement and any other “keepwell, support or other agreement” for the benefit of such Guarantor and any and all guarantees
of such Guarantor’s Swap Obligations by other Loan Parties) at the time the Guarantee of such Guarantor, or a grant by such Guarantor of a security interest, becomes effective with respect to such Swap Obligation. If a Swap Obligation arises
under a master agreement governing more than one swap, such exclusion shall apply only to the portion of such Swap Obligation that is attributable to swaps for which such Guarantee or security interest is or becomes excluded in accordance with the
first sentence of this definition. 
 “Excluded Taxes” means, with respect to the Administrative Agent, any Lender or any
other recipient of any payment to be made by or on account of any obligation of any Loan Party under any Loan Document, (a) any Tax imposed on such recipient’s net income or profits (or any franchise Tax imposed in lieu of a Tax on net
income or profits) by any jurisdiction as a result of such recipient being organized in or having its principal office or applicable lending office located in such jurisdiction or as a result of any other present or former connection with such
jurisdiction (including as a result of such recipient carrying on a trade or business, having a permanent establishment or being a resident for tax purposes in such jurisdiction) other than any connection arising solely from such recipient having
executed, delivered, enforced, 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, and/or enforced, any Loan Documents,
(b) any branch profits Taxes within the meaning of Section 884(a) of the Code, or any similar Tax, imposed by any jurisdiction described in clause (a) above, (c) solely with respect to the Obligations of the Company, in the case
of a Foreign Lender (other than an assignee pursuant to a request by the Borrower under Section 2.18), any U.S. federal withholding Tax that is imposed on amounts payable to such Foreign Lender pursuant to a Law in effect at the time such
Foreign Lender becomes a party to this Agreement (or designates a new lending office), except to the extent that such Foreign Lender (or its assignor, if any) was entitled, immediately prior to the time of designation of a new lending office (or
assignment), to receive additional amounts from a Loan Party with respect to such withholding Tax pursuant to Section 2.16, (d) any withholding Tax that is attributable to a Lender’s failure to comply with Section 2.16(d) and
(e) solely with respect to the Obligations of the Company, any U.S. federal withholding Taxes imposed pursuant to FATCA. 

“Existing Letters of Credit” means the Letters of Credit outstanding under the Original Credit Agreement immediately prior to
the Restatement Effective Date. 
 “Existing Loans” means all outstanding U.S. Term A Loans, U.S. Term A-1 Loans, Revolving
Loans and Swingline Loans under the Original Credit Agreement immediately prior to the Original Restatement Effective Date. 

“Existing Senior Notes” means the Company’s (a) $500,000,000 aggregate principal amount of 8.375% senior unsecured
notes due 2014, (b) $700,000,000 aggregate principal amount of 7.250% senior unsecured notes due 2016, (c) $700,000,000 aggregate principal amount of 7.250% senior unsecured notes due 2017 and (d) $600,000,000 aggregate principal
amount of 6.000% senior unsecured notes due 2022. 
 “Existing Term Loan Class” has the meaning set forth in
Section 2.20(a). 
 “Extended Revolving Commitments” means revolving credit commitments established pursuant to
Section 2.20 that are substantially identical to the Revolving Commitments under any Revolving Credit Facility except that such Revolving Commitments may have a later maturity date and different provision with respect to interest rates and fees than
those applicable to the Revolving Commitments under any Revolving Credit Facility. 
 “Extended Term Loans” has the meaning
set forth in Section 2.20(a). 
 “Extending Term Lender” has the meaning provided in Section 2.20(c). 

“Extension Election” has the meaning set forth in Section 2.20(c). 

“Extension Request” has the meaning provided in Section 2.20(a). 

“Farm Credit Equities” is defined in Section 5.10(a). 

  
 15 

 “Farm Credit Lender” means a lending institution chartered or otherwise
organized and existing pursuant to the provisions of the Farm Credit Act of 1971 and under the regulation of the Farm Credit Administration. 

“FATCA” means Sections 1471 through 1474 of the Code, as of the date of this Agreement (and any amended or successor version
thereof that is substantively comparable and not materially more onerous to comply with), and any current or future Treasury regulations or official interpretations thereof. 

“Federal Funds Effective 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 Effective 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 on such day on such transactions as
determined by the Administrative Agent. 
 “Financial Officer” means the chief financial officer, principal accounting
officer, treasurer, assistant treasurer or controller of the Company. 
 “Financials” has the meaning assigned to such term
in the definition of “Applicable Rate.” 
 “Foreign Casualty Event” has the meaning assigned to such term in
Section 2.10(b)(v). 
 “Foreign Disposition” has the meaning assigned to such term in Section 2.10(b)(v). 

“Foreign Holding Company” means any Domestic Subsidiary substantially all of the assets of which consist of Equity Interests
and/or Indebtedness of one or more Foreign Subsidiaries, other Foreign Holding Companies or Inactive Subsidiaries. 
 “Foreign
Lender” means any Lender or Issuing Bank that is not a “United States” person within the meaning of Section 7701(a)(30) of the Code. 

“Foreign Pledge Agreement” means the Luxembourg Equity Pledge Agreement, the Luxembourg IPPECs Pledge Agreement, the Barbados
Charge over Shares, the Mexican Pledge Agreement and any other pledge agreement, mortgage of shares or similar agreement governed by the laws or any jurisdiction outside of the United States of America, executed and delivered by the Company or any
other Subsidiary (to the extent required under Section 5.09) in favor of the Administrative Agent creating in favor of the Administrative Agent, for the benefit of the Lenders, a security interest in any Equity Interests or PECs of such
Subsidiary. 
 “Foreign Subsidiary” means any direct or indirect Subsidiary of the Company that is not a Domestic
Subsidiary. 
 “Fund” means any Person (other than a natural person) that is (or will be) engaged in making, purchasing,
holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its activities. 

“GAAP” means generally accepted accounting principles in the United States of America; provided that, the Borrower
may, by written notice from a Financial Officer to the Administrative Agent and the Lenders, elect to change its financial accounting to IFRS and, in such case, unless the context otherwise requires (including pursuant to Section 1.04), all
references to GAAP herein shall refer to IFRS. 
 “Governmental Authority” means the government of the United States of
America, any other nation or any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory
or administrative 

  
 16 

 
powers or functions of or pertaining to government (including any supra-national bodies such as the European Union or the European Central Bank). 

“Guarantee” of or by any Person (the “guarantor”) means any obligation, contingent or otherwise, of the
guarantor guaranteeing or having the economic effect of guaranteeing any Indebtedness or other monetary obligation of any other Person (the “primary obligor”) in any manner, whether directly or indirectly, and including any
obligation of the guarantor, direct or indirect, (a) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other monetary obligation or to purchase (or to advance or supply funds for the purchase
of) any security for the payment thereof, (b) to purchase or lease property, securities or services for the purpose of assuring the owner of such Indebtedness or other monetary obligation of the payment thereof, (c) to maintain working
capital, equity capital or any other financial statement condition or liquidity of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other monetary obligation or (d) as an account party in respect of any letter
of credit or letter of guaranty issued to support such Indebtedness or monetary obligation; provided that the term Guarantee shall not include endorsements for collection or deposit in the ordinary course of business. The amount of any
Guarantee of any guaranteeing person shall be deemed to be the lower of (a) an amount equal to the stated or determinable amount of the primary obligation, or portion thereof, in respect of which such Guarantee is made and (b) the maximum
amount for which such guaranteeing person may be liable pursuant to the terms of the instrument embodying such Guarantee, unless such primary obligation or the maximum amount for which such guaranteeing person may be liable are not stated or
determinable, in which case the amount of such Guarantee shall be such guaranteeing person’s maximum reasonably anticipated liability in respect thereof as determined by the Company in good faith. 

“Guarantee Agreement” means, collectively, the Amended and Restated Guarantee Agreement executed by the Company and the
Guarantors on the Original Restatement Effective Date, together with each other supplement executed and delivered pursuant to Section 5.09. 

“Guarantor” means (a) each Subsidiary that is a party to the Guarantee Agreement on the Original Restatement Effective
Date and (b) each Subsidiary that becomes a party to the Guarantee Agreement after the Original Restatement Effective Date pursuant to Section 5.09 or otherwise. 

“Hazardous Materials” means all explosive or radioactive substances or wastes and all hazardous or toxic substances, wastes
or other pollutants, including petroleum or petroleum distillates, asbestos or asbestos containing materials, polychlorinated biphenyls, radon gas, infectious or medical wastes and all other substances or wastes of any nature regulated pursuant to
any Environmental Law. 
 “Hedge Bank” means any Person that is a Lender or an Affiliate of a Lender (x) on the
Original Closing Date or (y) at the time it enters into a Secured Hedge Agreement, in its capacity as a party thereto. 

“Honor Date” has the meaning set forth in Section 2.05(c)(i). 

“IFRS” means International Financial Reporting Standards and applicable accounting requirements set by the International
Accounting Standards Board or any successor thereto (or the Financial Accounting Standards Board, the Accounting Principles Board of the American Institute of Certified Public Accountants, or any successor to either such Board, or the SEC, as the
case may be), as in effect from time to time. 
 “Immaterial Subsidiary” means, on any date, any Subsidiary (other than an
Inactive Subsidiary) that did not account for more than (x) 1.0% of Consolidated Tangible Assets as of the date of the most recent financial statements delivered pursuant to Section 5.01(a) or (b) or (y) 1.0% of the
Company’s and its Consolidated Subsidiaries’ consolidated sales for the most recently ended Test Period; provided that (i) if all Domestic Subsidiaries that have not become Guarantors in reliance on the fact that they are
Immaterial Subsidiaries accounted for more than (x) 3.0% of Consolidated Tangible Assets as of the date of the most recent financial statements delivered pursuant to Section 5.01(a) or (b) or (y) 3.0% of the Company’s and
its Consolidated Subsidiaries’ consolidated sales for the most recently ended Test Period for which financial statements have been delivered pursuant to Section 5.01(a) or (b), then the Company shall cause Domestic Subsidiaries to become
Guarantors to the extent necessary so that such aggregate thresholds set forth in this proviso are not exceeded and (ii) for purposes of 

  
 17 

 
Article III, Article V or Article VII, if a specified condition exists or events occur with respect to Immaterial Subsidiaries (as determined above) that in the aggregate account for more than
(x) 3.0% of Consolidated Tangible Assets as of the date of the most recent financial statements delivered pursuant to Section 5.01(a) or (b) or (y) 3.0% of the Company’s and its Consolidated Subsidiaries consolidated sales
for the most recently ended Test Period for which financial statements have been delivered pursuant to Section 5.01(a) or (b), then such condition or event shall be deemed to exist or have occurred with respect to a Subsidiary that is not an
Immaterial Subsidiary. Notwithstanding the foregoing, no Subsidiary that owns Equity Interests of a Subsidiary that is not an Immaterial Subsidiary shall itself be an Immaterial Subsidiary. 

“Inactive Subsidiary” means, on any date, any Subsidiary that did not account for more than (x) $5,000,000 of
Consolidated Tangible Assets as of the date of the most recent financial statements delivered pursuant to Section 5.01(a) or (b) or (y) $5,000,000 of the Company’s and its Consolidated Subsidiaries’ consolidated sales for
the most recently ended Test Period for which financial statements have been delivered pursuant to Section 5.01(a) or (b). Notwithstanding the foregoing, no Subsidiary that owns Equity Interests of a Subsidiary that is not an Inactive
Subsidiary shall itself be an Inactive Subsidiary. 
 “Increased Commitments” has the meaning assigned to such term in
Section 2.19(a). 
 “Increasing Lender” has the meaning assigned to such term in Section 2.19(a). 

“Incremental Term Loan” has the meaning assigned to such term in Section 2.19(a). 

“Indebtedness” of any Person means, without duplication, (a) all obligations of such Person for borrowed money,
(b) all obligations of such Person evidenced by bonds, debentures, notes or similar instruments, (c) all obligations of such Person under conditional sale or other title retention agreements relating to property acquired by such Person,
(d) all obligations of such Person in respect of the deferred purchase price of property or services (excluding accounts payable incurred in the ordinary course of business, milestone payments incurred in connection with any investment or
series of related investments, any earn-out obligation except to the extent such obligation is a liability on the balance sheet of such Person in accordance with GAAP at the time initially incurred and deferred or equity compensation arrangements
payable to directors, officers or employees), (e) all Indebtedness of others secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien on Property owned or acquired by
such Person, whether or not the Indebtedness secured thereby has been assumed, but limited to the fair market value of such Property (except to the extent otherwise provided in this definition), (f) all Guarantees by such Person of Indebtedness
of others of a type described in any of clauses (a) through (e) above or (g) through (k) below, (g) all Capital Lease Obligations of such Person, (h) all obligations, contingent or otherwise, of such Person as an
account party in respect of letters of credit and letters of guaranty, (i) all obligations, contingent or otherwise, of such Person in respect of bankers’ acceptances, (j) all obligations of such Person under any Swap Agreement (with
the “principal” amount of any Swap Agreement on any date being equal to the early termination value thereof on such date) and (k) all Attributable Receivables Indebtedness. The Indebtedness of any Person shall (i) include the
Indebtedness of any other entity (including any partnership in which such Person is a general partner) to the extent such Person is expressly liable therefor as a result of such Person’s ownership interest in or other relationship with such
entity and pursuant to contractual arrangements, except to the extent the terms of such Indebtedness provide that such Person is not liable therefor and (ii) exclude (A) customer deposits and advances and interest payable thereon in the
ordinary course of business in accordance with customary trade terms and other obligations incurred in the ordinary course of business through credit on an open account basis customarily extended to such Person and (B) bona fide
indemnification, purchase price adjustment, earn-outs, holdback and contingency payment obligations to which the seller may become entitled to the extent such payment is determined by a final closing balance sheet or such payment depends on the
performance of such business after the closing; provided, however, that, at the time of closing, the amount of any such payment is not determinable and, to the extent such payment thereafter becomes fixed and determined, the amount is
paid within 60 days thereafter and included as Indebtedness of the Company. 
 “Indemnified Taxes” means all Taxes other
than Excluded Taxes and Other Taxes. 
 “Indemnitee” has the meaning set forth in Section 9.03(b). 

  
 18 

 “Information” has the meaning specified in Section 9.12. 

“Information Memorandum” means the Lender Presentation, dated April 4, 2013, relating to the Company and the Acquisition
provided by the Company to the Arrangers in connection with the syndication of the Original Credit Agreement. 
 “Interest Election
Request” means a request by the Company to convert or continue a Revolving Borrowing in accordance with Section 2.03. 

“Interest Payment Date” means (a) with respect to any Base Rate Loan (including Swingline Loans), the first Business Day
of each March, June, September and December and the final maturity date of such Loan and (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; provided that the Amendment No. 1 Effective Date shall constitute an Interest Payment Date for the European Term B Loans (including Converted European Term B Loans). 

“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 any other period as may be agreed to by the Administrative Agent and all applicable 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 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 made thereafter shall be the effective date of the most recent conversion or continuation of such Borrowing. 

“Investment” means, as to any Person, any direct or indirect acquisition or investment by such Person, whether by means of
(a) the purchase or other acquisition of Equity Interests or debt or other securities of another Person or (b) a loan, advance or capital contribution to, Guarantee of Indebtedness of, assumption of Indebtedness of, or purchase or other
acquisition of any other debt or equity participation or interest in, another Person, including any partnership or joint venture interest in such other Person or (c) the purchase or other acquisition (in one transaction or a series of
transactions) of all or substantially all of the property and assets or business of another Person or assets constituting a business unit, line of business or division of such Person. For purposes of Section 6.05, the amount of any Investment
shall be the amount actually invested, without adjustment for subsequent increases or decreases in the value of such Investment. 

“ISP” means, with respect to any Letter of Credit, the “International Standby Practices 1998” published by the
Institute of International Banking Law & Practice, Inc. (or such later version thereof as may be in effect at the time of issuance). 

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

“Issuing Bank” means Bank of America and any other Lender (subject to such Lender’s consent) designated by the Company
and consented to by the Administrative Agent that becomes an Issuing Bank, in each case in its capacity as an issuer of Letters of Credit hereunder, and any successors in such capacity as provided in Section 9.04; provided that the
Issuing Bank for any Existing Letter of Credit shall be the financial institution indicated on Schedule 2.05 hereto. An Issuing Bank may, in its discretion, arrange for one or more Letters of Credit to be issued by Affiliates of such Issuing
Bank, in which case the term “Issuing Bank” shall include any such Affiliate with respect to Letters of Credit issued by such Affiliate. 

  
 19 

 “joint venture” means any Person (other than a wholly-owned Subsidiary) in which
the Company or any Subsidiary owns Equity Interests representing at least a 9.99% economic interest in such Person and which Person is engaged in a business that is the same as or substantially similar to, related to, ancillary to or complimentary
to, a line of business conducted by the Company or any of its Subsidiaries. 
 “Laws” means, collectively, all
international, foreign, Federal, state and local statutes, treaties, rules, guidelines, regulations, ordinances, codes and administrative or judicial precedents or authorities. 

“L/C Advance” means, with respect to each Applicable Participant, such Applicable Participant’s funding of its
participation in any L/C Borrowing in accordance with its Applicable Percentage. 
 “L/C Borrowing” means an extension of
credit resulting from an L/C Disbursement under any Letter of Credit which has not been reimbursed on the date when made or refinanced as Base Rate Revolving Borrowing. 

“L/C Credit Extension” means, with respect to any Letter of Credit, the issuance thereof or extension of the expiry date
thereof, or the increase of the amount thereof. 
 “L/C Disbursement” means a payment made by an Issuing Bank pursuant to a
Letter of Credit. 
 “L/C Exposure” means the U.S. L/C Exposure and/or the European L/C Exposure, as applicable. 

“L/C Exposure Sublimit” means the U.S. L/C Exposure Sublimit and/or the European L/C Exposure Sublimit, as applicable. 

“L/C Fees” means the fees payable pursuant to Section 2.11(b). 

“Lenders” means the Persons listed on Schedule 2.01 hereto on the Original Execution Date and any other Person that
shall have become a Lender hereunder pursuant to the European Term B Joinder Agreement and, the Restatement
Agreement, and Amendment No. 1, Section 2.19 or pursuant to an Assignment and Assumption, other than any such Person that ceases to be a party hereto pursuant to
an Assignment and Assumption. Unless the context otherwise requires, the term “Lenders” includes the Swingline Lender. 

“Letter of Credit” means a standby Letter of Credit issued (or deemed issued) pursuant to Section 2.05. 

“Letter of Credit Application” means an application and agreement for the issuance or amendment of a Letter of Credit in the
form from time to time in use by the Issuing Bank. 
 “Letter of Credit Expiration Date” means, with respect to any Letter
of Credit under any Revolving Credit Facility, the day that is five Business Days prior to the Revolving Credit Maturity Date under such Revolving Credit Facility then in effect (or, if such day is not a Business Day, the next preceding Business
Day). 
 “LIBO Rate” means: 

(a)          for any Interest Period with respect to a Eurodollar Borrowing,
the rate per annum equal to the London Interbank Offered Rate (“LIBOR”) or a comparable or successor rate, which is approved by the Administrative Agent, as published on the applicable Bloomberg screen page (or other commercially
available source providing quotations as designated by the Administrative Agent from time to time) at approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period, for deposits in Dollars (for delivery
on the first day of such Interest Period) with a term equivalent to such Interest Period; and 

(b)          for any interest calculation with respect to a Base Rate Loan
on any date, the rate per annum equal to LIBOR, at approximately 11:00 a.m., London time determined two Business Days prior to such date for Dollar deposits being delivered in the London interbank market for a term of one month commencing that day;

  
 20 

 provided that to the extent a comparable or successor rate is approved by the Administrative Agent in
connection herewith, the approved rate shall be applied in a manner consistent with market practice; provided, further that to the extent such market practice is not administratively feasible for the Administrative Agent, such approved
rate shall be applied in a manner as otherwise reasonably determined by the Administrative Agent; provided, however, that notwithstanding the foregoing, the LIBO Rate in respect of the European
Term B Loans shall at no time be less than 0.75% per annum. 
 “Lien” means, with respect to any asset, any
mortgage, deed of trust, lien, pledge, hypothecation, encumbrance, charge or security interest in, on or of such asset (or any capital lease having substantially the same economic effect as any of the foregoing). 

“Loan Documents” means this Agreement, the Guarantee Agreement, the Collateral Documents, any Issuer Documents, the
Restatement Agreement, Amendment No. 1, each Additional Credit Extension Amendment, any promissory notes executed and delivered pursuant to Section 2.09(k), the Agency Fee Letter
and any amendments, waivers, supplements or other modifications to any of the foregoing. 
 “Loan Parties” means the
Borrowers and the Guarantors; provided that the European Borrower shall not be deemed a Loan Party in the event the European Revolving Commitments, European Term A Loans, European Term B Loans
, European Term B-1 Loans or any Extended Term Loans of such series are no longer outstanding. 

“Loans” means the loans made by the Lenders to either 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. 
 “Luxembourg” means the Grand Duchy of Luxembourg. 

“Luxembourg Equity Pledge Agreement” means the Share Pledge Agreement executed and delivered by the European Borrower in
favor of the Administrative Agent on July 2, 2013. 
 “Luxembourg IPPECs Pledge Agreement” means the IPPECs Pledge
Agreement executed and delivered by the European Borrower in favor of the Administrative Agent on July 2, 2013. 
 “Material
Adverse Effect” means a material adverse effect on (a) the business, assets, property or financial condition of the Company and the Subsidiaries taken as a whole or (b) the validity or enforceability of this Agreement or any and
all other Loan Documents, or the rights and remedies of the Administrative Agent and the Lenders thereunder. 
 “Material
Indebtedness” means Indebtedness (other than the Loans and Letters of Credit), of any one or more of the Company and its Subsidiaries in an aggregate principal amount exceeding $50,000,000. 

“Maximum Rate” has the meaning assigned to such term in Section 9.14. 

“Mexican Pledge Agreement” means the Equity Interests Pledge Agreement executed and delivered by the European Borrower and CI
Cerveza S.à r.l. in favor of the Administrative Agent on July 2, 2013. 
 “Minimum Liquidity Condition” means,
on any date, that after giving effect to any Specified Transaction occurring on such date, the sum of (i) the excess of the aggregate Revolving Commitments over the aggregate Revolving Credit Exposure on such date plus (ii) unrestricted
cash and Cash Equivalents of the Company and its Consolidated Subsidiaries, on a consolidated basis in accordance with GAAP, on such date exceeds $150,000,000. 

“Moody’s” means Moody’s Investors Service, Inc. and any successor thereto. 

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

  
 21 

 “Net Cash Proceeds” means (a) with respect to any Asset Sale or any
Casualty Event, an amount equal to (i) the sum of cash and Cash Equivalents received in connection with such Asset Sale or Casualty Event (including any cash or Cash Equivalents received by way of deferred payment pursuant to, or by
monetization of, a note receivable or otherwise, but only as and when so received and, with respect to any Casualty Event, any insurance proceeds or condemnation awards in respect of such Casualty Event actually received by the Company or any
Subsidiary) less (ii) the sum of (A) the principal amount, premium or penalty, if any, interest and other amounts on any Indebtedness that is secured by the Property subject to such Asset Sale or Casualty Event and that is repaid in
connection with such Asset Sale or Casualty Event (other than Indebtedness under the Loan Documents), (B) the out-of-pocket expenses (including attorneys’ fees, investment banking fees, accounting fees and other professional and
transactional fees, survey costs, title insurance premiums, and related search and recording charges, transfer taxes, deed or mortgage recording taxes, other expenses and brokerage, consultant and other commissions and fees) actually incurred by the
Company or such Subsidiary in connection with such Asset Sale or Casualty Event, (C) taxes paid or reasonably estimated to be actually payable in connection therewith, (D) any reserve for adjustment in accordance with GAAP in respect of
(x) the sale price of such Property and (y) any liabilities associated with such Property and retained by the Company or any Subsidiary after such Disposition, including pension and other post-employment benefit liabilities and liabilities
related to environmental matters or against any indemnification obligations associated with such transaction and (E) the Company’s reasonable estimate of payments required to be made with respect to unassumed liabilities relating to the
Property involved within one year of such Asset Sale or Casualty Event; provided that (x) in the case of Net Cash Proceeds of a Permitted Receivables Facility, to the extent the Borrower or any of its Subsidiaries receives proceeds of
Attributable Receivables Indebtedness, the Net Cash Proceeds shall only include any principal amount of such Attributable Receivables Indebtedness in excess of the previously highest outstanding balance following the Original Closing Date,
(y) “Net Cash Proceeds” shall include (i) any cash or Cash Equivalents received upon the Disposition of any non-cash consideration received by the Company or any Subsidiary in any such Asset Sale, (ii) an amount equal to any
reversal (without the satisfaction of any applicable liabilities in cash in a corresponding amount) of any reserve described in clause (C) or (D) above at the time of such reversal and (iii) an amount equal to any estimated
liabilities described in clause (E) above that have not been satisfied in cash within three hundred and sixty-five (365) days after such Asset Sale or Casualty Event and (z) in the case of any Asset Sale involving a joint venture, Net
Cash Proceeds shall include such cash payments only to the extent distributed or otherwise transferred to the Company or any of its wholly-owned Subsidiaries; and (b) with respect to the incurrence of any Refinancing Term Loans by the Company
or any Subsidiary, an amount equal to (i) the sum of the cash received in connection with such incurrence or issuance less (ii) the attorneys’ fees, investment banking fees, accountants’ fees, underwriting or other discounts,
commissions, costs and other fees, transfer and similar taxes and other out-of-pocket expenses actually incurred by the Company or such Subsidiary in connection with such incurrence or issuance. 

“Non-Extension Notice Date” has the meaning set forth in Section 2.05(b)(iii). 

“Note” means a promissory note made by the Borrower in favor of a Lender evidencing Loans made by such Lender to the
Borrower, substantially in the form of Exhibit B-1, Exhibit B-2, Exhibit B-3, Exhibit B-4, Exhibit B-5, Exhibit B-6 or Exhibit B-7, as applicable. 

“Obligations” means all Indebtedness (including interest accruing during the pendency of any bankruptcy, insolvency,
receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding) and other monetary obligations of any of the Loan Parties to any of the Lenders, their Affiliates, the Administrative Agent, any Cash Management
Bank and any Hedge Bank, individually or collectively, existing on the Original Closing Date or arising thereafter (direct or indirect, joint or several, absolute or contingent, matured or unmatured, liquidated or unliquidated, secured or unsecured)
arising or incurred under this Agreement or any of the other Loan Documents or any Secured Hedge Agreement or Cash Management Obligation (including under any of the Loans made or reimbursement or other monetary obligations incurred or any of the
Letters of Credit or other instruments at any time evidencing any thereof), in each case whether now existing or hereafter arising, whether all such obligations arise or accrue before or after the commencement of any bankruptcy, insolvency or
receivership proceedings (and whether or not such claims, interest, costs, expenses or fees are allowed or allowable in any such proceeding (including interest and fees which, but for the filing of a petition in bankruptcy with respect to any Loan
Party, would have accrued on any Obligations, whether or not a claim is allowed against such Loan Party for such interest or fees in the related bankruptcy proceeding)); provided that (i) obligations of the Loan Parties under any Swap
Agreement 

  
 22 

 
and any Cash Management Obligations shall be guaranteed pursuant to the Guarantee Agreement only to the extent that, and for so long as, the other Obligations are so guaranteed, (ii) any
release of Guarantors or Collateral effected in the manner permitted by this Agreement shall not require the consent of holders of obligations under Swap Agreements or holders of Cash Management Obligations and (iii) the “Obligations”
with respect to any Guarantor shall exclude any Excluded Swap Obligations of such Guarantor. 
 “Original Closing Date”
means May 3, 2012. 
 “Original Credit Agreement” has the meaning provided in the Restatement Agreement. 

“Original Execution Date” means May 2, 2013. 

“Original Restatement Effective Date” means June 7, 2013. 

“Other Taxes” means any and all present or future stamp or documentary Taxes or any other excise or property Taxes, charges
or similar levies arising from any payment made under this Agreement or any other Loan Document or from the execution, delivery or enforcement of, or otherwise with respect to, this Agreement or any other Loan Document, except any such Taxes imposed
as a result of an assignment by a Lender other than an assignment made pursuant to Section 2.18 (an “Assignment Tax”), if such Assignment Tax is imposed as a result of any present or former connection of the assignor or assignee with
the jurisdiction imposing such Assignment Tax (including as a result of such recipient carrying on a trade or business, having a permanent establishment or being a resident for tax purposes in such jurisdiction) other than any connection arising
solely from such recipient having executed, delivered, enforced, 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, and/or
enforced, any Loan Documents. 
 “Outstanding Amount” means (i) with respect to Loans on any date, the aggregate
outstanding principal amount thereof after giving effect to any borrowings and prepayments or repayments of such Loans occurring on such date; (ii) with respect to Swingline Loans on any date, the aggregate outstanding principal amount thereof
after giving effect to any borrowings and prepayments or repayments of such Swingline Loans occurring on such date; and (iii) with respect to any Letter of Credit Obligations on any date, the Dollar Equivalent amount of the aggregate
outstanding amount of such Letter of Credit Obligations on such date after giving effect to any L/C Credit Extension occurring on such date and any other changes in the aggregate amount of the Letter of Credit Obligations as of such date, including
as a result of any reimbursements by a Borrower of Unreimbursed Amounts. 
 “Overnight Rate” means, for any day, the
greater of (i) the Federal Funds Effective Rate and (ii) an overnight rate determined by the Administrative Agent, the Issuing Bank, or the Swingline Lender, as the case may be, in accordance with banking industry rules on interbank
compensation. 
 “Participant” has the meaning set forth in Section 9.04(d). 

“Participant Register” has the meaning set forth in Section 9.04(d). 

“PBGC” means the Pension Benefit Guaranty Corporation referred to and defined in ERISA and any successor entity performing
similar functions. 
 “PECs” means preferred equity certificates or any other instrument issued by any Foreign Subsidiary
that is treated as equity for U.S. federal income tax purposes but is treated as indebtedness under the laws of the jurisdiction of organization of such Foreign Subsidiary. 

“Perfection Certificate” means a certificate, dated the Original Closing Date, delivered by the Company to the Administrative
Agent. 
 “Perfection Certificate Supplement” means a supplement to the Perfection Certificate containing any information
not included in the Perfection Certificate delivered to the Administrative Agent on the Original Closing 

  
 23 

 
Date (or in any previously delivered Perfection Certificate Supplement) with respect to matters required by the Perfection Certificate. 

“Permitted Acquisition” means the purchase or other acquisition, in one or more series of transactions, of property and
assets or businesses of any Person or of assets constituting a business unit, a line of business or division of such Person, or Equity Interests in a Person that, upon the consummation thereof, will be a Subsidiary of the Borrower (including as a
result of a merger or consolidation); provided that the following conditions are satisfied: 

(a)          on a Pro Forma Basis (i) the Minimum Liquidity Condition
is satisfied and (ii) the Company is in compliance with the covenants set forth in Section 6.09 as of the date of the most recent balance sheet delivered pursuant to Section 5.01(a) or (b); and 

(b)          at the time of and immediately after giving effect thereto, no
Default shall have occurred and be continuing. 
 “Permitted Encumbrances” means: 

(a)          Liens imposed by law for Taxes, assessments or other
governmental charges that are not overdue for a period of more than thirty (30) days or are being contested in compliance with Section 5.04; 

(b)          carriers’, warehousemen’s, mechanics’,
materialmen’s, repairmen’s, landlords’, workmen’s, suppliers’ and other like Liens imposed by law, arising in the ordinary course of business and securing obligations that are not overdue by more than ninety (90) days
or are being contested in compliance with Section 5.04; 

(c)          (i) Liens, pledges and deposits made in the ordinary course of
business in compliance with workers’ compensation, unemployment insurance and other social security laws or regulations or employment laws or to secure other public, statutory or regulatory obligations (including to support letters of credit or
bank guarantees) and (ii) Liens, pledges or deposits in the ordinary course of business securing liability for premiums or reimbursement or indemnification obligations of (including obligations in respect of letters of credit or bank guarantees
for the benefit of) insurance carriers providing insurance to the Company or any Subsidiary; 

(d)          Liens or deposits to secure the performance of bids, trade
contracts, governmental contracts, tenders, statutory bonds, leases, statutory obligations, surety, stay, appeal and replevin bonds, performance bonds, indemnity bonds, bonds to secure the payment of excise taxes or customs duties in connection with
the sale or importation of goods and other obligations of a like nature (including those to secure health, safety and environmental obligations), in each case in the ordinary course of business; 

(e)          Liens in respect of judgments, decrees, attachments or awards
that do not constitute an Event of Default under clause (k) of Article VII; 

(f)          easements, restrictions (including zoning restrictions),
rights-of-way, covenants, licenses, encroachments, protrusions and similar encumbrances and minor title defects affecting real property imposed by law or arising in the ordinary course of business that do not secure any monetary obligations and do
not materially interfere with the ordinary conduct of business of the Company or any Subsidiary; 

(g)          any interest or title of a lessor, sublessor, licensor or
sublicensor under any lease, sublease, license or sublicense entered into by the Company or any other Subsidiary as a part of its business and covering only the assets so leased; and 

(h)          performance and return-of-money bonds, or in connection with
the payment of the exercise price or withholding taxes in respect of the exercise, payment or vesting of stock appreciation rights, stock options, restricted stock, restricted stock units, performance share units or other stock-based awards, and
other similar obligations; 

  
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 provided that the term “Permitted Encumbrances” shall not include any Lien securing
Indebtedness. 
 “Permitted Holders” means (a) Marilyn Sands, her descendants (whether by blood or adoption), her
descendants’ spouses, her siblings, the descendants of her siblings (whether by blood or adoption), Hudson Ansley, Lindsay Caleo, William Caleo, Courtney Winslow, or Andrew Stern, or the estate of any of the foregoing Persons, or The Sands
Family Foundation, Inc., (b) trusts which are for the benefit of any combination of the Persons described in clause (a), or any trust for the benefit of any such trust, or (c) partnerships, limited liability companies or any other entities
which are controlled by any combination of the Persons described in clause (a), the estate of any such Persons, a trust referred to in the foregoing clause (b), or an entity that satisfies the conditions of this clause (c). 

“Permitted Receivables Facility” means the receivables facility or facilities created under the Permitted Receivables
Facility Documents providing for the sale or pledge by the Company and/or one or more other Receivables Sellers of Permitted Receivables Facility Assets (thereby providing financing to the Company and the Receivables Sellers) to the Receivables
Entity (either directly or through another Receivables Seller), which in turn shall sell or pledge interests in the respective Permitted Receivables Facility Assets to third-party lenders or investors pursuant to the Permitted Receivables Facility
Documents (with the Receivables Entity permitted to issue notes or other evidences of Indebtedness secured by Permitted Receivables Facility Assets or investor certificates, purchased interest certificates or other similar documentation evidencing
interests in the Permitted Receivables Facility Assets) in return for the cash used by the Receivables Entity to purchase the Permitted Receivables Facility Assets from the Borrower and/or the respective Receivables Sellers, in each case as more
fully set forth in the Permitted Receivables Facility Documents. 
 “Permitted Receivables Facility Assets” means
(i) Receivables (whether now existing or arising in the future) of the Company and its Subsidiaries which are transferred or pledged to the Receivables Entity pursuant to the Permitted Receivables Facility and any related Permitted Receivables
Related Assets which are also so transferred or pledged to the Receivables Entity and all proceeds thereof and (ii) loans to the Company and its Subsidiaries secured by Receivables (whether now existing or arising in the future) and any
Permitted Receivables Related Assets of the Borrower and its Subsidiaries which are made pursuant to the Permitted Receivables Facility. 

“Permitted Receivables Facility Documents” means each of the documents and agreements entered into in connection with the
Permitted Receivables Facility, including (i) the documents relating to the Amended and Restated Receivables Loan, Security and Servicing Agreement, dated as of October 1, 2013, by and among the Company, Constellation Brands Sales Finance
LLC, Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. “Rabobank Nederland”, New York Branch and the other lenders from time to time a party thereto, (ii) the documents relating to the Receivables Loan, Security and Servicing
Agreement, dated as of October 1, 2013, by and among Crown Imports LLC, Crown Sales Finance LLC, Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. “Rabobank Nederland”, New York Branch and the other lenders from time to time a
party thereto and (iii) all documents and agreements relating to the issuance, funding and/or purchase of certificates and purchased interests, or the issuance of notes or other evidence of Indebtedness secured by such notes, all of which
documents and agreements shall be in form and substance reasonably customary for transactions of this type, in each case as such documents and agreements may be amended, modified, supplemented, refinanced or replaced from time to time so long as (in
the good faith determination of the Company) either (i) the terms as so amended, modified, supplemented, refinanced or replaced are reasonably customary for transactions of this type or (ii)(x) any such amendments, modifications, supplements,
refinancings or replacements do not impose any conditions or requirements on the Company or any of its Subsidiaries that, taken as a whole, are more restrictive in any material respect than those in existence immediately prior to any such amendment,
modification, supplement, refinancing or replacement as determined by the Company in good faith and (y) any such amendments, modifications, supplements, refinancings or replacements are not adverse in any material respect to the interests of
the Lenders as determined by the Company in good faith. 
 “Permitted Receivables Related Assets” means any other assets
that are customarily transferred or in respect of which security interests are customarily granted in connection with asset securitization transactions involving receivables similar to Receivables and any collections or proceeds of any of the
foregoing. 
 “Permitted Refinancing Indebtedness” means, with respect to any Person, any amendment, modification,
refinancing, refunding, renewal, replacement or extension of any Indebtedness of such Person; provided that (a) the 

  
 25 

 
principal amount (or accreted value, if applicable) thereof does not exceed the principal amount (or accreted value, if applicable) of the Indebtedness so modified, refinanced, refunded, renewed,
replaced or extended except by an amount equal to unpaid accrued interest and premium thereon plus other reasonable amounts paid, and fees and expenses reasonably incurred, in connection with such modification, refinancing, refunding, renewal,
replacement or extension, (b) other than with respect to Permitted Refinancing Indebtedness in respect of Indebtedness permitted pursuant to Section 6.01(e), such modification, refinancing, refunding, renewal, replacement or extension has
a final maturity date equal to or later than the earlier of (x) the final maturity date of the Indebtedness so modified, refinanced, refunded, renewed, replaced or extended and (y) the date which is 91 days after the European Term
B-1 Loan Maturity Date, (c) other than with respect to Permitted Refinancing Indebtedness in respect of Indebtedness permitted pursuant to Section 6.01(e), such modification,
refinancing, refunding, renewal, replacement or extension has a Weighted Average Life to Maturity equal to or greater than the remaining Weighted Average Life to Maturity of, the Indebtedness being modified, refinanced, refunded, renewed, replaced
or extended and (d) to the extent such Indebtedness being modified, refinanced, refunded, renewed, replaced or extended is subordinated in right of payment to the Obligations, such modification, refinancing, refunding, renewal, replacement or
extension is subordinated in right of payment to the Obligations on terms, taken as a whole, at least as favorable to the Lenders (in the good faith determination of the Company) as those contained in the documentation governing the Indebtedness
being modified, refinanced, refunded, renewed, replaced or extended. 
 “Person” means any natural person, corporation,
limited liability company, trust, joint venture, association, company, partnership, Governmental Authority or other entity. 

“Plan” means any employee pension benefit plan (other than a Multiemployer Plan) subject to the provisions of Title IV of
ERISA or Section 412 of the Code or Section 302 of ERISA, and in respect of which the Borrower or any ERISA Affiliate is (or, if such plan were terminated, would under Section 4069 of ERISA be deemed to be) an “employer” as
defined in Section 3(5) of ERISA. 
 “Platform” has the meaning assigned in Section 5.01. 

“Pledge Agreements” means, collectively, the U.S. Pledge Agreement and the Foreign Pledge Agreements. 

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

“Pro Forma Basis” means with respect to compliance with any test covenant hereunder, that all Specified Transactions and the
following transactions in connection therewith shall be deemed to have occurred as of the first day of the applicable period of measurement in such test or covenant: (a) income statement items (whether positive or negative) attributable to the
Property or Person subject to such Specified Transaction, (i) in the case of a Disposition of all or substantially all Equity Interests in any Subsidiary of the Company owned by the Company or any of its Subsidiaries or any division, product
line, or facility used for operations of the Company or any of its Subsidiaries, shall be excluded, and (ii) in the case of a Permitted Acquisition or Investment described in the definition of “Specified Transaction,” shall be
included, (b) any retirement of Indebtedness and (c) any Indebtedness incurred or assumed by the Company or any of the Subsidiaries in connection therewith and if such Indebtedness has a floating or formula rate, shall have an implied rate
of interest for the applicable period for purposes of this definition determined by utilizing the rate which is or would be in effect with respect to such Indebtedness as at the relevant date of determination; provided that, the foregoing pro
forma adjustments may be applied to any such test or covenant solely to the extent that either (x) such adjustments are consistent with Regulation S-X or (y) in the case of any acquisition of a Person or line of business, such adjustments
are set forth in a certificate of a Financial Officer of the Company delivered to the Administrative Agent, which certificate states that such adjustments are (A) based on specifically identified actions to be taken within six months following
the date of such acquisition and (B) such Financial Officer believes such adjustments appropriately reflect the net cost savings to be achieved as a result of such specifically identified actions. It is understood and agreed that if the
Acquisition is completed then prior to the earlier of (i) the 75th day after the consummation of the Acquisition and (ii) the date the Company has all historical and pro forma financial
information with respect to the Acquisition required to be filed with the SEC pursuant to 

  
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Item 9.01 of Form 8-K, the calculations above shall be made by the Borrower in good faith based on the relevant financial information then available to the Borrower. 

“Property” means any right or interest in or to property of any kind whatsoever, whether real, personal or mixed and whether
tangible or intangible, including, without limitation, Equity Interests. 
 “Public Lender” has the meaning assigned in
Section 5.01. 
 “Qualified Equity Interests” means Equity Interests of the Company other than Disqualified Equity
Interests. 
 “Receivables” means all accounts receivable and property relating thereto (including, without limitation, all
rights to payment created by or arising from sales of goods, leases of goods or the rendition of services rendered no matter how evidenced whether or not earned by performance). 

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

“Refinanced Term Loans” has the meaning assigned to such term in Section 9.02. 

“Refinancing Term Loans” means Incremental Term Loans that are designated by a Responsible Officer of the Company as
“Refinancing Term Loans” in a certificate of a Responsible Officer of the Company delivered to the Administrative Agent on or prior to the date of incurrence. 

“Register” has the meaning set forth in Section 9.04(c). 

“Regulation S-X” means Regulation S-X under the Securities Act of 1933, as amended. 

“Related Parties” means, with respect to any Person, such Person’s Affiliates and the partners, directors, officers,
employees, agents, trustees and advisors of such Person and of such Person’s Affiliates. 
 “Release” means any
spilling, leaking, pumping, pouring, emitting, emptying, discharging, injecting, escaping, leaching, dumping or disposing of a Hazardous Material into the environment, including the abandonment, discarding, burying or disposal of barrels, containers
or other receptacles containing any Hazardous Material. 

  
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 “Replacement Term Loans” has the meaning assigned to such term in
Section 9.02. 
 “Repricing Transaction” means the refinancing or repricing
by a Borrower of any European Term B Loans under this Agreement (i) with the proceeds of any Indebtedness in the form of term loan Indebtedness (including, without limitation, any Incremental Term Loans) incurred for the purpose of repaying,
refinancing, substituting or replacing such European Term B Loans or (ii) in connection with any amendment to this Agreement, in each case, having or resulting in an effective yield (to be determined after giving effect to margins, upfront or
similar fees or original issue discount (with upfront fees and original issue discount equated to interest rate based on an assumed four year average life to maturity) generally shared with lenders or holders thereof and equating any LIBO Rate or
Base Rate “floor” to interest rate based on the positive excess, if any, of such minimum rate over the relevant reference rate on the date of determination, but excluding the effect of any arrangement, structuring, syndication or other
fees payable in connection therewith that are not generally shared with lenders or holders thereof) as of the date of such refinancing or repricing that is less than the effective yield of (to be determined on the same basis as above) the European
Term B Loans as of the date of such refinancing or repricing. 
 “Required Lenders” means, at any time, Lenders
having Credit Exposure and unused Commitments representing more than 50% of the sum of the total Credit Exposure and unused Commitments at such time; provided that the Commitment of, and the portion of the Credit Exposure held or deemed held
by, any Defaulting Lender shall be excluded for purposes of making a determination of Required Lenders. 
 “Required Revolving
Lenders” means, at any time, Lenders having Revolving Credit Exposures and unused Revolving Commitments representing more than 50% of the sum of the total Revolving Credit Exposures and unused Revolving Commitments at such time; provided
that the Revolving Commitment of, and the portion of the Revolving Credit Exposure held or deemed held by, any Defaulting Lender shall be excluded for purposes of making a determination of Required Revolving Lenders. 

“Responsible Officer” means the chief executive officer, president, any vice president, chief financial officer, treasurer,
assistant treasurer or controller of a Loan Party and, solely for purposes of notices given pursuant to Article II, any other officer or employee of the applicable Loan Party so designated by any of the foregoing officers in a notice to the
Administrative Agent. Any document delivered hereunder that is signed by a Responsible Officer of a Loan Party shall be conclusively presumed to have been authorized by all necessary corporate, partnership and/or other action on the part of such
Loan Party and such Responsible Officer shall be conclusively presumed to have acted on behalf of such Loan Party. 
 “Restatement
Agreement” means the Restatement Agreement, dated as of May 28, 2014 by and among the Borrowers, the Administrative Agent and the Lenders party thereto. 

“Restatement Effective Date” means the date on which each of the conditions set forth in Section 4.01 of this Agreement
have been satisfied. 
 “Restricted Payments” means any dividend or other distribution, whether in cash, securities or
other property (other than any such dividend or other distribution payable solely with Qualified Equity Interests), with respect to any Equity Interests in the Company or any Subsidiary, or any payment, whether in cash, securities or other property
(other than any such payment solely with Qualified Equity Interests), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or termination of any such Equity Interests in the
Company or any Subsidiary. 
 “Revaluation Date” means, with respect to any Letter of Credit, each of the following:
(i) each date of issuance of a Letter of Credit denominated in an Alternative Currency, (ii) each date of an amendment of any such Letter of Credit having the effect of increasing the amount thereof, (iii) each date of any payment by
the Issuing Bank under any Letter of Credit denominated in an Alternative Currency and (iv) such additional dates as the Administrative Agent or the Issuing Bank shall determine or the Required Revolving Lenders under the applicable Revolving
Credit Facility shall require. 

  
 28 

 “Revolving Commitment” means a U.S. Revolving Commitment and/or a European
Revolving Commitment, as applicable. 
 “Revolving Credit Exposure” means, with respect to any Lender at any time, such
Lender’s U.S. Revolving Credit Exposure and/or European Revolving Credit Exposure. 
 “Revolving Credit Facilities”
means the U.S. Revolving Credit Facility and European Revolving Credit Facility and “Revolving Credit Facility” shall refer to any one of them individually as the context requires. 

“Revolving Credit Maturity Date” means the European Revolving Credit Maturity Date or the U.S. Revolving Credit Maturity
Date, as applicable. 
 “Revolving Lender” means a U.S. Revolving Lender and/or European Revolving Lender. 

“Revolving Loan” means a U.S. Revolving Loan and/or European Revolving Loan, as applicable. 

“S&P” means Standard & Poor’s Ratings Services, a division of The McGraw- Hill Companies, Inc., and any
successor thereto. 
 “Same Day Funds” means (a) with respect to disbursements and payments in Dollars, and
(b) with respect to disbursements and payments in an Alternative Currency, same day or other funds as may be reasonably determined by the Administrative Agent or the Issuing Bank, as the case may be, to be customary in the place of disbursement
or payment for the settlement of international banking transactions in the relevant Alternative Currency. 
 “SEC” means
the Securities and Exchange Commission, any successor thereto and any analogous Governmental Authority succeeding to any of its principal functions. 

“Secured Hedge Agreement” means any Swap Agreement existing on the Original Closing Date between any Loan Party or any
Subsidiary and any Hedge Bank or entered into following the Original Closing Date by and between any Loan Party or any Subsidiary and any Hedge Bank. 

“Secured Parties” means, collectively, the Administrative Agent, the Issuing Banks, the Lenders, the Hedge Banks, the Cash
Management Banks, any Affiliate of a Lender to which Obligations are owed and each co-agent or sub-agent appointed by the Administrative Agent from time to time pursuant to Article VIII. 

“series” means, with respect to any Extended Term Loans, Incremental Term Loans or Replacement Term Loans or Extended
Revolving Commitments, all such Term Loans or Extended Revolving Commitments that have the same maturity date, amortization and interest rate provision and that are designated as part of such “series” pursuant to the applicable Additional
Credit Extension Amendment. 
 “Solvent” and “Solvency” mean, with respect to any Person on any date of
determination, that on such date (a) the fair value of the property of such Person is greater than the total amount of liabilities, including contingent liabilities, of such Person, (b) the present fair salable value of the assets of such
Person is not less than the amount that will be required to pay the probable liability of such Person on its debts as they become absolute and matured, (c) such Person does not intend to, and does not believe that it will, incur debts or
liabilities beyond such Person’s ability to pay such debts and liabilities as they become absolute and matured and (d) such Person is not engaged in any business, as conducted on such date and as proposed to be conducted following such
date, for which such Person’s property would constitute an unreasonably small capital. The amount of contingent liabilities at any time shall be computed as the amount that, in the light of all the facts and circumstances existing at such time,
represents the amount that can reasonably be expected to become an actual or matured liability. 
 “Specified Domestic
Subsidiary” means each wholly-owned Domestic Subsidiary of the Company other than (i) any Foreign Holding Company, (ii) any Receivables Entity, (iii) any Domestic Subsidiary that is a Subsidiary

  
 29 

 
of a Foreign Subsidiary or Foreign Holding Company, (iv) any Immaterial Subsidiary and (v) any Inactive Subsidiary. 

“Specified Indebtedness” means (i) the Existing Senior Notes, (ii) any Indebtedness incurred in reliance on
Section 6.01(p) and (iii) any Indebtedness that is expressly subordinated in right of payment to the Obligations. 

“Specified Transaction” means, with respect to any Test Period, any of the following events occurring after the first day of
such Test Period and prior to the applicable date of determination: (i) any Investment by the Company or any Subsidiary in any Person (including in connection with the Acquisition and any Permitted Acquisition) other than a Person that was a
wholly-owned Subsidiary on the first day of such period involving (x) the acquisition of a new Subsidiary or joint venture, (y) an increase in the Company’s and its Subsidiaries’ consolidated economic ownership of a joint venture
or (z) the acquisition of a product line or business unit, (ii) any Asset Sale involving (x) the disposition of Equity Interests of a Subsidiary or joint venture (other than to the Company or a Subsidiary) or (y) the disposition
of a product line or business unit, (iii) any incurrence or repayment of Indebtedness (in each case, other than Swap Agreements, Revolving Loans, Swingline Loans and borrowings and repayments of Indebtedness in the ordinary course of business
under revolving credit facilities except to the extent there is a reduction in the related Revolving Commitments or other revolving credit commitment) and (iv) any other transaction specifically required to be given effect to on a Pro Forma
Basis. 
 “Spot Rate” for a currency means the rate determined by the Administrative Agent or the Issuing Bank, as
applicable, to be the rate quoted by the Person acting in such capacity as the spot rate for the purchase by such Person of such currency with another currency through its principal foreign exchange trading office at approximately 11:00 a.m. on the
date two Business Days prior to the date as of which the foreign exchange computation is made; provided that the Administrative Agent or the Issuing Bank may obtain such spot rate from another financial institution designated by the
Administrative Agent or the Issuing Bank if the Person acting in such capacity does not have as of the date of determination a spot buying rate for any such currency; and provided further that the Issuing Bank may use such spot rate
quoted on the date as of which the foreign exchange computation is made in the case of any Letter of Credit denominated in an Alternative Currency. 

“Standard Securitization Undertakings” means representations, warranties, covenants and indemnities entered into by the
Borrower or any Subsidiary thereof in connection with the Permitted Receivables Facility which are reasonably customary in an accounts receivable financing transaction. 

“subsidiary” means, with respect to any Person (the “parent”) at any date, any corporation, limited
liability company, partnership, association or other entity of which securities or other ownership interests representing more than 50% of the ordinary voting power for the election of directors or other governing body are at the time beneficially
owned, directly or indirectly, by the parent or one or more subsidiaries of the parent or by the parent and one or more subsidiaries of the parent. 

“Subsidiary” means any subsidiary of the Company. 

“Swap Agreement” means any agreement with respect to any swap, forward, future or derivative transaction or option or similar
agreement involving, or settled by reference to, one or more rates, currencies, commodities, equity or debt instruments or securities, or economic, financial or pricing indices or measures of economic, financial or pricing risk or value or any
similar transaction or any combination of these transactions; provided that no phantom stock or similar plan providing for payments only on account of services provided by current or former directors, officers, employees or consultants of the
Company or the Subsidiaries shall be a Swap Agreement. 
 “Swap Obligations” means with respect to any Guarantor any
obligation to pay or perform under any agreement, contract or transaction that constitutes a “swap” within the meaning of Section 1a(47) of the Commodity Exchange Act. 

“Swingline Exposure” means the U.S. Swingline Exposure and/or European Swingline Exposure, as applicable. 

  
 30 

 “Swingline Lender” means Bank of America, in its capacity as lender of Swingline
Loans hereunder, or any successor swingline lender hereunder. 
 “Swingline Loan” means a U.S. Swingline Loan and/or
European Swingline Loan. 
 “Swingline Loan Notice” means a notice of a Swingline Loan Borrowing pursuant to
Section 2.04, which, if in writing, shall be substantially in the form of Exhibit F or such other form as may be approved by the Administrative Agent (including any form on an electronic platform or electronic transmission system as
shall be approved by the Administrative Agent), appropriately completed and signed by a Responsible Officer of the applicable Borrower. 

“Swingline Loan Sublimit” means the U.S. Swingline Loan Sublimit and/or the European Swingline Loan Sublimit, as applicable.

 “Taxes” means any and all present or future taxes, levies, imposts, duties, assessments, deductions, charges or
withholdings of any nature and whatever called, imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 

“Term Lender” means the U.S. Term A Lenders, the U.S. Term A-1 Lenders, U.S. Term A-2 Lenders, the European Term A Lenders,
the European Term B Lenders, the European Term B-1 Lenders and each Lender holding Incremental Term Loans, Extended Term Loans or Replacement Term Loans of any series. 

“Term Loan” means the U.S. Term A Loans, U.S. Term A-1 Loans, U.S. Term A-2 Loans, European Term A Loans, European Term B
Loans, European Term B-1 Loans, the Incremental Term Loans of each series and the Extended Term Loans of each series, collectively, made pursuant to Section 2.01. 

“Test Period” means the period of four fiscal quarters of the Borrower ending on a specified date. 

“Transactions” means (x) the execution, delivery and performance by the Loan Parties of the Second Amended and Restated
Credit Agreement, dated May 2, 2013, by and among the Company, the European Borrower, the Administrative Agent and the other parties thereto and the other Loan Documents, the borrowing of Loans on the Original Restatement Effective Date and the
repayment in full of all Indebtedness under the Amended and Restated Credit Agreement, dated August 8, 2012, by and among the Company, the Administrative Agent and the other parties thereto and (y) the execution, delivery and performance
by the Loan Parties of this Agreement and the other Loan Documents and the borrowing of Loans on the Restatement Effective Date and Amendment No. 1 Effective Date, if any. 

“Type,” when used in reference to any Loan or Borrowing, refers to whether the rate of interest on such Loan, or on the Loans
comprising such Borrowing, is determined by reference to the Eurodollar or the Base Rate. 
 “Uniform Commercial Code”
means the Uniform Commercial Code as the same may from time to time be in effect in the State of New York. 
 “Unreimbursed
Amount” has the meaning set forth in Section 2.05(c)(i). 
 “U.S. L/C Exposure” means, at any time, the sum
of (a) the aggregate Outstanding Amount of all U.S. Letters of Credit at such time plus (b) the aggregate Outstanding Amount of all L/C Disbursements, including Unreimbursed Amounts, that have not yet been reimbursed by or on behalf of the
Company at such time under U.S Letters of Credit. The U.S. L/C Exposure of any U.S. Revolving Lender at any time shall be its Applicable Percentage of the total U.S. L/C Exposure at such time. For purposes of computing the amount available to be
drawn under any U.S. Letter of Credit, the amount of such U.S. Letter of Credit shall be determined in accordance with Section 1.09. For all purposes of this Agreement, if on any date of determination a U.S. Letter of Credit has expired by its
terms but any amount may still be drawn thereunder by reason of the operation of Rule 3.14 of the ISP, such U.S. Letter of Credit shall be deemed to be “outstanding” in the amount so remaining available to be drawn. 

  
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 “U.S. L/C Exposure Sublimit” means $100,000,000. 

“U.S. Lender” means any Lender or Issuing Bank that is a “United States person” as defined in
Section 7701(a)(30) of the Code. 
 “U.S. Letter of Credit” means any Letter of Credit issued pursuant to the U.S.
Revolving Credit Facility. 
 “U.S. Loan Party” means the Company and the Guarantors. 

“U.S. Pledge Agreement” means the Pledge Agreement executed and delivered by the Company, the Subsidiary Guarantors and the
Administrative Agent on the Original Closing Date. 
 “U.S. Revolving Commitment” means, with respect to each Lender, the
commitment, if any, of such Lender to make U.S. Revolving Loans and to acquire participations in U.S. Letters of Credit and U.S. Swingline Loans, expressed as an amount representing the maximum possible aggregate amount of such Lender’s U.S.
Revolving Credit Exposure hereunder, as such commitment may be (a) reduced from time to time pursuant to Section 2.08, (b) increased from time to time pursuant to Section 2.19 and (c) reduced or increased from time to time
pursuant to assignments by or to such Lender pursuant to Section 9.04 of this Agreement. The amount of each Lender’s U.S. Revolving Commitment on the Restatement Effective Date is as set forth on
Schedule 2.01A of the Restatement Agreement or in the Assignment and Assumption pursuant to which such Lender shall have assumed its U.S. Revolving Commitment, as applicable. The aggregate amount
of the Lenders’ U.S. Revolving Commitments on the Restatement Effective Date is $425,000,000. 
 “U.S. Revolving Credit
Exposure” means, with respect to any Lender at any time, the sum of such Lender’s outstanding U.S. Revolving Loans and its U.S. L/C Exposure and U.S. Swingline Exposure at such time. 

“U.S. Revolving Credit Facility” means the U.S. Revolving Commitments and the extension of credit made thereunder. 

“U.S. Revolving Credit Maturity Date” means June 7, 2018. 

“U.S. Revolving Lender” means each Lender that has a U.S. Revolving Commitment or that holds U.S. Revolving Credit Exposure.

 “U.S. Revolving Loan” means a U.S. Revolving Loan made pursuant to Section 2.01(c). 

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

“U.S. Swingline Loan” means a Loan made under the U.S. Revolving Facility pursuant to Section 2.04. 

“U.S. Swingline Loan Sublimit” means $25,000,000. 

“U.S. Term A Lender” means a Lender holding U.S. Term A Loans. 

“U.S. Term A Loan” means each outstanding U.S. Term A Loan under the Original Credit Agreement immediately prior to the
Restatement Effective Date, which amount is $496,289,062.50. 
 “U.S. Term A Loan Maturity Date” means June 7, 2018.

 “U.S. Term A-1 Lender” means a Lender holding U.S. Term A-1 Loans. 

“U.S. Term A-1 Loan” means each outstanding U.S. Term A-1 Loan under the Original Credit Agreement immediately prior to the
Restatement Effective Date, which amount is $245,023,437.50. 

  
 32 

 “U.S. Term A-1 Loan Maturity Date” means June 7, 2019. 

“U.S. Term A-2 Lender” means a Lender holding U.S. Term A-2 Loans. 

“U.S. Term A-2 Loan” means each outstanding U.S. Term A-2 Loan under the Original Credit Agreement immediately prior to the
Restatement Effective Date, which amount is $649,687,500.00. 
 “U.S. Term A-2 Loan Maturity Date” means June 7, 2018.

 “VAT” means: 

(a)          any Tax imposed in compliance with Council Directive of
28 November 2006 on the common system of value added tax (EC Directive 2006/112), as amended and as implemented by any relevant EU Member State; and 

(b)          any other Tax of a similar nature whether imposed in a member
state of the European Union in substitution for, or levied in addition to, such Tax referred to in paragraph (a) above, or imposed elsewhere. 

“Weighted Average Life to Maturity” means, when applied to any Indebtedness at any date, the number of years obtained by
dividing (a) the then outstanding aggregate principal amount of such Indebtedness into (b) the sum of the total of the products obtained by multiplying (i) the amount of each then remaining scheduled installment, sinking fund, serial
maturity or other required payment of principal including payment at final maturity, in respect thereof, by (ii) the number of years (calculated to the nearest one-twelfth) which will elapse between such date and the making of such payment.

 “Withdrawal Liability” means liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such
Multiemployer Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA. 
 “wholly-owned” means, with
respect to a Subsidiary of a Person, a Subsidiary of such Person all of the outstanding Equity Interests of which (other than (x) director’s qualifying shares and (y) shares issued to foreign nationals to the extent required by
applicable Law) are owned by such Person and/or by one or more wholly-owned Subsidiaries of such Person. 
 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”). 
 SECTION
1.03.      Terms Generally. 

(a)            The definitions of terms herein shall apply equally to the singular
and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The 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, refinanced, restated, replaced 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” 

  
 33 

 
shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights. 

(b)           Luxembourg Terms. In this Agreement, a reference to: 

 (i)      a “liquidator, trustee in bankruptcy, judicial custodian, compulsory
manager, receiver, administrator receiver, administrator or similar officer” includes any: 

 (A)          juge-commissaire and/or insolvency receiver
(curateur) appointed under the Luxembourg Commercial Code; 

 (B)          liquidateur appointed under Articles 141 to 151
of the Luxembourg Act dated 10 August 1915; 

 (C)          juge-commissaire and/or liquidateur appointed
under Article 203 of the Luxembourg Act dated 10 August 1915 on commercial companies; 

 (D)          commissaire appointed under the Grand-Ducal
Decree dated 24 May 1935 or under Articles 593 to 614 of the Luxembourg Commercial Code; and 

 (E)          juge délégué appointed under
the Luxembourg Act dated 14 April 1886; 
  (ii)        a
“winding-up, administration or dissolution” includes, without limitation, bankruptcy (faillite), liquidation, composition with creditors (concordat préventif de faillite), moratorium or reprieve from payment (sursis
de paiement) and controlled management (gestion contrôlée); and 

(iii)        a person being “unable to pay its debts” includes that person
being in a state of cessation of payments (cessation de paiement).” 
 SECTION
1.04.      Accounting Terms; GAAP. 

(a)          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, (i) if the Company notifies the Administrative Agent that the Company requests an amendment to any provision hereof to eliminate
the effect of any change occurring after the Original Closing Date in GAAP (including as a result of the adoption of IFRS) or in the application thereof on the operation of such provision (or if the Administrative Agent notifies the Company that the
Required Lenders request an amendment to any provision hereof for such purpose), regardless of whether any such notice is given before or after such change in GAAP (including as a result of the adoption of IFRS) or in the application thereof, then
such provision shall be interpreted on the basis of GAAP as in effect and applied immediately before such change shall have become effective until such notice shall have been withdrawn or such provision amended in accordance herewith and
(ii) notwithstanding anything in GAAP to the contrary, for purposes of all financial calculations hereunder, the amount of any Indebtedness outstanding at any time shall be the stated principal amount thereof (except to the extent such
Indebtedness provides by its terms for the accretion of principal, in which case the amount of such Indebtedness at any time shall be its accreted amount at such time). 

(b)          Notwithstanding anything to the contrary herein, for purposes of determining
compliance with any test or covenant or the compliance with or availability of any basket contained in this Agreement, the Consolidated Leverage Ratio, Consolidated Interest Coverage Ratio and Consolidated Net Leverage Ratio shall be calculated with
respect to such period on a Pro Forma Basis. 
 SECTION 1.05.      Payments on Business
Days.  When the payment of any Obligation or the performance of any covenant, duty or obligation is stated to be due or performance required on a day which is not a Business Day, the date of such payment or performance shall extend to
the immediately succeeding Business Day and such extension of time shall be reflected in computing interest or fees, as the case may be; provided that, with respect to any payment of interest on or principal of Eurodollar Loans, if such
extension would cause any such payment to be 

  
 34 

 
made in the next succeeding calendar month, such payment shall be made on the immediately preceding Business Day. 

SECTION 1.06.      Pro Forma Compliance.  [Reserved]. 

SECTION 1.07.      Rounding.  Any financial ratios required to be maintained by the Company
pursuant to this Agreement shall be calculated by dividing the appropriate component by the other component, carrying the result to one place more than the number of places by which such ratio is expressed herein and rounding the result up or down
to the nearest number (with a rounding-up if there is no nearest number). 
 SECTION 1.08.      Times of
Day.  Unless otherwise specified, all references herein to times of day shall be references to Eastern time (daylight or standard, as applicable). 

SECTION 1.09.      Letter of Credit Amounts.  Unless otherwise specified herein, the amount of
a Letter of Credit at any time shall be deemed to be the Dollar Equivalent of the stated amount of such Letter of Credit in effect at such time; provided, however, that with respect to any Letter of Credit that, by its terms or the
terms of any document related thereto, provides for one or more automatic increases in the stated amount thereof, the amount of such Letter of Credit shall be deemed to be the Dollar Equivalent of the maximum stated amount of such Letter of Credit
after giving effect to all such increases, whether or not such maximum stated amount is in effect at such time. 
 SECTION
1.10.      Exchange Rates; Currency Equivalents. 

(a)          The Administrative Agent and the applicable Issuing Bank, as applicable, shall
determine the Spot Rates as of each Revaluation Date to be used for calculating Dollar Equivalent amounts of Letters of Credit and Outstanding Amounts denominated in Alternative Currencies. Such Spot Rates shall become effective as of such
Revaluation Date and shall be the Spot Rates employed in converting any amounts between the applicable currencies until the next Revaluation Date to occur. 

(b)          Wherever in this Agreement in connection with the issuance, amendment or
extension of a Letter of Credit, an amount, such as a required minimum or multiple amount, is expressed in Dollars, but such Letter of Credit is denominated in an Alternative Currency, such amount shall be the relevant Alternative Currency
Equivalent of such Dollar amount (rounded to the nearest unit of such Alternative Currency, with 0.5 of a unit being rounded upward), as determined by the Administrative Agent or the applicable Issuing Bank, as the case may be. 

SECTION 1.11.      Effect of Restatement. 

(a)          This Agreement shall amend and restate the Original Credit Agreement in its
entirety, with the parties hereby agreeing that there is no novation of the Original Credit Agreement and from and after the effectiveness of this Agreement, the rights and obligations of the parties under the Original Credit Agreement shall be
subsumed and governed by this Agreement. From and after the effectiveness of this Agreement, the Obligations under the Original Credit Agreement shall continue as Obligations under this Agreement until otherwise paid in accordance with the terms
hereof. Without limiting the generality of the foregoing, the Collateral Documents and all of the Collateral described therein do and shall continue to secure the payment of all Obligations of the Loan Parties under the Loan Documents, in each case,
as amended by this Agreement. 
 (b)          On and after the effectiveness of this
Agreement, each reference to the “Credit Agreement” in any other Loan Document shall mean and be a reference to this Agreement. 

  
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 ARTICLE II 

The Credits 
 SECTION
2.01.      Outstanding Loans; Commitments. 

(a)          Each U.S. Term A Loan of each Lender under the Original Credit Agreement shall
remain outstanding under this Agreement as a U.S. Term A Loan from such Lender to the Company (and shall consist of Borrowings of the same Type and with the same Interest Periods as applied to such U.S. Term A Loan under the Original Credit
Agreement immediately prior to the Restatement Effective Date); 
 (b)          Each U.S.
Term A-1 Loan of each Lender under the Original Credit Agreement shall remain outstanding under this Agreement as a U.S. Term A-1 Loan from such Lender to the Company (and shall consist of Borrowings of the same Type and with the same Interest
Periods as applied to such U.S. Term A-1 Loan under the Original Credit Agreement immediately prior to the Restatement Effective Date); 

(c)          Subject to the terms and conditions set forth herein, (x) each U.S.
Revolving Lender agrees to make U.S. Revolving Loans to the Company in Dollars from time to time during the Availability Period in an aggregate principal amount that will not result in (i) such Lender’s U.S. Revolving Credit Exposure
exceeding such Lender’s U.S. Revolving Commitments or (ii) the total U.S. Revolving Credit Exposures exceeding the sum of the total U.S. Revolving Commitments and (y) each European Revolving Lender agrees to make European Revolving
Loans to the Company or the European Borrower in Dollars from time to time during the Availability Period in an aggregate principal amount that will not result in (i) such Lender’s European Revolving Credit Exposure exceeding such
Lender’s European Revolving Commitments or (ii) the total European Revolving Credit Exposures exceeding the sum of the total European Revolving Commitments. Within the foregoing limits and subject to the terms and conditions set forth
herein, the Company, in the case of U.S. Revolving Loans, and the Company and/or the European Borrower, in the case of the European Revolving Loans, may borrow, prepay and reborrow Revolving Loans. 

(d)          Each U.S. Term A-2 Loan of each Lender under the Original Credit Agreement
shall remain outstanding under this Agreement as a U.S. Term A-2 Loan from such Lender to the Company (and shall consist of Borrowings of the same Type and with the same Interest Periods as applied to such U.S. Term A-2 Loan under the Original
Credit Agreement immediately prior to the Restatement Effective Date); 

(e)          Each European Term A Loan of each Lender under the Original Credit Agreement
shall remain outstanding under this Agreement as a European Term A Loan from such Lender to the European Borrower (and shall consist of Borrowings of the same Type and with the same Interest Periods as applied to such European Term A Loan under the
Original Credit Agreement immediately prior to the Restatement Effective Date); 

(f)          Each European Term B Loan of each Lender under the Original Credit
Agreement shall remain outstanding under this Agreement as a European Term B Loan from such Lender to the European Borrower (and shall consist of Borrowings of the same Type and with the same Interest Periods as applied to such European Term B Loan
under the Original Credit Agreement immediately prior to the Restatement Effective Date);(i) Each Additional European Term B-1 Lender agrees to make a term loan to the European
Borrower in Dollars (such term loan, together with any Converted European Term B Loans converted pursuant to clause (ii) hereof, the “European Term B-1 Loan”) on the Amendment No. 1 Effective Date in an amount not to exceed such
Additional European Term B-1 Lender’s Additional European Term B-1 Commitment and (ii) each Converted European Term B Loan of each Amendment No. 1 Consenting Lender shall be converted into an European Term B-1 Loan of such Lender
effective as of the Amendment No. 1 Effective Date in a principal amount equal to the principal amount of such Lender’s Converted European Term B Loan immediately prior to such conversion; provided that the European Term B-1 Loans shall
initially consist of a Eurodollar Borrowing with an Interest Period ending September 2, 2014.   

  
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 SECTION 2.02.      Loans and Borrowings. 

(a)          Each Loan (other than a Swingline Loan) shall be made as part of a Borrowing
consisting of Loans of the same Class and Type made by the Lenders ratably in accordance with their respective Commitments of the applicable Class. The failure of any Lender to make any Loan required to be made by it shall not relieve any other
Lender of its obligations hereunder; provided that the Commitments of the Lenders are several and no Lender shall be responsible for any other Lender’s failure to make Loans as required. Any Swingline Loan shall be made in accordance
with the procedures set forth in Section 2.04. 
 (b)          Subject to
Section 2.13, each Borrowing shall be comprised entirely of Base Rate Loans or Eurodollar Loans as the applicable Borrower may request in accordance herewith. Each Swingline Loan shall be a Base Rate Loan. 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)          Each Borrowing of, conversion to or continuation of
Eurodollar Loans shall be in an aggregate amount that is an integral multiple of $1,000,000 (or, if not an integral multiple, the entire available amount) and not less than $5,000,000. Each Borrowing of, conversion to or continuation of Base Rate
Loans (other than Swingline Loans which shall be subject to Section 2.04) shall be in an aggregate amount that is an integral multiple of $1,000,000 and not less than $1,000,000; provided that Eurodollar Revolving Loans and Base Rate
Revolving Loans may be in an aggregate amount that is equal to the entire unused balance of the total Revolving Commitments under the applicable Revolving Credit Facility or that is required to finance the reimbursement of a Swingline Loan under the
applicable Revolving Credit Facility pursuant to Section 2.04(c) or an L/C Disbursement under the applicable Revolving Credit Facility as contemplated by Section 2.05(c). 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 twenty (20) Eurodollar Borrowings outstanding. 

(d)          Notwithstanding any other provision of this Agreement, the Borrowers shall not
be entitled to request, or to elect to convert or continue, any Borrowing if the Interest Period requested (i) with respect to a U.S. Revolving Borrowing would end after the U.S. Revolving Credit Maturity Date, (ii) with respect to a
European Revolving Borrowing would end after the European Revolving Credit Maturity Date, (iii) with respect to a U.S. Term A Loan Borrowing would end after the U.S. Term A Loan Maturity Date, (iv) with respect to a U.S. Term A-1 Loan
Borrowing would end after the U.S. Term A-1 Loan Maturity Date, (v) with respect to a U.S. Term A-2 Loan Borrowing would end after the U.S. Term A-2 Loan Maturity Date, (vi) with respect to a European Term A Loan Borrowing would end after
the European Term A Loan Maturity Date or (vii) with respect to a European Term B-1 Loan Borrowing would end after the European Term
B-1 Loan Maturity Date. 
 SECTION
2.03.      Requests for Borrowings. To request a Borrowing, a conversion of Loans from one Type to the other or a continuation of Eurodollar Loans, the Borrowers shall notify the Administrative Agent of such
request, which may be given by (A) telephone or (B) a Committed Loan Notice; provided that any telephone notice must be confirmed immediately by delivery to the Administrative Agent of a Committed Loan Notice. Each Committed Loan
Notice must be received by the Administrative Agent not later than 11:00 a.m. (i) three Business Days prior to the requested date of any Borrowing of, conversion to or continuation of Eurodollar Loans or of any conversion of Eurodollar Loans to
Base Rate Loans, and (ii) on the requested date of any Borrowing of Base Rate Loans; provided, however, that if the Borrowers wish to request Eurodollar Loans having an Interest Period other than one, two, three or six months in
duration as provided in the definition of “Interest Period,” the Committed Loan Notice must be received by the Administrative Agent not later than 11:00 a.m. (i) four Business Days prior to the requested date of such Borrowing,
conversion or continuation of Eurodollar Loans, whereupon the Administrative Agent shall give prompt notice to the applicable Lenders of such request and determine whether the requested Interest Period is acceptable to all of them. Not later than
noon, (i) three Business Days before the requested date of such Borrowing, conversion or continuation of Eurodollar Loans, the Administrative Agent shall notify the Borrowers (which notice may be by telephone) whether or not the requested
Interest Period has been consented to by all the applicable Lenders. Each Borrowing Request shall be irrevocable. Each Committed Loan Notice shall specify the following information in compliance with Section 2.02: 

  
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    (i)        the Class of
Loans to which such Borrowing Request relates and the Borrower to which such Loan is being made; 

  (ii)        the aggregate amount of the requested Borrowing, conversion or
continuation; 
  (iii)        the date of such Borrowing, conversion or
continuation, which shall be a Business Day; 
  (iv)        whether such
Borrowing, conversion or continuation is to be a Base Rate Borrowing or a Eurodollar Borrowing; 

  (v)        in the case of a Eurodollar Borrowing, the Interest Period to
be applicable thereto, which shall be a period contemplated by the definition of the term “Interest Period”; 

 (vi)        the location and number of the applicable Borrower’s account to
which funds are to be disbursed, which shall comply with the requirements of Section 2.06; and 

(vii)        whether the Borrowers are requesting a new Borrowing, a conversion of
Loans from one Type to the other, or a continuation of Eurodollar Loans. 
 If no election as to the Type of Borrowing is specified, then the requested
Borrowing shall be a Base Rate Borrowing. In the case of a failure to timely request a conversion or continuation of Eurodollar Loans, such Loans shall be converted to Base Rate Loans on the last day of the applicable Interest Period. If no Interest
Period is specified with respect to any requested Eurodollar Borrowing or conversion or continuation of Eurodollar Loans, then the Borrower shall be deemed to have selected an Interest Period of one month’s duration. Any automatic conversion to
Base Rate Loans shall be effective as of the last day of the Interest Period then in effect with respect to the applicable Eurodollar Loans. 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. Except as otherwise provided herein, a Eurodollar Loan may be continued or converted only on the last day of
an Interest Period for such Eurodollar Loan. During the existence of a Default, no Loans may be requested as, converted to or continued as Eurodollar Loans without the prior written consent of the Required Lenders. 

SECTION 2.04.      Swingline Loans. 

(a)          Subject to the terms and conditions set forth herein, the Swingline Lender
agrees, in reliance upon the agreements of the other Lenders set forth in this Section 2.04, to make (x) U.S. Swingline Loans to the Company from time to time during the Availability Period and (y) European Swingline Loans to the
Company or the European Borrower from time to time during the Availability Period; provided that no such Swingline Loan under any Revolving Credit Facility shall be permitted if, after giving effect thereto, (i) the aggregate principal
amount of outstanding Swingline Loans under such Revolving Credit Facility would exceed the Swingline Loan Sublimit of such Revolving Credit Facility or (ii) the aggregate Revolving Credit Exposures under such Revolving Credit Facility would
exceed the total Revolving Commitments under such Revolving Credit Facility; provided further that the Swingline Lender shall not be required to make a Swingline Loan to refinance an outstanding Swingline Loan. Within the foregoing
limits and subject to the terms and conditions set forth herein, the Company and/or the European Borrower, as applicable, may borrow, prepay and reborrow Swingline Loans. Immediately upon the making of a Swingline Loan, each Applicable Participant
shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Swingline Lender a risk participation in such Swingline Loan in an amount equal to the product of such Applicable Participant’s Applicable Percentage
times the amount of such Swingline Loan. 
 (b)          To request a
Swingline Loan, the Company and/or the European Borrower, as applicable, shall notify the Administrative Agent and Swingline Lender of such request, which may be given by (A) telephone or (B) by a Swingline Loan Notice; provided
that any telephonic notice must be confirmed promptly by delivery to the Swingline Lender and the Administrative Agent of a Swingline Loan Notice. Each Swingline Loan Notice shall be irrevocable. Each such notice must be received by the Swingline
Lender and the Administrative Agent not later than 

  
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1:00 p.m. on the requested borrowing date, and shall specify (i) the amount to be borrowed, which shall be a minimum of $100,000 and (ii) the requested borrowing date, which shall be a
Business Day. Promptly after receipt by the Swingline Lender of any telephonic Swingline Loan Notice, the Swingline Lender will confirm with the Administrative Agent (by telephone or in writing) that the Administrative Agent has also received such
Swingline Loan Notice and, if not, the Swingline Lender will notify the Administrative Agent (by telephone or in writing) of the contents thereof. Unless the Swingline Lender has received notice (by telephone or in writing) from the Administrative
Agent (including at the request of any Lender) prior to 2:00 p.m. on the date of the proposed Swingline Loan Borrowing (A) directing the Swingline Lender not to make such Swingline Loan as a result of the limitations set forth in
Section 2.04(a) or (B) that one or more of the applicable conditions specified in Article IV is not then satisfied, then, the Swingline Lender shall make such Swingline Loan available to the applicable Borrower by means of a credit to the
general deposit account of such Borrower with the Swingline Lender (or, in the case of a Swingline Loan made to finance the reimbursement of an L/C Disbursement as provided in Section 2.05(c), by remittance to the relevant Issuing Bank) by 3:00
p.m., New York City time, on the requested date of such Swingline Loan. 

(c)          (i) The Swingline Lender at any time in its sole and absolute discretion
may request, on behalf of the applicable Borrower (which hereby irrevocably authorizes the Swingline Lender to so request on its behalf), that each Applicable Participant make a Base Rate Loan to such Borrower in an amount equal to such
Lender’s Applicable Percentage of the amount of the Swingline Loans then outstanding under the Revolving Credit Facility under which such Swingline Loan was made. Such request shall be made in writing (which written request shall be deemed to
be a Borrowing Request for purposes hereof) and in accordance with the requirements of Section 2.02 and Section 2.03, without regard to the minimum and multiples specified therein for the principal amount of Base Rate Loans, but subject to
the unutilized portion of the Revolving Commitments of the applicable Class and the conditions set forth in Section 4.02. The Swingline Lender shall furnish the applicable Borrower with a copy of the applicable Borrowing Request promptly after
delivering such notice to the Administrative Agent. Each Applicable Participant shall make an amount equal to its Applicable Percentage of the amount specified in such Borrowing Request available to the Administrative Agent in Same Day Funds for the
account of the Swingline Lender at the Administrative Agent’s Office not later than 1:00 p.m. on the day specified in such Borrowing Request, whereupon, subject to Section 2.04(c)(ii), each Lender that so makes funds available shall be
deemed to have made a Base Rate Loan to the applicable Borrower in such amount. The Administrative Agent shall remit the funds so received to the Swingline Lender. 

(ii)          If for any reason any Swingline Loan cannot be refinanced by such Base Rate
Loan in accordance with clause (i), the request for Base Rate Loans submitted by the Swingline Lender as set forth herein shall be deemed to be a request by the Swingline Lender that each of the Applicable Participants fund its risk participation in
the relevant Swingline Loan and such Applicable Participant’s payment to the Administrative Agent for the account of the Swingline Lender pursuant to Section 2.04(c)(i) shall be deemed payment in respect of such participation. If any
Applicable Participant fails to make available to the Administrative Agent for the account of the Swingline Lender any amount required to be paid by such Applicable Participant pursuant to the foregoing provisions of this Section 2.04(c) by the
time specified in Section 2.04(c)(i), the Swingline Lender shall be entitled to recover from such Applicable Participant (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such
payment is required to the date on which such payment is immediately available to the Swingline Lender at a rate per annum equal to the applicable Overnight Rate from time to time in effect, plus any administrative, processing or similar fees
customarily charged by the Swingline Lender in connection with the foregoing. If such Applicable Participant pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Applicable Participant’s Base Rate
Loan included in the relevant Borrowing or funded participation in the relevant Swingline Loan, as the case may be. A certificate of the Swingline Lender submitted to any Applicable Participant (through the Administrative Agent) with respect to any
amounts owing under this clause (ii) shall be conclusive absent manifest error. 

(iii)         Each Applicable Participant’s obligation to make Base Rate Loans or to
purchase and fund risk participations in Swingline Loans pursuant to this Section 2.04(c) shall be absolute and unconditional and shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or
other right which such Lender may have against the Swingline Lender, any Borrower or any other Person for any reason whatsoever, (B) the occurrence or continuance of a Default, or (C) any other occurrence, event or condition, whether or
not 

  
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similar to any of the foregoing; provided, however, that each Applicable Participant’s obligation to make Base Rate Loans pursuant to this Section 2.04(c) is subject to
the conditions set forth in Section 4.02. No such funding of risk participations shall relieve or otherwise impair the obligation of either Borrower to repay Swingline Loans to such Borrower, together with interest as provided herein. 

(d)          (i) At any time after any Applicable Participant has purchased and funded
a risk participation in a Swingline Loan, if the Swingline Lender receives any payment on account of such Swingline Loan, the Swingline Lender will distribute to such Applicable Participant its Applicable Percentage thereof in the same funds as
those received by the Swingline Lender. 
 (ii)          If any payment received by the
Swingline Lender in respect of principal or interest on any Swingline Loan is required to be returned by the Swingline Lender under any of the circumstances described in Section 9.08 (including pursuant to any settlement entered into by the
Swingline Lender in its discretion), each Applicable Participant shall pay to the Swingline Lender its Applicable Percentage thereof on demand of the Administrative Agent, plus interest thereon from the date of such demand to the date such amount is
returned, at a rate per annum equal to the applicable Overnight Rate. The Administrative Agent will make such demand upon the request of the Swingline Lender. The obligations of the Applicable Participants under this clause shall survive the payment
in full of the Obligations and the termination of this Agreement. 
 (e)          The
Swingline Lender shall be responsible for invoicing each Borrower for interest on the Swingline Loans to such Borrower. Until each Applicable Participant funds its Base Rate Loan or risk participation pursuant to this Section 2.04 to refinance
such Applicable Participant’s Applicable Percentage of any Swingline Loan, interest in respect of such Applicable Percentage shall be solely for the account of the Swingline Lender. 

(f)          Each Borrower shall make all payments of principal and interest in respect of
the Swingline Loans made to such Borrower directly to the Swingline Lender. 
 SECTION 2.05.      Letters
of Credit. 
 (a)          The Letter of Credit Commitment. 

 (i)          Subject to the terms and conditions set forth herein,
(x) (A) each Issuing Bank agrees, in reliance upon the agreements of the Applicable Participants set forth in this Section 2.05, (1) from time to time on any Business Day during the period from the Original Closing Date until the
Letter of Credit Expiration Date, to issue (i) U.S. Letters of Credit for the account of the Company or its Subsidiaries (excluding the European Borrower and its Subsidiaries) and (ii) European Letters of Credit for the account of either
Borrower or any of their Subsidiaries, and to amend or extend Letters of Credit previously issued by it, in accordance with subsection (b) below, and (2) to honor drawings under the Letters of Credit; and (B) the Applicable
Participants severally agree to participate in Letters of Credit issued for the account of the relevant Borrower or its Subsidiaries and any drawings thereunder; provided that after giving effect to any L/C Credit Extension with respect to any
Letter of Credit, (x) the aggregate (i) U.S. L/C Exposure shall not exceed the U.S. L/C Exposure Sublimit, in the case of U.S. Letters of Credit, and (ii) European L/C Exposure shall not exceed the European L/C Exposure Sublimit, in
the case of European Letters of Credit, and (y) (i) the total U.S. Revolving Credit Exposures shall not exceed the total U.S. Revolving Commitments, in the case of U.S. Letters of Credit, and (ii) the total European Revolving Credit
Exposures shall not exceed the total European Revolving Commitments, in the case of European Letters of Credit. Each request by a Borrower for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by such Borrower
that the L/C Credit Extension so requested complies with the conditions set forth in the proviso to the preceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, each Borrower’s ability to obtain Letters
of Credit shall be fully revolving, and accordingly a Borrower may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. All Existing Letters of Credit that
are outstanding on the Restatement Effective Date shall be deemed to be “Letters of Credit” issued pursuant to this Agreement under the U.S. Revolving Credit Facility on the Restatement Effective Date and from and after the Restatement
Effective Date shall be subject to and governed by the terms and conditions hereof. 

  
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  (ii)           No Issuing Bank shall
issue any Letter of Credit, if: (A) subject to Section 2.05(b)(iii), the expiry date of such requested Letter of Credit would occur more than twelve months after the date of issuance or last extension, unless the Required Revolving Lenders
and the applicable Issuing Bank have approved such expiry date; or (B) the expiry date of such requested Letter of Credit would occur after the Letter of Credit Expiration Date, unless all the Revolving Lenders and the applicable Issuing Bank
have approved such expiry date. 
 (iii)           No Issuing Bank shall be under any
obligation to issue any Letter of Credit if: 
 (A)          any order,
judgment or decree of any Governmental Authority or arbitrator shall by its terms purport to enjoin or restrain such Issuing Bank from issuing such Letter of Credit, or any Law applicable to such Issuing Bank or any request or directive (whether or
not having the force of law) from any Governmental Authority with jurisdiction over such Issuing Bank shall prohibit, or request that such Issuing Bank refrain from, the issuance of letters of credit generally or such Letter of Credit in particular
or shall impose upon such Issuing Bank with respect to such Letter of Credit any restriction, reserve or capital requirement (for which such Issuing Bank is not otherwise compensated hereunder) not in effect on the Original Closing Date, or shall
impose upon such Issuing Bank any unreimbursed loss, cost or expense which was not applicable on the Original Closing Date and which such Issuing Bank in good faith deems material to it; 

(B)          the issuance of such Letter of Credit would violate one or more
policies of such Issuing Bank applicable to letters of credit generally; 

(C)          except as otherwise agreed by the Administrative Agent and such
Issuing Bank, such Letter of Credit is to be denominated in a currency other than Dollars or an Alternative Currency; 

(D)          the Issuing Bank does not as of the issuance date of such
requested Letter of Credit issue Letters of Credit in the requested currency; 

(E)          such Letter of Credit contains any provisions for automatic
reinstatement of the stated amount after any drawing thereunder; or 

(F)          a default of any Applicable Participant’s (of the
applicable Class) obligations to fund under Section 2.05(c) exists or any Applicable Participant (of the applicable Class) is at such time a Defaulting Lender hereunder, unless such Issuing Bank has entered into satisfactory arrangements (in
the Issuing Bank’s sole and absolute discretion) with the applicable Borrower or such Applicable Participant to eliminate the Issuing Bank’s risk with respect to such Applicable Participant. 

(iv)           No Issuing Bank shall amend any Letter of Credit if the Issuing Bank
would not be permitted at such time to issue such Letter of Credit in its amended form under the terms hereof. 

(v)            No Issuing Bank shall be under any obligation to amend any Letter
of Credit if (A) such Issuing Bank would have no obligation at such time to issue such Letter of Credit in its amended form under the terms hereof, or (B) the beneficiary of such Letter of Credit does not accept the proposed amendment to
such Letter of Credit. 
 (vi)           Each Issuing Bank shall act on behalf of the
applicable Applicable Participant with respect to any Letters of Credit issued by it and the documents associated therewith, and each Issuing Bank shall have all of the benefits and immunities (A) provided to the Administrative Agent in Article
VII with respect to any acts taken or omissions suffered by such Issuing Bank in connection with Letters of Credit issued by it or proposed to be issued by it and Issuer Documents pertaining to such Letters of Credit as fully as if the term
“Administrative Agent” as used in Article VII included such Issuing Bank with respect to such acts or omissions, and (B) as additionally provided herein with respect to such Issuing Bank. 

  
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 (b)          Procedures for Issuance and
Amendment of Letters of Credit; Auto-Extension Letters of Credit. 

  (i)         Each Letter of Credit shall be issued or amended, as the case may be,
upon the request of the applicable Borrower delivered to the applicable Issuing Bank (with a copy to the Administrative Agent) in the form of a Letter of Credit Application, appropriately completed and signed by a Responsible Officer of such
Borrower. Such Letter of Credit Application must be received by the applicable Issuing Bank and the Administrative Agent not later than noon at least three Business Days (or such later date and time as the applicable Issuing Bank may agree in a
particular instance in its sole discretion) prior to the proposed issuance date or date of amendment, as the case may be. In the case of a request for an initial issuance of a Letter of Credit, such Letter of Credit Application shall specify in form
and detail satisfactory to the applicable Issuing Bank: (A) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day); (B) the amount and currency thereof, whether such Letter of Credit is a U.S. Letter
of Credit or a European Letter of Credit and whether such Letter of Credit is issued for the account of the Company or the European Borrower (or one of the Company’s or the European Borrower’s Subsidiaries (it being understood that a
Letter of Credit issued for the account of a Subsidiary that is not a Borrower shall be deemed for purposes of this Agreement to have been issued for the account of such Borrower)); (C) the expiry date thereof; (D) the name and address of
the beneficiary thereof; (E) the documents to be presented by such beneficiary in case of any drawing thereunder; (F) the full text of any certificate to be presented by such beneficiary in case of any drawing thereunder; and (G) such
other matters as the applicable Issuing Bank may require. In the case of a request for an amendment of any outstanding Letter of Credit, such Letter of Credit Application shall specify in form and detail satisfactory to the applicable Issuing Bank
(A) the Letter of Credit to be amended; (B) the proposed date of amendment thereof (which shall be a Business Day); (C) the nature of the proposed amendment; and (D) such other matters as the applicable Issuing Bank may require.
Additionally, the applicable Borrower shall furnish to the applicable Issuing Bank and the Administrative Agent such other documents and information pertaining to such requested Letter of Credit issuance or amendment, including any Issuer Documents,
as the applicable Issuing Bank or the Administrative Agent may reasonably require. 

 (ii)          Promptly after receipt of any Letter of Credit Application, the
applicable Issuing Bank will confirm with the Administrative Agent (by telephone or in writing) that the Administrative Agent has received a copy of such Letter of Credit Application from the applicable Borrower and, if not, such Issuing Bank will
provide the Administrative Agent with a copy thereof. Unless an Issuing Bank has received written notice from any Applicable Participant, the Administrative Agent or any Loan Party at least one Business Day prior to the requested date of issuance or
amendment of the applicable Letter of Credit, that one or more applicable conditions contained in Article IV shall not then be satisfied, then, subject to the terms and conditions hereof, such Issuing Bank shall, on the requested date, issue a
Letter of Credit for the account of the applicable Borrower (or the applicable Subsidiary) or enter into the applicable amendment, as the case may be, in each case in accordance with such Issuing Bank’s usual and customary business practices.
Immediately upon the issuance of each Letter of Credit by an Issuing Bank, each Applicable Participant shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from such Issuing Bank a risk participation in such Letter of
Credit in an amount equal to the product of such Applicable Participant’s Applicable Percentage times the amount of such Letter of Credit. 

(iii)          If a Borrower so requests in any applicable Letter of Credit Application, the
applicable Issuing Bank may, in its sole and absolute discretion, agree to issue a Letter of Credit that has automatic extension provisions (each, an “Auto-Extension Letter of Credit”); provided that any such Auto-Extension
Letter of Credit must permit the applicable Issuing Bank to prevent any such extension at least once in each twelve-month period (commencing with the date of issuance of such Letter of Credit) by giving prior notice to the beneficiary thereof not
later than a day (the “Non-Extension Notice Date”) in each such twelve-month period to be agreed upon at the time such Letter of Credit is issued. Unless otherwise directed by the applicable Issuing Bank, a Borrower shall not be
required to make a specific request to an Issuing Bank for any such extension. Once an Auto-Extension Letter of Credit has been issued, the Applicable Participants shall be deemed to have authorized (but may not require) the applicable Issuing Bank
to permit the extension of such Letter of Credit at any time to an expiry date not later than the Letter of Credit Expiration Date; provided, however, that no Issuing Bank shall permit any such extension if (A) such Issuing Bank has determined
that it would not be permitted at such time to issue such Letter of Credit in its revised form (as extended) under the terms hereof (by reason of the provisions of clause (ii) or (iii) of Section 2.05(a) 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 

  
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Applicable Participants have elected not to permit such extension or (2) from the Administrative Agent or any Applicable Participant or the applicable Borrower that one or more of the
applicable conditions specified in Section 4.02 is not then satisfied, and in each such case directing such Issuing Bank not to permit such extension. 

(iv)         Promptly after its delivery of any Letter of Credit or any amendment to a Letter of
Credit to an advising bank with respect thereto or to the beneficiary thereof, the Issuing Bank will also deliver to the applicable Borrower and the Administrative Agent a true and complete copy of such Letter of Credit or amendment. 

(c)          Drawings and Reimbursements; Funding of Participations. 

  (i)         Upon receipt from the beneficiary of any Letter of Credit of any notice
of a drawing under such Letter of Credit, the applicable Issuing Bank shall notify the Borrower for whose account such Letter of Credit was issued and the Administrative Agent thereof. In the case of a Letter of Credit denominated in an Alternative
Currency, the Borrower for whose account such Letter of Credit was issued shall reimburse the applicable Issuing Bank in such Alternative Currency, unless (A) such Issuing Bank (at its option) shall have specified in such notice that it will
require reimbursement in Dollars, or (B) in the absence of any such requirement for reimbursement in Dollars, such Borrower shall have notified such Issuing Bank promptly following receipt of the notice of drawing that such Borrower will
reimburse such Issuing Bank in Dollars. In the case of any such reimbursement in Dollars of a drawing under a Letter of Credit denominated in an Alternative Currency, the applicable Issuing Bank shall notify the applicable Borrower of the Dollar
Equivalent of the amount of the drawing promptly following the determination thereof. Not later than noon on the Business Day following any payment by an Issuing Bank under a Letter of Credit to be reimbursed in Dollars, or the Applicable Time on
the Business Day following any payment by an Issuing Bank under a Letter of Credit to be reimbursed in an Alternative Currency (each such date, an “Honor Date”), the Borrower for whose account such Letter of Credit was issued shall
reimburse such Issuing Bank through the Administrative Agent in an amount equal to the amount of such drawing, and in the applicable currency. If such Borrower fails to so reimburse such Issuing Bank by such time, the Administrative Agent shall
promptly notify each applicable Applicable Participant of the Honor Date, the amount of the unreimbursed drawing (expressed in Dollars in the amount of the Dollar Equivalent thereof in the case of a Letter of Credit denominated in an Alternative
Currency) (the “Unreimbursed Amount”), and the amount of such Applicable Participant’s Applicable Percentage thereof. In such event, the Borrower for whose account such Letter of Credit was issued shall be deemed to have
requested a Revolving Credit Borrowing of Base Rate Loans under the Revolving Credit Facility under which such Letter of Credit was issued to be disbursed on the Business Day following the Honor Date in an amount equal to the Unreimbursed Amount,
without regard to the minimum and multiples specified in Section 2.02 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Revolving Commitments under such Revolving Credit Facility and the
conditions set forth in Section 4.02 (other than the delivery of a Borrowing Notice) and until such Unreimbursed Amount is repaid or refinanced it shall accrue interest at the rate applicable to Base Rate Revolving Loans. Any notice given by
the applicable Issuing Bank or the Administrative Agent pursuant to this Section 2.05(c)(i) 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. 
  (ii)         Each Applicable
Participant shall upon any notice pursuant to Section 2.05(c)(i) make funds available to the Administrative Agent for the account of the applicable Issuing Bank, in Dollars, at the Administrative Agent’s office for payments in an amount
equal to its Applicable Percentage of the Unreimbursed Amount not later than 2:00 p.m. on the Business Day specified in such notice by the Administrative Agent, whereupon, subject to the provisions of Section 2.05(c)(iii), such Applicable
Participant that so makes funds available shall be deemed to have made a Base Rate Loan under the Revolving Credit Facility under which such Letter of Credit was issued to the Borrower for whose account such Letter of Credit was issued in such
amount. The Administrative Agent shall remit the funds so received to the applicable Issuing Bank. 

(iii)         With respect to any Unreimbursed Amount in respect of a Letter of Credit that is
not fully refinanced by a Revolving Borrowing of Base Rate Loans because the conditions set forth in Section 4.02 cannot be satisfied or for any other reason, the Borrower for whose account such Letter of Credit was issued shall be deemed to
have incurred from the applicable Issuing Bank an L/C Borrowing in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing shall be due and payable on demand (together with interest) and shall bear interest at the
Default Rate. In such event, each Applicable Participant’s payment to the Administrative Agent for 

  
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the account of the Issuing Bank pursuant to Section 2.05(c)(ii) shall be deemed payment in respect of its participation in such L/C Borrowing and shall constitute an L/C Advance from such
Applicable Participant in satisfaction of its participation obligation under this Section 2.05. 

(iv)         Until each Applicable Participant funds its Revolving Loan or L/C Advance pursuant
to this Section 2.05(c) to reimburse an Issuing Bank for any amount drawn under any Letter of Credit, interest in respect of such Applicable Participant’s Applicable Percentage of such amount shall be solely for the account of such Issuing
Bank. 
 (v)          Each Applicable Participant’s obligation to make Revolving
Loans or L/C Advances to reimburse each Issuing Bank for amounts drawn under Letters of Credit of the applicable Class issued by it, as contemplated by this Section 2.05(c), shall be absolute and unconditional and shall not be affected by any
circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right which such Applicable Participant may have against such Issuing Bank, the Company, the European Borrower, any Subsidiary or any other Person for any reason
whatsoever; (B) the occurrence or continuance of a Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided, however, that each Applicable Participant’s obligation to make
Revolving Loans pursuant to this Section 2.05(c) is subject to the conditions set forth in Section 4.02 (other than delivery by the applicable Borrower of a Borrowing Request). No such making of an L/C Advance shall relieve or otherwise
impair the obligation of a Borrower to reimburse an Issuing Bank for the amount of any payment made by such Issuing Bank under any Letter of Credit issued for the account of such Borrower, together with interest as provided herein. 

(vi)          If any Applicable Participant fails to make available to the Administrative
Agent for the account of an Issuing Bank any amount required to be paid by such Applicable Participant pursuant to the foregoing provisions of this Section 2.05(c) by the time specified in Section 2.05(c)(ii), such Issuing Bank shall be
entitled to recover from such Applicable Participant (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately
available to such Issuing Bank at a rate per annum equal to the applicable Overnight Rate from time to time in effect, plus any administrative, processing or similar fees customarily charged by the Issuing Bank in connection with the foregoing. If
such Applicable Participant pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Applicable Participant’s Revolving Loan included in the relevant Borrowing or L/C Advance in respect of the relevant
L/C Borrowing, as the case may be. A certificate of an Issuing Bank submitted to any Lender (through the Administrative Agent) with respect to any amounts owing under this clause (vi) shall be conclusive absent manifest error. 

(d)          Repayment of Participations. 

  (i)         At any time after an Issuing Bank has made a payment under any Letter of
Credit and has received from any Applicable Participant such Applicable Participant’s L/C Advance in respect of such payment in accordance with Section 2.05(c), if the Administrative Agent receives for the account of such Issuing Bank any
payment in respect of the related Unreimbursed Amount or interest thereon (whether directly from the applicable Borrower or otherwise, including proceeds of Cash Collateral applied thereto by the Administrative Agent), the Administrative Agent will
distribute to such Applicable Participant 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 an
Issuing Bank pursuant to Section 2.05(c)(i) is required to be returned under any of the circumstances described in Section 9.08 (including pursuant to any settlement entered into by such Issuing Bank in its discretion), each Applicable
Participant shall pay to the Administrative Agent for the account of such Issuing Bank 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 Applicable Participant, at a rate per annum equal to the applicable Overnight Rate from time to time in effect. The obligations of the Revolving Lenders under this clause shall survive the payment in full of the Obligations and the termination
of this Agreement. 

  
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 (e)          Obligations Absolute. The
obligation of each Borrower to reimburse each Issuing Bank for each drawing under each Letter of Credit issued by it and to repay each L/C Borrowing shall be absolute, unconditional and irrevocable, and shall be paid strictly in accordance with the
terms of this Agreement under all circumstances, including the following: (i) any lack of validity or enforceability of such Letter of Credit, this Agreement, or any other Loan Document; (ii) the existence of any claim, counterclaim,
setoff, defense or other right that the Company, the European Borrower or any Subsidiary may have at any time against any beneficiary or any transferee of such Letter of Credit (or any Person for whom any such beneficiary or any such transferee may
be acting), the applicable Issuing Bank or any other Person, whether in connection with this Agreement, the transactions contemplated hereby or by such Letter of Credit or any agreement or instrument relating thereto, or any unrelated transaction;
(iii) any draft, demand, certificate or other document presented under such Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect; or any
loss or delay in the transmission or otherwise of any document required in order to make a drawing under such Letter of Credit; (iv) any payment by such Issuing Bank under such Letter of Credit against presentation of a draft or certificate
that does not strictly comply with the terms of such Letter of Credit; or any payment made by such Issuing Bank under such Letter of Credit to any Person purporting to be a trustee in bankruptcy, debtor-in-possession, assignee for the benefit of
creditors, liquidator, receiver or other representative of or successor to any beneficiary or any transferee of such Letter of Credit, including any arising in connection with any proceeding under any Debtor Relief Law; or (v) 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 Company or any Subsidiary. Each Borrower shall
promptly examine a copy of each Letter of Credit issued for the account of such Borrower and each amendment thereto that is delivered to it and, in the event of any claim of noncompliance with such Borrower’s instructions or other irregularity,
such Borrower will promptly notify the applicable Issuing Bank. A Borrower shall be conclusively deemed to have waived any such claim against the applicable Issuing Bank and its correspondents unless such notice is given as aforesaid. 

(f)          Role of Issuing Banks. Each Applicable Participant and each Borrower
agree that, in paying any drawing under any Letter of Credit, no Issuing Bank shall have any responsibility to obtain any document (other than any sight draft, certificates and documents expressly required by the Letter of Credit) or to ascertain or
inquire as to the validity or accuracy of any such document or the authority of the Person executing or delivering any such document. None of the Issuing Banks, the Administrative Agent, any of their respective Related Parties nor any correspondent,
participant or assignee of any Issuing Bank shall be liable to any Applicable Participant for (i) any action taken or omitted in connection herewith at the request or with the approval of the Applicable Participants or the Required Lenders, as
applicable; (ii) any action taken or omitted in the absence of gross negligence or willful misconduct; or (iii) the due execution, effectiveness, validity or enforceability of any document or instrument related to any Letter of Credit or
Issuer Document. Each Borrower hereby assumes all risks of the acts or omissions of any beneficiary or transferee with respect to its use of any Letter of Credit; provided, however, that this assumption is not intended to, and shall
not, preclude a Borrower’s pursuing such rights and remedies as it may have against the beneficiary or transferee at law or under any other agreement. None of the Issuing Banks, the Administrative Agent, any of their respective Related Parties
nor any correspondent, participant or assignee of any Issuing Bank shall be liable or responsible for any of the matters described in clauses (i) through (v) of Section 2.05(e); provided, however, that anything in such
clauses to the contrary notwithstanding, a Borrower may have a claim against any Issuing Bank, and such Issuing Bank may be liable to a Borrower, to the extent, but only to the extent, of any direct, as opposed to consequential or exemplary, damages
suffered by such Borrower which such Borrower proves were caused by such Issuing Bank’s willful misconduct or gross negligence or such Issuing Bank’s willful failure to pay under any Letter of Credit after the presentation to it by the
beneficiary of a sight draft and certificate(s) strictly complying with the terms and conditions of a Letter of Credit. In furtherance and not in limitation of the foregoing, each Issuing Bank may accept documents that appear on their face to be in
order, without responsibility for further investigation, regardless of any notice or information to the contrary, and such Issuing Bank shall not be responsible for the validity or sufficiency of any instrument transferring or assigning or
purporting to transfer or assign a Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason. 

  
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 (g)          Cash Collateral. 

  (i)         Upon the request of the Administrative Agent, (A) if any Issuing
Bank has honored any full or partial drawing request under any Letter of Credit and such drawing has resulted in an L/C Borrowing, (B) if, as of the Letter of Credit Expiration Date, any L/C Exposure for any reason remains outstanding, or
(C) if any Event of Default described under clauses (h) or (i) of Article VII has occurred and is continuing, each Borrower shall, in each case, immediately Cash Collateralize the then L/C Exposure under all Letters of Credit issued
for its account. 
  (ii)         In addition, if the Administrative Agent notifies the
applicable Borrower(s) at any time that (i) the U.S. L/C Exposure at such time exceeds the U.S. L/C Exposure Sublimit then in effect or (ii) the European L/C Exposure at such time exceeds the European L/C Exposure Sublimit then in effect,
then, within one Business Day (or such later time as the Administrative Agent may agree in its sole discretion) after receipt of such notice, the applicable Borrower(s) shall severally Cash Collateralize the applicable L/C Exposure in respect of
Letters of Credit issued for such Borrower’s account in an amount equal to the amount by which the applicable L/C Exposure exceeds the applicable L/C Exposure Sublimit. 

(iii)         The Administrative Agent may, at any time and from time to time after the initial
deposit of Cash Collateral, request that additional Cash Collateral be provided in order to protect against the results of exchange rate fluctuations. 

(h)          Applicability of ISP. Unless otherwise expressly agreed by the Issuing
Bank and the relevant Borrower when a Letter of Credit is issued (including any such agreement applicable to an Existing Letter of Credit), the rules of the ISP shall apply to each standby Letter of Credit. 

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

(j)          Letters of Credit Issued for Subsidiaries. Notwithstanding that a Letter
of Credit issued or outstanding hereunder is in support of any obligations of, or is for the account of, a Subsidiary, the Borrower requesting such Letter of Credit shall be obligated to reimburse the applicable Issuing Bank hereunder for any and
all drawings under such Letter of Credit. Each Borrower hereby acknowledges that the issuance of Letters of Credit requested by such Borrower for the account of Subsidiaries inures to the benefit of such Borrower, and that such Borrower’s
business derives substantial benefits from the businesses of such Subsidiaries. 

(k)          Issuing Bank Reports to the Administrative Agent. Unless otherwise
agreed by the Administrative Agent, each Issuing Bank shall, in addition to its notification obligations set forth elsewhere in this Section, report in writing to the Administrative Agent (i) periodic activity (for such period or recurrent
periods as shall be requested by the Administrative Agent) in respect of Letters of Credit issued by such Issuing Bank, including issuances, extensions, amendments and renewals, expirations and cancelations and disbursements and reimbursements,
(ii) at least one Business Day prior to the time that such Issuing Bank issues, amends, renews or extends a Letter of Credit, the date of such issuance, amendment, renewal or extension and the stated amount of the applicable Letters of Credit
after giving effect to such issuance, amendment, renewal or extension (and whether the amounts thereof shall have changed), (iii) on each Business Day on which such Issuing Bank makes a payment pursuant to a Letter of Credit, the date and
amount of such payment, (iv) on any Business Day on which a Borrower fails to reimburse a payment made pursuant to a Letter of Credit required to be reimbursed to such Issuing Bank on such day, the date of such failure and the amount of such
payment and (v) on any other Business Day, such other information as the Administrative Agent shall reasonably request as to the Letters of Credit issued by such Issuing Bank. 

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 2:00 p.m., New York City time, to the account of the Administrative Agent most recently designated by it for such purpose by notice to the Lenders in an amount equal to such
Lender’s Applicable Percentage or other percentage provided for herein; provided that Swingline Loans shall be made as provided in Section 2.04. The Administrative Agent will make such Loans available to the applicable Borrower by

  
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promptly crediting the amounts so received, in like funds, to an account designated by such Borrower in the applicable Borrowing Request; provided that Base Rate Revolving Loans made to
refinance Swingline Loans as provided in Section 2.04(c) shall be remitted to the Swingline Lender and Base Rate Revolving Loans made to finance the reimbursement of an L/C Disbursement as provided in Section 2.05(c) shall be remitted by
the Administrative Agent to the relevant Issuing Bank. 
 (b)          Unless the
Administrative Agent shall have received notice from a Lender prior to the proposed time 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 clause (a) of this Section and may, in reliance upon such assumption in its sole discretion, make available to the Borrower a corresponding amount. In such
event, if a Lender has not in fact made its share of the applicable Borrowing available to the Administrative Agent, then the applicable Lender and such Borrower severally agree to pay to the Administrative Agent forthwith on demand such
corresponding amount with interest thereon, for each day from and including the date such amount is made available to the Borrower to but excluding the date of payment to the Administrative Agent, at (i) in the case of such Lender, the
Overnight Rate or (ii) in the case of the Borrower, the interest rate applicable to Base Rate Loans. If such Lender pays such amount to the Administrative Agent, then such amount shall constitute such Lender’s Loan included in such
Borrowing. 
 (c)          If any Lender makes available to the Administrative Agent funds
for any Loan to be made by such Lender as provided in the foregoing provisions of this Article II, and such funds are not made available to the Borrower by the Administrative Agent because the conditions to the applicable Credit Event set forth in
Article IV are not satisfied or waived in accordance with the terms hereof, the Administrative Agent shall promptly return such funds (in like funds as received from such Lender) to such Lender, without interest. 

SECTION 2.07.      Market Disruption. Notwithstanding the satisfaction of all conditions referred to in
Article II and Article IV with respect to any Letter of Credit issued or to be issued in any Alternative Currency, if (i) there shall occur on or prior to the date of such Borrowing any change in national or international financial, political
or economic conditions or currency exchange rates or exchange controls which would in the reasonable opinion of the Administrative Agent or the relevant Issuing Bank make it impracticable for the applicable Letters of Credit comprising such Credit
Event to be denominated in the Alternative Currency specified by the Company or (ii) the Dollar Equivalent of such currency is not readily calculable, then the Administrative Agent shall forthwith give notice thereof to the Company and the
relevant Issuing Bank, and such Credit Events shall not be denominated in such Alternative Currency but shall, except as otherwise set forth in Section 2.06, be made on the date of such Credit Event in Dollars in a face amount equal to the
Dollar Equivalent of the face amount specified in the related request or application for such Letter of Credit, unless the Borrower notifies the Administrative Agent at least one (1) Business Day before such date that (i) it elects not to
request the issuance of such Letter of Credit on such date or (ii) it elects to have such Letter of Credit issued on such date in a different currency, as the case may be, in which the denomination of such Letter of Credit would in the
reasonable opinion of the relevant Issuing Bank and the Administrative Agent, be practicable and in face amount equal to the Dollar Equivalent of the face amount specified in the related request or application for such Letter of Credit, as the case
may be. 
 SECTION 2.08.      Termination and Reduction of Commitments. 

(a)          Unless previously terminated, all U.S. Revolving Commitments and European
Revolving Commitments shall terminate on the U.S. Revolving Credit Maturity Date and European Revolving Credit Maturity Date, respectively. 

(b)          The Borrowers may at any time terminate, or from time to time reduce, the
Commitments of any Class; provided that (i) each reduction of Commitments shall be in an amount that is an integral multiple of $1,000,000 and not less than $1,000,000, (or, if less, the remaining amount of such Commitments),
(ii) the Company shall not terminate or reduce the U.S. Revolving Commitments if, after giving effect to any concurrent prepayment of the Loans in accordance with Section 2.10, the total U.S. Revolving Credit Exposures would exceed the
total U.S. Revolving Commitments and (iii) the Borrowers shall not terminate or reduce the European Revolving Commitments if, after giving effect to any concurrent prepayment of the Loans in accordance with Section 2.10, the total European
Revolving Credit Exposures would exceed the total European Revolving Commitments. 

  
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 (c)          The Borrowers shall notify the
Administrative Agent by telephone (confirmed by telecopy or transmission by electronic communication in accordance with Section 9.01(b)) of any election to terminate or reduce the Commitments under clause (b) of this Section not later than
12:00 p.m. three (3) Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the
Lenders of the contents thereof. Each notice delivered by the Borrowers pursuant to this Section shall be irrevocable; provided that a notice of termination of the Commitments delivered by the Borrowers may state that such notice is
conditioned upon the effectiveness of other credit facilities or instruments of Indebtedness or the occurrence of any other specified event, in which case such notice may be revoked by the Borrowers (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. Subject to Section 2.20(d), each reduction of the Commitments of any Class shall be made ratably among the
Lenders in accordance with their respective Commitments of such Class. 
 SECTION 2.09.      Repayment of
Loans; Evidence of Debt. 
 (a)          The Company hereby unconditionally promises
to pay (i) to the Administrative Agent for the account of each Lender the then unpaid principal amount of each U.S. Revolving Loan made to the Borrower on the U.S. Revolving Credit Maturity Date in the currency of such Loan and (ii) to the
Swingline Lender the then unpaid principal amount of each U.S. Swingline Loan on the earlier of the U.S. Revolving Credit Maturity Date and the 10th Business Day after such U.S. Swingline Loan is made; provided that on each date that a U.S.
Revolving Loan is made, the Company shall repay all U.S. Swingline Loans then outstanding. Each Borrower severally hereby unconditionally promises to pay (i) to the Administrative Agent for the account of each Lender the then unpaid principal
amount of each European Revolving Loan made to such Borrower on the European Revolving Credit Maturity Date in the currency of such Loan and (ii) to the Swingline Lender the then unpaid principal amount of each European Swingline Loan to such
Borrower on the earlier of the European Revolving Credit Maturity Date and the 10th Business Day after such European Swingline Loan is made; provided that on each date that a European Revolving Loan is made to a Borrower, such Borrower shall
repay all European Swingline Loans to such Borrower then outstanding. 
 (b)          The
Company promises to repay the U.S. Term A Loans on each March 1, June 1, September 1 and December 1 (or, if any such day is not a Business Day, the following Business Day), commencing on the first such date following
the Original Restatement Effective Date (which shall in no case be earlier than September 1, 2013), in an amount (expressed as a percentage of the original aggregate principal amount of the U.S. Term A Loans made on the Original Restatement
Effective Date) equal to (x) on any such day during the period prior to the second anniversary of the Original Restatement Effective Date, 1.25% and (y) on any such day on or after the second anniversary of the Original Restatement
Effective Date, 2.5% and (ii) on the U.S. Term A Loan Maturity Date, the aggregate principal amount of all U.S. Term A Loans outstanding on such date; provided, however, that the Company shall repay the entire unpaid principal
amount of the U.S. Term A Loans on the U.S. Term A Loan Maturity Date. 
 (c)          The
Company promises to repay (i) U.S. Term A-1 Loans on each March 1, June 1, September 1 and December 1 (or, if any such day is not a Business Day, the following Business Day), commencing on the first such date
following the Original Restatement Effective Date (which shall in no case be earlier than September 1, 2013) in an amount equal to 0.25% of the aggregate principal amount of all U.S. Term A-1 Loans borrowed on the Original Restatement Effective
Date and (ii) on the U.S. Term A-1 Loan Maturity Date, the aggregate principal amount of all U.S. Term A-1 Loans outstanding on such date. 

(d)          The Company promises to repay (i) U.S. Term A-2 Loans on each
March 1, June 1, September 1 and December 1 (or, if any such day is not a Business Day, the following Business Day), commencing on the first such date following the Original Restatement Effective Date (which shall in no
case be earlier than September 1, 2013), in an amount (expressed as a percentage of the original aggregate principal amount of the U.S. Term A-2 Loans made on the Original Restatement Effective Date) equal to (x) on any such day during the
period prior to the second anniversary of the Original Restatement Effective Date, 1.25% and (y) on any such day on or after the second anniversary of the Original Restatement Effective Date, 2.50% and (ii) on the U.S. Term A-2 Loan
Maturity Date, the aggregate principal amount of all U.S. Term A-2 Loans outstanding on such date. 

  
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 (e)          The European Borrower promises to
repay (i) European Term A Loans on each March 1, June 1, September 1 and December 1 (or, if any such day is not a Business Day, the following Business Day), commencing on the first such date following the Original
Restatement Effective Date (which shall in no case be earlier than September 1, 2013), in an amount (expressed as a percentage of the original aggregate principal amount of the European Term A Loans made on the Original Restatement Effective
Date) equal to (x) on any such day during the period prior to the second anniversary of the Original Restatement Effective Date, 1.25% and (y) on any such day on or after the second anniversary of the Original Restatement Effective Date,
2.50% and (ii) on the European Term A Loan Maturity Date, the aggregate principal amount of all European Term A Loans outstanding on such date. 

(f)          The European Borrower promises to repay (A) European Term
B-1 Loans on each March 1, June 1, September 1 and December 1 (or, if any such day is not a Business Day, the following Business Day), commencing on the first such
date following the Original RestatementAmendment No. 1 Effective Date (which shall in no case be earlier than September 1, 2013), in an amount
(expressed as a percentage of the original aggregate principal amount of the European Term B-1 Loans made on the Original
RestatementAmendment No. 1 Effective Date) equal to 0.25% and (B) on the European Term B-1 Loan Maturity Date,
the aggregate principal amount of all European Term B-1 Loans outstanding on such date. 

(g)          
[Reserved].The European Borrower promises to repay all European Term B Loans that are not Converted European Term B Loans on the Amendment No. 1 Effective
Date.   
 (h)          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. 
 (i)          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, if any, applicable thereto, (ii) the amount of any principal or interest due and payable or to become due and payable from the
Borrower to each Lender hereunder and (iii) the amount of any sum received by the Administrative Agent hereunder for the account of the Lenders and each Lender’s share thereof. 

(j)          The entries made in the accounts maintained pursuant to clause (h) or
(i) of this Section shall be prima facie evidence of the existence and amounts of the obligations recorded therein absent manifest error; provided that the failure of any Lender or the Administrative Agent to maintain such accounts or
any 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. 

(k)          Any Lender may request that Loans made by it be evidenced by promissory notes.
In such event, the Borrower shall prepare, execute and deliver to such Lender promissory notes payable to such Lender and its registered assigns and in a form approved by the Administrative Agent. Thereafter, the Loans evidenced by such promissory
notes and interest thereon shall at all times (including after assignment pursuant to Section 9.04 of this Agreement) be represented by one or more promissory notes in such form payable to the payee named therein and its registered assigns.

 SECTION 2.10.      Prepayment of Loans. 

(a)          Optional Prepayments. (i) Each Borrower shall have the right at any
time and from time to time to prepay any Borrowing by such Borrower of any Class in whole or in part, without premium or penalty (except as provided below in the case of European Term B Loans), subject to prior notice in accordance
with clause (a)(ii) of this Section; provided, however, that no prepayments of any Extended Term Loans of any series shall be permitted pursuant to this Section 2.10(a) so long as any Term Loans of any Existing Term Loan
Class from which such Extended Term Loans were converted remain outstanding unless such prepayment is accompanied by a pro rata (or greater proportionate) prepayment of Term Loans of such Existing Term Loan Class. Notwithstanding anything in
this Section 2.10(a) to the contrary, in the event that, within one year of the Original Restatement Effective Date, (x) the European Borrower makes any prepayment of European Term B Loans in connection with any Repricing Transaction, or
(y) effects any amendment of this Agreement resulting in a Repricing Transaction, the European  

  
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Borrower shall pay to the Administrative Agent, for the ratable account of each applicable European Term B Lender, (I) in the case of clause (x), a prepayment premium of 1% of the
amount of the European Term B Loans being prepaid and (II) in the case of clause (y), a payment equal to 1% of the aggregate amount of the applicable European Term B Loans affected by such Repricing Transaction and outstanding immediately prior to
such amendment. 
 (ii)          The Borrowers shall notify the Administrative
Agent (and, in the case of prepayment of a Swingline Loan, the Swingline Lender) in a form acceptable to the Administrative Agent of any prepayment hereunder (i) in the case of prepayment of a Eurodollar Borrowing, not later than 2:00 p.m., New
York City time, three (3) Business Days before the date of prepayment, (ii) in the case of prepayment of a Base Rate Borrowing, not later than noon, New York City time, on the date of prepayment or (iii) in the case of prepayment of a
Swingline Loan, not later than 2:00 p.m., New York City time, on the date of prepayment. Each such notice shall be irrevocable and shall specify the prepayment date, the Class or Classes of Loans to be repaid 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 Borrowing, the Administrative Agent shall advise the Lenders of the contents thereof. Each partial
prepayment of any Borrowing shall be in an amount that would be permitted in the case of an advance of a Borrowing of the same Type as provided in Section 2.02. Each prepayment of Term Loans pursuant to this Section 2.10(a) shall be
applied to repayments thereof required pursuant to Section 2.09(b) in the order selected by the Borrowers. Each prepayment of a Borrowing shall be applied ratably to the Loans included in the notice of prepayment. Prepayments pursuant to this
Section 2.10(a) shall be accompanied by accrued interest to the extent required by Section 2.12 and shall be subject to Section 2.15. 

(b)          Mandatory Prepayments. 

 (i)          If the Administrative Agent notifies a Borrower at any time that
(x) the Revolving Credit Exposure under a Revolving Credit Facility at such time exceeds an amount equal to 100% of the Revolving Commitments for such Revolving Credit Facility then in effect, then, within two Business Days after receipt of
such notice, the relevant Borrower shall prepay Revolving Loans of such Borrower under such Revolving Credit Facility and/or Cash Collateralize the L/C Exposure in respect of Letters of Credit issued for the account of such Borrower in an aggregate
amount sufficient to reduce such Revolving Credit Exposure as of such date of payment to an amount not to exceed 100% of the Revolving Commitments then in effect under such Revolving Credit Facility; provided, however, that, subject to
the provisions of Section 2.05(g)(ii), no Borrower shall be required to Cash Collateralize the L/C Exposures pursuant to this Section 2.10(b) unless, after the prepayment in full of the Revolving Loans under the applicable Revolving Credit
Facility, the Revolving Credit Exposure under such Revolving Credit Facility exceeds the Revolving Commitments then in effect under such Revolving Credit Facility. 

 (ii)         (A) If the Company or any Subsidiary receives any Net Cash Proceeds from
any Asset Sale or Casualty Event, the Borrowers shall apply an amount equal to 100% of such Net Cash Proceeds (in the case of an Asset Sale by a Foreign Subsidiary, net of additional taxes payable (or that would be payable if the Net Cash Proceeds
were repatriated to the United States) or reserved against as a result thereof) in accordance with Section 2.10(b)(vi) on or prior to the date which is ten (10) Business Days after the date of the realization or receipt of such Net Cash
Proceeds; provided that no such prepayment shall be required pursuant to this Section 2.10(b)(ii)(A) with respect to such Net Cash Proceeds that the Company or a Subsidiary shall reinvest in accordance with Section 2.10(b)(ii)(B). 

(B)         With respect to any Net Cash Proceeds realized or received with respect to any Asset
Sale or Casualty Event, at the option of the Company, the Company or a Subsidiary may reinvest all or any portion of such Net Cash Proceeds in assets useful for the Company’s or a Subsidiary’s business within twelve (12) months
following receipt of such Net Cash Proceeds; provided that any such Net Cash Proceeds that are not so reinvested within the applicable time period set forth above shall be applied as set forth in Section 2.10(b)(ii)(A) within five
(5) Business Days after the end of the applicable time period set forth above. 

(iii)         If the Company or any Subsidiary incurs or issues any Refinancing Term Loans or any
Indebtedness not expressly permitted to be incurred or issued pursuant to Section 6.01 (without prejudice to the 

  
 50 

 
restrictions therein or the rights and remedies of the Lenders hereunder), the Borrowers shall apply an amount equal to 100% of such Net Cash Proceeds received by the Company or any Subsidiary
therefrom in accordance with Section 2.10(b)(vi) on or prior to the date which is three (3) Business Days after the receipt of such Net Cash Proceeds. If the Company receives any amounts pursuant to Section 1.4 of the Acquisition
Agreement referred to in clause (ii) of the definition thereof, the Company shall, within five (5) Business Days after the date of receipt of such amounts, apply an amount equal to 100% of the purchase price adjustment amount so received
in accordance with Section 2.10(b)(vi). 
  (iv)       The Company shall notify the
Administrative Agent in writing of any mandatory prepayment of Term Loans required to be made pursuant to clauses (i) through (iii) of this Section 2.10(b) at least three (3) Business Days prior to the date of such prepayment.
Each such notice shall specify the date of such prepayment and provide a reasonably detailed calculation of the amount of such prepayment. The Administrative Agent will promptly notify each Term Lender of the contents of the Company’s
prepayment notice and of such Term Lender’s pro rata share of the prepayment. 

  (v)       Notwithstanding any other provisions of this Section 2.10(b) to the contrary, to
the extent that any of or all the Net Cash Proceeds of any Asset Sale by a Foreign Subsidiary giving rise to a prepayment event pursuant to Section 2.10(b)(ii) (a “Foreign Disposition”) or the Net Cash Proceeds of any Casualty
Event from a Foreign Subsidiary (a “Foreign Casualty Event”), are prohibited or delayed by applicable local Law from being repatriated to the United States, the portion of such Net Cash Proceeds so affected will not be required to
be applied to repay Term Loans at the times provided in this Section 2.10(b) but may be retained by the applicable Foreign Subsidiary so long, but only so long, as applicable Law will not permit or delays repatriation to the United States (the
Company hereby agreeing to cause the applicable Foreign Subsidiary to promptly take all actions reasonably required by the applicable Law to permit such repatriation), and once such repatriation of any of such affected Net Cash Proceeds is permitted
under the applicable Law, such repatriation will be promptly effected and such repatriated Net Cash Proceeds will be promptly (and in any event not later than five (5) Business Days after such repatriation) applied (net of additional taxes
payable or reserved against as a result thereof) to the repayment of the Term Loans pursuant to this Section 2.10(b) to the extent provided herein; provided, however, that to the extent that the Company has determined in good
faith that repatriation of any of or all the Net Cash Proceeds of any Foreign Disposition or any Foreign Casualty Event would have material adverse tax consequences to the Company or its Subsidiaries, the Net Cash Proceeds so affected may be
retained by the applicable Foreign Subsidiary, provided that on or before the date 12 months following the date of receipt of such Net Cash Proceeds, (x) the Company shall apply an amount equal to such Net Cash Proceeds to such
reinvestments or prepayments as if such Net Cash Proceeds had been received by the Company rather than such Foreign Subsidiary, less the amount of additional taxes that would have been payable (or that would be payable if the Net Cash Proceeds were
repatriated to the United States) or reserved against if such Net Cash Proceeds had been repatriated or (y) such Net Cash Proceeds shall be applied to the repayment of Indebtedness of a Foreign Subsidiary, including the European Borrower. 

 (vi)       Each prepayment of Term Loans pursuant to this Section 2.10(b) shall be applied,
subject to Section 2.17, pro rata to each Class of Term Loans (on a pro rata basis to the Term Loans of the Lenders with such Class of Term Loans) and shall be further applied to such Class of Term Loans, first in direct order of maturity to
the next eight (8) scheduled repayments thereof required pursuant to Sections 2.09(b), (c), (d), (e) and (f) and second ratably to the remaining repayments of Term Loans of such Class required pursuant to Sections 2.09(b), (c), (d),
(e) and (f); provided that, at the option of the Borrowers, the Net Cash Proceeds of (i) Refinancing Term Loans may be applied to prepay U.S. Term A Loans, U.S. Term A-2 Loans and European Term A Loans prior to U.S. Term A-1 Loans
and European Term B-1 Loans and (ii) Asset Sales and Casualty Events from Foreign Subsidiaries may be applied to prepay the European Term A Loans and European Term
B-1 Loans prior to the U.S. Term A Loans, U.S. Term A-1 Loans and the U.S. Term A-2 Loans. 

(vii)       Any prepayment of Term Loans pursuant to this Section 2.10(b) shall be accompanied by
accrued interest to the extent required by Section 2.12 and shall be subject to Section 2.15. 

  
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 SECTION 2.11.      Fees. 

(a)          The Company agrees to pay to the Administrative Agent for the account of each
Revolving Lender a commitment fee, which shall accrue at the Applicable Rate on the actual daily amount by which the Revolving Commitment of such Lender under each Revolving Credit Facility exceeds the amount of Revolving Loans and L/C Exposure of
such Lender under such Revolving Credit Facility (but, for the avoidance of doubt, excluding the Swingline Exposure of such Lender) during the period from and including the Original Closing Date to but excluding the date on which such Commitment
terminates; provided that any commitment fee accrued with respect to the Revolving Commitment of a Defaulting Lender during the period prior to the time such Lender became a Defaulting Lender and unpaid at such time shall not be payable by
the Company so long as such Lender shall be a Defaulting Lender except to the extent that such commitment fee shall otherwise have been due and payable by the Company prior to such time; and provided further that no commitment fee shall
accrue on the Revolving Commitment of a Defaulting Lender so long as such Lender shall be a Defaulting Lender. Accrued commitment fees shall be payable in arrears on the first Business Day of March, June, September and December of each year and on
the date on which the Revolving Commitments terminate, commencing on the first such date to occur after the Original Closing Date. All commitment fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of
days elapsed (including the first day but excluding the last day). 
 (b)          Each
Borrower agrees to pay (i) to the Administrative Agent for the account of each Applicable Participant a participation fee with respect to its participations in Letters of Credit issued for the account of such Borrower under each Revolving
Credit Facility, which shall accrue at the Applicable Rate on the actual daily Outstanding Amount of such Applicable Participant’s L/C Exposure in respect of Letters of Credit issued for the account of such Borrower under such Revolving Credit
Facility (excluding any portion thereof attributable to unreimbursed L/C Disbursements) during the period from and including the Original Closing Date to but excluding the later of the date on which such Applicable Participant’s Revolving
Commitment in respect of Letters of Credit issued for the account of such Borrower under such Revolving Credit Facility terminates and the date on which such Applicable Participant ceases to have any L/C Exposure in respect of Letters of Credit
issued for the account of such Borrower under such Revolving Credit Facility and (ii) to each Issuing Bank a fronting fee, which shall accrue at the rate per annum separately agreed between such Issuing Bank and such Borrower on the actual
daily Outstanding Amount of the L/C Exposure in respect of Letters of Credit issued for the account of such Borrower under such Revolving Credit Facility (excluding any portion thereof attributable to unreimbursed L/C Disbursements) attributable to
Letters of Credit issued for the account of such Borrower by such Issuing Bank during the period from and including the Restatement Effective Date to but excluding the later of the date of termination of all Revolving Commitments under which such
Borrower is a Borrower and the date on which there ceases to be any L/C Exposure in respect of Letters of Credit issued for the account of such Borrower under such Revolving Credit Facility, as well as such Issuing Bank’s standard fees and
commissions with respect to the issuance, amendment, cancellation, negotiation, transfer, presentment, renewal or extension of any Letter of Credit or processing of drawings thereunder. Unless otherwise specified above, participation fees and
fronting fees shall be payable in arrears on the last Business Day of March, June, September and December of each year, commencing on the first such date to occur after the Restatement Effective Date; provided that all such fees shall be
payable on the date on which the applicable Revolving Commitments terminate and any such fees accruing after the date on which the Revolving Commitments under which such Borrower is a Borrower terminate shall be payable on demand. Any other fees
payable to an Issuing Bank pursuant to this clause shall be payable within ten (10) days after demand. All participation fees and fronting fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of
days elapsed (including the first day but excluding the last day). 
 (c)          The
Company agrees to pay to the Administrative Agent, for its own account, fees payable in the amounts and at the times provided in the Administrative Agency Fee Letter. 

(d)          All fees payable hereunder shall be paid on the dates due, in Dollars and
immediately available funds, to the Administrative Agent (or to the relevant Issuing Bank, in the case of fees payable to it) for distribution, in the case of commitment fees and participation fees, to the Lenders. Fees paid shall not be refundable
under any circumstances. 

  
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 SECTION 2.12.      Interest. 

(a)          The Loans comprising each Base Rate Borrowing (including each Swingline Loan)
shall bear interest at the Base Rate in effect from time to time plus the Applicable Rate. 

(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 Applicable Rate. 

(c)          Notwithstanding the foregoing, if any principal of or interest on any Loan or
any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to
(i) in the case of overdue principal of any Loan, 2% plus the rate otherwise applicable to such Loan as provided in the preceding clauses of this Section or (ii) in the case of any other amount, 2% plus the rate applicable to
Base Rate Loans as provided in clause (a) of this Section (the “Default Rate”). 

(d)          Accrued interest on each Loan to a Borrower shall be payable by such Borrower
in arrears on each Interest Payment Date for such Loan and, in the case of Revolving Loans under any Revolving Credit Facility, upon termination of the Revolving Commitments thereunder; provided that (i) interest accrued pursuant to
clause (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of a Base Rate Revolving Loan prior to the end of the Availability Period or a Swingline Loan),
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 Loan prior to the end of the current Interest Period therefor,
accrued interest on such Loan shall be payable on the effective date of such conversion. 

(e)          All interest hereunder shall be computed on the basis of a year of 360 days,
except that interest (i) computed by reference to the Base Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year). The applicable Base Rate or LIBO Rate shall be determined by the Administrative Agent in
accordance with the provisions of this Agreement, and such determination shall be conclusive absent manifest error. 
 SECTION
2.13.      Alternate Rate of Interest.  If prior to the commencement of any Interest Period for a Eurodollar Borrowing: 

(a)        the Administrative Agent determines (which determination shall be
conclusive absent manifest error) that adequate and reasonable means do not exist for ascertaining the LIBO Rate for such Interest Period; or 

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

then the Administrative Agent shall give notice thereof to the Company and the Lenders by telephone or telecopy or transmission by electronic communication in
accordance with Section 9.01 as promptly as practicable thereafter and, until the Administrative Agent notifies the Company and the Lenders that the circumstances giving rise to such notice no longer exist, (i) any Interest Election
Request that requests the conversion of any Borrowing to, or continuation of any Borrowing as, a Eurodollar Borrowing shall be ineffective and (ii) if any Borrowing Request requests a Eurodollar Borrowing, such Borrowing shall be made as a Base
Rate Borrowing. 
 SECTION 2.14.      Increased Costs. 

(a)          If any Change in Law shall: 

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

  
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  (ii)        subject a Lender (or
its applicable lending office) or Issuing Bank to any additional Tax (other than any Excluded Taxes, or any Other Taxes or Indemnified Taxes indemnified under Section 2.16) with respect to any Loan Document; or 

(iii)        impose on any Lender or any Issuing Bank or the London interbank market
any other condition affecting this Agreement or Eurodollar Loans made by such Lender or any Letter of Credit or participation therein; 
 and the result of
any of the foregoing shall be to increase the cost to such Lender of making or maintaining any Eurodollar Loan or of maintaining its obligation to make any such Loan or to increase the cost to such Lender or such Issuing Bank of participating in,
issuing or maintaining any Letter of Credit or to reduce the amount of any sum received or receivable by such Lender or such Issuing Bank hereunder, whether of principal, interest or otherwise, in each case by an amount deemed by such Lender or such
Issuing Bank to be material in the context of its making of, and participation in, extensions of credit under this Agreement, then, upon the request of such Lender or such Issuing Bank, the Company (or in the case of amounts relating to Commitments
or Loans to, or Letters of Credit for the account of, the European Borrower, the European Borrower) will pay to such Lender or such Issuing Bank, as the case may be, such additional amount or amounts as will compensate such Lender or such Issuing
Bank, as the case may be, for such additional costs incurred or reduction suffered. 

(b)          If any Lender or any Issuing Bank determines in good faith that any Change in
Law regarding capital or liquidity requirements has or would have the effect of reducing the rate of return on such Lender’s or such Issuing Bank’s capital or on the capital of such Lender’s or such Issuing Bank’s holding
company, if any, as a consequence of this Agreement or the Loans made by, or participations in Letters of Credit held by, such Lender, or the Letters of Credit issued by such Issuing Bank, to a level below that which such Lender or such Issuing Bank
or such Lender’s or such Issuing Bank’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s or such Issuing Bank’s policies and the policies of such Lender’s or such
Issuing Bank’s holding company with respect to capital adequacy), then from time to time, upon the request of such Lender or such Issuing Bank, the Company (or in the case of amounts relating to Commitments or Loans to, or Letters of Credit for
the account of, the European Borrower, the European Borrower) will pay to such Lender or such Issuing Bank, as the case may be, such additional amount or amounts as will compensate such Lender or such Issuing Bank or such Lender’s or such
Issuing Bank’s holding company for any such reduction suffered. 
 (c)          A
certificate of a Lender or an Issuing Bank setting forth in reasonable detail the amount or amounts necessary to compensate such Lender or such Issuing Bank or its holding company, as the case may be, as specified in clause (a) or (b) of
this Section shall be delivered to the Company and shall be conclusive absent manifest error. The Company (or in the case of amounts relating to Commitments or Loans to, or Letters of Credit for the account of, the European Borrowers, the European
Borrower) shall pay such Lender or such Issuing Bank, as the case may be, the amount shown as due on any such certificate within ten (10) days (or such later date as may be agreed by the applicable Lender) after receipt thereof. 

(d)          Failure or delay on the part of any Lender or any Issuing Bank to demand
compensation pursuant to this Section shall not constitute a waiver of such Lender’s or such Issuing Bank’s right to demand such compensation; provided that the Borrower shall not be required to compensate a Lender or an Issuing
Bank pursuant to this Section for any increased costs or reductions incurred more than 135 days prior to the date that such Lender or such Issuing Bank, 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 Issuing Bank’s intention to claim compensation therefor; provided further that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the 135-day
period referred to above shall be extended to include the period of retroactive effect thereof. 
 SECTION
2.15.      Break Funding Payments.  In the event of (a) the payment of any principal of any Eurodollar Loan other than on the last day of an Interest Period applicable thereto (including as a
result of an Event of Default or as a result of any prepayment pursuant to Section 2.10), (b) the conversion of any Eurodollar Loan other than on the last day of the Interest Period applicable thereto, (c) the failure to borrow,
convert, continue or prepay any Eurodollar Loan on the date specified in any notice delivered pursuant hereto (regardless of whether such notice may be revoked under Section 2.10 and is revoked in accordance therewith) or (d) the
assignment of any 

  
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Eurodollar Loan other than on the last day of the Interest Period applicable thereto as a result of a request by Borrowers pursuant to Section 2.18, then, in any such event, the Company (or
in the case of European Revolving Loans, European Term A Loans, European Term B Loans or European Term B-1 Loans, the European
Borrower) shall compensate each Lender for the loss, cost and expense (excluding loss of anticipated profit) attributable to such event.; provided that no Amendment No. 1
Consenting Lender shall be entitled to receive any amount under this Section in connection with its Converted European Term B Loans.  Such loss, cost or expense to any Lender may be deemed to include an amount determined by such Lender to
be the excess, if any, of (i) the amount of interest which would have accrued on the principal amount of such Loan had such event not occurred, at the LIBO Rate that would have been applicable to such Loan (and excluding any Applicable Rate),
for the period from the date of such event to the last day of the then current Interest Period therefor (or, in the case of a failure to borrow, convert or continue, for the period that would have been the Interest Period for such Loan), over
(ii) the amount of interest which would accrue on such principal amount for such period at the interest rate which such Lender would bid were it to bid, at the commencement of such period, for deposits in the relevant currency of a comparable
amount and period from other banks in the eurocurrency market. A certificate of any Lender setting forth in reasonable detail any amount or amounts that such Lender is entitled to receive pursuant to this Section shall be delivered to the Borrower
and shall be conclusive absent manifest error. The Borrower shall pay such Lender the amount shown as due on any such certificate within ten (10) days (or such later date as may be agreed by the applicable Lender) after receipt thereof. 

SECTION 2.16.      Taxes. 

(a)          All sums payable by any Loan Party under any Loan Document to any
Administrative Agent or Lender shall be made free and clear of and without deduction for any Taxes, unless required by applicable Laws. 

(b)          If any Loan Party or any other applicable withholding agent shall be required
by Law to deduct any Taxes from or in respect of any sum payable under any Loan Document, then (i) the applicable Loan Party or other applicable withholding agent shall make such deductions and pay to the relevant Governmental Authority any
such Tax before the date on which penalties attach thereto in accordance with applicable Law, (ii) if the Tax in question is an Indemnified Tax or an Other Tax, the sum payable by the applicable Loan Party to such Lender or Administrative Agent
(as applicable) shall be increased by such Loan Party as necessary so that after all required deductions have been made (including deductions applicable to additional sums payable under this Section 2.16) the Lender or Administrative Agent
receives an amount equal to the sum it would have received had no such deductions been made, (iii) within thirty days after paying any sum from which it is required by Law to make any deduction, and within thirty days after the due date of
payment of any Tax which it is required by clause (i) above to pay, the Loan Party making such payments 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. 

(c)          In addition, the Borrower shall pay any Other Taxes to the relevant
Governmental Authority in accordance with applicable Law. 
 (d)          Each Lender
shall, at such times as are reasonably requested by the Borrower or the Administrative Agent, provide the Borrower and the Administrative Agent with any documentation prescribed by Laws or reasonably requested by the Borrower or the Administrative
Agent certifying as to any entitlement of such Lender to an exemption from, or reduction in, any applicable withholding Tax with respect to any payments to be made to such Lender under any Loan Document. Each such Lender shall, whenever a lapse in
time or change in circumstances renders any such documentation (including any specific documentation required below in this Section 2.16(d)) obsolete, expired or inaccurate in any material respect, deliver promptly to the Borrower and the
Administrative Agent updated or other appropriate documentation (including any new documentation reasonably requested by the Borrower or the Administrative Agent) or promptly notify the Borrower and the Administrative Agent in writing of its
inability to do so. 

  
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 Without limiting the foregoing: 

(1)          Each U.S. Lender shall deliver to the Company and the
Administrative Agent on or before the date on which it becomes a party to this Agreement two properly completed and duly signed original copies of IRS Form W-9 certifying that such Lender is exempt from U.S. federal backup withholding. 

(2)          Each Foreign Lender shall deliver to the Company and the
Administrative Agent on or before the date on which it becomes a party to this Agreement whichever of the following is applicable: 

(A)          two properly completed and duly signed original copies of IRS
Form W-8BEN (or any successor forms) claiming eligibility for the applicable benefits of an income tax treaty to which the United States is a party, and such other documentation as required under the Code, 

(B)          two properly completed and duly signed original copies of IRS
Form W-8ECI (or any successor forms), 
 (C)          in the case of a
Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 871(h) or Section 881(c) of the Code, (A) two properly completed and duly signed certificates substantially in the form of Exhibit H-1,
H-2, H-3 or H-4, as applicable (any such certificate, a “United States Tax Compliance Certificate”) and (B) two properly completed and duly signed original copies of IRS Form W-8BEN (or any successor
forms), 
 (D)          to the extent a Foreign Lender is not the
beneficial owner (for example, where the Foreign Lender is a partnership or a participating Lender), IRS Form W-8IMY (or any successor forms) of the Foreign Lender, accompanied by a Form W-8ECI, W-8BEN, United States Tax Compliance Certificate,
Form W-9, Form W-8IMY or any other required information (or any successor forms) from each beneficial owner that would be required under this Section 2.16(d) if such beneficial owner were a Lender, as applicable (provided that
if the Foreign Lender is a partnership (and not a participating Lender) and one or more beneficial owners are claiming the portfolio interest exemption, the United States Tax Compliance Certificate may be provided by such Foreign Lender on behalf of
such beneficial owners), or 
 (E)          two properly completed and
duly signed original copies of any other form prescribed by applicable U.S. federal income tax laws (including the Treasury Regulations) as a basis for claiming a complete exemption from, or a reduction in, United States federal withholding Tax on
any payments to such Lender under the Loan Documents. 
 (3)          If a
payment made to a Lender under any Loan Document would be subject to U.S. federal withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Sections
1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Company and the Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by the Company or the Administrative Agent
such documentation prescribed by applicable Law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Company or the Administrative Agent as may be necessary for the
Company and the Administrative Agent to comply with their FATCA obligations, to determine whether such Lender has or has not complied with such Lender’s FATCA obligations and, if necessary, to determine the amount to deduct and withhold from
such payment. Solely for purposes of this clause (3), “FATCA” shall include any amendments made to FATCA after the Original Closing Date. 

Notwithstanding any other provision of this Section 2.16(d), a Lender shall not be required to deliver any documentation that such Lender
is not legally eligible to deliver. 
 (e)          The Loan Parties shall, jointly and
severally, indemnify the Administrative Agent or a Lender (each a “Tax Indemnitee”), within ten (10) days after written demand therefor, for the full amount of any 

  
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Indemnified Taxes paid or payable by the Tax Indemnitee on or with respect to any payment by or on account of any obligation of any Loan Party under any Loan Document, and any Other Taxes paid or
payable by the Tax Indemnitee (including any Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this Section 2.16), whether or not such Indemnified Taxes or Other Taxes were correctly or legally
imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability prepared in good faith and delivered to the Tax Indemnitee, or by the Administrative Agent on its own behalf or on behalf of
another Tax Indemnitee, shall be conclusive absent manifest error. 
 (f)          If and
to the extent a Tax Indemnitee determines, in its sole good faith discretion, that it has received a refund of any Indemnified Taxes or Other Taxes as to which it has been indemnified by a Loan Party or with respect to which a Loan Party has paid
additional amounts pursuant to this Section 2.16, then such Tax Indemnitee shall promptly pay over such refund to the relevant Loan Party (but only to the extent of indemnity payments made, or additional amounts paid, by such Loan Party under
this Section 2.16 with respect to the Indemnified Taxes or Other Taxes giving rise to such refund), net of all out-of-pocket expenses (including any Taxes) of the Tax Indemnitee and without interest (other than any interest paid by the relevant
Governmental Authority with respect to such refund); provided that such Loan Party, upon the request of the Tax Indemnitee, agrees to repay the amount paid over to such Loan Party (plus any penalties, interest or other charges imposed by the
relevant Governmental Authority) to the Tax Indemnitee in the event the Tax Indemnitee is required to repay such refund to such Governmental Authority. This Section 2.16(f) shall not be construed to require a Tax Indemnitee to make available
its tax returns (or any other information relating to its Taxes which it deems confidential) to any Loan Party or any other Person. 

(g)          With respect to VAT, the following provisions shall be applicable: 

  (i)          All amounts set out, or expressed in a Loan
Document to be payable by any Loan Party to the Administrative Agent or a Lender (each a “Finance Party”) which (in whole or in part) constitute the consideration for a supply or supplies for VAT purposes are deemed to be exclusive of any
VAT which is chargeable on such supply or supplies, and accordingly, subject to paragraph (ii) below, if VAT is or becomes chargeable on any supply made by any Finance Party to any Loan Party under a Loan Document, that Loan Party shall pay to
the Finance Party (in addition to and at the same time as paying any other consideration for such supply) an amount equal to the amount of such VAT (and such Finance Party shall promptly provide an appropriate VAT invoice to such Loan Party) or,
where applicable, directly account for such VAT at the appropriate rate under the reverse charge procedure provided for by article 196 of the Council Directive of 28 November 2006 on the common system of value added tax (Council Directive
2006/112/EC), as amended and as implemented by any relevant EU Member State. 

 (ii)          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 Loan Document, and any party other than the Recipient (the “Relevant Party”) is required by the terms of any Loan 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): 

(A)          (where the Supplier is the person required to account to the
relevant tax authority for the VAT) the Relevant Party must also pay to the Supplier (at the same time as paying that amount) an additional amount equal to the amount of the VAT. The Recipient must (where this Section 2.16
(g) (B) (i) applies) promptly pay to the Relevant Party an amount equal to any credit or repayment the Recipient receives from the relevant tax authority which the Recipient reasonably determines relates to the VAT chargeable on that
supply; and 
 (B)          (where the Recipient is the person required to
account to the relevant tax authority for the VAT) the Relevant Party must promptly, following demand from the Recipient, pay to the Recipient an amount equal to the VAT chargeable on that supply but only to the extent that the Recipient reasonably
determines that it is not entitled to credit or repayment from the relevant tax authority in respect of that VAT. 

  
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 (iii)          Where a Loan
Document requires any Loan Party to reimburse or indemnify a Finance Party for any cost or expense, that Loan Party shall reimburse or indemnify (as the case may be) such Finance Party for the full amount of such cost or expense, including such part
thereof as represents VAT, save to the extent that such Finance Party reasonably determines that it is entitled to credit or repayment in respect of such VAT from the relevant tax authority. 

(iv)          Any reference in this Section 2.16. (g) to any Loan
Party shall, at any time when such Loan 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 the Council Directive of 28 November 2006 on the common system of value added tax (Council Directive 2006/112/EC), as amended and as implemented by any
relevant EU Member State. 
  (v)          In relation to any supply
made by a Finance Party to any Loan Party under a Loan Document, if reasonably requested by the Finance Party, that Loan Party must promptly provide the Finance Party with details of that Loan Party’s VAT registration and such other information
as is reasonably requested in connection with such Finance Party’s VAT reporting requirements in relation to such supply. 

(h)          For purposes of this Section 2.16, the term “Lender” shall
include any Swingline Lender and any Issuing Bank. 
 SECTION 2.17.       Payments Generally; Pro Rata
Treatment; Sharing of Setoffs. 
 (a)          Each Borrower shall make each payment
required to be made by it hereunder (whether of principal, interest, fees or reimbursement of L/C Disbursements, or of amounts payable under Section 2.14, 2.15 or 2.16, or otherwise) without condition or deduction for any counterclaim, defense,
recoupment or setoff prior to 2:00 p.m., on the date when due, in immediately available funds. Any amounts received after such time on any date may, in the discretion of the Administrative Agent, be deemed to have been received on the next
succeeding Business Day for purposes of calculating interest thereon. All such payments shall be made to the Administrative Agent Office, except payments to be made directly to an Issuing Bank or Swingline Lender as expressly provided herein and
except that payments pursuant to Sections 2.14, 2.15, 2.16 and 9.03 shall be made directly to the Persons entitled thereto. The Administrative Agent shall distribute any such payments received by it for the account of any other Person to the
appropriate recipient promptly following receipt thereof. 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. 

(b)          If at any time prior to an exercise of remedies pursuant to Article VII (or
prior to the date of termination of the Commitments in full and acceleration of the Loans pursuant to Article VII), insufficient funds are received by and available to the Administrative Agent to pay fully all amounts of principal, unreimbursed L/C
Disbursements, interest and fees then due hereunder, such funds shall be applied (i) first, towards payment of interest and fees then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of interest and fees
then due to such parties, and (ii) second, towards payment of principal and unreimbursed L/C Disbursements then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of principal and unreimbursed L/C
Disbursements then due to such parties. 
 (c)          (i)  After the exercise
of remedies provided for in Article VII (or after the automatic termination of the Commitments and acceleration of the Loans pursuant to Article VII), any amounts received on account of the Obligations shall be applied by the Administrative Agent as
follows: 
 First, to payment of that portion of the Obligations constituting fees, indemnities, expenses and other
amounts (including fees, charges and disbursements of counsel to the Administrative Agent and amounts payable under Article II) payable to the Administrative Agent in its capacity as such; 

Second, to payment of that portion of the Obligations constituting fees, indemnities and other amounts (other than
principal, interest and fees payable pursuant to Sections 2.11(a) and (b)) payable to the 

  
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Lenders and the Issuing Banks (including fees, charges and disbursements of counsel to the respective Lenders and the Issuing Bank arising under the Loan Documents), ratably among them in
proportion to the respective amounts described in this clause Second payable to them; 
 Third, to payment of that
portion of the Obligations constituting accrued and unpaid fees pursuant to Sections 2.11(a) and (b) and interest on the Loans, L/C Borrowings and other Obligations arising under the Loan Documents, ratably among the Lenders and the
Issuing Banks in proportion to the respective amounts described in this clause Third payable to them; 
 Fourth, to
payment of that portion of the Obligations constituting unpaid principal of the Loans, L/C Borrowings and Obligations then owing under Secured Hedge Agreements and Cash Management Obligations, and to the Administrative Agent for the account of the
Issuing Banks, to Cash Collateralize that portion of Letter of Credit Obligations comprised of the aggregate undrawn amount of Letters of Credit to the extent not otherwise Cash Collateralized by the Borrower pursuant to Section 2.05, ratably
among the Secured Parties in proportion to the respective amounts described in this clause Fourth held by them and the aggregate amount of Letter of Credit Obligations that have not been Cash Collateralized; and 

Last, the balance, if any, after all of the Obligations have been indefeasibly paid in full, to the Borrower or as
otherwise required by Law; 
 provided, that (x) amounts received from the European Borrower or in respect of Collateral securing solely the
European Obligations shall not be applied against any Obligations that are not European Obligations and (y) Excluded Swap Obligations with respect to any Guarantor shall not be paid with amounts received from such Guarantor or its assets, but
appropriate adjustments shall be made with respect to payments from other U.S. Loan Parties to preserve the allocation to Obligations otherwise set forth above in this Section. 

(ii)          Subject to Section 2.05, amounts used to Cash Collateralize the aggregate
undrawn amount of Letters of Credit pursuant to clause Fourth above shall be applied to satisfy drawings under such Letters of Credit as they occur. If any amount remains on deposit as Cash Collateral after all Letters of Credit have either been
fully drawn or expired, such remaining amount shall be applied to the other Obligations, if any, in the order set forth above. 

(iii)         Notwithstanding the foregoing, Cash Management Obligations and Obligations arising
under Secured Hedge Agreements shall be excluded from the application described above if the Administrative Agent has not, prior to the time of the making of any such distribution, received written notice thereof, together with such supporting
documentation as the Administrative Agent may reasonably request, from the applicable Cash Management Bank or Hedge Bank, as the case may be. Each Cash Management Bank or Hedge Bank not a party to the Credit Agreement that has given the notice
contemplated by the preceding sentence shall, by such notice, be deemed to have acknowledged and accepted the appointment of the Administrative Agent pursuant to the terms of Article VIII hereof for itself and its Affiliates as if a
“Lender” party hereto. 
 (d)          If any Lender shall, by exercising any
right of setoff or counterclaim or otherwise, obtain payment in respect of any principal of or interest on any of its Loans or participations in L/C Disbursements or Swingline Loans resulting in such Lender receiving payment of a greater proportion
of the aggregate amount of its Loans and participations in L/C Disbursements and Swingline Loans and accrued interest thereon than the proportion received by any other Lender (except as a result of such Lender holding European Obligations), then the
Lender receiving such greater proportion shall purchase (for cash at face value) participations in the Loans and participations in L/C Disbursements and Swingline Loans of other Lenders to the extent necessary so that the benefit of all such
payments shall be shared by the Lenders ratably in accordance with the aggregate amount of principal of and accrued interest on their respective Loans and participations in L/C Disbursements and Swingline Loans; provided that (i) if any
such participations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations shall be rescinded and the purchase price restored to the extent of such recovery, without interest, and (ii) the
provisions of this clause shall not be construed to apply to any payment made by a Borrower pursuant to and in accordance with the express terms of this Agreement or any payment obtained by a Lender as consideration for the assignment of or sale of
a participation in any of its Loans or participations in L/C Disbursements and Swingline 

  
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Loans to any assignee or participant in accordance with Section 9.04. The Borrowers consent to the foregoing and agree, to the extent they may effectively do so under applicable law, that
any Lender acquiring a participation pursuant to the foregoing arrangements in Obligations that are recourse to such Borrower pursuant to the Loan Documents may exercise against such Borrower rights of setoff and counterclaim with respect to such
participation as fully as if such Lender were a direct creditor of such Borrower in the amount of such participation. 

(e)          Unless the Administrative Agent shall have received notice from the Company
prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders or the relevant Issuing Bank hereunder that a 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 or such Issuing Bank, as the case may be, the amount due. In such event, if the Borrower has not in fact made such payment,
then each of the Lenders or the relevant Issuing Bank, as the case may be, severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender or the Issuing Bank, in Same Day Funds with interest
thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the Overnight Rate. A notice of the Administrative Agent to any Lender or the Borrower with
respect to any amount owing under this subsection (c) shall be conclusive, absent manifest error. 

(f)          If any Lender shall fail to make any payment required to be made by it pursuant
to Section 2.04, 2.05, 2.06, 2.17 or 9.03, then the Administrative Agent may, in its discretion (notwithstanding any contrary provision hereof), apply any amounts thereafter received by the Administrative Agent for the account of such Lender to
satisfy such Lender’s obligations under such Sections until all such unsatisfied obligations are fully paid. The obligations of the Lenders hereunder to make Loans, to fund participations in Letters of Credit and Swingline Loans and to make
payments are several and not joint. The failure of any Lender to make any Loan, to fund any such participation or to make any payment on any date required hereunder shall not relieve any other Lender of its corresponding obligation to do so on such
date, and no Lender shall be responsible for the failure of any other Lender to so make its Loan, to purchase its participation or to make its payments. 

SECTION 2.18.      Mitigation Obligations; Replacement of Lenders. 

(a)          If any Lender requests compensation under Section 2.14, or if any Borrower
is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.16, then such Lender shall use reasonable efforts to designate a different lending office for funding or
booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the good faith judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts
payable pursuant to Section 2.14 or 2.16, as the case may be, in the future and (ii) would not subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender. The Company or the European
Borrower, as applicable, hereby agrees to pay all reasonable out-of-pocket costs and expenses incurred by any Lender in connection with any such designation or assignment. Any Lender claiming reimbursement of such costs and expenses shall deliver to
the Company or the European Borrower, as applicable, a certificate setting forth such costs and expenses in reasonable detail which shall be conclusive absent manifest error. 

(b)          If any Lender requests compensation under Section 2.14, or if a Borrower
is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.16, if any Lender is a Defaulting Lender, if any Lender fails to grant a consent in connection with any
proposed change, waiver, discharge or termination of the provisions of this Agreement as contemplated by Section 9.02 for which the consent of each Lender or each affected Lender is required but the consent of the Required Lenders is obtained
or if any other circumstance exists hereunder that gives a Borrower the right to replace a Lender as a party hereto, then the applicable Borrower may, at its sole expense and effort, upon notice to such Lender and the Administrative Agent, require
such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in, but excluding the consents required by, Section 9.04), all of its interests, rights and obligations under this Agreement and
the related Loan Documents to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment), provided that: 

  
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  (i)            the applicable Borrower shall have paid
to the Administrative Agent the assignment fee specified in Section 9.04 (unless otherwise agreed by the Administrative Agent); 

 (ii)            such Lender shall have received payment of
an amount equal to the outstanding principal of its Loans and L/C Disbursements, accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents (including any amounts under Section 2.15)
from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the applicable Borrower (in the case of all other amounts); 

(iii)            in the case of any such assignment resulting from
a claim for compensation under Section 2.14 or payments required to be made pursuant to Section 2.16, such assignment will result in a reduction in such compensation or payments thereafter; and 

(iv)            such assignment does not conflict with applicable
Laws. 
 A Lender shall not be required to make any such assignment or delegation if, prior thereto, as a result of a waiver by such Lender or otherwise,
the circumstances entitling the applicable Borrower to require such assignment and delegation cease to apply. 
 SECTION
2.19.          Expansion Option. 

(a)            The Company may from time to time after the Restatement Effective
Date elect to increase the U.S. Revolving Commitments or any Extended Revolving Commitments (other than Extended Revolving Commitments that replaced the European Revolving Commitments) (the “Increased Commitments”) or add one or
more tranches of term loans (each, an “Incremental Term Loan”), as applicable, in each case in an aggregate principal amount of not less than $25,000,000 so long as, after giving effect thereto, the aggregate amount of all such
Increased Commitments and all such Incremental Term Loans (other than Refinancing Term Loans) does not exceed $750,000,000. The Company may arrange for any such increase or tranche to be provided by one or more Lenders (each Lender so agreeing to an
increase in its U.S. Revolving Commitment or Extended Revolving Commitments, or to participate in such Incremental Term Loan, an “Increasing Lender”), or by one or more new banks, financial institutions or other entities (each such
new bank, financial institution or other entity, an “Augmenting Lender”), to increase their existing U.S. Revolving Commitments or Extended Revolving Commitments, or to participate in such Incremental Term Loan; provided that
each Augmenting Lender (and, in the case of an Increased Commitment, each Increasing Lender) shall be subject to the approval of the Company and the Administrative Agent and, in the case of an Increased Commitment, each Issuing Bank and Swingline
Lender (such consents not to be unreasonably withheld or delayed). Without the consent of any Lenders other than the relevant Increasing Lenders or Augmenting Lenders, this Agreement and the other Loan Documents may be amended pursuant to an
Additional Credit Extension Amendment as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Company, to effect the provisions of this Section 2.19. Increases of U.S. Revolving Commitments, and
Extended Revolving Commitment and new Incremental Term Loans created pursuant to this Section 2.19 shall become effective on the date agreed by the Company, the Administrative Agent and the relevant Increasing Lenders or Augmenting Lenders and
the Administrative Agent shall notify each Lender thereof. Notwithstanding the foregoing, no increase in the U.S. Revolving Commitments or Extended Revolving Commitments or Incremental Term Loans shall be permitted under this clause unless
(i) on the proposed date of the effectiveness of such increase in the U.S. Revolving Commitments or Extended Revolving Commitments or borrowing of such Incremental Term Loan the conditions set forth in clauses (a) and (b) of
Section 4.02 shall be satisfied or waived by the Required Lenders and the Administrative Agent shall have received a certificate to that effect dated such date and executed by a Financial Officer of the Company, (ii) the Administrative
Agent shall have received such opinions and other certificates and documents as it may reasonably request and (iii) the Company shall be in compliance, calculated on a Pro Forma Basis (assuming for this purpose that all Increased Commitments
were fully drawn), with the covenants contained in Section 6.09 as of the last day of the most recent fiscal quarter of the Company for which financial statements have been delivered pursuant to Section 5.01(a) or (b) prior to such
time. On the effective date of any increase in the U.S. Revolving Commitments or Extended Revolving Commitments or any Incremental Term Loans being made (assuming that any Increased Commitments were fully drawn), (i) each relevant Increasing
Lender and Augmenting Lender shall make available to the Administrative Agent such amounts in immediately available funds as the 

  
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Administrative Agent shall determine, for the benefit of the other Lenders, as being required in order to cause, after giving effect to such increase and the use of such amounts to make payments
to such other Lenders, each Lender’s portion of the outstanding Loans of all the Lenders to equal its Applicable Percentage of such outstanding Loans, and (ii) except in the case of any Incremental Term Loans, if, on the date of such
increase, there are any U.S. Revolving Loans of the applicable Class outstanding, such U.S. Revolving Loans shall on or prior to the effectiveness of such Increased Commitments be prepaid to the extent necessary from the proceeds of additional U.S.
Revolving Loans made hereunder by the Increasing Lenders and Augmenting Lenders, so that, after giving effect to such prepayments and any borrowings on such date of all or any portion of such Increased Commitments, the principal balance of all
outstanding U.S. Revolving Loans of such Class owing to each Lender with a U.S. Revolving Commitment of such Class is equal to such Lender’s pro rata share (after giving effect to any nonratable Increased Commitment pursuant to this
Section 2.19) of all then outstanding U.S. Revolving Loans of such Class. The Administrative Agent and the Lenders hereby agree that the borrowing notice, minimum borrowing, pro rata borrowing and pro rata payment requirements contained
elsewhere in this Agreement shall not apply to the transactions effected pursuant to the immediately preceding sentence. The deemed payments made pursuant to clause (ii) of the second preceding sentence shall be accompanied by payment of all
accrued interest on the amount prepaid and, in respect of each Eurodollar Loan, shall be subject to indemnification by the Company pursuant to the provisions of Section 2.15 if the deemed payment occurs other than on the last day of the related
Interest Periods. The terms of any Incremental Term Loans shall be as set forth in the amendment to this Agreement providing for such Incremental Term Loans; provided that (i) no Lender will be required to participate in any such
Incremental Facility, (ii) the final maturity date of any Incremental Term Loans shall be no earlier than the U.S. Term A Loan Maturity Date, U.S. Term A-1 Loan Maturity Date, U.S. Term A-2 Loan Maturity Date or European Term A Loan Maturity
Date, (iii) the Weighted Average Life to Maturity of such Incremental Term Loans shall not be shorter than the then remaining Weighted Average Life to Maturity of the U.S. Term A Loans, U.S. Term A-1 Loans, U.S. Term A-2 Loans or European Term
A Loans, (iv) Incremental Term Loans shall not participate on a greater than pro rata basis with the other Term Loans in any optional or mandatory prepayment hereunder, (v) the interest margins, fees and original issue discount for the
Incremental Term Loans shall be determined by the Borrower and the lenders of the Incremental Term Loans; provided that if the effective yield (defined as the sum of (x) the LIBO Rate for such Incremental Term Loans (after giving effect
to any minimum rate applicable thereto) plus (y) the Applicable Margin for such Incremental Term Loans plus (z) the quotient of (I) the amount of original issue discount and upfront fees on such Incremental Term Loans divided by (II)
four) exceeds the effective yield of the European Term B-1 Loans (determined in a consistent manner with the determination set forth above) by more than 50 basis points, then the Applicable
Margins for the European Term B-1 Loans shall be increased to the extent necessary so that the effective yield of the European Term
B-1 Loans is equal to the effective yield of such Incremental Term Loans minus 50 basis points, (vi) Incremental Term Loans and Increased Commitments shall be secured on a pari passu
basis with the other Loans of the Company and (vii) any Increased Commitments shall be on terms and pursuant to documentation applicable to the U.S. Revolving Commitments or Extended Revolving Commitments and any Incremental Term Loans shall be
on terms and pursuant to documentation to be determined, provided that, to the extent such terms and documentation are not consistent with the U.S. Term A Facility, U.S. Term A-1 Facility, U.S. Term A-2 Facility and U.S. Revolving Facility
(except to the extent permitted by clause (ii), (iii), (iv) or (v) above) they shall be reasonably satisfactory to the Administrative Agent. The Company shall seek commitments in respect of any Incremental Facility from existing Lenders or
from additional banks, financial institutions and other institutional lenders reasonably acceptable to the Administrative Agent who will become Lenders in connection therewith. 

(b)            This Section 2.19 shall override any provisions in
Section 9.02 to the contrary. 
 SECTION 2.20.      Extended Term Loans and Extended Revolving
Commitments. 
 (a)            Each Borrower may at any time and from time
to time request that all or a portion of its Term Loans of any Class in an aggregate principal amount of not less than $100,000,000 (or, if less, the entire remaining amount of such Class) (an “Existing Term Loan Class”) be
converted to extend the scheduled maturity date(s) of any payment of principal with respect to all or a portion of any principal amount of such Term Loans (any such Term Loans which have been so converted, “Extended Term Loans”) and
to provide for other terms consistent with this Section 2.20. In order to establish any Extended Term Loans, the Borrowers shall provide a notice to the Administrative Agent (who shall provide a copy of such notice to each of the Lenders under
the Existing Term Loan Class) (an “Extension Request”) setting forth the proposed terms of the Extended Term Loans to be established, 

  
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which shall be consistent with the Term Loans under the Existing Term Loan Class from which such Extended Term Loans are to be converted except that: 

  (i)            all or any of the scheduled
amortization payments of principal of the Extended Term Loans may be delayed to later dates than the scheduled amortization payments of principal of the Term Loans of such Existing Term Loan Class to the extent provided in the applicable Additional
Credit Extension Amendment; 
  (ii)            the
interest margins with respect to the Extended Term Loans may be different than the Applicable Rate for the Term Loans of such Existing Term Loan Class and upfront fees may be paid to the Extending Term Lenders to the extent provided in the
applicable Additional Credit Extension Amendment; and 

(iii)            the Additional Credit Extension Amendment may
provide for other covenants and terms that apply only after the European Term B-1 Loan Maturity Date. 

(b)            Any Extended Term Loans converted pursuant to any Extension Request
shall be designated a series of Extended Term Loans for all purposes of this Agreement; provided that, subject to the limitations set forth in clause (a) above, any Extended Term Loans converted from an Existing Term Loan Class may, to
the extent provided in the applicable Additional Credit Extension Amendment and consistent with the requirements set forth above, be designated as an increase in any previously established Class of Term Loans. 

(c)            The Borrowers shall provide the applicable Extension Request at
least five (5) Business Days prior to the date on which Lenders under the applicable Existing Term Loan Class are requested to respond. No Lender shall have any obligation to agree to have any of its Term Loans of any Existing Term Loan Class
converted into Extended Term Loans pursuant to any Extension Request. Any Lender wishing to have all or a portion of its Term Loans under the Existing Term Loan Class subject to such Extension Request (such Lender an “Extending Term
Lender”) converted into Extended Term Loans shall notify the Administrative Agent (an “Extension Election”) on or prior to the date specified in such Extension Request of the amount of its Term Loans under the Existing Term
Loan Class which it has elected to request be converted into Extended Term Loans (subject to any minimum denomination requirements reasonably imposed by the Administrative Agent and acceptable to the Company). In the event that the aggregate amount
of Term Loans under the Existing Term Loan Class subject to Extension Elections exceeds the amount of Extended Term Loans requested pursuant to an Extension Request, Term Loans of the Existing Term Loan Class subject to Extension Elections shall be
converted to Extended Term Loans on a pro rata basis based on the amount of Term Loans included in each such Extension Election (subject to any minimum denomination requirements reasonably imposed by the Administrative Agent and acceptable to the
Company). 
 (d)            The Company may, with the consent of each Person
providing an Extended Revolving Commitment, the Administrative Agent and any Person acting as swingline lender or issuing bank under such Extended Revolving Commitments, amend this Agreement pursuant to an Additional Credit Extension Amendment to
provide for Extended Revolving Commitments and to incorporate the terms of such Extended Revolving Commitments into this Agreement on substantially the same basis as provided with respect to the applicable Revolving Commitments; provided that
(i) the establishment of any such Extended Revolving Commitments shall be accompanied by a corresponding reduction in the Revolving Commitments of the applicable Class, (ii) any reduction in the applicable Revolving Commitments may, at the
option of the Company, be directed to a disproportional reduction of such Revolving Commitments of any Lender providing an Extended Revolving Commitment, (iii) any Extended Revolving Commitments provided pursuant to this clause (d) shall
be in a minimum principal amount of $200,000,000 and (iv) the aggregate amount of Revolving Commitments and Extended Revolving Commitments under which the European Borrower is a Borrower shall not at any time exceed $425,000,000. 

(e)            Extended Term Loans and Extended Revolving Commitments shall be
established pursuant to an Additional Credit Extension Amendment to this Agreement among the Borrowers, the Administrative Agent and each Extending Term Lender or Lender providing an Extended Revolving Commitment which shall be consistent with the
provisions set forth above (but which shall not require the consent of any other Lender other than those consents required pursuant to this Agreement). Each Additional Credit Extension Amendment shall be binding on

  
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the Lenders, the Loan Parties and the other parties hereto. In connection with any Additional Credit Extension Amendment, the Loan Parties and the Administrative Agent shall enter into such
amendments to the Collateral Documents as may be reasonably requested by the Administrative Agent (which shall not require any consent from any Lender other than those consents provided pursuant to this Agreement) in order to ensure that the
Extended Term Loans or Extended Revolving Commitments are provided with the benefit of the applicable Collateral Documents and shall deliver such other documents, certificates and opinions of counsel in connection therewith as may be reasonably
requested by the Administrative Agent. No Lender shall be under any obligation to provide any Extended Term Loan or Extended Revolving Commitment. 

(f)            The provisions of this Section 2.20 shall override any
provision of Section 9.02 to the contrary. 
 ARTICLE III 

Representations and Warranties 

The Borrowers represent and warrant to the Lenders as of the Restatement Effective Date and as of the date such representations and warranties
are deemed to be made under Section 4.02 of this Agreement (except in each case as to representations and warranties made as of a date certain) that: 

SECTION 3.01.      Organization; Powers; Subsidiaries.  Each of the Company and its
Subsidiaries (other than Immaterial Subsidiaries and Inactive Subsidiaries) is duly organized, validly existing and in good standing (to the extent such concept is applicable in the relevant jurisdiction) under the laws of the jurisdiction of its
organization, has all requisite power and authority to carry on its business as now conducted and, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, is
qualified to do business in, and is in good standing (to the extent such concept is applicable) in, every jurisdiction where such qualification is required. Schedule 3.01 hereto identifies each Subsidiary (other than Inactive Subsidiaries) on
the Original Closing Date, if such Subsidiary is an Immaterial Subsidiary, a Foreign Holding Company or a Specified Domestic Subsidiary, the jurisdiction of its incorporation or organization, as the case may be, the percentage of issued and
outstanding shares of each class of its capital stock or other Equity Interests owned by the Company and the other Subsidiaries and, if such percentage is not 100% (excluding directors’ qualifying shares as required by law), a description of
each class issued and outstanding. All of the outstanding shares of capital stock and other Equity Interests, to the extent owned by the Company or any Subsidiary, of each Subsidiary (other than Immaterial Subsidiaries and Inactive Subsidiaries) are
validly issued and outstanding and fully paid and nonassessable and all such shares and other Equity Interests indicated on Schedule 3.01 hereto as owned by the Borrower or another Subsidiary are owned, beneficially and of record, by the
Company or a Subsidiary on the Original Closing Date free and clear of all Liens, other than Liens permitted under Section 6.02. As of the Original Closing Date, there are no outstanding commitments or other obligations of the Company or any
wholly-owned Subsidiary (other than Inactive Subsidiaries) to issue, and no options, warrants or other rights of any Person to acquire, any shares of any class of capital stock or other Equity Interests of the Company or any Subsidiary (other than
Inactive Subsidiaries), except as disclosed on Schedule 3.01 hereto. 
 SECTION
3.02.      Authorization; Enforceability.  The Transactions are within each Loan Party’s corporate, limited liability company or partnership powers and have been duly authorized by all necessary
corporate or other organizational and, if required, stockholder action. The Loan Documents have been duly executed and delivered by the Loan Parties party thereto and constitute a legal, valid and binding obligation of the Loan Parties party
thereto, enforceable against such Loan Parties in accordance with their terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of
equity, regardless of whether considered in a proceeding in equity or at law. 
 SECTION
3.03.      Governmental Approvals; No Conflicts.  The Transactions (a) do not require any consent or approval of, registration or filing with, or any other action by, any Governmental Authority,
except for (A) filings necessary to perfect or maintain the perfection of the Liens on the Collateral granted by the Loan Parties in favor of the Administrative Agent, (B) the approvals, consents, registrations, actions and filings which
have been duly obtained, taken, given or made and are in full force and effect and (C) those approvals, consents, registrations or other actions or filings, the failure of which to obtain or make could not reasonably be expected to have a
Material 

  
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Adverse Effect, (b) will not violate (i) any applicable law or regulation or order of any Governmental Authority or (ii) the charter, by-laws or other organizational documents of
any Loan Party, (c) will not violate or result in a default under any indenture, agreement or other instrument binding upon any Loan Party or its assets, or give rise to a right thereunder to require any payment to be made by any Loan Party and
(d) will not result in the creation or imposition of any Lien on any material asset of any Loan Party (other than pursuant to the Loan Documents and Liens permitted by Section 6.02); except with respect to any violation or default referred
to in clause (b)(i) or (c) above, to the extent that such violation or default could not reasonably be expected to have a Material Adverse Effect. 

SECTION 3.04.      Financial Statements; Financial Condition; No Material Adverse Change. 

(a)            The Company has heretofore furnished to the Lenders the
consolidated balance sheet and statements of earnings, stockholders equity and cash flows of the Company for each of the three fiscal years ended February 29, 2012 reported on by KPMG LLP, independent public accountants, which financial
statements present fairly, in all material respects, the consolidated financial position and results of operations and cash flows of the Borrower as of such dates and for such periods in accordance with GAAP. 

(b)            Since February 29, 2012, there has been no material adverse
change in the business, assets, operations or financial condition of the Company and its Subsidiaries, taken as a whole. 
 SECTION
3.05.      Properties. 

(a)            Each Loan Party has good and marketable title to, or valid
leasehold interests in, all its material real and personal property material to its business, except for minor defects in title that do not interfere with its ability to conduct its business as currently conducted or to utilize such properties for
their intended purposes and except where the failure to have such title or interest could not reasonably be expected to have a Material Adverse Effect. There are no Liens on any of the real or personal properties of the Borrower or any Subsidiary
except for Liens permitted by Section 6.02. 
 (b)            Each of the
Company and its Subsidiaries owns, or is licensed or possesses the right to use, all trademarks, tradenames, copyrights, patents and other intellectual property material to the operation of the business of the Company and its Subsidiaries, taken as
a whole, and, to the knowledge of the Borrower, the use thereof by the Company and its Subsidiaries does not infringe upon the rights of any other Person, except for any such infringements that, individually or in the aggregate, could not reasonably
be expected to result in a Material Adverse Effect. 
 SECTION 3.06.      Litigation and Environmental
Matters. 
 (a)            There are no actions, suits or proceedings by or
before any arbitrator or Governmental Authority pending against or, to the knowledge of the Company, threatened against or affecting the Company or any of its Subsidiaries as to which there is a reasonable possibility of an adverse determination
that could reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect (other than the Disclosed Matters). There are no labor controversies pending against or, to the knowledge of the Company, threatened against
or affecting the Company or any of its Subsidiaries which could reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect. 

(b)            Except for the Disclosed Matters and except with respect to any
other matters that, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, neither the Company nor any of its Subsidiaries (i) has failed to comply with any applicable Environmental Law or to
obtain, maintain or comply with any permit, license or other approval required under any Environmental Law, (ii) has become subject to any Environmental Liability, or (iii) has received notice of any claim with respect to any Environmental
Liability. 
 SECTION 3.07.      Compliance with Laws and Agreements.  Each of the Company
and its Subsidiaries is in compliance with all laws, regulations and orders of any Governmental Authority applicable to it or its property and all agreements and other instruments (excluding agreements governing Indebtedness) binding upon it or its
property, 

  
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except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. 

SECTION 3.08.      Investment Company Status.  Neither the Company nor any other Loan Party is
required to register as an “investment company” as defined in the Investment Company Act of 1940. 
 SECTION
3.09.      Taxes.  Each of the Loan Parties and each of its Subsidiaries has filed all Tax returns and reports required to have been filed (taking into account valid extensions) and has paid or caused
to be paid all Taxes (including any Taxes payable in the capacity of a withholding agent) required to have been paid by it, except (a) Taxes that are being contested in good faith by appropriate proceedings (if such contest effectively suspends
collection and enforcement of the contested obligation) and for which the Loan Parties or Subsidiary, as applicable, has set aside on its books reserves to the extent required by GAAP or (b) to the extent that the failure to do so could not
reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect. There is no current or proposed Tax audit, assessment, deficiency or other claim against any Loan Party or any Subsidiary that would reasonably be
expected, individually or in the aggregate to have a Material Adverse Effect. 
 SECTION
3.10.      Solvency.  Immediately after the making of each Credit Extension hereunder, the Company and its Subsidiaries, on a consolidated basis, are Solvent. 

SECTION 3.11.      Disclosure.  Neither the Information Memorandum nor any of the other
reports, financial statements, certificates or other written information (excluding any financial projections or pro forma financial information and information of a general economic or general industry nature) furnished by or on behalf of the
Company to the Administrative Agent or any Lender in connection with the negotiation of this Agreement or delivered hereunder (as modified or supplemented by other information so furnished), when taken as a whole and when taken together with the
Company’s SEC filings at such time, contains as of the date such statement, information, document or certificate was so furnished any material misstatement of fact or omits to state any material fact necessary to make the statements therein, in
the light of the circumstances under which they were made, not misleading. The projections and pro forma financial information contained in the materials referenced above have been prepared in good faith based upon assumptions believed by management
of the Company to be reasonable at the time made, it being recognized by the Lenders that such financial information is not to be viewed as 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. 
 SECTION 3.12.      Federal Reserve
Regulations.  No part of the proceeds of any Loan have been used or will be used, whether directly or indirectly, for any purpose that entails a violation of any of the Regulations of the Board, including Regulations T, U and X. 

SECTION 3.13.      Security Interests.  The provisions of each Collateral Document are
effective to create legal and valid Liens on all the Collateral in respect of which and to the extent such Collateral Document purports to create Liens in favor of the Administrative Agent, for the benefit of the Secured Parties or the European
Secured Parties, as applicable; and upon the proper filing of UCC financing statements and the taking of all other actions to be taken pursuant to the terms of the Collateral Documents, such Liens constitute perfected and continuing Liens on the
Collateral, securing the Obligations, enforceable against the applicable Loan Party and all third parties to the extent required by the Collateral Documents. 

SECTION 3.14.      PATRIOT Act.  Each of the Loan Parties and each of their respective
Subsidiaries are in compliance, in all material respects, with the Act. 
 SECTION
3.15.      OFAC.  None of the Company, any Subsidiary nor, to the knowledge of the Borrower, any director or officer of the Borrower or any Subsidiary is subject to any U.S. sanctions administered by
the Office of Foreign Assets Control of the U.S. Treasury Department (“OFAC”); and the Company will not directly or indirectly use the proceeds of the Loans or otherwise make available such proceeds to any Person, for the purpose of
financing the activities of any Person subject to any U.S. sanctions administered by OFAC. 

  
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 SECTION 3.16.      FCPA.  No part of the proceeds
of the Loans will be used, directly or indirectly, for any payments to any governmental official or employee, political party, official of a political party, candidate for political office, or anyone else acting in an official capacity, in order to
obtain, retain or direct business or obtain any improper advantage, in violation of the United States Foreign Corrupt Practices Act of 1977, as amended. 

SECTION 3.17     Employee Benefit Plans.  Except as could not reasonably be expected, individually
or in the aggregate, to have a Material Adverse Effect (i) each employee benefit plan (within the meaning of Section 3(3) of ERISA), established or maintained by the Borrower or any of its Subsidiaries, is in compliance with all applicable
Laws and (ii) no ERISA Event has occurred or is reasonably expected to occur. 
 ARTICLE IV 

Conditions 
 SECTION
4.01.      Conditions to the Restatement Effective Date.  The obligations of the Lenders to make Loans and of the Issuing Banks to issue Letters of Credit on the Restatement Effective Date are subject
to each of the following conditions being satisfied on or prior to the Restatement Effective Date: 

(a)            The representations and warranties of the Borrowers set forth in
Article III shall be true and correct in all material respects (except to the extent that any representation and warranty that is qualified by materiality shall be true and correct in all respects), except where any representation and warranty is
expressly made as of a specific earlier date, such representation and warranty shall be true in all material respects as of any such earlier date; 

(b)            The Company shall have repaid all outstanding Revolving Loans (as
defined in the Original Credit Agreement) under the Original Credit Agreement including all fees, accrued interest and other amounts due and payable through the Restatement Effective Date pursuant to the Original Credit Agreement; 

(c)            The Administrative Agent shall have received Notes executed by the
Borrowers in favor of each Revolving Lender requesting a Note at least five Business Days prior to the Restatement Effective Date; 

(d)            The Administrative Agent shall have received a certificate in a
form reasonably satisfactory to the Administrative Agent signed by a Responsible Officer of the Company certifying that the conditions specified in Sections 4.02(a) and (b) have been satisfied; 

(e)            The Administrative Agent shall have received the executed legal
opinions of (i) Nixon Peabody LLP, U.S. counsel to the Borrowers and (ii) Clifford Chance LLP, Luxembourg counsel to the European Borrower, each in form reasonably satisfactory to the Administrative Agent; and 

(f)            The Administrative Agent shall have received such customary closing
documents and certificates as the Administrative Agent or its counsel may reasonably request in form and substance reasonably satisfactory to the Administrative Agent and its counsel. 

SECTION 4.02.      Subsequent Credit Events.  The obligation of each Lender to make a Loan on
the occasion of any Borrowing (but not a conversion or continuation of Loans), and of the Issuing Banks to issue, amend, renew or extend any Letter of Credit, in each case, following the Restatement Effective Date is subject to the satisfaction of
the following conditions: 
 (a)         The representations and warranties of
the Borrowers set forth in this Agreement and the other Loan Documents shall be true and correct in all material respects (except to the extent that any representation and warranty that is qualified by materiality shall be true and correct in all
respects) on and as of the date of such Borrowing or the date of issuance, amendment, renewal or extension of such Letter of Credit, as applicable, except where any representation and warranty is expressly made as of a specific earlier date, such
representation and warranty shall be true in all material respects as of any such earlier date. 

  
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 (b)            At the
time of and immediately after giving effect to such Borrowing or the issuance, amendment, renewal or extension of such Letter of Credit, as applicable, no Default shall have occurred and be continuing. 

Each Borrowing and each issuance, amendment, renewal or extension of a Letter of Credit shall be deemed to constitute a representation and warranty by the
Borrowers on the date thereof as to the matters specified in clauses (a) and (b) of this Section 4.02. 
 ARTICLE V

 Affirmative Covenants 

From the Original Restatement Effective Date, until the Commitments have expired or been terminated and the principal of and interest on each
Loan and all fees payable hereunder shall have been paid in full and all Letters of Credit shall have expired or terminated or been cash collateralized on terms satisfactory to the Issuing Bank and all L/C Disbursements shall have been reimbursed,
the Borrowers covenant and agree with the Lenders that: 
 SECTION
5.01.          Financial Statements and Other Information.  The Company will furnish to the Administrative Agent (who shall promptly furnish a copy to each Lender): 

(a)            as soon as available, but in any event within one
hundred (100) days after the end of each fiscal year of the Company (or, if earlier, the 10th day after such financial statements are required to be filed with the SEC), commencing with the fiscal year ending February 28, 2013, the audited
consolidated balance sheet of the Company and its Consolidated Subsidiaries and related statements of operations, stockholders’ equity and cash flows as of the end of and for such year, setting forth in each case in comparative form the figures
for the previous fiscal year, all reported on by KPMG LLP or other independent public accountants of recognized national standing (without a “going concern” or like qualification or exception and without any qualification or exception as
to the scope of such audit) to the effect that such consolidated financial statements present fairly in all material respects the financial position and results of operations of the Company and its Consolidated Subsidiaries on a consolidated basis
in accordance with GAAP; 
 (b)            as soon as available,
but in any event within fifty-five (55) days after the end of each of the first three fiscal quarters of each fiscal year of the Company (or, if earlier, the 10th day after such financial statements are required to be filed with the SEC),
commencing with the first fiscal quarter for which such financial statements were not delivered under the Original Credit Agreement, the unaudited consolidated balance sheet of the Company and its Consolidated Subsidiaries and related statements of
operations and cash flows as of the end of and for such fiscal quarter and the then elapsed portion of the fiscal year, setting forth in each case in comparative form the figures for the corresponding period or periods of (or, in the case of the
balance sheet, as of the end of) the previous fiscal year, all certified by one of its Financial Officers as presenting fairly in all material respects the financial position and results of operations of the Company and its Consolidated Subsidiaries
on a consolidated basis in accordance with GAAP, subject to normal year-end audit adjustments and the absence of certain footnotes; 

(c)            concurrently with any delivery of financial
statements under clause (a) or, except in the case of subclause (ii) below, (b) above, (i) a certificate substantially in the form of Exhibit G executed by a Financial Officer of the Company (x) certifying as to
whether, to the knowledge of such Financial Officer after reasonable inquiry, a Default has occurred and is continuing and, if so, specifying the details thereof and any action taken or proposed to be taken with respect thereto; (y) in the case
of any such certificate delivered for any fiscal period ending on or after the Original Restatement Effective Date, setting forth reasonably detailed calculations demonstrating compliance with Section 6.09 and (z) setting forth a
reasonably detailed calculation of the Consolidated Leverage Ratio as of the last day of the period covered by such financial statements; and (ii) (x) a Perfection Certificate Supplement or a certificate of a Financial Officer of the
Company stating that there has been no change in the information set forth in the last Perfection Certificate or Perfection Certificate Supplement, as the case may be, most recently delivered to 

  
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the Administrative Agent, and (y) a certificate of a Financial Officer stating that the Company has complied with Section 5.09; 

(d)            concurrently with any delivery of financial
statements under clause (a) above, a certificate of the accounting firm that reported on such financial statements stating whether they obtained knowledge during the course of their examination of such financial statements of any failure to
comply with Section 6.09 (which certificate may be limited to the extent required by accounting rules or guidelines or by such accounting firm’s professional standards and customs of the profession); 

(e)            promptly after the same become publicly available,
copies of all annual, quarterly and current reports and proxy statements filed by the Company or any Subsidiary with the Securities and Exchange Commission, or any Governmental Authority succeeding to any or all of the functions of said Commission;
and 
 (f)            promptly following any request therefor,
such other information regarding the operations, business affairs and financial condition of the Company or any Subsidiary, or compliance with the terms of this Agreement, as the Administrative Agent or any Lender (through the Administrative Agent)
may reasonably request. 
 Financial statements and other information required to be delivered pursuant to Sections 5.01(a), 5.01(b) and 5.01(e) shall be
deemed to have been delivered if such statements and information shall have been posted by the Company on its website or shall have been posted on IntraLinks or similar site to which all of the Lenders have been granted access or are publicly
available on the SEC’s website pursuant to the EDGAR system. 
 The Borrowers hereby acknowledge that (a) the Administrative Agent
and/or the Arrangers will make available to the Lenders and the Issuing Banks materials and/or information provided by or on behalf of the Borrowers hereunder (collectively, “Borrower Materials”) by posting the Borrower Materials on
SyndTrak or another similar electronic system (the “Platform”) and (b) certain of the Lenders (each, a “Public Lender”) may have personnel who do not wish to receive material non-public information with respect
to the Borrower or its Affiliates, or the respective securities of any of the foregoing, and who may be engaged in investment and other market-related activities with respect to such Persons’ securities. The Borrowers hereby agree that they
will use commercially reasonable efforts to identify that portion of the Borrower Materials that may be distributed to the Public Lenders and that (w) all such Borrower Materials shall be clearly and conspicuously marked “PUBLIC”
which, at a minimum, shall mean that the word “PUBLIC” shall appear prominently on the first page thereof; (x) by marking Borrower Materials “PUBLIC,” the Borrowers shall be deemed to have authorized the Administrative
Agent, the Arrangers, the Issuing Banks and the Lenders to treat such Borrower Materials as not containing any material non-public information (although it may be sensitive and proprietary) with respect to each Borrower or its securities for
purposes of United States Federal and state securities laws (provided, however, that to the extent such Borrower Materials constitute Information, they shall be treated as set forth in Section 9.12); (y) all Borrower
Materials marked “PUBLIC” are permitted to be made available through a portion of the Platform designated “Public Side Information”; and (z) the Administrative Agent and the Arranger shall be entitled to treat any Borrower
Materials that are not marked “PUBLIC” as being suitable only for posting on a portion of the Platform not designated “Public Side Information.” Notwithstanding the foregoing, the Borrowers shall be under no obligation to mark
any Borrower Materials “PUBLIC.” 
 SECTION 5.02.          Notice of Material
Events.  The Company will furnish to the Administrative Agent (for prompt notification to each Lender) prompt (but in any event within five (5) Business Days) written notice after any Financial Officer of the Company obtains
knowledge of the following: 
 (a)            the occurrence of
any continuing Default; 
 (b)            the filing or
commencement of any action, suit or proceeding by or before any arbitrator or Governmental Authority against or affecting the Company or any Subsidiary thereof that could reasonably be expected to result in a Material Adverse Effect; 

  
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 (c)            the
occurrence of any ERISA Event that, alone or together with any other ERISA Events that have occurred, could reasonably be expected to result in a Material Adverse Effect; and 

(d)            any other development that results in, or could
reasonably be expected to result in, a Material Adverse Effect. 
 Each notice delivered under this Section shall be accompanied by a statement of a
Financial Officer or other executive officer of the Company setting forth the details of the event or development requiring such notice and any action taken or proposed to be taken with respect thereto. 

SECTION 5.03.          Existence; Conduct of Business.  Each Borrower will,
and will cause each of its Subsidiaries (other than Immaterial Subsidiaries and Inactive Subsidiaries) to, do or cause to be done all things necessary to preserve, renew and keep in full force and effect (i) its legal existence, and
(ii) the rights, licenses, permits, privileges and franchises material to the conduct of its business, except, in the case of the preceding clause (ii), to the extent that the failure to do so could not reasonably be expected to have a Material
Adverse Effect; provided that the foregoing shall not prohibit any transaction permitted under Section 6.03 or 6.10. 
 SECTION
5.04.          Payment of Obligations.  Each Borrower will, and will cause each of its Subsidiaries (other than Immaterial Subsidiaries and Inactive Subsidiaries) to, pay its
obligations (other than Indebtedness), including Taxes (whether or not shown on a Tax return), before the same shall become delinquent or in default, except where (a) (i) the validity or amount thereof is being contested in good faith by
appropriate proceedings diligently conducted (if such contest effectively suspends collection and enforcement of the obligation (or Tax) in question) and (ii) the Loan Party or Subsidiary has set aside on its books reserves with respect thereto
to the extent required by GAAP or (b) the failure to make payment could not reasonably be expected to, individually or in the aggregate, result in a Material Adverse Effect. 

SECTION 5.05.          Maintenance of Properties; Insurance.  Each Borrower
will, and will cause each of its Subsidiaries (other than Immaterial Subsidiaries and Inactive Subsidiaries) to, (a) keep and maintain all Property material to the conduct of its business in good working order and condition, ordinary wear and
tear excepted and casualty or condemnation excepted, except if the failure to do so could not reasonably be expected to have a Material Adverse Effect, and (b) maintain, with financially sound and reputable insurance companies or through
self-insurance, insurance in such amounts and against such risks as are customarily maintained by companies engaged in the same or similar businesses operating in the same or similar locations. 

SECTION 5.06.          Inspection Rights.  Each Borrower will, and will
cause each of its Subsidiaries to, permit any representatives designated by the Administrative Agent (at their sole cost and expense except during the occurrence and continuance of an Event of Default) or, during the continuance of an Event of
Default, any Lender, upon reasonable prior notice, to visit and inspect its properties, to examine and make extracts from its books and records, and to discuss its affairs, finances and condition with its senior officers and use commercially
reasonable efforts to make its independent accountants available to discuss the affairs, finances and condition of the Borrowers, all at such reasonable times and as often as reasonably requested and in all cases subject to applicable Law and the
terms of applicable confidentiality agreements; provided that (i) the Lenders will conduct such requests for visits and inspections through the Administrative Agent and (ii) unless an Event of Default has occurred and is continuing,
such visits and inspections can occur no more frequently than once per year. The Administrative Agent and the Lenders shall give the Company the opportunity to participate in any discussions with the Company’s independent accountants. 

SECTION 5.07.          Compliance with Laws; Compliance with
Agreements.  Each Borrower will, and will cause each of its Subsidiaries to, (i) comply in all material respects with all laws, rules, regulations and orders of any Governmental Authority applicable to it or its property
(including without limitation Environmental Laws) and (ii) perform in all material respects its obligations under material agreements (other than in respect of Indebtedness) to which it is a party, in each case except where the failure to do
so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. 

  
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 SECTION 5.08.          Use of Proceeds and
Letters of Credit.  The proceeds of Term Loans and, if applicable, Revolving Loans made on the Original Restatement Effective Date were used to fund a portion of the Acquisition, the refinancing of the Existing Loans and the payment of
accrued interest, fees and expenses in connection therewith. The proceeds of Loans and other Credit Events made following the Restatement Effective Date will be used to finance the working capital needs, and for general corporate purposes (including
refinancing of existing Indebtedness, acquisitions and other investments), of the Borrowers and their Subsidiaries. The proceeds of the European Term B-1 Loans made by the Additional European
Term B-1 Lenders on the Amendment No. 1 Effective Date will be used to refinance European Term B Loans that are not Converted European Term B Loans. No part of the proceeds of any Loan will be used, whether directly or indirectly, for any
purpose that entails a violation of any of the Regulations of the Board, including Regulations T, U and X. 
 SECTION
5.09.          Further Assurances; Additional Security and Guarantees. 

(a)            The Borrowers shall, and shall cause each applicable Subsidiary to,
at the Borrowers’ expense, comply with the requirements of the Collateral Documents and take all action reasonably requested by the Administrative Agent to carry out more effectively the purposes of the Collateral Documents (including, without
limitation, any such action reasonably requested by the Administrative Agent in connection with the delivery by the Borrower of any Perfection Certificate Supplement). 

(b)            Following the Original Closing Date, upon the formation or
acquisition of any Specified Domestic Subsidiary by the Company or any Subsidiary or upon any Subsidiary becoming a Specified Domestic Subsidiary, the Company shall within thirty (30) days after such formation or acquisition or such time as any
Subsidiary becomes a Specified Domestic Subsidiary or such longer period as may be reasonably acceptable to the Administrative Agent: 

   (i)           cause such Specified Domestic
Subsidiary to deliver a Perfection Certificate Supplement to the Administrative Agent; 

  (ii)          cause such Specified Domestic Subsidiary to
execute a joinder to the Guarantee Agreement and the U.S. Pledge Agreement; 

 (iii)          cause all intercompany notes (other than Excluded
Intercompany Notes) owing from any Foreign Subsidiary or Foreign Holding Company to such Specified Domestic Subsidiary to be delivered to the Administrative Agent together with instruments of transfer executed and delivered in blank by a duly
authorized officer of such Specified Domestic Subsidiary; 

 (iv)           cause all certificates representing Equity
Interests held of record by such Specified Domestic Subsidiary (other than Excluded Equity Interests) to be delivered to the Administrative Agent, together with appropriately completed stock powers or other instruments of transfer executed in blank
by a duly authorized officer of such Specified Domestic Subsidiary; provided that in the case of Equity Interests of a Foreign Subsidiary that are also pledged pursuant to a Foreign Pledge Agreement, such certificates and stock powers shall
only be required to be delivered to the Administrative Agent to the extent required pursuant to such Foreign Pledge Agreement; and 

 (v)             if requested by the Administrative
Agent, deliver a customary opinion of counsel to the Borrower with respect to the guarantee and security provided by such Specified Domestic Subsidiary. 

(c)            If, following the Original Closing Date, the Company or any
Guarantor shall: 
   (i)            acquire any
Equity Interests of any Subsidiary (other than Excluded Equity Interests), such Loan Party shall (within thirty (30) days after such acquisition or such longer period as may be reasonably acceptable to the Administrative Agent) cause such
Equity Interests to be delivered to the Administrative Agent together with appropriately completed stock powers or other instruments of transfer executed in blank by a duly authorized officer of such Loan Party; provided that in the case of
Equity Interests of a Foreign Subsidiary that are also pledged pursuant to a Foreign Pledge Agreement, such 

  
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certificates and stock powers shall only be required to be delivered to the Administrative Agent to the extent required pursuant to such Foreign Pledge Agreement; or 

(ii)        acquire any intercompany note (other than Excluded Intercompany Notes)
owing from any Foreign Subsidiary or Foreign Holding Company to such Loan Party, such Loan Party shall (within thirty (30) days after such acquisition or such longer period as may be reasonably acceptable to the Administrative Agent) deliver
such intercompany note to the Administrative Agent together with an appropriately completed instrument of transfer executed and delivered in blank by a duly authorized officer of such Loan Party. 

(d)          The Borrowers shall ensure that (i) the material assets and operations
acquired in the Acquisition that are not owned directly by a Loan Party are owned, directly or indirectly, by a Foreign Subsidiary or a Foreign Holding Company at least 65% of the Equity Interests of which (or at least 55% in the case of any PECs)
are pledged to secure the Obligations and (ii) for so long as any European Obligations remain outstanding, all of the Equity Interests of a Foreign Subsidiary or Foreign Holding Company which owns, directly or indirectly, the material assets
and operations acquired in the Acquisition that are not owned directly by any Loan Party are pledged to secure the European Obligations, in each case within thirty (30) days (or such longer period as may be reasonably acceptable to the
Administrative Agent) after the acquisition of such Equity Interests. 
 (e)          If
any of the Equity Interests required to be pledged pursuant to Section 5.09(b), (c) or (d) constitute Equity Interests of a Foreign Subsidiary, then, if requested by the Administrative Agent, the Loan Party holding such Equity
Interests shall enter into a Foreign Pledge Agreement with respect to such Equity Interests and take such other actions as may be reasonably requested by the Administrative Agent for purposes of ensuring that the Administrative Agent has a valid and
perfected security interest therein under the laws of the jurisdiction of organization of the applicable Foreign Subsidiary. 
 SECTION
5.10.        Farm Credit Equity and Security. 

(a)          So long as a Farm Credit Lender is a Lender hereunder, the Company will acquire
equity in such Farm Credit Lender in such amounts and at such times as such Farm Credit Lender may require in accordance with such Farm Credit Lender’s Bylaws and Capital Plan (or their equivalent) (as each may be amended from time to time),
except that the maximum amount of equity that the Company shall be required pursuant to this sentence to purchase in such Farm Credit Lender in connection with the Loans made by such Farm Credit Lender shall not exceed the maximum amount required by
the Bylaws and the Capital Plan (or the equivalent) on the Original Closing Date. The Company acknowledges receipt of documents from each Farm Credit Lender that describe the nature of the applicable Borrowers’ stock and other equities in such
Farm Credit Lender acquired in connection with its patronage loan from such Farm Credit Lender (the “Farm Credit Equities”) as well as capitalization requirements, and agrees to be bound by the terms thereof. 

(b)          Each party hereto acknowledges that each Farm Credit Lender’s Bylaws and
Capital Plan (or their equivalent) (as each may be amended from time to time) shall govern (x) the rights and obligations of the parties with respect to the Farm Credit Equities and any patronage refunds or other distributions made on account
thereof or on account of the Company’s patronage with such Farm Credit Lender, (y) the Company’s eligibility for patronage distributions from such Farm Credit Lender (in the form of Farm Credit Equities and cash) and
(z) patronage distributions, if any, in the event of a sale of a participation interest. Each Farm Credit Lender reserves the right to assign or sell participations in all or any part of its Commitments or outstanding Loans hereunder on a
non-patronage basis. 
 (c)          Each party hereto acknowledges that each Farm Credit
Lender has a statutory first lien pursuant to the Farm Credit Act of 1971 (as amended from time to time) on all Farm Credit Equities that the Company may now own or hereafter acquire, which statutory lien shall be for such Farm Credit Lender’s
sole and exclusive benefit. The Farm Credit Equities shall not constitute security for the Obligations due to any other Secured Party. To the extent that any of the Loan Documents create a Lien on the Farm Credit Equities or on patronage accrued by
such Farm Credit Lender for the account of the Company (including, in each case, proceeds thereof), such Lien shall be for such Farm Credit Lender’s sole and exclusive benefit and shall not be subject to pro rata sharing hereunder. Neither the

  
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Farm Credit Equities nor any accrued patronage shall be offset against the Obligations except that, in the event of an Event of Default, a Farm Credit Lender may elect, solely at its discretion,
to apply the cash portion of any patronage distribution or retirement of equity to amounts due under this Agreement. The Company acknowledges that any corresponding tax liability associated with such application is the sole responsibility of the
Company. CoBank shall have no obligation to retire the Farm Credit Equities upon any Event of Default, Default or any other default by the Company or any other Loan Party, or at any other time, either for application to the Obligations or otherwise.

 ARTICLE VI 

Negative Covenants 
 From
the Original Restatement Effective Date, until the Commitments have expired or terminated and the principal of and interest on each Loan and all fees payable hereunder have been paid in full and all Letters of Credit have expired or terminated or
been cash collateralized on terms satisfactory to the Issuing Bank and all L/C Disbursements shall have been reimbursed, the Borrowers covenant and agree with the Lenders that: 

SECTION 6.01.        Indebtedness.  The Company will not create, incur, assume or
permit to exist, and will not permit any Subsidiary to create, incur, assume or permit to exist, any Indebtedness, except: 

(a)          Indebtedness created under the Loan Documents; 

(b)          Indebtedness existing on the Original Execution Date and, to
the extent in excess of $10,000,000 individually or $25,000,000 in the aggregate, set forth in Schedule 6.01 hereto on the Original Execution Date and Permitted Refinancing Indebtedness in respect of Indebtedness permitted by this clause
(b) and Guarantees of any such Permitted Refinancing Indebtedness; 

(c)          Indebtedness of (i) any Loan Party to any U.S. Loan Party,
(ii) any Subsidiary that is not a Loan Party to the Company or any other Subsidiary, (iii) any Loan Party to any Subsidiary that is not a U.S. Loan Party; provided that all such Indebtedness permitted under this subclause
(iii) shall be subordinated to the Obligations of the issuer of such Indebtedness; 

(d)          Guarantees of Indebtedness (i) of any Loan Party by any
U.S. Loan Party, (ii) of any Foreign Subsidiary by the Company or any other Subsidiary and (iii) of any other Person by a Borrower or any Subsidiary, provided that Guarantees shall be permitted to be incurred pursuant to this
subclause (iii) only if at the time such Guarantee is incurred the aggregate principal amount of Indebtedness Guaranteed pursuant to this subclause (iii) at such time (including such newly Guaranteed Indebtedness) would not exceed
$75,000,000; 
 (e)          Indebtedness incurred to finance the
acquisition, lease, construction, repair, maintenance, replacement, installation or improvement of any fixed or capital assets, including Capital Lease Obligations and any Indebtedness assumed in connection with the acquisition of any such assets or
secured by a Lien on any such assets prior to the acquisition thereof, and any Permitted Refinancing Indebtedness in respect of Indebtedness permitted by this clause (e); provided that (i) such Indebtedness (other than Permitted
Refinancing Indebtedness permitted above in this clause (e)) is incurred prior to or within two hundred seventy (270) days after such acquisition or lease or the completion of such construction, repair, maintenance, replacement, installation or
improvement and (ii) the aggregate principal amount of Indebtedness permitted by this clause (e) shall not exceed $200,000,000 at any time outstanding; 

(f)          Indebtedness in respect of letters of credit (including trade
letters of credit), bank guarantees or similar instruments issued or incurred in the ordinary course of business, including in respect of card obligations or any overdraft and related liabilities arising from treasury, depository and cash management
services or any automated clearing house transfers, workers compensation claims, health, disability or other employee benefits or property, casualty or liability insurance or self-insurance or other Indebtedness with respect to reimbursement-type
obligations regarding workers compensation claims; 

  
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 (g)          Indebtedness
incurred pursuant to Permitted Receivables Facilities; 

(h)          Indebtedness of Foreign Subsidiaries, provided that
Indebtedness shall be permitted to be incurred pursuant to this clause (h) only if at the time such Indebtedness is incurred the aggregate principal amount of Indebtedness outstanding pursuant to this clause (h) at such time (including
such Indebtedness) would not exceed $750,000,000 (or the spot rate equivalent thereof at the time of incurrence of such Indebtedness in such other currency as reasonably determined by the Company); 

(i)          Indebtedness under Swap Agreements entered into in the ordinary
course of business and not for speculative purposes; 

(j)          Indebtedness in respect of bid, performance, surety, stay,
customs, appeal or replevin bonds or performance and completion guarantees and similar obligations issued or incurred in the ordinary course of business, including guarantees or obligations of any Subsidiary with respect to letters of credit, bank
guarantees or similar instruments supporting such obligation, in each case, not in connection with Indebtedness for money borrowed; 

(k)          Indebtedness consisting of bona fide purchase price
adjustments, earn-outs, indemnification obligations, obligations under deferred compensation or similar arrangements and similar items incurred in connection with acquisitions and asset sales not prohibited by Section 6.05 or 6.10; 

(l)          Indebtedness consisting of obligations to make payments to
current or former officers, directors and employees, their respective estates, spouses or former spouses with respect to the cancellation, purchase or redemption, or to finance the cancellation, purchase or redemption, of Equity Interests of the
Company permitted by Section 6.04; 
 (m)        Cash Management Obligations
and other Indebtedness in respect of card obligations, netting services, overdraft protections, cash management services and similar arrangements in each case in connection with deposit accounts; 

(n)          Indebtedness consisting of (x) the financing of insurance
premiums with the providers of such insurance or their affiliates or (y) take-or-pay obligations contained in supply arrangements, in each case, in the ordinary course of business; 

(o)          Indebtedness supported by a Letter of Credit, in a principal
amount not to exceed the face amount of such Letter of Credit; 

(p)          (x) additional Indebtedness of any of the Loan Parties
with no required principal payments prior to the date that is 91 days after the European Term B-1 Loan Maturity Date (other than pursuant to change of control offers and asset sale proceeds
offers that the Company determines in good faith to be customary for high yield debt securities and, solely in the case of the Bridge Facility, prepayments from amounts received pursuant to the Acquisition Agreement to the extent not required to be
applied pursuant to Section 2.10(b)(vi)) so long as (i) no Event of Default has occurred and is continuing or would arise after giving effect thereto and (ii) on a Pro Forma Basis the Borrower would be in compliance with
Section 6.09 as of the last day of the most recent fiscal quarter for which financial statements have been delivered pursuant to Section 5.01(a) or (b), (y) the Bridge Facility and (z) any Permitted Refinancing Indebtedness in
respect of Indebtedness permitted by this clause (p); 

(q)          other Indebtedness of Company and its Subsidiaries;
provided that Indebtedness shall be permitted to be incurred pursuant to this clause (q) only if at the time such Indebtedness is incurred the aggregate principal amount of Indebtedness outstanding pursuant to this clause (q) at
such time (including such Indebtedness) would not exceed $100,000,000; 

(r)          Indebtedness in the form of Guarantees of Indebtedness of joint
ventures; provided that Indebtedness shall be permitted to be incurred pursuant to this clause (r) only if at the time such 

  
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Indebtedness is incurred the aggregate principal amount of Indebtedness outstanding pursuant to this clause (r) at such time (including such Indebtedness) would not exceed $200,000,000 (or,
if on a Pro Forma Basis for such Guarantee, the Consolidated Net Leverage Ratio is less than or equal to 2.50 to 1.0 as of the last day of the most recent fiscal quarter for which financial statements have been delivered pursuant to Section 5.01(a)
or (b), $300,000,000); 
 (s)          Indebtedness in respect of
judgments, decrees, attachments or awards not constituting an Event of Default under clause (k) of Article VII; 

(t)          Indebtedness of a Person assumed in connection with a Permitted
Acquisition and not created in contemplation thereof and any Permitted Refinancing Indebtedness in respect of such Indebtedness in an aggregate principal amount not to exceed $50,000,000 at any time outstanding pursuant to this clause (t); 

(u)          Indebtedness in the form of reimbursements owed to officers,
directors, consultants and employees; 
 (v)          Indebtedness
incurred under industrial revenue bonds or other qualified tax exempt bond financings and Permitted Refinancing Indebtedness in respect thereof in an aggregate principal amount not to exceed $25,000,000 at any time outstanding pursuant to this
clause (v); and 
 (w)         endorsements for collection, deposit or
negotiation and warranties of products or services, in each case incurred in the ordinary course of business. 
 Each category of
Indebtedness (other than Indebtedness under the Loan Documents which shall at all times be deemed to be outstanding pursuant to clause (a)) set forth above shall be deemed to be cumulative and for purposes of determining compliance with this
Section 6.01, in the event that an item of Indebtedness (or any portion thereof) at any time meets the criteria of more than one of the categories described above, the Company, in its sole discretion, may classify or reclassify (or later
divide, classify or reclassify) such item of Indebtedness (or any portion thereof) and shall only be required to include the amount and type of such Indebtedness in one of the above clauses. 

SECTION 6.02.        Liens. The Company will not, and will not permit any Subsidiary to,
create, incur, assume or permit to exist any Lien on any Property now owned or hereafter acquired by it, except: 

(a)          Permitted Encumbrances; 

(b)          Liens pursuant to any Loan Document; 

(c)          any Lien on any Property of the Company or any Subsidiary
existing on the Original Execution Date and, to the extent securing obligations in an individual amount in excess of $10,000,000 or an aggregate amount in excess of $25,000,000, set forth in Schedule 6.02 hereto on the Original Execution Date
and any modifications, replacements, renewals or extensions thereof; provided that (i) such Lien shall not apply to any other Property of the Borrower or any Subsidiary other than (A) improvements and after-acquired Property that is
affixed or incorporated into the Property covered by such Lien or financed by Indebtedness permitted under Section 6.01, and (B) proceeds and products thereof, and (ii) such Lien shall secure only those obligations which it secures on
the Original Restatement Effective Date and any Permitted Refinancing Indebtedness in respect thereof; 

(d)          any Lien existing on any Property prior to the acquisition
thereof by the Company or any Subsidiary or existing on any Property of any Person that becomes a Subsidiary after the Original Closing Date prior to the time such Person becomes a Subsidiary; provided that (i) such Lien is not created
in contemplation of or in connection with such acquisition or such Person becoming a Subsidiary, as the case may be, (ii) such Lien shall not apply to any other Property of the Company or any other Subsidiary (other than the proceeds or
products thereof and other than improvements and after-acquired property that is affixed or incorporated into the Property covered by such Lien) and (iii) such Lien shall secure only those 

  
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obligations which it secures on the date of such acquisition or the date such Person becomes a Subsidiary, as the case may be and Permitted Refinancing Indebtedness in respect thereof; 

(e)          Liens on fixed or capital assets acquired, leased, constructed,
repaired, maintained, replaced, installed or improved by the Company or any Subsidiary; provided that (i) such security interests secure Indebtedness permitted by clause (e) of Section 6.01, (ii) such security interests
and the Indebtedness secured thereby (other than Permitted Refinancing Indebtedness permitted by clause (e) of Section 6.01) are incurred prior to or within two hundred seventy (270) days after such acquisition or lease or the
completion of such construction, repair, maintenance or replacement or installation or improvement, (iii) the Indebtedness secured thereby does not exceed the cost of acquiring, leasing, constructing, repairing, maintaining, replacing,
installing or improving such fixed or capital assets and (iv) such security interests shall not apply to any other Property of the Company or any Subsidiary except for accessions to such Property, Property financed by such Indebtedness and the
proceeds and products thereof; provided further that individual financings of equipment provided by one lender may be cross-collateralized to other financings of equipment provided by such lender; 

(f)          rights of setoff and similar arrangements and Liens in respect
of Cash Management Obligations and in favor of depository and securities intermediaries to secure obligations owed in respect of card obligations or any overdraft and related liabilities arising from treasury, depository and cash management services
or any automated clearing house transfers of funds and fees and similar amounts related to bank accounts or securities accounts (including Liens securing letters of credit, bank guarantees or similar instruments supporting any of the foregoing);

 (g)          Liens on Receivables and Permitted Receivables Facility
Assets securing Indebtedness arising under Permitted Receivables Facilities; 

(h)         Liens on assets of a Foreign Subsidiary securing Indebtedness of such
Subsidiary pursuant to Section 6.01; 
 (i)          Liens
(i) on “earnest money” or similar deposits or other cash advances in connection with acquisitions permitted by Section 6.05 or (ii) consisting of an agreement to Dispose of any Property in a Disposition permitted under
Section 6.10 including customary rights and restrictions contained in such agreements; 

(j)          leases, licenses, subleases or sublicenses granted to others in
the ordinary course of business which do not (i) interfere in any material respect with the business of the Borrower or any Subsidiary or (ii) secure any Indebtedness; 

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

(l)          Liens (i) of a collection bank arising under
Section 4-210 of the Uniform Commercial Code on items in the course of collection and (ii) attaching to commodity trading accounts or other commodities brokerage accounts incurred in the ordinary course of business, including Liens
encumbering reasonable customary initial deposits and margin deposits; 

(m)         Liens arising out of conditional sale, title retention, consignment
or similar arrangements for sale of goods entered into by the Company or any Subsidiary in the ordinary course of business permitted by this Agreement; 

(n)          Liens deemed to exist in connection with Investments in
repurchase agreements permitted under Section 6.05; 

(o)          rights of setoff relating to purchase orders and other
agreements entered into with customers of the Company or any Subsidiary in the ordinary course of business; 

  
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 (p)          ground leases in
respect of real property on which facilities owned or leased by the Borrower or any of its Subsidiaries are located and other Liens affecting the interest of any landlord (and any underlying landlord) of any real property leased by the Company or
any Subsidiary; 
 (q)          Liens on equipment owned by the Company or
any Subsidiary and located on the premises of any supplier and used in the ordinary course of business and not securing Indebtedness; 

(r)          any restriction or encumbrance with respect to the pledge or
transfer of the Equity Interests of a joint venture; 
 (s)          Liens
not otherwise permitted by this Section 6.02, provided that a Lien shall be permitted to be incurred pursuant to this clause (s) only if at the time such Lien is incurred the aggregate principal amount of the obligations secured at
such time (including such Lien) by Liens outstanding pursuant to this clause (s) would not exceed $50,000,000; 

(t)          Liens on any Property of (i) any Loan Party in favor of
any U.S. Loan Party and (ii) any Subsidiary that is not a Loan Party in favor of the Company or any other Subsidiary; and 

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

(v)          Liens arising from Uniform Commercial Code financing statement
filings regarding operating leases or consignments entered into by the Company and its Subsidiaries in the ordinary course of business; 

(w)         Liens, pledges or deposits made in the ordinary course of business to
secure liability to insurance carriers; 
 (x)          Liens securing
insurance premiums financing arrangements; provided that such Liens secure only the applicable unpaid insurance premiums and attach only to the proceeds of the applicable insurance policy; 

(y)          any purchase option or similar right on securities held by the
Company or any of its Subsidiaries in any joint venture which option or similar right is granted to a third-party who holds securities in such joint venture; 

(z)          Liens securing obligations owing under and in connection with
industrial revenue bonds and other qualified tax exempt financings permitted by Section 6.01(v) and extending only to the properties subject to such financings; and 

(aa)        each Farm Credit Lender’s statutory Lien in the Farm Credit Equities.

 SECTION 6.03.        Fundamental Changes.  The Company will not, and will not
permit any Subsidiary to, merge into or consolidate with any other Person, or permit any other Person to merge into or consolidate with it, or liquidate or dissolve, except that, if at the time thereof and immediately after giving effect thereto no
Event of Default shall have occurred and be continuing: 

(a)          any Subsidiary (other than the European Borrower) may be merged
or consolidated with or into any Person (including another Subsidiary) and any Subsidiary (other than the European Borrower) may be liquidated or dissolved or change its legal form, in each case in order to consummate any Investment otherwise
permitted by Section 6.05 or Disposition otherwise permitted by Section 6.10; 

(b)          the Company may be consolidated with or merged into any newly
formed corporation organized under the laws of the United States or any State thereof solely for changing its jurisdiction of 

  
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incorporation; provided that simultaneously with such transaction, (x) the Person formed by such consolidation or into which the Company is merged shall expressly assume all
obligations of the Company under the Loan Documents and (y) the Person formed by such consolidation or into which the Company is merged shall take all actions as may be required to preserve the enforceability of the Loan Documents and validity
and perfection of the Liens of the Collateral Documents; 

(c)          any Inactive Subsidiary or Immaterial Subsidiary may merge into
or consolidate with another Immaterial Subsidiary or Inactive Subsidiary but if the surviving entity becomes a Specified Domestic Subsidiary the Borrower shall comply with Section 5.09; and 

(d)          any Subsidiary (other than the European Borrower) may liquidate
or dissolve if the Borrowers determine in good faith that such liquidation or dissolution is in its best interests and not materially adverse to the Lenders and, if such Subsidiary is a Loan Party, such Loan Party’s assets and property are
transferred to another Loan Party. 
 SECTION 6.04.        Restricted
Payments.  The Company will not, and will not permit any of its Subsidiaries to, declare or make, or agree to pay or make, directly or indirectly, any Restricted Payment, except: 

(a)          the Company may declare and pay dividends or other
distributions with respect to its Equity Interests payable solely in additional shares of Qualified Equity Interests or options to purchase Qualified Equity Interests; 

(b)          Subsidiaries may declare and make Restricted Payments with
respect to their Equity Interests (including PECs); 
 (c)          the
Company may make Restricted Payments in respect of any stock appreciation rights, stock options, restricted stock, restricted stock units, performance share units or other stock-based awards, under any stock option plan, incentive plan, compensation
plan or other benefit plan for present or former officers, directors, consultants or employees of the Company, its Subsidiaries and joint ventures so long as no Default shall have occurred and be continuing or would result therefrom; 

(d)          so long as no Default has occurred and is continuing, the
Company may pay cash dividends on its common stock in an amount not to exceed $40,000,000 in any fiscal quarter; 

(e)          to the extent constituting Restricted Payments, the Company and
its Subsidiaries may enter into and consummate transactions expressly permitted by any provision of Section 6.03 and Section 6.07 (other than Section 6.07(d)); 

(f)          repurchases of Equity Interests in the Company or any
Subsidiary that occur or are deemed to occur in connection with any stock appreciation rights, stock options, restricted stock, restricted stock units, performance share units or other stock-based awards under any stock option plan, incentive plan,
compensation plan or other benefit plan for present or former officers, directors, consultants or employees of the Company, its Subsidiaries and joint ventures or repurchases of Equity Interests in the Company or any Subsidiary that occur or are
deemed to occur upon exercise of stock options or warrants to the extent such Equity Interests represent a portion of the exercise price of such options or warrants; 

(g)          the Company and its Subsidiaries may make Restricted Payments
so long as on a Pro Forma Basis (i) no Default has occurred and is continuing, (ii) the Minimum Liquidity Condition is satisfied and (iii) the Consolidated Net Leverage Ratio is no greater than 4.50 to 1.0 as of the last day of the
most recent fiscal quarter for which financial statements have been delivered pursuant to Section 5.01(a) or (b); 

(h)          [Reserved]; 

(i)           so long as no Default has occurred and is continuing, the
Company and its Subsidiaries may make other Restricted Payments of up to $75,000,000 in the aggregate; 

  
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 (j)          so long as no
Default has occurred and is continuing and on a Pro Forma Basis the Minimum Liquidity Condition is satisfied, the Company and its Subsidiaries may make Restricted Payments in an amount not to exceed the Available Amount; and 

(k)         the Company may cancel or terminate any warrants, options, stock
appreciation rights, restricted stock, restricted stock units, performance share units, other stock-based awards or any other rights to acquire Qualified Equity Interests in exchange for cash or the issuance of any other warrants, options, stock
appreciation rights, restricted stock, restricted stock units, performance share units, other stock-based awards or rights to acquire Qualified Equity Interests. 

SECTION 6.05.        Investments.  The Company will not, and will not allow any of
its Subsidiaries to make or hold any Investments, except: 

(a)          Investments by the Company or a Subsidiary in cash and Cash
Equivalents; 
 (b)          Investments in the Company or any Subsidiary
and the reclassification or conversion of any such Investments to debt or equity or any combination thereof; 

(c)          Investments in any joint venture so long as (i) on a Pro
Forma Basis (x) the Minimum Liquidity Condition is satisfied and (y) the Company is in compliance with the covenants set forth in Section 6.09 as of the date of the most recent balance sheet delivered pursuant to Section 5.01(a)
or (b) and (ii) at the time of and immediately after giving effect to such Investment, no Default shall have occurred and be continuing; 

(d)          Investments by any joint venture; 

(e)          Permitted Acquisitions; 

(f)          (i) Investments consisting of extensions of credit in the
nature of accounts receivable or notes receivable arising from the grant of trade credit in the ordinary course of business, and (ii) Investments (including debt obligations and Equity Interests) received in satisfaction or partial satisfaction
thereof from financially troubled account debtors and other credits to suppliers in the ordinary course of business or received in connection with the bankruptcy or reorganization of suppliers and customers or in settlement of delinquent obligations
of, or other disputes with, customers and suppliers arising in the ordinary course of business or upon the foreclosure with respect to any secured Investment or other transfer of title with respect to any secured Investment; 

(g)          (i) Investments existing or contemplated on the Original
Execution Date and, to the extent in excess of $10,000,000 individually or $25,000,000 in the aggregate, set forth on Schedule 6.05(g) hereto on the Original Execution Date and any modification, replacement, renewal, reinvestment or extension
thereof and (ii) Investments existing on the Original Restatement Effective Date by the Company or any Subsidiary in the Company or any other Subsidiary and any modification, renewal or extension thereof; provided that the amount of the
original Investment is not increased except by the terms of such Investment or as otherwise permitted by this Section 6.05; 

(h)          Investments in Swap Agreements permitted under
Section 6.01(i); 
 (i)           Investments in the ordinary
course of business in prepaid expenses, negotiable instruments held for collection and lease, utility and worker’s compensation, performance and other similar deposits provided to third parties; 

(j)          Investments in the ordinary course of business consisting of
endorsements for collection or deposit; 

  
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 (k)          Investments in the
ordinary course of business consisting of the licensing or contribution of intellectual property pursuant to development, marketing or manufacturing agreements or arrangements or similar agreements or arrangements with other Persons; 

(l)           advances of payroll payments, fees or other compensation
to officers, directors, consultants or employees, in the ordinary course of business; 

(m)         Investments to the extent that payment for such Investments is made
solely with Qualified Equity Interests of the Company; 
 (n)          so
long as no Default has occurred and is continuing and on a Pro Forma Basis the Minimum Liquidity Condition is satisfied, the Company and its Subsidiaries may make Investments in an amount not to exceed the Available Amount; 

(o)          the Company and its Subsidiaries may make other Investments so
long as on a Pro Forma Basis, (i) no Default has occurred and is continuing, (ii) the Minimum Liquidity Condition is satisfied and (iii) the Consolidated Net Leverage Ratio is no greater than 4.50 to 1.0 as of the last day of the most
recent fiscal quarter for which financial statements have been delivered pursuant to Section 5.01(a) or (b); 

(p)          customary Investments in connection with Permitted Receivables
Facilities; 
 (q)          other Investments in an aggregate amount not
to exceed $100,000,000; 
 (r)           the Company and its
Subsidiaries may purchase inventory and other Property to be used or sold in the ordinary course of business and make capital expenditures; 

(s)           loans or advances to officers, directors, consultants and
employees of the Borrower and its Subsidiaries for reasonable and customary business-related travel, entertainment, relocation and analogous ordinary business purposes and in connection with such Person’s purchase of Equity Interests of the
Borrower; 
 (t)           Investments held by a Subsidiary acquired
after the Original Closing Date or of a corporation merged into the Company or merged or consolidated with any Subsidiary after the Original Closing Date that were not made in contemplation of such acquisition or merger; 

(u)          the Farm Credit Equities and any other stock or securities of,
or Investments in, a Farm Credit Lender or its investment services or programs; 

(v)          the transfer of Equity Interests or Investments in the nature
of Indebtedness of any Foreign Subsidiary, to the Company or any Subsidiary of the Company; and 

(w)         the Acquisition. 

SECTION 6.06.        Prepayments of Specified Indebtedness. 

The Company will not, and will not permit any of its Subsidiaries to, prepay, redeem, purchase, defease or otherwise satisfy prior to the
scheduled maturity thereof in any manner (it being understood that payments of regularly scheduled principal and interest shall be permitted) any Specified Indebtedness or make any payment in violation of any subordination terms of any Specified
Indebtedness, except: 
 (a)          refinancing of Specified
Indebtedness in exchange for or with the Net Cash Proceeds of any Permitted Refinancing Indebtedness in respect thereof or in exchange for Qualified Equity Interests; 

(b)          so long as no Event of Default has occurred and is continuing,
the payments in respect of Specified Indebtedness owed to the Company or any Subsidiary; 

  
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 (c)          so long as no
Default has occurred and is continuing and on a Pro Forma Basis the Minimum Liquidity Condition is satisfied, the Company and its Subsidiaries may make payments in respect of Specified Indebtedness in an amount not to exceed the Available Amount;

 (d)          the Company and its Subsidiaries may make other
prepayments of Specified Indebtedness so long as on a Pro Forma Basis (i) no Default has occurred and is continuing, (ii) the Minimum Liquidity Condition is satisfied and (iii) the Consolidated Net Leverage Ratio is no greater than
4.50 to 1.0 as of the last day of the most recent fiscal quarter for which financial statements have been delivered pursuant to Section 5.01(a) or (b); and 

(e)          the prepayment of Bridge B Loans. 

SECTION 6.07.        Transactions with Affiliates.  The Company will not, and will
not permit any of its Subsidiaries to, sell, lease or otherwise transfer any Property to, or purchase, lease or otherwise acquire any Property from, or otherwise engage in any other transactions with, any of its Affiliates, except: 

(a)          transactions at prices and on terms and conditions
substantially as favorable to the Borrowers or such Subsidiary (in the good faith determination of the Borrowers) as could reasonably be obtained on an arm’s-length basis from unrelated third parties; 

(b)          transactions between or among the Borrowers and their
Subsidiaries and any entity that becomes a Subsidiary as a result of such transaction so long as such transaction does not involve any other Affiliate; 

(c)          the payment of customary compensation and benefits and
reimbursements of out-of-pocket costs to, and the provision of indemnity on behalf of, directors, officers, consultants and employees of the Borrowers or any Subsidiary and employment, incentive, benefit, consulting and severance arrangements
entered into in the ordinary course of business with officers, directors, consultants and employees of the Borrowers or their Subsidiaries; provided that during any period that the Company is a public company regulated by, and required to
file regular periodic reports with, the SEC, any compensation paid to any director or executive officer of the Company or any Subsidiary which has been specifically approved by the Board of Directors of the Company (or by the Human Resources
Committee of the Board of Directors of the Company or other committee responsible for such approval) during such period will be deemed to be reasonable for purposes of this clause (c); 

(d)          Restricted Payments permitted under Section 6.04; 

(e)          the issuance of Qualified Equity Interests of the Company and
the granting of registration or other customary rights in connection therewith; 

(f)          transactions with joint ventures that are Affiliates solely as
a result of the Company’s or a Subsidiary’s Control over such joint venture; 

(g)          transactions with landlords, customers, clients, suppliers,
joint venture partners or purchasers or sellers of goods and services, in each case in the ordinary course of business; 

(h)          split-dollar life insurance agreements with Affiliates, so long
as the aggregate amount of premiums payable by the Company during any fiscal year pursuant to such agreements shall not exceed $2,000,000 in the aggregate; 

(i)           loans and advances to officers, directors, consultants
and employees in the ordinary course of business; and 

(j)          transactions effected as part of a Permitted Receivables
Facility with a Receivables Entity. 

  
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 SECTION 6.08.        Restrictive
Agreements.  The Company will not, and will not permit any of its Subsidiaries to, directly or indirectly, enter into, incur or permit to exist any agreement or other arrangement that prohibits, restricts or imposes any condition upon
the ability of any Subsidiary that is not a Guarantor to pay dividends or other distributions with respect to holders of its Equity Interests; provided that the foregoing shall not apply to (i) prohibitions, restrictions and conditions
imposed by law or by this Agreement and any Permitted Refinancing Indebtedness in respect thereof, (ii) prohibitions, restrictions and conditions existing on the Original Closing Date (or any extension, refinancing, replacement or renewal
thereof or any amendment or modification thereto that is not, taken as a whole, materially more restrictive (in the good faith determination of the Company) than any such restriction or condition), including, but not limited to prohibitions,
restrictions and conditions imposed by the Existing Senior Notes and any Permitted Refinancing Indebtedness incurred with respect thereto, (iii) prohibitions, restrictions and conditions arising in connection with any Disposition permitted by
Section 6.10 with respect to the Property subject to such Disposition, (iv) customary prohibitions, restrictions and conditions contained in agreements relating to a Permitted Receivables Facility, (v) agreements or arrangements
binding on a Subsidiary at the time such Subsidiary becomes a Subsidiary of the Borrower or any permitted extension, refinancing, replacement or renewal of, or any amendment or modification to, any such agreement or arrangement so long as any such
extension, refinancing, renewal, amendment or modification is not, take as a whole, materially more restrictive (in the good faith determination of the Company) than such agreement or arrangement, (vi) prohibitions, restrictions and conditions
set forth in Indebtedness of a Subsidiary that is not a Loan Party which is permitted by this Agreement, (vii) restrictions in joint venture agreements and other similar agreements or arrangements applicable to joint ventures,
(viii) prohibitions, restrictions or conditions imposed by any agreement relating to secured Indebtedness permitted by this Agreement if such prohibitions, restrictions or conditions apply only to the Subsidiaries incurring or Guaranteeing such
Indebtedness, (ix) customary provisions in leases, subleases, licenses, sublicenses or permits so long as such prohibitions, restrictions or conditions relate only to the property subject thereto, (x) customary provisions in leases
restricting the assignment or subletting thereof, (xi) customary provisions restricting assignment or transfer of any contract entered into in the ordinary course of business or otherwise permitted hereunder, (xii) prohibitions,
restrictions or conditions on cash or other deposits imposed by customers under contracts entered into in the ordinary course of business, (xiii) prohibitions, restrictions or conditions imposed by a Lien permitted by Section 6.02 with
respect to the transfer of the Property subject thereto, (xiv) restrictions on cash or other deposits or net worth imposed by customers under contracts entered into in the ordinary course of business, (xv) any limitation or prohibition on
the disposition or distribution of assets or property in asset sale agreements, stock sale agreements and other similar agreements, which limitation or prohibition is applicable only to the assets that are the subject of such agreements and
(xvi) prohibitions, restrictions or conditions on cash or other deposits imposed by customers under contracts entered into in the ordinary course of business. 

SECTION 6.09.        Financial Covenants. 

(a)          The Company will not permit the Consolidated Interest Coverage Ratio for any
Test Period ending after the Original Closing Date to be less than 2.50 to 1.0. 

(b)          The Company will not permit the Consolidated Net Leverage Ratio as of the last
day of any Test Period to be greater than, in the case of any quarter ending (i) on or prior to August 31, 2014, 5.75 to 1.0, and (ii) thereafter, 5.50 to 1.0. 

SECTION 6.10.        Dispositions.  The Company will not, and will not permit any
Subsidiary to, make any Disposition, except: 
 (a)          Dispositions
of obsolete or worn out Property and Dispositions of property no longer used or useful in the conduct of the business of the Company and the Subsidiaries, in each case, in the ordinary course of business; 

(b)          Dispositions of inventory and immaterial assets, in each case,
in the ordinary course of business; 

  
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 (c)          Dispositions of
Property to the extent that (i) such Property is exchanged for credit against the purchase price of similar replacement Property or (ii) the proceeds of such Disposition are promptly applied to the purchase price of such replacement
Property; 
 (d)          Dispositions of Property to the Company or to a
Subsidiary; 
 (e)          (i) Dispositions permitted by Sections
6.04 and 6.05 and (ii) Liens permitted by Section 6.02 and (iii) Dispositions of Receivables and Permitted Receivables Related Assets in connection with Permitted Receivables Facilities; 

(f)           Dispositions of cash and Cash Equivalents; 

(g)          Dispositions of accounts receivable in connection with the
collection or compromise thereof; 
 (h)          leases, subleases,
licenses or sublicenses, in each case in the ordinary course of business and which do not materially interfere with the business of the Company and the Subsidiaries; 

(i)           transfers of Property to the extent subject to Casualty
Events; 
 (j)           Dispositions of other Property by the
Company and its Subsidiaries with an aggregate fair market value (as determined in good faith by the Company) for all such Dispositions in any fiscal year not to exceed 15% of the Consolidated Tangible Assets as at the last day of the immediately
preceding fiscal year with unused amounts from any fiscal year being available for additional Dispositions in the next succeeding fiscal year only (it being understood that any Disposition in any fiscal year pursuant to this clause (j) shall be
deemed first to have utilized any amount carried forward from any prior year before being applied to the 15% limitation referred to above for such fiscal year); 

(k)          Dispositions of Investments in, and issuances of any Equity
Interests in, joint ventures to the extent required by, or made pursuant to customary buy/sell arrangements between, the joint venture parties set forth in joint venture arrangements and similar binding arrangements; 

(l)           any Subsidiary may liquidate or dissolve if the Company
determines in good faith that such liquidation or dissolution is in its best interests and not materially adverse to the Lenders and, if such Subsidiary is a Loan Party, such Loan Party’s assets and property are transferred to a U.S. Loan
Party; and 
 (m)         sale and leasebacks of properties acquired following
the Original Closing Date within 180 days of the acquisition thereof; 
 provided that for the purpose of making all calculations under
Section 6.10(j), the Company shall use the fair market value of such Property at the time of such Disposition in the good faith determination of the Company; 

ARTICLE VII 
 Events of
Default 
 If any of the following events (each an “Event of Default”) shall occur and be continuing: 

(a)          any Borrower shall fail to pay any principal of any Loan or any
reimbursement obligation in respect of any L/C Disbursement when and as the same shall become due and payable, whether at the due date thereof or at a date fixed for prepayment thereof or otherwise; 

(b)          any Borrower shall fail to pay any interest on any Loan or any
fee or any other amount (other than an amount referred to in clause (a) of this Article) payable under this Agreement, when and as 

  
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the same shall become due and payable, and such failure shall continue unremedied for a period of five (5) Business Days; 

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

(d)          the Borrowers shall fail to observe or perform any covenant,
condition or agreement contained in Section 5.02(a), 5.03(i) or Article VI; 

(e)          any Loan Party, as applicable, shall fail to observe or perform
any covenant, condition or agreement contained in this Agreement (other than those specified in clause (a), (b) or (d) of this Article) or any other Loan Document, and such failure shall continue unremedied for a period of thirty
(30) days after written notice thereof from the Administrative Agent or the Required Lenders to the Borrowers; 

(f)           the Company or any Subsidiary (other than an Immaterial
Subsidiary or Inactive 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, or if a grace period shall be
applicable to such payment under the agreement or instrument under which such Indebtedness was created, beyond such applicable grace period; 

(g)          the Company or any Subsidiary (other than an Immaterial
Subsidiary or Inactive Subsidiary) shall default in the performance of any obligation in respect of any Material Indebtedness or any “change of control” (or equivalent term) shall occur with respect to any Material Indebtedness, in each
case, that results in such Material Indebtedness becoming due prior to its scheduled maturity or that enables or permits (with or without the giving of notice, the lapse of time or both, but after giving effect to any applicable grace period) the
holder or holders of such Material Indebtedness or any trustee or agent on its or their behalf to cause such Material Indebtedness to become due, or to require the prepayment, repurchase, redemption or defeasance thereof, prior to its scheduled
maturity (other than solely in Qualified Equity Interests); provided that this clause (g) shall not apply to secured Indebtedness that becomes due as a result of the voluntary sale or transfer of the property or assets securing such
Indebtedness or as a result of a casualty event affecting such property or assets; 

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

(i)           any Borrower or any Subsidiary (other than an Immaterial
Subsidiary or Inactive Subsidiary) shall (i) voluntarily commence any proceeding or file any petition seeking liquidation, reorganization or other relief under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law
now or hereafter in effect, (ii) consent to the institution of any proceeding or petition described in clause (h) above, (iii) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator, conservator or
similar official for a Borrower or any Subsidiary (other than an Immaterial Subsidiary or Inactive Subsidiary) or for a substantial part of its assets, (iv) file an answer admitting the material allegations of a petition filed against it in any
such proceeding, (v) make a general assignment for the benefit of creditors or (vi) take any corporate action for the purpose of effecting any of the foregoing; 

  
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 (j)         any Borrower or any
Subsidiary (other than an Immaterial Subsidiary or Inactive Subsidiary) shall become generally unable, admit in writing its inability generally or fail generally to pay its debts as they become due; 

(k)        one or more final, non-appealable judgments for the payment of money in an
aggregate amount in excess of $50,000,000 (to the extent due and payable and not covered by insurance as to which the relevant insurance company has not denied coverage) shall be rendered against the Company, any Subsidiary (other than an Immaterial
Subsidiary or Inactive Subsidiary) or any combination thereof and the same shall remain unpaid or undischarged for a period of thirty (30) consecutive days during which execution shall not be paid, bonded or effectively stayed; 

(l)         an ERISA Event shall have occurred that, when taken together with all
other ERISA Events that have occurred, could reasonably be expected to result in a Material Adverse Effect or in the imposition of a Lien or security interest on any assets of the Borrower or any Subsidiary under Sections 436(f) or 430(k) of the
Code or under Section 4068 of ERISA; 
 (m)       a Change in Control shall occur;

 (n)        any material provision of any Collateral Document, at any time after
its execution and delivery and for any reason other than as expressly permitted hereunder or thereunder (including as a result of a transaction permitted under Section 6.03 or 6.10) or as a result of acts or omissions by the Administrative
Agent or any Lender or the satisfaction in full of all the Obligations, ceases to be in full force and effect; or any Loan Party contests in writing the validity or enforceability of any provision of any Collateral Document; or any Loan Party denies
in writing that it has any or further liability or obligation under any Collateral Document (other than as a result of repayment in full of the Obligations and termination of the Commitments), or purports in writing to revoke or rescind any
Collateral Document, in each case with respect to a material portion of the Collateral purported to be covered by the Collateral Documents; or 

(o)        the Guarantee Agreement shall cease, for any reason, to be in full force
and effect or any Loan Party or any Affiliate of a Loan Party shall so assert; 
 then, and in every such event (other than an event with respect to a
Borrower described in clause (h) or (i) of this Article), and at any time thereafter during the continuance of such event, the Administrative Agent may, and at the request of the Required Lenders shall, by notice to the Company, take
either or both of the following actions, at the same or different times: (i) after the Original Restatement Effective Date, terminate the Commitments, and thereupon the Commitments shall terminate immediately, and (ii) declare the Loans
then outstanding to be due and payable in whole (or in part, in which case any principal not so declared to be due and payable may thereafter be declared to be due and payable), and thereupon the principal of the Loans so declared to be due and
payable, together with accrued interest thereon and all fees and other obligations of the Borrowers accrued hereunder and under the other Loan Documents, shall become due and payable immediately, without presentment, demand, protest or other notice
of any kind, all of which are hereby waived by the Borrowers; and in case of any event with respect to a Borrower described in clause (h) or (i) of this Article, the Commitments shall automatically terminate and the principal of the Loans
then outstanding, together with accrued interest thereon and all fees and other Obligations accrued hereunder and under the other Loan Documents, shall automatically become due and payable, without presentment, demand, protest or other notice of any
kind, all of which are hereby waived by the Borrowers. 
 ARTICLE VIII 

The Administrative Agent 

(a)            Each of the Lenders and the Issuing Banks hereby irrevocably
appoints Bank of America as its agent and authorizes Bank of America to take such actions on its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms hereof and the other Loan Documents, together with such
actions and powers as are reasonably incidental thereto. Each of the Lenders and the Issuing Banks hereby irrevocably appoints 

  
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Bank of America as its collateral agent and authorizes Bank of America to take such actions on its behalf and to exercise such powers as are delegated to the collateral agent by the terms hereof
and the other Loan Documents, together with such actions and powers as are reasonably incidental thereto. The provisions of this Article are solely for the benefit of the Administrative Agent, the collateral agent, the Lenders and the Issuing Bank,
and the Borrower shall have no rights as a third party beneficiary of any of such provisions, except as expressly set forth in subparagraph (f) below. 

(b)          The Person serving as the Administrative Agent hereunder shall have the same
rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not the Administrative Agent, and the term “Lender” or “Lenders” shall, unless otherwise expressly indicated or unless
the context otherwise requires, include the Person serving as the Administrative Agent hereunder in its individual capacity. Such Person and its Affiliates may accept deposits from, lend money to, act as the financial advisor or in any other
advisory capacity for and generally engage in any kind of business with a Borrower or any Subsidiary or other Affiliate thereof as if such Person were not the Administrative Agent hereunder and without any duty to account therefor to the Lenders.

 (c)          The Administrative Agent shall not have any duties or obligations except
those expressly set forth herein and in the other Loan Documents. Without limiting the generality of the foregoing, (a) the Administrative Agent shall not be subject to any fiduciary or other implied duties, regardless of whether a Default has
occurred and is continuing; (b) the Administrative Agent shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby or by the other Loan
Documents that the Administrative Agent is required to exercise in writing as directed by the Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided for herein or by the other Loan Documents), provided
that the Administrative Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, may expose the Administrative Agent to liability or that is contrary to any Loan Document or applicable law; and
(c) except as expressly set forth herein and in the other Loan Documents, the Administrative Agent shall not have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Borrower or any of its
Subsidiaries that is communicated to or obtained by the Person serving as Administrative Agent or any of its Affiliates in any capacity. The Administrative Agent shall not be liable for any action taken or not taken by it with the consent or at the
request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as the Administrative Agent shall believe in good faith shall be necessary, under the circumstances as provided herein) or in the absence of
its own bad faith, gross negligence or willful misconduct. The Administrative Agent shall be deemed not to have knowledge of any Default unless and until written notice describing such Default thereof is given to the Administrative Agent by the
Company, a Lender or the Issuing Bank, 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 or any
other Loan Document, (ii) the contents of any certificate, report or other document delivered hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance of any of the covenants, agreements or other
terms or conditions set forth herein or therein or the occurrence of any Default, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement or any other Loan Document or any other agreement, instrument or document, or
(v) the satisfaction of any condition set forth in Article IV or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent. 

(d)          The Administrative Agent shall be entitled to rely upon, and shall not incur
any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message, Internet or intranet website posting or other distribution) believed by it to be genuine
and to have been signed, sent or otherwise authenticated by the proper Person. The Administrative Agent also may rely upon any statement made to it orally or by telephone and believed by it to 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, or the issuance of a Letter of Credit, that by its terms must be fulfilled to the satisfaction of a Lender or the Issuing Bank, the
Administrative Agent may presume that such condition is satisfactory to such Lender or the Issuing Bank unless the Administrative Agent shall have received notice to the contrary from such Lender or the Issuing Bank prior to the making of such Loan
or the issuance of such Letter of Credit. The Administrative Agent may consult with legal counsel (who may be counsel for the Borrower), independent accountants and other experts selected by it, 

  
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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. 

(e)         The Administrative Agent may perform any and all of its duties and exercise its
rights and powers hereunder or under any other Loan Document by or through any one or more sub-agents appointed by the Administrative Agent. The Administrative Agent and any such sub-agent may perform any and all of its duties and exercise its
rights and powers through their respective Related Parties. The exculpatory provisions of this Article shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and any such sub-agent, and shall apply to their
respective activities in connection with the syndication of the credit facilities provided for herein as well as activities as Administrative Agent. 

(f)          The Administrative Agent may at any time give notice of its resignation to the
Lenders, the Issuing Bank and the Company. Upon receipt of any such notice of resignation, the Required Lenders shall have the right, in consultation with the Borrower and (unless an Event of Default under clause (a) or (b), (h) or
(i) of Article VII shall have occurred and be continuing) with the consent of the Company (which consent of the Company shall not be unreasonably withheld or delayed), 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 such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within thirty (30) days after the retiring
Administrative Agent gives notice of its resignation, then the retiring Administrative Agent may on behalf of the Lenders and the Issuing Bank, appoint a successor Administrative Agent meeting the qualifications set forth above; provided that
if the Administrative Agent shall notify the Company and the Lenders that no qualifying Person has accepted such appointment, then such resignation shall nonetheless become effective in accordance with such notice and (1) the retiring
Administrative Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents (except that in the case of any collateral security held by the Administrative Agent on behalf of the Lenders or the Issuing Bank
under any of the Loan Documents, the retiring Administrative Agent shall continue to hold such collateral security until such time as a successor Administrative Agent is appointed) and (2) all payments, communications and determinations
provided to be made by, to or through the Administrative Agent shall instead be made by or to each Lender and the Issuing Bank directly, until such time as the Required Lenders appoint a successor Administrative Agent as provided for above in this
Section. Upon the acceptance of a successor’s appointment as Administrative Agent hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring (or retired) Administrative
Agent, and the retiring Administrative Agent shall be discharged from all of its duties and obligations hereunder or under the other Loan Documents (if not already discharged therefrom as provided above in this Section). The fees payable by the
Company to a successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Borrower and such successor. After the retiring Administrative Agent’s resignation hereunder and under the
other Loan Documents, the provisions of this Article and Section 9.03 shall continue in effect for the benefit of such retiring Administrative Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted
to be taken by any of them while the retiring Administrative Agent was acting as Administrative Agent. Any resignation by Bank of America as Administrative Agent pursuant to this Section shall also constitute its resignation as Issuing Bank and
Swingline Lender. Upon the acceptance of a successor’s appointment as Administrative Agent hereunder, (a) such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring Issuing Bank
and Swingline Lender, (b) the retiring Issuing Bank 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 Issuing Bank shall issue
letters of credit in substitution for the Letters of Credit, if any, outstanding at the time of such succession or make other arrangements satisfactory to the retiring Issuing Bank to effectively assume the obligations of the retiring Issuing Bank
with respect to such Letters of Credit. If the Person serving as Administrative Agent is a Defaulting Lender pursuant to clause (d) of the definition of “Defaulting Lender,” 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 the Company in consultation with the Lenders shall, unless an Event of Default shall have occurred and be continuing, in which case
the Required Lenders in consultation with the Company shall, 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; provided that, without the
consent of the Borrower (not to be unreasonably withheld), the Required Lenders shall not be permitted to select a successor that is not a U.S. financial institution described in Treasury Regulation Section 1.1441-1(b)(2)(ii) or a U.S. branch
of a foreign bank described in Treasury Regulation Section 1.1441-1(b)(2)(iv)(A). If no such successor shall have been 

  
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appointed by the Borrower or the Required Lenders, as applicable, and shall have accepted such appointment within thirty (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 notice on the Removal Effective Date. 

(g)         Each Lender and the Issuing Bank acknowledges that it has, independently and without
reliance upon the Administrative Agent or any other Lender or any of their Related Parties and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender
and the Issuing Bank also acknowledges that it will, independently and without reliance upon the Administrative Agent or any other Lender or any of their Related Parties and based on such documents and information as it shall from time to time deem
appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or any related agreement or any document furnished hereunder or thereunder. 

(h)         To the extent required by any applicable Laws, the Administrative Agent may withhold
from any payment to any Lender an amount equivalent to any applicable withholding Tax. Without limiting or expanding the provisions of Section 2.16, each Lender shall indemnify and hold harmless the Administrative Agent against, and shall make
payable in respect thereof within 30 days after demand therefor, any and all Taxes and any and all related losses, claims, liabilities and expenses (including fees, charges and disbursements of any counsel for the Administrative Agent) incurred by
or asserted against the Administrative Agent by the Internal Revenue Service or any other Governmental Authority as a result of the failure of the Administrative Agent to properly withhold Tax from amounts paid to or for the account of such Lender
for any reason (including, without limitation, because the appropriate form was not delivered or not properly executed, or because such Lender failed to notify the Administrative Agent of a change in circumstance that rendered the exemption from, or
reduction of withholding Tax ineffective). A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the Administrative
Agent to set off and apply any and all amounts at any time owing to such Lender under this Agreement or any other Loan Document against any amount due the Administrative Agent under this clause (h). The agreements in this clause (h) shall
survive the resignation and/or replacement of the Administrative Agent, any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all other Obligations. For the
avoidance of doubt, a “Lender” shall, for purposes of this clause (h), include any Swingline Lender and any Issuing Bank. 

(i)          The Lenders irrevocably agree: 

 (i)          that any Lien on any Property granted to or held by the
Administrative Agent under any Loan Document shall be automatically released (A) upon termination of the Commitments and payment in full of all Obligations or, solely in the case of any Lien securing solely the European Obligations, the
European Obligations (in each case, other than (x) obligations under Secured Hedge Agreements, (y) Cash Management Obligations and (z) contingent reimbursement and indemnification obligations, in each case not yet accrued and payable)
and the expiration or termination or cash collateralization of all Letters of Credit (or the making of other arrangements satisfactory to the Administrative Agent and the applicable Issuing Lender in their sole discretion), (B) at the time the
Property subject to such Lien is transferred or to be transferred as part of or in connection with any transfer permitted hereunder or under any other Loan Document to any Person (other than any transfer to another Loan Party) including to
facilitate any transfer of Equity Interests of any Foreign Subsidiary to any other Subsidiary that is not a Loan Party (whether directly to any such Subsidiary or through one or more substantially concurrent transfers involving any Loan Party or any
other Subsidiary), (C) subject to Section 9.02, if the release of such Lien is approved, authorized or ratified in writing by the Required Lenders (or such greater number of Lenders as may be required pursuant to Section 9.02) or
(D) if the Property subject to such Lien is owned by a Guarantor, upon release of such Guarantor from its obligations under its Guarantee under the Guarantee Agreement pursuant to clause (iii) below; 

 (ii)         (A) to release or subordinate any Lien on any Property
granted to or held by the Administrative Agent under any Loan Document to the holder of any Lien on such property that is permitted by Section 6.02(e) and (B) that the Administrative Agent is authorized (but not required) to

  
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release or subordinate any Lien on any Property granted to or held by the Administrative Agent under any Loan Document to the holder of any Lien on such Property that is permitted by any other
clause of Section 6.02; and 
 (iii)            that any
Guarantor shall be automatically released from its obligations under the Guarantee Agreement and Pledge Agreement if such Person ceases to be a Subsidiary as a result of a transaction permitted hereunder. 

Upon request by the Administrative Agent at any time, the Required Lenders (or such greater number of Lenders as may be required pursuant to
Section 9.02) will confirm in writing the Administrative Agent’s authority to release or subordinate its interest in particular types or items of Property, or to release any Guarantor from its obligations under the Guarantee Agreement
pursuant to this clause (i). In each case as specified in this clause (i), the Administrative Agent will (and each Lender irrevocably authorizes the Administrative Agent to), at the applicable Borrower’s expense, execute and deliver to the
applicable Loan Party such documents as such Loan Party may reasonably request to evidence the release or subordination of such item of Collateral from the assignment and security interest granted under the Collateral Documents, or to evidence the
release of such Guarantor from its obligations under the Guarantee Agreement, in each case in accordance with the terms of the Loan Documents and this clause (i). 

Anything herein to the contrary notwithstanding, none of the “arrangers,” “bookrunning managers,” “co-documentation
agents” or “co-syndication agents” listed on the cover page hereof shall have any powers, duties or responsibilities under this Agreement or any of the other Loan Documents, except in its capacity, as applicable, as the Administrative
Agent, a Lender or the Issuing Bank hereunder. 

(j)             [Intentionally Omitted] 

(k)            Administrative Agent as Joint and Several Creditor. For purposes of
Collateral Documents governed by Luxembourg law only: 

  (i)           Each party hereto agrees that the
Administrative Agent: 
 (A)          will be the joint and several
creditor (together with the relevant Lenders and the Issuing Bank) of each and every obligation of the European Borrower towards each Lender under this Agreement; and 

(B)          will have its own independent right to demand performance by
the European Borrower of those obligations. 

 (ii)           Discharge by the European Borrower of any
obligation owed to the Administrative Agent or another Lender shall, to the same extent, discharge the corresponding obligation owing to the other. 

(iii)           Without limiting or affecting the Administrative
Agent’s rights against the European Borrower (whether under this Article VIII or under any other provision of the Credit Agreement), the Administrative Agent agrees with each other Lender (on a several and divided basis) that, subject to
paragraph (iv) below, it will not exercise its rights as a joint and several creditor with a Lender except with the consent of the relevant Lender. 

(iv)           Nothing in paragraph (iii) above shall in any way
limit the Administrative Agent’s right to act in the protection or preservation of rights under or to enforce any Collateral Document as contemplated by this Agreement and/or the relevant Collateral Document (or to do any act reasonably
incidental to any of the above). 

  
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 ARTICLE IX 

Miscellaneous 
 SECTION
9.01.      Notices. 
 (a)           Notices
Generally. Except in the case of notices and other communications expressly permitted to be given by telephone (and except as provided in subsection (b) below), all notices and other communications provided for herein shall be in writing
and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by telecopier as follows, and all notices and other communications expressly permitted hereunder to be given by telephone shall be made to
the applicable telephone number, as follows: 
  (i)         if to the
Borrowers, the Administrative Agent, any Issuing Bank or the Swingline Lender, to the address, telecopier number, electronic mail address or telephone number specified for such Person on Schedule 9.01 hereto; and 

(ii)         if to any other Lender, to the address, telecopier number,
electronic mail address or telephone number specified in its Administrative Questionnaire. 
 Notices and other communications sent by hand or overnight
courier service, or mailed by certified or registered mail, shall be deemed to have been given when received; notices and other communications sent by telecopier shall be deemed to have been given when sent (except that, if not given during normal
business hours for the recipient, shall be deemed to have been given at the opening of business on the next business day for the recipient). Notices and other communications delivered through electronic communications to the extent provided in
subsection (b) below, shall be effective as provided in such subsection (b). 

(b)           Electronic Communications. Notices and other communications to the
Lenders and the Issuing Bank hereunder may be delivered or furnished by electronic communication (including e-mail, FpML messaging and Internet or intranet websites) pursuant to procedures approved by the Administrative Agent, provided that
the foregoing shall not apply to notices to any Lender or any Issuing Bank pursuant to Article II if such Lender or the Issuing Bank, as applicable, has notified the Administrative Agent that it is incapable of receiving notices under such Article
by electronic communication. The Administrative Agent or the Borrowers may, in their discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it, provided
that approval of such procedures may be limited to particular notices or communications. 
 Unless the Administrative Agent otherwise
prescribes, (i) notices and other communications sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function,
as available, return e-mail or other written acknowledgement), provided that if such notice or other communication is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to have been sent
at the opening of business on the next business day for the recipient, and (ii) notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address
as described in the foregoing clause (i) of notification that such notice or communication is available and identifying the website address therefor. 

(c)           The Platform. THE PLATFORM IS PROVIDED “AS IS” AND
“AS AVAILABLE.” THE AGENT PARTIES (AS DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE BORROWER MATERIALS OR THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS IN OR OMISSIONS FROM THE INFORMATION.
NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY ANY AGENT PARTY IN
CONNECTION WITH THE BORROWER MATERIALS OR THE PLATFORM. In no event shall the Administrative Agent, any Arranger or any of its Related Parties (collectively, the “Agent Parties”) have any liability to the Borrower, any Lender, the
Issuing Bank or any other Person for losses, claims, damages, liabilities or expenses 

  
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of any kind (whether in tort, contract or otherwise) arising out of the Borrower’s, the Administrative Agent’s or any Arranger’s transmission of Borrower Materials or notices
through the Platform, any other electronic messaging services, or through the Internet, except to the extent that such losses, claims, damages, liabilities or expenses are determined by a court of competent jurisdiction by a final and nonappealable
judgment to have resulted from the gross negligence or willful misconduct of such Agent Party; provided, however, that in no event shall any Agent Party have any liability to the Borrower, any Lender, the Issuing Bank or any other
Person for indirect, special, incidental, consequential or punitive damages (as opposed to direct or actual damages). 

(d)          Change of Address, Etc. Each of the Borrowers, the Administrative Agent,
any Issuing Bank and the Swingline Lender may change its address, telecopier or telephone number for notices and other communications hereunder by notice to the other parties hereto. Each other Lender may change its address, telecopier or telephone
number for notices and other communications hereunder by notice to the Borrower, the Administrative Agent, the Issuing Bank and the Swingline Lender. In addition, each Lender agrees to notify the Administrative Agent from time to time to ensure that
the Administrative Agent has on record (i) an effective address, contact name, telephone number, telecopier number and electronic mail address to which notices and other communications may be sent and (ii) accurate wire instructions for
such Lender. 
 (e)          Reliance by Administrative Agent, Issuing Bank and
Lenders. The Administrative Agent, each Issuing Bank and the Lenders shall be entitled to rely and act upon any notices (including telephonic Borrowing Requests and Swingline Loan Notices) purportedly given by or on behalf of the Borrowers even
if (i) such notices were not made in a manner specified herein, were incomplete or were not preceded or followed by any other form of notice specified herein, or (ii) the terms thereof, as understood by the recipient, varied from any
confirmation thereof. The Borrowers shall indemnify the Administrative Agent, each Issuing Bank, each Lender and the Related Parties of each of them from all losses, costs, expenses and liabilities resulting from the reliance by such Person on each
notice purportedly given by or on behalf of the Borrowers unless due to such Person’s gross negligence or willful misconduct. All telephonic notices to and other telephonic communications with the Administrative Agent may be recorded by the
Administrative Agent, and each of the parties hereto hereby consents to such recording. 
 SECTION
9.02.      Waivers; Amendments. 
 (a)          No
failure or delay by the Administrative Agent, any Issuing Bank or any Lender in exercising any right or power hereunder or under any other Loan Document shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or
power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise of any other right or power. The rights and remedies of the Administrative Agent, the Issuing Banks
and the Lenders hereunder and under the other Loan Documents are cumulative and are not exclusive of any rights or remedies that they would otherwise have. No waiver of any provision of this Agreement or consent to any departure by a Borrower
therefrom shall in any event be effective unless the same shall be permitted by clause (b) of this Section, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. Without limiting
the generality of the foregoing, the making of a Loan or issuance of a Letter of Credit shall not be construed as a waiver of any Default, regardless of whether the Administrative Agent, any Lender or any Issuing Bank may have had notice or
knowledge of such Default at the time. 
 (b)          Except as otherwise set forth in
this Agreement or any other Loan Document (with respect to such Loan Document), neither this Agreement nor any other Loan Document nor any provision hereof or thereof may be waived, amended or modified except pursuant to an agreement or agreements
in writing entered into by the Borrowers and the Required Lenders or by the Borrowers and the Administrative Agent with the consent of the Required Lenders; provided, that no such agreement shall (i) increase the Commitment of any
Lender without the written consent of each Lender directly affected thereby, it being understood that a waiver of any condition precedent set forth in Section 4.02 or the waiver of any Default or mandatory prepayment shall not constitute an
increase of any Commitment of any Lender, (ii) reduce the principal amount of any Loan or L/C Disbursement or reduce the rate of interest or premium thereon, or reduce any fees payable hereunder, without the written consent of each Lender
directly affected thereby, it being understood that any change to the definition of “Consolidated Leverage Ratio” or in the component definitions thereof shall not constitute a reduction in the rate; provided that only the consent
of the Required Lenders shall be necessary to amend Section 2.12(c) or to waive any obligation of a Borrower to pay 

  
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interest at the rate set forth therein, (iii) postpone the scheduled date of payment of the principal amount of any Loan or L/C Disbursement, or any interest thereon, or any fees payable
hereunder, or reduce the amount of, waive or excuse any such payment, or postpone the scheduled date of expiration of any Commitment, without the written consent of each Lender directly affected thereby, it being understood that the waiver of (or
amendment to the terms of) any mandatory prepayment of the Term Loans shall not constitute a postponement of any date scheduled for the payment of principal or interest, (iv) change Section 2.17(b), (c) or (d) in a manner that
would alter the pro rata sharing of payments required thereby, without the written consent of each Lender directly affected thereby, (v) change any of the provisions of this Section, the definition of “Required Lenders” or any other
provision hereof specifying the number or percentage of Lenders required to waive, amend or modify any rights hereunder or make any determination or grant any consent hereunder without the written consent of each Lender, (vi) release all or
substantially all of the Guarantors from their obligations under the Guarantee Agreement, without the written consent of each Lender or (vii) release all or substantially all of the Collateral from the Lien of the Collateral Documents, without
the written consent of each Lender provided, that (1) no such agreement shall amend, modify or otherwise affect the rights or duties of the Administrative Agent, any Issuing Bank or the Swingline Lender hereunder without the prior
written consent of the Administrative Agent, the relevant Issuing Bank or the Swingline Lender, as the case may be and (2) the Administrative Agent and the Company may, with the consent of the other but without the consent of any other Person,
amend, modify or supplement this Agreement and any other Loan Document to cure any ambiguity, typographical or technical error, defect or inconsistency. Notwithstanding anything to the contrary herein, no Defaulting Lender shall have any right to
approve or disapprove any amendment, waiver or consent hereunder which does not require the consent of each affected Lender (it being understood that any Commitments or Loans held or deemed held by any Defaulting Lender shall be excluded for a vote
of the Lenders hereunder requiring any consent of less than all affected Lenders). 
 Notwithstanding the foregoing, this Agreement and the
other Loan Documents may be amended (or amended and restated) with the written consent of the Required Lenders, the Administrative Agent and the Borrowers (i) to add one or more additional credit facilities to this Agreement and to permit the
extensions of credit from time to time outstanding thereunder and the accrued interest and fees in respect thereof to share ratably in the benefits of this Agreement and the other Loan Documents with the Term Loans and Revolving Credit Exposures and
the accrued interest and fees in respect thereof and (ii) to include appropriately the Lenders holding such credit facilities in any determination of the Required Lenders. 

In addition, notwithstanding the foregoing, this Agreement and the other Loan Documents may be amended with the written consent of the
Administrative Agent, the Borrowers and the Lenders providing the Replacement Term Loans (as defined below) to permit the refinancing of all outstanding Term Loans of any Class (“Refinanced Term Loans”) with a replacement term loan
tranche (“Replacement Term Loans”) hereunder; provided that (a) the aggregate principal amount of such Replacement Term Loans shall not exceed the aggregate principal amount of such Refinanced Term Loans, (b) the
Applicable Rate for such Replacement Term Loans shall not be higher than the Applicable Rate for such Refinanced Term Loans, (c) the Weighted Average Life to Maturity of such Replacement Term Loans shall not be shorter than the Weighted Average
Life to Maturity of such Refinanced Term Loans at the time of such refinancing (except to the extent of nominal amortization for periods where amortization has been eliminated as a result of prepayment of the Term Loans) and (d) all other terms
applicable to such Replacement Term Loans shall be substantially identical to, or less favorable to the Lenders providing such Replacement Term Loans than, those applicable to such Refinanced Term Loans (as determined by the applicable Borrower in
good faith), except to the extent necessary to provide for covenants and other terms applicable to any period after the latest final maturity of the Term Loans in effect immediately prior to such refinancing. 

SECTION 9.03.      Expenses; Indemnity; Damage Waiver. 

(a)          The Company (and, solely with respect to amounts relating to the European
Revolving Credit Facility (solely with respect to amounts borrowed by the European Borrower), European Term A Loans, European Term B Loans, European Term
B-1 Loans and the European Borrower, the Borrowers, jointly and severally) shall pay (i) all reasonable and documented out-of-pocket expenses incurred by the Administrative Agent, the
Arrangers and their Affiliates, including the reasonable and documented fees, charges and disbursements of a single counsel for the Arrangers and the Administrative Agent (and, if necessary, one local counsel in each applicable jurisdiction and
regulatory counsel), in connection with the syndication of the credit facilities provided for herein, the preparation 

  
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and administration of this Agreement and the other Loan Documents or any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions contemplated
hereby or thereby shall be consummated), (ii) all reasonable and documented out-of-pocket expenses incurred by the relevant Issuing Bank in connection with the issuance, amendment, renewal or extension of any Letter of Credit or any demand for
payment thereunder and (iii) all reasonable and documented out-of-pocket expenses incurred by the Administrative Agent, any Issuing Bank or any Lender (limited to the reasonable and documented fees, charges and disbursements of a single counsel
for the Administrative Agent and the Lenders, which counsel shall be selected by the Administrative Agent (and, if necessary, one local counsel in each applicable jurisdiction, regulatory counsel and one additional counsel for the affected parties
in the event of a conflict of interest)), in connection with the enforcement or protection of its rights in connection with this Agreement, including its rights under this Section, or in connection with the Loans made or Letters of Credit issued
hereunder, including all such reasonable and documented out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of such Loans or Letters of Credit. 

(b)          The Company (and solely with respect to amounts relating to the European
Revolving Credit Facility (solely with respect to amounts borrowed by the European Borrower), European Term A Loans, European Term B Loans, European Term
B-1 Loans and the European Borrower, the Borrowers, jointly and severally) shall indemnify the Administrative Agent, the Arrangers, the Co-Syndication Agents, the Co-Documentation Agents,
each Issuing Bank and each Lender, and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses, claims, damages,
liabilities and related reasonable and documented out-of-pocket expenses, including the reasonable and documented fees, charges and disbursements of a single counsel for the Indemnitees selected by the Administrative Agent (and, if necessary, one
local counsel in each applicable jurisdiction and one additional counsel for each affected Indemnitee in the event of a conflict of interest), 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 or any other
transactions contemplated hereby, (ii) any Loan or Letter of Credit or the use of the proceeds therefrom (including any refusal by any Issuing Bank to honor a demand for payment under a Letter of Credit if the documents presented in connection
with such demand do not strictly comply with the terms of such Letter of Credit), (iii) to the extent relating to or arising from any of the foregoing, any actual or alleged presence or release of Hazardous Materials on or from any property
owned or operated by the Company or any of its Subsidiaries, or any Environmental Liability related in any way to the Company or any of its Subsidiaries, or (iv) any actual or prospective claim, litigation, investigation or proceeding relating
to any of the foregoing, whether based on contract, tort or any other theory and regardless of whether any Indemnitee is a party thereto and whether brought by a Borrower, its equityholders or any third party; provided that such
indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from
the gross negligence or willful misconduct of such Indemnitee or any of its officers, directors, employees or Controlling Persons. 

(c)          To the extent that the Borrowers fail to pay any amount required to be paid by
them to the Administrative Agent, an Issuing Bank or the Swingline Lender under clause (a) or (b) of this Section, each Lender severally agrees to pay to the Administrative Agent, the relevant Issuing Bank or the Swingline Lender, as the
case may be, such Lender’s pro rata share (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount; 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, such Issuing Bank or the Swingline Lender in its capacity as such. 

(d)          To the extent permitted by applicable law, no party hereto shall assert, and
each party hereto hereby waives, any claim against any other party hereto and any Indemnitee on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection
with, or as a result of, this Agreement, any other Loan Document or any agreement or instrument contemplated hereby or thereby, the Transactions, any Loan or Letter of Credit or the use of the proceeds thereof; provided, that this clause
(d) shall in no way limit the Borrowers’ indemnification obligations set forth in clauses (a) and (b) of this Section 9.03. 

  
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 (e)          All amounts due under this Section
shall be payable not later than 60 days after written demand therefor; provided, however, that an Indemnitee shall promptly refund any amount received under this Section 9.03 to the extent that there is a final judicial or
arbitral determination that such Indemnitee was not entitled to indemnification rights with respect to such payment pursuant to the express terms of this Section 9.03. 

SECTION 9.04.      Successors and Assigns. 

(a)          Successors and Assigns Generally.  The provisions of this
Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby, except that no Borrower may assign or otherwise transfer any of its rights or obligations hereunder without
the prior written consent of the Administrative Agent and each Lender and no Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an assignee in accordance with the provisions of subsection
(b) of this Section, (ii) by way of participation in accordance with the provisions of subsection (d) of this Section or (iii) by way of pledge or assignment of a security interest subject to the restrictions of subsection
(f) of this Section (and any other attempted assignment or transfer by any party hereto shall be null and void). Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their
respective successors and assigns permitted hereby, Participants to the extent provided in subsection (d) of this Section and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent, the Issuing
Bank and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement. 

(b)          Assignments by Lenders.  Any Lender may at any time assign to
one or more assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans (including for purposes of this subsection (b), participations in L/C Disbursement and in Swingline
Loans) at the time owing to it); provided that any such assignment shall be subject to the following conditions: 

  (i)         Minimum Amounts. 

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

(B)          in any case not described in subsection (b)(i)(A) of this
Section, the aggregate amount of the Commitment (which for this purpose includes Loans outstanding thereunder) or, if the Commitment is not then in effect, the principal outstanding balance of the Loans of the assigning Lender subject to each such
assignment, determined as of the date the Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent or, if “Trade Date” is specified in the Assignment and Assumption, as of the Trade Date, shall not
be less than $5,000,000, in the case of any assignment in respect of the Revolving Credit Facility, or $1,000,000, in the case of any assignment in respect of the Term Loans unless each of the Administrative Agent and, so long as no Event of Default
has occurred and is continuing, the Borrower otherwise consents (each such consent not to be unreasonably withheld or delayed); provided, however, that concurrent assignments to members of an Assignee Group and concurrent assignments
from members of an Assignee Group to a single Eligible Assignee (or to an Eligible Assignee and members of its Assignee Group) will be treated as a single assignment for purposes of determining whether such minimum amount has been met. 

(ii)          Proportionate Amounts.  Each partial
assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s rights and obligations under this Agreement with respect to the Loans or the Commitment assigned, except that this clause (ii) shall not
(A) apply to the Swingline Lender’s rights and obligations in respect of Swingline Loans or (B) prohibit any Lender from assigning all or a portion of its rights and obligations among separate Classes on a non-pro rata basis; 

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

(A)          the consent of the applicable Borrower (such consent not to be
unreasonably withheld or delayed) shall be required unless (1) an Event of Default pursuant to Article VII(a), (b), (h) or (i) has occurred and is continuing at the time of such assignment or (2) such assignment is an assignment
of a Term Loan to a Lender, an Affiliate of a Lender or an Approved Fund; provided that the applicable 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; 

(B)          the consent of the Administrative Agent (such consent not to
be unreasonably withheld or delayed) shall be required for assignments in respect of (1) any Commitment or (2) any Term Loan to a Person that is not a Lender, an Affiliate of a Lender or an Approved Fund; 

(C)          the consent of each Issuing Bank (such consent not to be
unreasonably withheld or delayed) shall be required for any assignment that increases the obligation of the assignee to participate in exposure under one or more Letters of Credit (whether or not then outstanding); 

(D)          the consent of the Swingline Lender and the Issuing Bank (such
consents not to be unreasonably withheld or delayed) shall be required for any assignment in respect of a Revolving Credit Facility; 

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

 (v)          No Assignment to Borrowers.  No such
assignment shall be made to a Borrower or any of the Borrowers’ Affiliates or Subsidiaries. 

(vi)         No Assignment to Natural Persons.  No such
assignment shall be made to a natural person or to Defaulting Lenders. 
 Subject to acceptance and recording thereof by the Administrative Agent pursuant
to subsection (c) of this Section, from and after the effective date specified in each Assignment and Assumption, the assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such Assignment and
Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement
(and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto) but shall continue to be entitled to the benefits of Sections
2.14, 2.15, 2.16 and 9.03 with respect to facts and circumstances occurring prior to the effective date of such assignment. Upon request, the Borrower (at its expense) shall execute and deliver a Note to the assignee Lender. Any assignment or
transfer by a Lender of rights or obligations under this Agreement that does not comply with this subsection shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance
with subsection (d) of this Section. Further, the European Borrower hereby expressly accepts and confirms, for the purposes of articles 1278 and 1281 of the Luxembourg civil code, that notwithstanding any assignment, transfer and/or novation
permitted under, and made in accordance with, the provisions of this Agreement, any security provided pursuant to a Collateral Document to which the European Borrower is a party shall be preserved for the benefit of any new Lender. 

(c)          Register.  The Administrative Agent, acting solely for this
purpose as an agent of the Borrowers, shall maintain at the Administrative Agent’s Office a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitments
of, and principal 

  
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amounts and interest thereon of the Loans and L/C Disbursements owing to, each Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the Register
shall be conclusive absent manifest error, and the Borrowers, the Administrative Agent and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this
Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by the Borrowers and any Lender, at any reasonable time and from time to time upon reasonable prior notice. 

(d)          Participations.  Any Lender may at any time, without the
consent of, or notice to, the Borrowers or the Administrative Agent, sell participations to any Person (other than a natural person or the Borrower or any of the Borrower’s Affiliates or Subsidiaries) (each, a “Participant”) in
all or a portion of such Lender’s rights and/or obligations under this Agreement (including all or a portion of its Commitment and/or the Loans (including such Lender’s participations in L/C Disbursements and/or Swingline Loans) owing to
it); provided that (i) such Lender’s obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and
(iii) the Borrowers, the Administrative Agent, the Lenders and the Issuing Bank 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, waiver or other modification described in Section 9.02(b)(i) that affects such Participant.
Subject to subsection (e) of this Section, the Borrowers agree that each Participant shall be entitled to the benefits of Sections 2.14, 2.15 and 2.16 (subject to the requirements and limitations of such Sections and Section 2.18) to the
same extent as if it were a Lender and had acquired its interest by assignment pursuant to subsection (b) of this Section. To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 9.08 as though it
were a Lender, provided such Participant agrees to be subject to Sections 2.17 and 2.18 as though it were a Lender. Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrowers,
maintain a register on which it enters the name and address of each Participant and the principal amounts and interest thereon of each participant’s interest in the Loans 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, letters of credit or its other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary in connection with a Tax audit or other proceeding to establish that any loans are in
registered form for U.S. federal income tax purposes. 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 Participant
for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register. 

(e)          Limitations upon Participant Rights.  A Participant shall not
be entitled to receive any greater payment under Section 2.14 or 2.16 than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, except to the extent that the Participant’s
right to a greater payment results from a Change in Law after the Participant becomes a Participant. 

(f)          Voting Participants.  Notwithstanding anything in this
Section 9.04 to the contrary, any Farm Credit Lender that (i) has purchased a participation from any Lender that is a Farm Credit Lender in the minimum amount of $5,000,000 on or after the Original Closing Date, (ii) is, by written
notice to the Borrower and the Administrative Agent (a “Voting Participant Notification”), designated by the selling Lender as being entitled to be accorded the rights of a voting participant hereunder (any Farm Credit Lender so
designated being called a “Voting Participant”) and (iii) receives the prior written consent of the Borrower and the Administrative Agent to become a Voting Participant, shall be entitled to vote (and the voting rights of the
selling Lender shall be correspondingly reduced), on a dollar for dollar basis, as if such Voting Participant were a Lender, on any matter requiring or allowing a Lender to provide or withhold its consent, or to otherwise vote on any proposed
action, in each case, in lieu of the vote of the selling Lender; provided, however, that if such Voting Participant has at any time failed to fund any portion of its participation when required to do so and notice of such failure has
been delivered by the selling Lender to the Administrative Agent, then until such time as all amounts of its participation required to have 

  
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been funded have been funded and notice of such funding has been delivered by the selling Lender to the Administrative Agent, such Voting Participant shall not be entitled to exercise its voting
rights pursuant to the terms of this clause (f), and the voting rights of the selling Lender shall not be correspondingly reduced by the amount of such Voting Participant’s participation. Notwithstanding the foregoing, each Farm Credit Lender
designated as a Voting Participant on Schedule 9.04(f) hereto on the Restatement Effective Date shall be a Voting Participant without delivery of a Voting Participant Notification and without the prior written consent of the Borrowers and the
Administrative Agent. To be effective, each Voting Participant Notification shall, with respect to any Voting Participant, (A) state the full name of such Voting Participant, as well as all contact information required of an assignee as set
forth in Exhibit A, (B) state the dollar amount of the participation purchased and (C) include such other information as may be required by the Administrative Agent. The selling Lender and the Voting Participant shall notify the
Administrative Agent and the Borrowers within three Business Days of any termination of, or reduction or increase in the amount of, such participation and shall promptly upon request of the Administrative Agent update or confirm there has been no
change in the information set forth in Schedule 9.04(f) hereto on the Restatement Effective Date or delivered in connection with any Voting Participant Notification. The Borrowers and the Administrative Agent shall be entitled to conclusively
rely on information provided by a Lender identifying itself or its participant as a Farm Credit Bank without verification thereof and may also conclusively rely on the information set forth in Schedule 9.04(f) hereto on the Restatement
Effective Date, delivered in connection with any Voting Participant Notification or otherwise furnished pursuant to this clause (f) and, unless and until notified thereof in writing by the selling Lender, may assume that there have been no
changes in the identity of Voting Participants, the dollar amount of participations, the contact information of the participants or any other information furnished to the Borrowers or the Administrative Agent pursuant to this clause (f). The voting
rights hereunder are solely for the benefit of the Voting Participants and shall not inure to any assignee or participant of a Voting Participant. 

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

 (h)          Resignation as Issuing Bank or Swingline Lender after
Assignment.  Notwithstanding anything to the contrary contained herein, if at any time any Revolving Lender assigns all of its Revolving Commitment and Revolving Loans pursuant to subsection (b) above, such Revolving Lender may,
(i) upon 30 days’ notice to the Company and the Lenders, resign as an Issuing Bank and/or (ii) upon 30 days’ notice to the Company, resign as Swingline Lender. In the event of any such resignation as Issuing Bank or Swingline
Lender, the Borrower shall be entitled to appoint from among the Lenders a successor Issuing Bank or Swingline Lender hereunder; provided, however, that no failure by the Company to appoint any such successor shall affect the
resignation of the resigning Issuing Bank or Swingline Lender. If an Issuing Bank resigns as Issuing Bank, it shall retain all the rights, powers, privileges and duties of the Issuing Bank hereunder with respect to all Letters of Credit outstanding
as of the effective date of its resignation as Issuing Bank and all L/C Disbursement with respect thereto (including the right to require the Lenders to make Base Rate Loans or fund risk participations in Unreimbursed Amounts pursuant to
Section 2.05(c)). If a Swingline Lender resigns as Swingline Lender, it shall retain all the rights of the 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 Base Rate Loans or fund risk participations in outstanding Swingline Loans pursuant to Section 2.04. Upon the appointment of a successor Issuing Bank 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 Issuing Bank or Swingline Lender, as the case may be, and (b) the successor Issuing Bank shall issue letters of
credit in substitution for the Letters of Credit, if any, outstanding at the time of such succession or make other arrangements satisfactory to the resigning Issuing Bank to effectively assume the obligations of the resigning Issuing Bank with
respect to such Letters of Credit. 
 SECTION 9.05.      Survival.  All representations and
warranties made hereunder and in any other Loan Document or other document delivered pursuant hereto or thereto or in connection herewith or therewith shall survive the execution and delivery hereof and thereof. Such representations and warranties
have been or will be relied upon by the Administrative Agent and each Lender, regardless of any investigation made by the 

  
 97 

 
Administrative Agent or any Lender or on their behalf and notwithstanding that the Administrative Agent or any Lender may have had notice or knowledge of any Default at the time of any Credit
Event, and shall continue in full force and effect as long as any Loan or any other Obligation hereunder shall remain unpaid or unsatisfied or any Letter of Credit shall remain outstanding. The provisions of Sections 2.14, 2.15, 2.16 and 9.03 and
Article VIII shall survive and remain in full force and effect regardless of the consummation of the transactions contemplated hereby, the repayment of the Loans, the expiration or termination of the Letters of Credit and the Commitments or the
termination of this Agreement or any other Loan Document or any provision hereof or thereof. 
 SECTION
9.06.      Counterparts; Integration; Effectiveness.  This Agreement may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an
original, but all of which when taken together shall constitute a single contract. This Agreement, the other Loan Documents and any separate letter agreements with respect to fees payable to the Administrative Agent constitute the entire contract
among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof. Except as provided in Section 4.01, this Agreement shall become
effective when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof which, when taken together, bear the signatures of each of the other parties hereto, and thereafter
shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. Delivery of an executed counterpart of a signature page of this Agreement by telecopy or pdf shall be effective as delivery of a
manually executed counterpart of this Agreement. 
 SECTION 9.07.      Severability.  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. 

SECTION 9.08.      Right of Setoff. 

(a)          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 and in whatever currency
denominated) at any time held and other obligations at any time owing by such Lender or Affiliate to or for the credit or the account of the Borrowers against any of and all the Obligations of the Borrowers now or hereafter existing under this
Agreement held by such Lender, irrespective of whether or not such Lender shall have made any demand under this Agreement and although such obligations may be unmatured provided that, in the case of any deposits or other obligations for the
credit or the account of any Foreign Subsidiary, such setoff may only be against any European Obligations. The rights of each Lender under this Section are in addition to other rights and remedies (including other rights of setoff) which such Lender
may have. 
 (b)          To the extent that any payment by or on behalf of the Borrowers
is made to the Administrative Agent, the Issuing Bank or any Lender, or the Administrative Agent, the Issuing Bank or any Lender exercises its right of setoff, and such payment or the proceeds of such setoff or any part thereof is subsequently
invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement entered into by the Administrative Agent, the Issuing Bank or such Lender in its discretion) to be repaid to a trustee, receiver or
any other party, in connection with any proceeding under any Debtor Relief Law or otherwise, then (a) to the extent of such recovery, the obligation or part thereof originally intended to be satisfied shall be revived and continued in full
force and effect as if such payment had not been made or such setoff had not occurred, and (b) each Lender and the Issuing Bank severally agrees to pay to the Administrative Agent upon demand its applicable share (without duplication) of any
amount so recovered from or repaid by the Administrative Agent, plus interest thereon from the date of such demand to the date such payment is made at a rate per annum equal to the applicable Overnight Rate from time to time in effect, in the
applicable currency of such recovery or payment. The obligations of the Lenders and the Issuing Bank under clause (b) of the preceding sentence shall survive the payment in full of the Obligations and the termination of this Agreement. 

  
 98 

 SECTION 9.09.      Governing Law; Jurisdiction; Consent to
Service of Process. 
 (a)          This Agreement shall be construed in accordance
with and governed by the law of the State of New York (without regard to the conflict of law principles thereof to the extent that the application of the laws of another jurisdiction would be required thereby). 

(b)          Each of the parties hereto 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 New York County, and any
appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement or any other 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. The foregoing shall not affect any right that any party hereto may otherwise have to
bring any action or proceeding relating to this Agreement against any other party or its properties in the courts of any jurisdiction. 

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

 (d)          Each party to this Agreement (including the European Borrower) irrevocably
consents to service of process in the manner provided for notices in Section 9.01. The European Borrower irrevocably designates and appoints the Company, as its authorized agent, to accept and acknowledge on its behalf, service of any and all
process which may be served in any suit, action or proceeding of the nature referred to in Section 9.09(b) in any federal or New York State court sitting in New York City. The Company hereby represents, warrants and confirms that the Company
has agreed to accept such appointment. Said designation and appointment shall be irrevocable by the European Borrower until all European Obligations hereunder and under the other Loan Documents shall have been paid in full in accordance with the
provisions hereof and thereof. The European Borrower hereby consents to process being served in any suit, action or proceeding of the nature referred to in Section 9.09(b) in any federal or New York State court sitting in New York City by
service of process upon the Company as provided in this Section 9.09(d); provided that, to the extent lawful and possible, notice of said service upon such agent shall be mailed by registered or certified air mail, postage prepaid, return
receipt requested, to the Company and (if applicable to) the European Borrower to the address of which the European Borrower shall have given written notice to the Administrative Agent (with a copy thereof to the Company). The European Borrower
irrevocably waives, to the fullest extent permitted by law, all claim of error by reason of any such service in such manner and agrees that such service shall be deemed in every respect effective service of process upon the European Borrower in any
such suit, action or proceeding and shall, to the fullest extent permitted by law, be taken and held to be valid and personal service upon and personal delivery to the European Borrower. To the extent the European Borrower has or hereafter may
acquire any immunity from jurisdiction of any court or from any legal process (whether from service or notice, attachment prior to judgment, attachment in aid of execution of a judgment, execution or otherwise), the European Borrower hereby
irrevocably waives such immunity in respect of its obligations under the Loan Documents. Nothing in this Agreement or any other Loan Document will affect the right of any party to this Agreement to serve process in any other manner permitted by law.

 SECTION 9.10.      WAIVER OF JURY TRIAL.  EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO
THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY
OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR 

  
 99 

 
ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES
THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 

SECTION 9.11.      Headings.  Article and Section headings and the Table of Contents used
herein are for convenience of reference only, are not part of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement. 

SECTION 9.12.      Confidentiality.  Each of the Administrative Agent, the Lenders and the
Issuing Bank agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its Affiliates and to its and its Affiliates’ respective partners, directors, officers, employees,
agents, trustees, advisors and representatives (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and shall have agreed to keep such Information confidential or shall
be under a professional obligation to keep such Information confidential, in each case, on terms at least as restrictive as those set forth in this Section), (b) to the extent requested or required by any regulatory authority purporting to have
jurisdiction over it (including any self-regulatory authority, such as the National Association of Insurance Commissioners), (c) to the extent required by applicable laws or regulations or by any subpoena or similar legal process
provided, that to the extent practicable and permitted by law, the Company has been notified prior to such disclosure so that the Company may seek, at the Company’s sole expense, a protective order or other appropriate remedy,
(d) to any other party hereto, (e) to the extent reasonably necessary in connection with the exercise of any remedies hereunder or under any other Loan Document or any action or proceeding relating to this Agreement or any other Loan
Document or the enforcement of rights hereunder or thereunder, (f) subject to an agreement containing provisions substantially the same as those of this Section, to (i) any assignee of or Participant in, or any prospective assignee of or
Participant in, any of its rights or obligations under this Agreement or any Eligible Assignee invited to be a Lender pursuant to Section 2.19 or (ii) any actual or prospective counterparty (or its advisors) to any swap or derivative
transaction relating to a Borrower and its obligations, (g) with the consent of the Company or (h) to the extent such Information (x) becomes publicly available other than as a result of a breach of this Section or (y) becomes
available to the Administrative Agent, any Lender, the Issuing Bank or any of their respective Affiliates on a nonconfidential basis from a source other than the Borrower. For purposes of this Section, “Information” means all
information received from the Borrower or any Subsidiary relating to the Borrower or any Subsidiary or any of their respective businesses, other than any such information that is available to the Administrative Agent, any Lender or the Issuing Bank
on a nonconfidential basis prior to disclosure by the Borrower or any Subsidiary. Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so if
such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information. 

Each of the Administrative Agent, the Lenders and the Issuing Bank acknowledges that (a) the Information may include material non-public
information concerning the Borrower or a Subsidiary, as the case may be, (b) it has developed compliance procedures regarding the use of material non-public information and (c) it will handle such material non-public information in
accordance with applicable Law, including United States Federal and state securities Laws. 
 SECTION
9.13.      USA PATRIOT Act.  Each Lender that is subject to the Act (as hereinafter defined) and the Administrative Agent (for itself and not on behalf of any Lender) hereby notifies the Borrowers that
pursuant to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Act”), it is required to obtain, verify and record information that identifies the Borrower and each
other Loan Party, which information includes the name and address of the Borrowers and each other Loan Party and other information that will allow such Lender or the Administrative Agent, as applicable, to identify the Borrowers and each other Loan
Party in accordance with the Act. The Borrower shall, promptly following a request by the Administrative Agent or any Lender, provide all documentation and other information that the Administrative Agent or such Lender requests in order to comply
with its ongoing obligations under applicable “know your customer” and anti-money laundering rules and regulations, including the Act. 

  
 100 

 SECTION 9.14.      Interest Rate
Limitation.  Notwithstanding anything to the contrary contained in any Loan Document, if at any time the interest rate applicable to any Loan, together with all fees, charges and other amounts which are treated as interest on such Loan
under applicable Law (collectively the “Charges”), shall exceed the maximum lawful rate (the “Maximum Rate”) which may be contracted for, charged, taken, received or reserved by the Lender holding such Loan in
accordance with applicable Law, the rate of interest payable in respect of such Loan hereunder, together with all Charges payable in respect thereof, shall be limited to the Maximum Rate and, to the extent lawful, the interest and Charges that would
have been payable in respect of such Loan but were not payable as a result of the operation of this Section shall be cumulated and the interest and Charges payable to such Lender in respect of other Loans or periods shall be increased (but not above
the Maximum Rate therefor) until such cumulated amount, together with interest thereon at the Federal Funds Effective Rate to the date of repayment, shall have been received by such Lender. 

SECTION 9.15.      No Fiduciary Duty.  In connection with all aspects of each transaction
contemplated hereby (including in connection with any amendment, waiver or other modification hereof or of any other Loan Document), each Borrower and each other Loan Party acknowledges and agrees, and acknowledges its Affiliates’
understanding, that (i) (A) the arranging and other services regarding this Agreement provided by the Administrative Agent, the Arrangers, the Co-Documentation Agents and the Co-Syndication Agents are arm’s-length commercial
transactions between the Borrowers, each other Loan Party and their respective Affiliates, on the one hand, and the Administrative Agent, the Arrangers, the Co-Documentation Agents and the Co-Syndication Agents, on the other hand, (B) each of
the Borrowers and the other Loan Parties has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate, and (C) the Borrowers and each other Loan Party 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) the Administrative Agent, each Arranger, each Co-Documentation Agent, each Co-Syndication Agent and each Lender 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, any other Loan Party or any of their
respective Affiliates, or any other Person and (B) neither the Administrative Agent nor any Arranger, Co-Documentation Agent, Co-Syndication Agent or Lender has any obligation to the Borrowers, any other Loan Party or any of their respective
Affiliates with respect to the transactions contemplated hereby except those obligations expressly set forth herein and in the other Loan Documents; and (iii) the Administrative Agent, the Arrangers, the Co-Documentation Agents, the
Co-Syndication Agents, the Lenders and their respective Affiliates may be engaged in a broad range of transactions that involve interests that differ from those of the Borrowers, the other Loan Parties and their respective Affiliates, and neither
the Administrative Agent nor any Arranger, Co-Documentation Agent, Co-Syndication Agent or Lender has any obligation to disclose any of such interests to the Borrower, any other Loan Party or any of their respective Affiliates. To the fullest extent
permitted by law, each of the Borrowers and the other Loan Parties hereby waives and releases any claims that it may have against the Administrative Agent, the Arrangers, the Co-Documentation Agents, the Co-Syndication Agents and the Lenders with
respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect of any transaction contemplated hereby. 

SECTION 9.16.      Judgment Currency.        If, for the purposes
of obtaining judgment in any court, it is necessary to convert a sum due hereunder or any other Loan Document in one currency into another currency, the rate of exchange used shall be that at which in accordance with normal banking procedures the
Administrative Agent could purchase the first currency with such other currency on the Business Day preceding that on which final judgment is given. The obligation of each Borrower in respect of any such sum due from it to the Administrative Agent
or any Lender hereunder or under the other Loan Documents shall, notwithstanding any judgment in a currency (the “Judgment Currency”) other than that in which such sum is denominated in accordance with the applicable provisions of
this Agreement (the “Agreement Currency”), be discharged only to the extent that on the Business Day following receipt by the Administrative Agent or such Lender, as the case may be, of any sum adjudged to be so due in the Judgment
Currency, the Administrative Agent or such Lender, as the case may be, may in accordance with normal banking procedures purchase the Agreement Currency with the Judgment Currency. If the amount of the Agreement Currency so purchased is less than the
sum originally due to the Administrative Agent or any Lender from any Borrower in the Agreement Currency, such Borrower agrees, as a separate obligation and notwithstanding any such judgment, to indemnify the Administrative Agent or such Lender, as
the case may be, against such loss. If the amount of the Agreement Currency so purchased is greater than the sum originally due to the Administrative Agent or any Lender in such currency, the Administrative Agent or such Lender, as the case may

  
 101 

 
be, agrees to return the amount of any excess to such Borrower (or to any other Person who may be entitled thereto under applicable law). 

SECTION 9.17.   Electronic Execution of Assignments and Certain Other Documents.  The words
“execution,” “execute”, “signed,” “signature,” and words of like import in or related to any document to be signed in connection with this Agreement and the transactions contemplated hereby (including without
limitation Assignment and Assumptions, amendments or other Committed Loan Notices, Swingline Loan Notices, waivers and consents) shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract formations on
electronic platforms approved by the Administrative Agent, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based
recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any
other similar state laws based on the Uniform Electronic Transactions Act; provided that notwithstanding anything contained herein to the contrary the Administrative Agent is under no obligation to agree to accept electronic signatures in any form
or in any format unless expressly agreed to by the Administrative Agent pursuant to procedures approved by it. 

  
 102 

 Schedule 2.01 

Commitments 
  

					
	Lender	  	 U.S. Term A Loan   
Commitment  	  	
Applicable

Percentage

	 Agstar Financial Services, PCA
	  	$2,442,434.21	  	0.473684210%
	 Bank of America, N.A.
	  	$42,354,910.62	  	8.214285696%
	 Bank of the West
	  	$12,890,625.00	  	2.500000000%
	 Barclays Bank PLC
	  	$18,917,410.72	  	3.668831170%
	 Branch Banking and Trust Company
	  	$9,207,589.28	  	1.785714285%
	 BMO Harris Financing Inc.
	  	$18,415,178.58	  	3.571428573%
	 The Bank of Tokyo-Mitsubishi UFJ, Ltd.
	  	$18,415,178.58	  	3.571428573%
	 COBANK ACB
	  	$71,005,051.68	  	13.770676689%
	 Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A. “Rabobank Nederland” New York
Branch
	  	$46,037,946.43	  	8.928571429%
	 Farm Credit East, ACA
	  	$1,570,136.28	  	0.304511279%
	 Farm Credit Services of America, PCA
	  	$7,850,681.39	  	1.522556391%
	 Fifth Third Bank
	  	$9,207,589.28	  	1.785714285%
	 FirstMerit Bank, N.A.
	  	$3,683,035.72	  	0.714285715%
	 First Niagara Bank, N.A.
	  	$3,683,035.72	  	0.714285715%
	 Goldman Sachs Bank USA
	  	$12,890,625.00	  	2.500000000%
	 HSBC Bank USA, N.A.
	  	$18,415,178.58	  	3.571428573%
	 JPMorgan Chase Bank, N.A.
	  	$42,354,910.72	  	8.214285715%
	 Manufacturers and Traders Trust Company
	  	$27,622,767.86	  	5.357142858%
	 PNC Bank, National Association
	  	$12,890,625.00	  	2.500000000%
	 Raymond James Bank, N.A.
	  	$5,524,553.59	  	1.071428575%
	 RBS Citizens, N.A.
	  	$9,207,589.28	  	1.785714285%
	 Scotiabanc Inc.
	  	$5,524,553.59	  	1.071428575%
	 Sumitomo Mitsui Banking Corporation
	  	$41,852,678.58	  	8.116883119%
	 SunTrust Bank
	  	$18,415,178.58	  	3.571428573%
	 TD Bank, N.A.
	  	$12,890,625.00	  	2.500000000%
	 US Bank National Association
	  	$9,207,589.28	  	1.785714285%
	 Wells Fargo Bank, N.A.
	  	$27,622,767.86	  	5.357142858%
	 Westpac Banking Corporation
	  	$5,524,553.59	  	1.071428575%
	 Total
	  	
 $515,625,000.00                

 
	  	
100.000000000%             

 

  
  

					
	Lender	  	U.S. Term A-1 Loan  
Commitment	  	 Applicable Percentage
	 Agstar Financial Services, PCA
	  	$7,276,315.80	  	2.947368425%
	 COBANK ACB
	  	$211,532,894.74                  
	  	85.684210528%                

					
	 Farm Credit East, ACA
	  	$4,677,631.57	  	1.894736838%
	 Farm Credit Services of America, PCA
	  	$23,388,157.89	  	9.473684209%
	 Total
	  	
$246,875,000.00                 

 
	  	
100.000000000%              

 

  

					
	Lender	  	U.S. Term A-2 Loan
Commitment	  	
Applicable

Percentage

	 American Savings Bank, F.S.B.
	  	$10,000,000.00	  	1.481481481%
	 AZB Funding
	  	$25,000,000.00	  	3.703703704%
	 Bank of America, N.A.
	  	$55,000,000.00	  	8.148148148%
	 The Bank of East Asia, Limited, New York Branch
	  	$15,000,000.00	  	2.222222222%
	 The Bank of Nova Scotia
	  	$18,000,000.00	  	2.666666667%
	 Bank of Taiwan, New York Branch
	  	$10,000,000.00	  	1.481481481%
	 Bank of the West
	  	$8,000,000.00	  	1.185185185%
	 Branch Banking and Trust Company
	  	$8,000,000.00	  	1.185185185%
	 BMO Harris Financing Inc.
	  	$8,000,000.00	  	1.185185185%
	 The Bank of Tokyo-Mitsubishi UFJ, Ltd.
	  	$25,000,000.00	  	3.703703704%
	 Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A. “Rabobank Nederland” New York
Branch
	  	$78,000,000.00	  	11.555555556%
	 E.Sun Commercial Bank, Ltd., Los Angeles Branch
	  	$10,000,000.00	  	1.481481481%
	 Farm Credit East, ACA
	  	$100,000,000.00                	  	14.814814815%                

	 Fifth Third Bank
	  	$8,000,000.00	  	1.185185185%
	 FirstMerit Bank, N.A.
	  	$13,000,000.00	  	1.925925926%
	 First Midwest Bank
	  	$20,000,000.00	  	2.962962963%
	 Flushing Bank
	  	$5,000,000.00	  	0.740740741%
	 Goldman Sachs Bank USA
	  	$8,000,000.00	  	1.185185185%
	 HSBC Bank USA, N.A.
	  	$25,000,000.00	  	3.703703704%
	 Hua Nan Commercial Bank, Ltd., New York Agency
	  	$15,000,000.00	  	2.222222222%
	 JPMorgan Chase Bank, N.A.
	  	$30,000,000.00	  	4.444444444%
	 Manufacturers and Traders Trust Company
	  	$35,000,000.00	  	5.185185185%
	 Manufacturers Bank
	  	$10,000,000.00	  	1.481481481%
	 PNC Bank, National Association
	  	$8,000,000.00	  	1.185185185%
	 Sumitomo Mitsui Banking Corporation
	  	$25,000,000.00	  	3.703703704%
	 Sumitomo Mitsui Trust Bank, Limited, New York Branch
	  	$5,000,000.00	  	0.740740741%
	 SunTrust Bank
	  	$25,000,000.00	  	3.703703704%
	 TD Bank, N.A.
	  	$15,000,000.00	  	2.222222222%
	 US Bank National Association
	  	$8,000,000.00	  	1.185185185%
	 Wells Fargo Bank, N.A.
	  	$50,000,000.00	  	7.407407407%
	 Total
	  	$675,000,000.00	  	100.000000000%

					
	Lender	  	European Term A Loan 
Commitment	  	Applicable Percentage
	 The Bank of Nova Scotia
	  	$15,000,000.00	  	3.000000000%
	 Bank of Taiwan, New York Branch
	  	$10,000,000.00	  	2.000000000%
	 Bank of the West
	  	$17,000,000.00	  	3.400000000%
	 Branch Banking and Trust Company
	  	$25,000,000.00	  	5.000000000%
	 The Bank of Tokyo-Mitsubishi UFJ, Ltd.
	  	$50,000,000.00	  	10.000000000%
	 Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A. “Rabobank Nederland” New York
Branch
	  	$12,000,000.00	  	2.400000000%
	 Compass Bank
	  	$30,000,000.00	  	6.000000000%
	 Fifth Third Bank
	  	$20,000,000.00	  	4.000000000%
	 First Hawaiian Bank
	  	$20,000,000.00	  	4.000000000%
	 FirstMerit Bank, N.A.
	  	$1,000,000.00	  	0.200000000%
	 First Niagara Bank, N.A.
	  	$5,000,000.00	  	1.000000000%
	 Goldman Sachs Bank USA
	  	$5,000,000.00	  	1.000000000%
	 Hua Nan Commercial Bank, Ltd., New York Agency
	  	$5,000,000.00	  	1.000000000%
	 JPMorgan Chase Bank, N.A.
	  	$15,000,000.00	  	3.000000000%
	 Land Bank of Taiwan, New York Branch
	  	$10,000,000.00	  	2.000000000%
	 Mega International Commercial Bank Co., Ltd. New York Branch
	  	$3,500,000.00	  	0.700000000%
	 Mega International Commercial Bank, Co., Ltd. Silicon Valley Branch
	  	$3,500,000.00	  	0.700000000%
	 Mizuho Corporate Bank, Ltd.
	  	$20,000,000.00	  	4.000000000%
	 PNC Bank, National Association
	  	$25,000,000.00	  	5.000000000%
	 Raymond James Bank, N.A.
	  	$5,000,000.00	  	1.000000000%
	 Seaway Bank & Trust Company
	  	$5,000,000.00	  	1.000000000%
	 Sumitomo Mitsui Banking Corporation
	  	$40,000,000.00	  	8.000000000%
	 SunTrust Bank
	  	$25,000,000.00	  	5.000000000%
	 Taiwan Business Bank, Los Angeles Branch
	  	$8,000,000.00	  	1.600000000%
	 Taiwan Cooperative Bank Ltd, Seattle Branch
	  	$10,000,000.00	  	2.000000000%
	 TD Bank, N.A.
	  	$62,500,000.00	  	12.500000000%
	 US Bank National Association
	  	$15,000,000.00	  	3.000000000%
	 Wells Fargo Bank, N.A.
	  	$37,500,000.00	  	7.500000000%
	 Total
	  	$500,000,000.00                	  	100.000000000%                

									
	Lender	  	U.S. Revolving
Commitment	 	  	Applicable Percentage	 
	 Agstar Financial Services, PCA
	  	 	$1,986,590.04	  	  	 	0.467432950%	  
	 Bank of America, N.A.
	  	 	$36,476,464.14	  	  	 	8.582697446%	  
	 Bank of the West
	  	 	$10,484,780.76	  	  	 	2.467007237%	  
	 Barclays Bank PLC
	  	 	$34,449,993.92	  	  	 	8.105880922%	  
	 BMO Harris Financing Inc.
	  	 	$14,978,258.23	  	  	 	3.524296053%	  
	 Branch Banking and Trust Company 
	  	 	$7,489,129.11	  	  	 	1.762148027%	  
	 Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A. “Rabobank Nederland” New York
Branch
	  	 	$37,445,645.56	  	  	 	8.810740131%	  
	 Farm Credit East, ACA
	  	 	$59,030,104.00	  	  	 	13.889436235%	  
	 Farm Credit Services of America, PCA
	  	 	$6,385,467.98	  	  	 	1.502463054%	  
	 Fifth Third Bank
	  	 	$7,489,129.11	  	  	 	1.762148027%	  
	 First Niagara Bank, N.A.
	  	 	$2,995,651.64	  	  	 	0.704859210%	  
	 FirstMerit Bank, N.A.
	  	 	$6,071,428.57	  	  	 	1.428571428%	  
	 Flushing Bank
	  	 	$5,000,000.00	  	  	 	1.176470588%	  
	 Goldman Sachs Bank USA
	  	 	$10,484,780.76	  	  	 	2.467007237%	  
	 HSBC Bank USA, N.A.
	  	 	$14,978,258.23	  	  	 	3.524296053%	  
	 JPMorgan Chase Bank, N.A.
	  	 	$34,449,993.92	  	  	 	8.105880922%	  
	 Manufacturers and Traders Trust Company
	  	 	$22,467,387.34	  	  	 	5.286444080%	  
	 PNC Bank, National Association
	  	 	$10,484,780.76	  	  	 	2.467007237%	  
	 RBS Citizens, N.A.
	  	 	$7,489,129.11	  	  	 	1.762148027%	  
	 Sumitomo Mitsui Banking Corporation
	  	 	$14,978,258.23	  	  	 	3.524296053%	  
	 SunTrust Bank
	  	 	$14,978,258.23	  	  	 	3.524296053%	  
	 TD Bank, N.A.
	  	 	$10,484,780.76	  	  	 	2.467007237%	  
	 The Bank of Nova Scotia
	  	 	$4,493,477.46	  	  	 	1.057288815%	  
	 The Bank of Tokyo-Mitsubishi UFJ, Ltd.
	  	 	$14,978,258.23	  	  	 	3.524296053%	  
	 US Bank National Association
	  	 	$7,489,129.11	  	  	 	1.762148027%	  
	 Wells Fargo Bank, N.A.
	  	 	$22,467,387.34	  	  	 	5.286444080%	  
	 Westpac Banking Corporation
	  	 	$4,493,477.46	  	  	 	1.057288815%	  
	 Total
	  	 	                $425,000,000.00	  	  	 	            100.000000000%	  

									
	Lender	  	European Revolving
Commitment	 	  	Applicable Percentage	 
	 Agstar Financial Services, PCA
	  	 	$2,039,725.75	  	  	 	0.479935471%	  
	 Bank of America, N.A.
	  	 	$37,452,107.28	  	  	 	8.812260535%	  
	 Bank of the West
	  	 	$10,765,219.24	  	  	 	2.532992763%	  
	 Barclays Bank PLC
	  	 	$35,371,434.65	  	  	 	8.322690506%	  
	 BMO Harris Financing Inc.
	  	 	$15,378,884.63	  	  	 	3.618561090%	  
	 Branch Banking and Trust Company
	  	 	$7,689,442.32	  	  	 	1.809280545%	  
	 Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A. “Rabobank Nederland” New York
Branch
	  	 	$38,447,211.57	  	  	 	9.046402723%	  
	 Farm Credit East, ACA
	  	 	$60,608,993.76	  	  	 	14.260939708%	  
	 Farm Credit Services of America, PCA
	  	 	$6,556,261.34	  	  	 	1.542649727%	  
	 Fifth Third Bank
	  	 	$7,689,442.32	  	  	 	1.809280545%	  
	 First Niagara Bank, N.A.
	  	 	$3,075,776.93	  	  	 	0.723712218%	  
	 Goldman Sachs Bank USA
	  	 	$10,765,219.24	  	  	 	2.532992763%	  
	 HSBC Bank USA, N.A.
	  	 	$15,378,884.63	  	  	 	3.618561090%	  
	 JPMorgan Chase Bank, N.A.
	  	 	$35,371,434.65	  	  	 	8.322690506%	  
	 Manufacturers and Traders Trust Company
	  	 	$23,068,326.95	  	  	 	5.427841635%	  
	 PNC Bank, National Association
	  	 	$10,765,219.24	  	  	 	2.532992763%	  
	 RBS Citizens, N.A.
	  	 	$7,689,442.32	  	  	 	1.809280545%	  
	 Sumitomo Mitsui Banking Corporation
	  	 	$15,378,884.63	  	  	 	3.618561090%	  
	 SunTrust Bank
	  	 	$15,378,884.63	  	  	 	3.618561090%	  
	 TD Bank, N.A.
	  	 	$10,765,219.24	  	  	 	2.532992763%	  
	 The Bank of Nova Scotia
	  	 	$4,613,665.39	  	  	 	1.085568326%	  
	 The Bank of Tokyo-Mitsubishi UFJ, Ltd.
	  	 	$15,378,884.63	  	  	 	3.618561090%	  
	 US Bank National Association
	  	 	$7,689,442.32	  	  	 	1.809280545%	  
	 Wells Fargo Bank, N.A.
	  	 	$23,068,326.95	  	  	 	5.427841635%	  
	 Westpac Banking Corporation
	  	 	$4,613,665.39	  	  	 	1.085568326%	  
	 Total
	  	 	                $425,000,000.00	  	  	 	            100.000000000%	  

 Schedule 2.05 

Existing Letters of Credit 
  

							
	Company	 	Beneficiary	 	L/C#	 	Issuing Bank
	 Constellation Brands, Inc.
	 	598 Madison Leasing Corp.	 	T00000068089914	 	Bank of America, N.A.
	 Constellation Brands, Inc.
	 	Safety National Casualty Corp.	 	T00000068088641	 	Bank of America, N.A.
	 Constellation Brands, Inc.
	 	Lumbermens Mutual CA	 	T00000068074440	 	Bank of America, N.A.
	 Constellation Brands, Inc.
	 	San Joaquin Valley Unified Air Pollution Control District	 	T00000068103116	 	Bank of America, N.A.
	 Constellation Brands, Inc.
	 	Zurich-American Insurance Company	 	T00000068075212	 	Bank of America, N.A.
	 Constellation Brands, Inc.
	 	Ace American Insurance	 	T00000068095590	 	Bank of America, N.A.
	 Constellation Brands, Inc.
	 	Royal Trust - RCA for Ed Arnold	 	S18572/70765	 	The Bank of Nova Scotia
	 Constellation Brands, Inc.
	 	2725312 Canada Inc. c/o Bentall Real Estate Services LP	 	S18572/341159	 	The Bank of Nova Scotia

 Schedule 3.01 

Subsidiaries1,2,3 

 

									
	Name	  	Jurisdiction
of
Incorporation
or Formation	  	Percentage of issued and
  outstanding Equity Interests  

  Owned by Borrower and its  
Subsidiaries	  	Nature of Issued and
Outstanding Interests	  	Type of Subsidiary
	 ALCOFI INC.
	  	New York	  	100% of all Equity interests	  	N/A	  	Specified Domestic Subsidiary
	 Constellation Beers Ltd.
	  	Maryland	  	100% of all Equity Interests	  	N/A	  	Specified Domestic Subsidiary
	 Constellation Leasing, LLC
	  	New York	  	100% of all Equity Interests	  	N/A	  	Specified Domestic Subsidiary
	 Constellation Services LLC
	  	Delaware	  	100% of all Equity Interests	  	N/A	  	Specified Domestic Subsidiary
	 Constellation Wines U.S., Inc.
	  	New York	  	100% of all Equity Interests	  	N/A	  	Specified Domestic Subsidiary
	 Franciscan Vineyards, Inc.
	  	Delaware	  	100% of all Equity Interests	  	N/A	  	Specified Domestic Subsidiary
	 Robert Mondavi Investments
	  	California	  	100% of all Equity Interests	  	N/A	  	Specified Domestic Subsidiary

  
  

1 The Borrower has commitments and obligations to issue shares of its capital stock under certain stock
option plans, incentive plans, compensation plans, employee stock purchase plans and other stock-based plans, each of which is publicly filed, and options and other rights to acquire shares of capital stock of the Borrower are held by various
Persons pursuant to such plans. As set forth in the Borrower’s Certificate of Incorporation, as amended, which has been publicly filed, shares of Class B common stock and Class 1 common stock of the Borrower are convertible into shares of
Class A common stock of the Borrower. 
 2 In certain cases, the registered owner may have
preemptive rights in the shares of the Subsidiary. 
 3 Constellation Capital LLC and 3112751 Nova
Scotia Company are parties to a Subscription Agreement under which Constellation Capital LLC may acquire certain shares of 3112751 Nova Scotia Company. 

									
	Name	  	Jurisdiction
of
Incorporation
or Formation	  	Percentage of issued and
  outstanding Equity Interests  

  Owned by Borrower and its  
Subsidiaries	  	Nature of Issued and
Outstanding Interests	  	Type of Subsidiary
	 Spirits Marque One LLC
	  	Delaware	  	100% of all Equity Interests	  	N/A	  	Specified Domestic Subsidiary
	 Constellation International Holdings Limited
	  	New York	  	100% of all Equity Interests	  	N/A	  	Foreign Holding Company
	 CWI Holdings LLC
	  	New York	  	100% of all Equity Interests	  	N/A	  	Foreign Holding Company
	 3112751 Nova Scotia Company
	  	Nova Scotia	  	100% of all Equity Interests	  	N/A	  	 
	 CB International Finance S.a.r.l.
	  	Luxembourg	  	100% of all Equity Interests	  	N/A	  	 
	 CB Nova Scotia ULC
	  	Nova Scotia	  	100% of all Equity Interests	  	N/A	  	 
	 Constellation Canada Limited Partnership
	  	Ontario	  	100% of all Equity Interests	  	N/A	  	 
	 Constellation New Zealand Limited
	  	New Zealand	  	100% of all Equity Interests	  	N/A	  	 
	 Nobilo Holdings
	  	New Zealand	  	100% of all Equity Interests	  	N/A	  	 
	 Ruffino S.r.l.
	  	Italy	  	100% of all Equity Interests	  	N/A	  	 
	 Schenley Distilleries Inc./ Les Distilleries Schenley Inc.
	  	Canada	  	100% of all Equity Interests	  	N/A	  	 
	 Tenimenti Ruffino S.r.l.
	  	Italy	  	100% of all Equity Interests	  	N/A	  	 
	 Vincor International Inc.
	  	Canada	  	100% of all Equity Interests	  	N/A	  	 

									
	Name	  	
Jurisdiction
 of

Incorporation
or Formation
	  	Percentage of issued and
  outstanding Equity Interests  

  Owned by Borrower and its  
Subsidiaries	  	Nature of Issued and
Outstanding Interests	  	Type of Subsidiary
	 Vincor (Quebec) Inc.
	  	Quebec	  	100% of all Equity Interests	  	N/A	  	 
	 Constellation Trading Company, Inc.
	  	New York	  	100% of all Equity Interests	  	N/A	  	Immaterial Subsidiary4
	 Inniskillin Wines Inc.
	  	Ontario	  	100% of all Equity Interests	  	N/A	  	Immaterial Subsidiary
	 Nobilo Vintners Limited
	  	New Zealand	  	100% of all Equity Interests	  	N/A	  	Immaterial Subsidiary
	 Spagnol’s Wine & Beer Making Supplies Ltd.
	  	Canada	  	100% of all Equity Interests	  	N/A	  	Immaterial Subsidiary
	 The Hogue Cellars, Ltd.
	  	Washington	  	100% of all Equity Interests	  	N/A	  	Immaterial Subsidiary4
	 Vincor International IBC Inc.
	  	Barbados	  	100% of all Equity Interests	  	N/A	  	Immaterial Subsidiary

  
  

 

4 The Borrower will cause this Subsidiary to become a Guarantor. 

 Schedule 3.06 

Disclosed Matters 
 None.

 Schedule 6.01 

Existing Indebtedness 
 Loan/Financing
Agreements 
  

	 	1.	Phase Three Project Financing Agreement, dated as of February 14, 2012, between IBM Credit LLC and Constellation Brands, Inc., providing a credit facility in an amount of up to $10,000,000. 

 

	 	2.	Revolving Credit Facility Letter Agreement, dated June 28, 2006, between Rabobank Nederland, Canadian Branch, and Vincor International Inc., as amended from time to time, providing a revolving credit facility in an
amount up to C$86,000,000. 

  

	 	3.	Revolving Cash Advance Facility, dated November 30, 2009, between Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. and Constellation New Zealand Limited, as amended from time to time, providing a revolving
credit facility in an amount up to NZ$10,000,000. 

  

	 	4.	Revolving Credit Facility Letter Agreement, dated October 5, 2011, between Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. and Ruffino S.r.l., providing a revolving credit facility in an amount up to
€70,000,000. 

  

	 	5.	Scotia Connect Online Service Request Wire Payments Addendum dated March 28, 2007 and CAD Overdraft Facility with a maximum available amount of USD 10 million (overdraft line of credit facility).

  

	 	6.	Revolving Credit Facility Letter Agreement, dated November 27, 2012, between Bank of America, National Association, Milan Branch, and Ruffino S.r.l., providing a revolving credit facility in an amount up to
€9,000,000. 

 Indentures 
  

	 	1.	Indenture, dated as of August 15, 2006, among the Borrower, as issuer, the guarantors signatory thereto and BNY Midwest Trust Company, as trustee (the “2006 Indenture”). 

 

	 	2.	Supplemental Indenture No. 1 to the 2006 Indenture, dated as of August 15, 2006, with respect to the 7.25% Senior Notes in the amount of $700,000,000, due in 2016, by and among the Borrower, as issuer, the
guarantors named therein and BNY Midwest Trust Company, as trustee. 

  

	 	3.	Indenture with respect to the 7.25% Senior Notes in the amount of $700,000,000 due in 2017, dated as of May 14, 2007, among the Borrower, as issuer, the guarantors signatory thereto and The Bank of New York Trust
Company, N.A., as trustee. 

	 	4.	Supplemental Indenture No. 4 to the 2006 Indenture, dated as of December 5, 2007, with respect to the 8 3⁄8% Senior Notes in the amount of $500,000,000 due in 2014, by and among the Borrower, as issuer, the guarantors named therein and The Bank of New York Trust Company, N.A. (as successor to BNY Midwest Trust
Company), as trustee. 

  

	 	5.	Indenture, dated as of April 17, 2012, among the Borrower, as issuer, the guarantors signatory thereto and Manufacturers and Traders Trust Company, as trustee (the “2012 Indenture”).

  

	 	6.	Supplemental Indenture No. 1 to the 2012 Indenture, dated as of April 17, 2012, with respect to the 6% Senior Notes in the amount of $600,000,000, due in 2022, by and among the Borrower, as issuer, the
guarantors signatory thereto and Manufacturers and Traders Trust Company, as trustee. 

 Guarantees 

 

	 	1.	Guaranty, dated December 29, 2011, issued by Constellation Brands, Inc., guaranteeing the obligations of Crown Imports LLC under a certain Office Lease (as amended and/or assigned from time to time) between Crown
Imports LLC and South Dearborn, LLC. 

  

	 	2.	Guarantee, dated October 7, 2008, issued by Robert Mondavi Investments, guaranteeing the obligations of Opus One Winery, LLC under the Bank of America, N.A. Loan Agreement, up to $19,300,000. 

 

	 	3.	Guaranty, dated December 9, 2009, issued by Constellation International Holdings Limited, guaranteeing the obligations of Constellation Capital LLC under the 3112751 Nova Scotia Company Subscription Agreement.

  

	 	4.	Constellation Wines U.S., Inc. remains responsible for obligations under the Califland lease, dated on or around April 1, 2007, which Constellation Wines U.S., Inc. assigned to The Wine Group, LLC.

  

	 	5.	Constellation Wines U.S., Inc. remains responsible for obligations under the Can-Am Produce, Inc. lease, dated on or around April 1, 2007, which Constellation Wines U.S., Inc. assigned to The Wine Group, LLC.

  

	 	6.	Guaranty of Payment Agreement for Individual Accounts without Limits, dated July 20, 2012, issued by Constellation Brands, Inc., guaranteeing to American Express Travel Related Services Company, Inc. the payment of
all amounts owed under American Express Corporate Cards issued to certain employees of Constellation Brands, Inc. or its Subsidiaries. 

  

	 	7.	 Guaranty of Payment Agreement for Individual Accounts without Limits, dated April 19, 2013, issued by Constellation Brands, Inc., guaranteeing to
American Express Travel Related Services Company, Inc. the payment of all amounts owed under American 

	 	 
Express Corporate Cards issued to certain employees of Constellation Brands, Inc. or its Subsidiaries. 

Letters of Credit 
  

	 	1.	Letter of Credit #99.95 issued by Banco di Brescia for the account of Ruffino and for the benefit of Agenzia delle Dogane – Duty Tax Office. 

 

	 	2.	Letter of Credit #393.95 issued by Banco di Brescia for the account of Ruffino and for the benefit of Agenzia delle Dogane – Duty Tax Office. 

 

	 	3.	Letter of Credit #1/12670 issued by Banco di Brescia for the account of Ruffino and for the benefit of Agenzia delle Dogane – Duty Tax Office. 

 

	 	4.	Letter of Credit #1/37208 issued by Banco di Brescia for the account of Tenimenti Ruffino and for the benefit of ARTEA – Capital Contributions Vineyard Equ. 

 

	 	5.	Letter of Credit #1/37209 issued by Banco di Brescia for the account of Tenimenti Ruffino and for the benefit of ARTEA – Capital Contributions Vineyard Equ. 

 

	 	6.	Letter of Credit #1/37242 issued by Banco di Brescia for the account of Tenimenti Ruffino and for the benefit of ARTEA – Capital Contributions Vineyard Equ. 

 

	 	7.	Letter of Credit #3/37242 issued by Banco di Brescia for the account of Tenimenti Ruffino and for the benefit of ARTEA – Capital Contributions Vineyard Equ. 

 

	 	8.	Letter of Credit #2/37242 issued by Banco di Brescia for the account of Tenimenti Ruffino and for the benefit of ARTEA – Capital Contributions Vineyard Equ. 

 

	 	9.	Letter of Credit #0029.0745794.09 issued by La Fondiaria – SAI for the account of Tenimenti Ruffino and for the benefit of ARTEA – Capital Contributions Vineyard Equ. 

 

	 	10.	Letter of Credit #820-427-3 issued by Banco Popolare di Bergamo for the account of Tenimenti Ruffino and for the benefit of Municipality of Greve in Chianti – Road Works. 

 

	 	11.	Letter of Credit #0029.5100023.14 issued by La Fondiaria – SAI for the account of Ruffino and for the benefit of Agenzia delle Entrate – VAT Reimbursement. 

 

	 	12.	Letter of Credit #0029.0743900.46 issued by La Fondiaria – SAI for the account of Ruffino and for the benefit of Agenzia delle Entrate – VAT Reimbursement. 

 

	 	13.	Letter of Credit #0029.5101801.84 issued by La Fondiaria – SAI for the account of Ruffino and for the benefit of Agenzia delle Entrate – VAT Reimbursement. 

 

	 	14.	Letter of Credit #08384/8200/00551354 issued by Banca Intesa Sanpaolo for the account of Ruffino and for the benefit of A.G.E.A. – OCM Grant Regione Toscana. 

	 	15.	Letter of Credit #08384/8200/00551360 issued by Banca Intesa Sanpaolo for the account of Ruffino and for the benefit of A.G.E.A. – OCM Grant National. 

 

	 	16.	Letter of Credit #n. 28828 pos Toscana 19 2012/2013 issued by Rabobank for the account of Ruffino and for the benefit of A.G.E.A. – OCM Grant Regione. 

 

	 	17.	Letter of Credit #n. 26680 pos Nazionali 23 2012/2013 issued by Rabobank for the account of Ruffino and for the benefit of A.G.E.A. – OCM Grant National. 

 

	 	18.	Letter of Credit #0029.5101623.82 issued by La Fondiaria – SAI for the account of Tenimenti Ruffino and for the benefit of ARTEA-Capital Contributions Vineyard Equ. 

 

	 	19.	Letter of Credit #0029.5101622.84 issued by La Fondiaria – SAI for the account of Tenimenti Ruffino and for the benefit of ARTEA-Capital Contributions Vineyard Equ. 

 

	 	20.	Letter of Credit #0029.5101734.73 issued by La Fondiaria – SAI for the account of Tenimenti Ruffino and for the benefit of ARTEA-Capital Contributions Vineyard Equ. 

Capital Leases5 (in an aggregate principal amount of $44,490,618.41, as of February 28, 2013)

  

	 	1.	Xerox lease (including Statement of Work, Services and Solutions Agreement and Services & Solutions Order), dated July 15, 2011, between Constellation Brands, Inc. and Xerox Corporation. 

 

	 	2.	Pitney Bowes Global Financial Services Lease Agreement, dated June 30, 2011, between Constellation Brands, Inc. and Pitney Bowes. 

 

	 	3.	RMAP Master Lease Agreement, dated March 11, 2005, between Constellation Brands, Inc. and Ricoh Corporation. 

  

	 	4.	Master Equipment Lease Agreement No. 36264, dated as of September 4, 2007, between Constellation Wines U.S., Inc. and Banc of America Leasing & Capital, LLC (successor to Fleet Capital Corporation)
(including, without limitation, Lease Schedule No. 41375- 11500-004 and Lease Schedule No. 41375-11500-005). 

  

	 	5.	Master Equipment Lease, dated October 6, 2010, between Constellation Wines U.S., Inc. (successor-by-assignment to Constellation Brands, Inc.) and Manufacturers and Traders Trust Company. 

 

	 	6.	Master Equipment Lease, dated January 11, 2010, between Constellation Wines U.S., Inc. and Watts Equipment Company. 

  

 

5 Including all schedules entered into on or prior to February 28, 2013. 

	 	7.	Master Equipment Lease, dated August 8, 2011, between Constellation Wines U.S., Inc. and Farm Credit Leasing Services Corporation. 

 

	 	8.	Master Equipment Lease, dated August 15, 2011, between Constellation Wines U.S., Inc. and Wells Fargo Equipment Finance, Inc. 

  

	 	9.	Xerox lease (including Statement of Work, Services and Solutions Agreement and Services & Solutions Order), dated August 25, 2011, between Vincor International Inc. and Xerox Canada Ltd. 

 

	 	10.	Master Equipment Lease, dated July 18, 2007, between Constellation Wines U.S., Inc. and De Lage Landen Financial Services, Inc. 

Miscellaneous 
  

	 	1.	Investments listed on Schedule 6.05(g) that also constitute Indebtedness for purposes of Section 6.01 of this Agreement. 

 

	 	2.	Global Commercial Services Account Agreement, dated September 22, 2010, among American Express Travel Related Services Company, Inc. and its Global Related Entities, Constellation Brands, Inc., Crown Imports LLC
and certain subsidiaries of Constellation Brands, Inc. 

 Schedule 6.02 

Existing Liens6 

 

	 	1.	Liens arising under the capital leases set forth on Schedule 6.01 under the heading “Capital Leases”. 

  

 
  
  

 

6 All operating and synthetic leases of the Borrower and its Subsidiaries have been omitted. 

 Schedule 6.05(g) 

Investments 
 Joint Ventures 

 

	 	1.	Crown Imports LLC (50% owned by Constellation Beers Ltd.). 

  

	 	2.	Opus One Winery LLC (50% owned by Robert Mondavi Investments). 

  

	 	3.	Wicer, LLC (33.46% owned by Constellation Brands U.S. Operations, Inc. (f/k/a Constellation Wines U.S., Inc.)).7 

 

	 	4.	Accolade Wines Holdings Europe Limited (less than 19.9% owned by Constellation International Holdings Limited).7 

 

	 	5.	Accolade Wines Holdings Australia Pty Ltd ACN 103 359 299 (less than 19.9% owned by CWI Holdings LLC).7 

 

	 	6.	L.O. Smith AB (9.99% owned by Constellation Brands SMO, LLC (f/k/a Spirits Marque One LLC)).7 

 

	 	7.	Crew Wine Company LLC (35% owned by CBUS Crew Holdings, Inc.).7 

  

	 	8.	Valleyfield Vineyard Partnership (60% owned by Nobilo Vintners Limited).7 

  

	 	9.	Springfield Partnership (24.9% owned by Nobilo Vintners Limited).7 

  

	 	10.	Kikowhero Partnership (50% owned by Nobilo Vintners Limited).7 

  

	 	11.	Okanagan Wine Shops Limited (66.7% owned by Constellation Brands Canada, Inc. (f/k/a Vincor International Inc.)).7 

 

	 	12.	Nk’Mip Cellars Inc. (a minority interest is owned by Constellation Brands Canada, Inc. (f/k/a Vincor International Inc.)).7 

 

	 	13.	Okanagan Estate Cellars Ltd. (25% owned by Constellation Brands Canada, Inc. (f/k/a Vincor International Inc.)).7 

 

	 	14.	Brant Oil & Gas Company Limited (57% owned by Constellation Brands Canada, Inc. (f/k/a Vincor International Inc.)).7 

 

	 	15.	Osoyoos Larose Estate Winery Ltd. (50% owned by Constellation Brands Canada, Inc. (f/k/a Vincor International Inc.)).7 

 

7 All ownership percentages are approximate. 

 Miscellaneous 
  

	 	1.	Indebtedness listed on Schedule 6.01 that also constitutes an Investment for purposes of Section 6.05 of this Agreement. 

 Schedule 9.01 

Notices 
 BORROWER: 

Constellation Brands, Inc. 
 207 High Point Drive, Bldg. 100 

Victor, NY 14564 
 Attn: Treasurer 

Facsimile: 585-678-7108 
 with a copy to: 

Constellation Brands, Inc. 
 207 High Point Drive, Bldg. 100 

Victor, NY 14564 
 Attn: General Counsel 

Facsimile: 585-678-7119 
 and 

Nixon Peabody LLP 
 100 Summer Street 

Boston, MA 02110 
 Attn: Craig Mills, Esq. 

Phone: 617-345-1219 
 Facsimile: 866-947-1553 

Email: cmills@nixonpeabody.com

 ADMINISTRATIVE AGENT: 
 Administrative
Agent’s Office 
 (for payments and Borrowing Requests) 

James Underwood 
 Bank of America, N.A. 

Mail Code NC1-001-05-46 
 One Independence Center 

101 N Tryon St 
 Charlotte, NC 28255 

Phone:  980-683-2812 

Facsimile:  704-548-5646 
 Email: james.a.underwood@baml.com 

 Other Notices as Administrative Agent: 

Rosanne Parsill 
 Bank of America, N.A. 

Mail Code: IL4-135-09-61 
 135 South LaSalle Street 

Chicago, Illinois 60603 
 Phone:  312-923-1639 

Facsimile:  877-206-8429 
 Email: rosanne.parsill@baml.com 
 With a copy to:

 Cahill Gordon & Reindel LLP 
 80
Pine Street 
 New York, New York 10005 
 Attention: Corey
Wright, Esq. 
 Phone: 212-701-3165 
 Facsimile: 212-378-2544

 Email: cwright@cahill.com

 and 
 Colleen M. O’Brien 

Bank of America, N.A. 
 Mail Code: NY7-144-10-03 

One East Avenue, 10th Floor 
 Rochester, NY 14638 

Phone: 585-546-9362 
 Facsimile: 312-453-6274 

Email: colleen.m.O’brien@baml.com

 ISSUING BANK: 
 Mary Cooper 

Bank of America, N.A. 
 Mail Code: PA6-580-02-30 

One Fleet Way 
 Scranton, PA 18507 

Phone:  570-496-9564 

Facsimile:  800-755-8743 
 Email: mary.j.cooper@baml.com 

 Lisa McCants 

JPMorgan Chase Bank, N.A. 
 1111 Fannin Street 

Houston, TX 77002 
 Phone: 713-750-2119 

Facsimile: 713-750-2956 
 Email: lisa.a.mccants@jpmorgan.com 
 SWINGLINE
LENDER: 
 James Underwood 
 Bank of America, N.A. 

Mail Code: NC1-001-05-46 
 One Independence Center 

101 N Tryon St 
 Charlotte, NC 28255 

Phone: 980-683-2812 
 Facsimile: 704-548-5646 

Email: james.a.underwood@baml.com 

 Schedule 9.04(f) 

Voting Participants 
  

			
	Participant	  	Commitment
	 AgFirst Farm Credit Bank
	  	$55,964,931.55
	 1401 Hampton Street
	  	
	 Columbia, SC 29201
	  	
	 Steve O’Shea
	  	
	 Phone 803-753-2212

soshea@agfirst.com
	  	
		
	 American AgCredit, FLCA
	  	$24,537,283.83
	 4505 29th Street
	  	
	 Greeley, CO 80634
	  	
	 Ed Adams
	  	
	 Phone 707-521-7687

eadams@agloan.com
	  	
		
	 Badgerland Financial, FLCA
	  	$13,576,776.75
	 4602 E. Washington Ave.
	  	
	 Madison, WI 53707
	  	
	 Matthew Larse
	  	
	 Phone 608-370-6746

matt.larse@badgerlandfinancial.com
	  	
		
	 Farm Credit Bank of Texas
	  	$51,892,006.86
	 4801 Plaza on the Lake of Drive
	  	
	 Austin, TX 78746
	  	
	 Chris Levine
	  	
	 Phone 512-465-0607

chris.levine@farmcreditbank.com
	  	
		
	 Farm Credit Services of Mid-America, FLCA
	  	$48,024,306.55
	 1601 UPS Drive
	  	
	 Louisville, KY 40223
	  	
	 Ralph Bowman
	  	
	 Phone 502-420-3918

ralph.bowman@e-farmcredit.com
	  	
		
	 Farm Credit West, FLCA
	  	$13,113,227.04
	 3010 W. Main Street
	  	
	 Visalia, CA 93291
	  	
	 Ben Madonna
	  	
	 Phone 559-738-6174

ben.madonna@farmcreditwest.com
	  	

			
	 FCS Commercial Finance Group
	  	$38,765,504.60
	 600 Highway 169 South
	  	
	 Suite 850
	  	
	 Minneapolis, MN 55426
	  	
	 Daniel Best
	  	
	 Phone 952-428-7942

daniel.best@farmcredit.com
	  	
		
	 1st Farm Credit Services, FLCA
	  	$35,454,280.55
	 1560 Wall Street, Suite 221
	  	
	 Naperville, IL 60563
	  	
	 Dale Richardson
	  	
	 Phone 630-527-6426

drichar@1stfarmcredit.com
	  	
		
	 Fresno-Madera Production Credit Association
	  	$8,742,151.36
	 3515 West Road
	  	
	 East Lansing, MI 48823
	  	
	 Steven Balls
	  	
	 Phone 517-318-4130

steven.balls@fmfarmcredit.com
	  	
		
	 Frontier Farm Credit, ACA
	  	$12,574,451.09
	 2627 KFB Plaza Suite 201E
	  	
	 Manhattan, KS 66503-8127
	  	
	 Stuart Hays
	  	
	 Phone 785-776-6955

stuart.hays@frontierfarmcredit.com
	  	
		
	 Greenstone Farm Credit Services, FLCA
	  	$21,464,671.05
	 3515 West Road
	  	
	 East Lansing, MI 48823
	  	
	 Jeff Pavlik
	  	
	 Phone 517-318-4130
	  	
	 Jeff.pavlik@greenstonefcs.com
	  	
		
	 Northwest Farm Credit Services, FLCA
	  	$19,356,123.48
	 1700 S. Assembly Street
	  	
	 Spokane, WA 99224
	  	
	 Mark Westfall
	  	
	 Phone 509-340-5495
	  	
	 Mark.Westfall@northwestfcs.com
	  	
		
	 Yosemite Land Bank, ACA
	  	$12,592,151.36
	 800 W Monte Vista Avenue
	  	
	 Turlock, CA 95382
	  	
	 Walter Gray
	  	
	 Phone 209-667-2366
	  	
	 WGG@yosemiteFarmCredit.com
	  	

 EXHIBIT A 

ASSIGNMENT AND ASSUMPTION 
  

This Assignment and Assumption (this “Assignment and Assumption”) is dated as of the Effective Date set forth below and is
entered into by and between [the][each] Assignor identified in item 1 below ([the][each, an] “Assignor”) and [the][each] Assignee identified in item 2 below ([the][each, an] “Assignee”). [It is understood and agreed
that the rights and obligations of [the Assignors][the Assignees] hereunder are several and not joint.] Capitalized terms used but not defined herein shall have the meanings given to them in the Credit Agreement identified below (the “Credit
Agreement”), receipt of a copy of which is hereby acknowledged by the Assignee. The Standard Terms and Conditions set forth in Annex 1 attached hereto are hereby agreed to and incorporated herein by reference and made a part of this
Assignment and Assumption as if set forth herein in full. 
 For an agreed consideration, [the][each] Assignor hereby irrevocably sells and
assigns to [the Assignee][the respective Assignees], and [the][each] Assignee hereby irrevocably purchases and assumes from [the Assignor][the respective Assignors], subject to and in accordance with the Standard Terms and Conditions and the Credit
Agreement, as of the Effective Date inserted by the Administrative Agent as contemplated below (i) all of [the Assignor’s][the respective Assignors’] rights and obligations in [its capacity as a Lender][their respective capacities as
Lenders] under the Credit Agreement and any other documents or instruments delivered pursuant thereto to the extent related to the amount and percentage interest identified below of all of such outstanding rights and obligations of [the
Assignor][the respective Assignors] under the respective facilities identified below (including, without limitation, the Letters of Credit and the Swingline Loans included in such facilities) and (ii) to the extent permitted to be assigned
under applicable law, all claims, suits, causes of action and any other right of [the Assignor (in its capacity as a Lender)][the respective Assignors (in their respective capacities as Lenders)] against any Person, whether known or unknown, arising
under or in connection with the Credit Agreement, any other documents or instruments delivered pursuant thereto or the loan transactions governed thereby or in any way based on or related to any of the foregoing, including, but not limited to,
contract claims, tort claims, malpractice claims, statutory claims and all other claims at law or in equity related to the rights and obligations sold and assigned pursuant to clause (i) above (the rights and obligations sold and assigned by
[the][any] Assignor to [the][any] Assignee pursuant to clauses (i) and (ii) above being referred to herein collectively as [the][an] “Assigned Interest”). Each such sale and assignment is without recourse to [the][any]
Assignor and, except as expressly provided in this Assignment and Assumption, without representation or warranty by [the][any] Assignor. 
  

					
	1.	  	Assignor[s]:	    	                                      
                                   
		  		    	  

                          
                                         
      

	  
 2.
	  	  
 Assignee[s]:
	    	  

                          
                                         
      

		  		    	  

                          
                                         
      

  
 A- 1 

					
		  		    	  

            [for each Assignee, indicate [Affiliate][Approved

		  		    	Fund] of [identify Lender]]
	  
 3.
	  	  
 Borrower[s]:
	    	  
 [Constellation Brands, Inc.] [CIH International S.à
r.l.]

	  
 4.
	  	  
 Administrative Agent:
	    	  
 Bank of America, N.A., as the administrative agent under the Credit
Agreement

	  
 5.
	  	  
 Credit Agreement:
	    	  
 Third Amended and Restated Credit Agreement, dated as of May 28, 2014
(as amended by Amendment No. 1 on August 20, 2014, and as further amended, amended and restated, supplemented or otherwise modified from time to time), among Constellation Brands,
Inc., CIH International S.à r.l., the Lenders from time to time party thereto, and Bank of America, N.A., as Administrative Agent, Swingline Lender and Issuing Bank.

	  
 6.
	  	  
 Assigned Interest:
	    	

  

																	
	Assignor[s]	  	Assignee[s]	  	  

Facility
Assigned
  
	 	  	
Aggregate
Amount of
 Commitment/Loans 

for all Lenders
	  	 Amount of

Commitment/ 
  

Loans
Assigned
  
	  	Percentage
Assigned of
Commitment/
Loans	 	  	  

CUSIP
Number

	 	  	 	  	   
	                      
 
	    
	  	$                        
      
	  	$                  
 
	  	   
	                        
% 
	    
	  	 
	 	  	 	  	   
	                      
 
	    
	  	$                        
      
	  	$                  
 
	  	   
	                        
% 
	    
	  	 
	 	  	 	  	   
	                      
 
	    
	  	$                        
      
	  	$                  
 
	  	   
	                        
% 
	    
	  	 

  

					
	[7.	  	Trade Date:	    	                                      
      ]
	  
 Effective Date:
                                        ,
20      [TO BE INSERTED BY
 ADMINISTRATIVE AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE
REGISTER THEREFOR.]

  
 A- 2 

 The terms set forth in this Assignment and Assumption are hereby agreed to: 

 

			
	ASSIGNOR
	[NAME OF ASSIGNOR]
		
	By:	 	  

		 	Name:
		 	Title:
	
	ASSIGNEE
	[NAME OF ASSIGNEE]
		
	By:	 	  

		 	Name:
		 	Title:

  

			
	[Consented to and] Accepted:
	
	BANK OF AMERICA, N.A., as
	  Administrative Agent
		
	By:	 	  

		 	Name:
		 	Title:
	
	[Consented to:]
		
	By:	 	  

		 	Name
		 	Title:

  
 A- 3 

			
	[Consented to:
	
	CONSTELLATION BRANDS, INC.
		
	By:	 	  

		 	Name:
		 	Title:1]

  
  
  

 

1    To be included only if Company consent is required. 

  
 A- 4 

 ANNEX 1 TO ASSIGNMENT AND ASSUMPTION 

STANDARD TERMS AND CONDITIONS FOR 

ASSIGNMENT AND ASSUMPTION 

1.          Representations and Warranties. 

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

1.2.        Assignee. [The][Each] Assignee (a) represents and warrants that (i) it
has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and to become a Lender under the Credit Agreement and a party to the Loss
Sharing Agreement, dated as of May 2, 2013 (the “Loss Sharing Agreement”), by and among the Lenders, (ii) it meets all the requirements to be an assignee under Section 9.04(b)(iii), (v) and
(vi) of the Credit Agreement (subject to such consents, if any, as may be required under Section 9.04(b)(iii) of the Credit Agreement), (iii) from and after the Effective Date, it shall be bound by the provisions of the
Credit Agreement and the Loss Sharing Agreement as a Lender thereunder and, to the extent of [the][the relevant] Assigned Interest, shall have the obligations of a Lender thereunder, (iv) it is sophisticated with respect to decisions to acquire
assets of the type represented by [the][such] Assigned Interest and either it, or the Person exercising discretion in making its decision to acquire [the][such] Assigned Interest, is experienced in acquiring assets of such type, (v) it has
received a copy of the Credit Agreement and the Loss Sharing Agreement, and has received or has been accorded the opportunity to receive copies of the most recent financial statements delivered pursuant to Section 5.01(a) and (b) thereof,
as applicable, and such other documents and information as it deems appropriate to make its own credit analysis and decision to enter into this Assignment and Assumption and to purchase [the][such] Assigned Interest, (vi) 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 Assignment and Assumption and to purchase
[the][such] Assigned Interest, and (vii) if it is a Foreign Lender, attached 

  
 A- 5 

 
hereto is any documentation required to be delivered by it pursuant to the terms of the Credit Agreement, duly completed and executed by [the][such] Assignee; and (b) agrees that (i) it
will, independently and without reliance upon the Administrative Agent, [the][any] Assignor or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in
taking or not taking action under the Loan Documents, and (ii) it will perform in accordance with their terms all of the obligations which by the terms of the Loan Documents are required to be performed by it as a Lender. 

2.          Payments. From and after the Effective Date, the Administrative Agent
shall make all payments in respect of [the][each] Assigned Interest (including payments of principal, interest, fees and other amounts) to [the][the relevant] Assignor for amounts which have accrued to but excluding the Effective Date and to
[the][the relevant] Assignee for amounts which have accrued from and after the Effective Date. 

3.          General Provisions. This Assignment and Assumption shall be binding
upon, and inure to the benefit of, the parties hereto and their respective successors and assigns. This Assignment and Assumption may be executed in any number of counterparts, which together shall constitute one instrument. Delivery of an executed
counterpart of a signature page of this Assignment and Assumption by telecopy shall be effective as delivery of a manually executed counterpart of this Assignment and Assumption. This Assignment and Assumption shall be governed by, and construed in
accordance with, the law of the State of New York without regard to the conflict of law principles thereof to the extent that the application of the laws of another jurisdiction would be required thereby. 

  
 A- 6 

 EXHIBIT B-1 

FORM OF U.S. TERM A NOTE 

                       
 ,          
 FOR VALUE RECEIVED, the undersigned (the
“Borrower”), hereby promises to pay to
                                         
        or registered assigns (the “Lender”), in accordance with the provisions of the Agreement (as hereinafter defined), the principal amount of the U.S. Term A Loan from time to time made by
the Lender to the Borrower under that certain Third Amended and Restated Credit Agreement, dated as of May 28, 2014 (as amended by Amendment No. 1 on August 20, 2014, and as
further amended, amended and restated, supplemented or otherwise modified from time to time, the “Agreement;” the terms defined therein being used herein as therein defined), among the Borrower, CIH International S.à
r.l., a private limited liability company (société à responsabilité limitée) incorporated under the laws of Luxembourg, the Lenders from time to time party thereto, Bank of America, N.A., as Administrative
Agent and Swingline Lender and the Issuing Bank. 
 The Borrower promises to pay interest on the unpaid principal amount of the U.S. Term A
Loan made by the Lender from the date of such Loan until such principal amount is paid in full, at such interest rates and at such times as provided in the Agreement. All payments of principal and interest shall be made to the Administrative Agent
for the account of the Lender in Dollars in immediately available funds at the Administrative Agent’s Office. If any amount is not paid in full when due hereunder, such unpaid amount shall bear interest, to be paid upon demand, from the due
date thereof until the date of actual payment (and before as well as after judgment) computed at the per annum rate set forth in the Agreement. 

This U.S. Term A Note is one of the Notes referred to in the Agreement, is entitled to the benefits thereof and may be prepaid in whole or in
part subject to the terms and conditions provided therein. This U.S. Term A Note is also entitled to the benefits of the Guarantee Agreement and the Pledge Agreements and is secured by the Collateral. Upon the occurrence and continuation of one or
more of the Events of Default specified in the Agreement, all amounts then remaining unpaid on this U.S. Term A Note shall become, or may be declared to be, immediately due and payable all as provided in the Agreement. The U.S. Term A Loan made by
the Lender shall be evidenced by one or more loan accounts or records maintained by the Lender in the ordinary course of business. The Lender may also attach schedules to this U.S. Term A Note and endorse thereon the date, amount, currency and
maturity of its Loans and payments with respect thereto. 
 The Borrower hereby waives diligence, presentment, protest and demand and
notice of protest, demand, dishonor and non-payment of this U.S. Term A Note. 
 THE ASSIGNMENT OF THIS U.S. TERM A NOTE AND ANY RIGHTS
WITH RESPECT THERETO IS SUBJECT TO THE PROVISIONS OF THE AGREEMENT INCLUDING THE PROVISIONS GOVERNING THE REGISTER AND THE PARTICIPANT REGISTER. 

  
 B-1- 1 

 THIS U.S. TERM A NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF NEW YORK WITHOUT REGARD TO THE CONFLICT OF LAW PRINCIPLES THEREOF TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 

EACH OF THE PARTIES HERETO 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, AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS
TERM A NOTE, 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. 
  

			
	CONSTELLATION BRANDS, INC.
		
	By:	 	  

		 	Name:
		 	Title:

  
 B-1- 2 

 LOANS AND PAYMENTS WITH RESPECT THERETO 

 
  

													
	 Date

 
	 	 Type of Loan
Made

 
	 	 Currency and
Amount of Loan
Made

 
	 	 End of Interest
Period

 
	 	 Amount of
Principal or
Interest Paid This
Date

 
	 	 Outstanding
Principal Balance
This Date

 
	 	 Notation Made    
By    

 

	               	 	               	 	               	 	               	 	               	 	               	 	               
							
	               	 	               	 	               	 	               	 	               	 	               	 	               
							
	               	 	               	 	               	 	               	 	               	 	               	 	               
							
	               	 	               	 	               	 	               	 	               	 	               	 	               
							
	               	 	               	 	               	 	               	 	               	 	               	 	               
							
	               	 	               	 	               	 	               	 	               	 	               	 	               
							
	               	 	               	 	               	 	               	 	               	 	               	 	               
							
	               	 	               	 	               	 	               	 	               	 	               	 	               
							
	               	 	               	 	               	 	               	 	               	 	               	 	               
							
	               	 	               	 	               	 	               	 	               	 	               	 	               
							
	               	 	               	 	               	 	               	 	               	 	               	 	               
							
	               	 	               	 	               	 	               	 	               	 	               	 	               
							
	               	 	               	 	               	 	               	 	               	 	               	 	               
							
	               	 	               	 	               	 	               	 	               	 	               	 	               
							
	               	 	               	 	               	 	               	 	               	 	               	 	               
							
	               	 	               	 	               	 	               	 	               	 	               	 	               
							
	               	 	               	 	               	 	               	 	               	 	               	 	               
							
	               	 	               	 	               	 	               	 	               	 	               	 	               

  
 B-1- 3 

 EXHIBIT B-2 

FORM OF U.S. TERM A-1 NOTE 

                       
 ,          
 FOR VALUE RECEIVED, the undersigned (the
“Borrower”), hereby promises to pay to
                                         
        or registered assigns (the “Lender”), in accordance with the provisions of the Agreement (as hereinafter defined), the principal amount of the U.S. Term A-1 Loan from time to time made
by the Lender to the Borrower under that certain Third Amended and Restated Credit Agreement, dated as of May 28, 2014 (as amended by Amendment No. 1 on August 20, 2014, and as
further amended, amended and restated, supplemented or otherwise modified from time to time, the “Agreement;” the terms defined therein being used herein as therein defined), among the Borrower, CIH International S.à
r.l., a private limited liability company (société à responsabilité limitée) incorporated under the laws of Luxembourg, the Lenders from time to time party thereto, Bank of America, N.A., as Administrative
Agent and Swingline Lender and the Issuing Bank. 
 The Borrower promises to pay interest on the unpaid principal amount of the U.S. Term
A-1 Loan made by the Lender from the date of such Loan until such principal amount is paid in full, at such interest rates and at such times as provided in the Agreement. All payments of principal and interest shall be made to the Administrative
Agent for the account of the Lender in Dollars in immediately available funds at the Administrative Agent’s Office. If any amount is not paid in full when due hereunder, such unpaid amount shall bear interest, to be paid upon demand, from the
due date thereof until the date of actual payment (and before as well as after judgment) computed at the per annum rate set forth in the Agreement. 

This U.S. Term A-1 Note is one of the Notes referred to in the Agreement, is entitled to the benefits thereof and may be prepaid in whole or
in part subject to the terms and conditions provided therein. This U.S. Term A-1 Note is also entitled to the benefits of the Guarantee Agreement and the Pledge Agreements and is secured by the
Collateral. Upon the occurrence and continuation of one or more of the Events of Default specified in the Agreement, all amounts then remaining unpaid on this U.S. Term A-1 Note shall become, or may be declared to be, immediately due and payable all
as provided in the Agreement. The U.S. Term A-1 Loan made by the Lender shall be evidenced by one or more loan accounts or records maintained by the Lender in the ordinary course of business. The Lender may also attach schedules to this U.S. Term
A-1 Note and endorse thereon the date, amount, currency and maturity of its Loans and payments with respect thereto. 
 The Borrower hereby
waives diligence, presentment, protest and demand and notice of protest, demand, dishonor and non-payment of this U.S. Term A-1 Note. 

THE ASSIGNMENT OF THIS U.S. TERM A-1 NOTE AND ANY RIGHTS WITH RESPECT THERETO IS SUBJECT TO THE PROVISIONS OF THE AGREEMENT INCLUDING THE
PROVISIONS GOVERNING THE REGISTER AND THE PARTICIPANT REGISTER. 

  
 B-2- 1 

 THIS U.S. TERM A-1 NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF NEW YORK WITHOUT REGARD TO THE CONFLICT OF LAW PRINCIPLES THEREOF TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 

EACH OF THE PARTIES HERETO 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, AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS
U.S. TERM A-1 NOTE, 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. 
  

			
	CONSTELLATION BRANDS, INC.
		
	By:	 	  

		 	Name:
		 	Title:

  
 B-2- 2 

 LOANS AND PAYMENTS WITH RESPECT THERETO 

 
  

													
	 Date

 
	 	 Type of Loan
Made

 
	 	 Currency and
Amount of Loan
Made

 
	 	 End of Interest
Period

 
	 	 Amount of
Principal or
Interest Paid This
Date

 
	 	 Outstanding
Principal Balance
This Date

 
	 	 Notation Made    
By    

 

	               	 	               	 	               	 	               	 	               	 	               	 	               
							
	               	 	               	 	               	 	               	 	               	 	               	 	               
							
	               	 	               	 	               	 	               	 	               	 	               	 	               
							
	               	 	               	 	               	 	               	 	               	 	               	 	               
							
	               	 	               	 	               	 	               	 	               	 	               	 	               
							
	               	 	               	 	               	 	               	 	               	 	               	 	               
							
	               	 	               	 	               	 	               	 	               	 	               	 	               
							
	               	 	               	 	               	 	               	 	               	 	               	 	               
							
	               	 	               	 	               	 	               	 	               	 	               	 	               
							
	               	 	               	 	               	 	               	 	               	 	               	 	               
							
	               	 	               	 	               	 	               	 	               	 	               	 	               
							
	               	 	               	 	               	 	               	 	               	 	               	 	               
							
	               	 	               	 	               	 	               	 	               	 	               	 	               
							
	               	 	               	 	               	 	               	 	               	 	               	 	               
							
	               	 	               	 	               	 	               	 	               	 	               	 	               
							
	               	 	               	 	               	 	               	 	               	 	               	 	               
							
	               	 	               	 	               	 	               	 	               	 	               	 	               
							
	               	 	               	 	               	 	               	 	               	 	               	 	               

  
 B-2- 3 

 EXHIBIT B-3 

FORM OF U.S. REVOLVING NOTE 

                       
 ,          
 FOR VALUE RECEIVED, the undersigned (the
“Borrower”), hereby promises to pay to
                                         
        or registered assigns (the “Lender”), in accordance with the provisions of the Agreement (as hereinafter defined), the principal amount of each U.S. Revolving Loan from time to time made
by the Lender to the Borrower under that certain Third Amended and Restated Credit Agreement, dated as of May 28, 2014 (as amended by Amendment No. 1 on August 20, 2014, and as
further amended, amended and restated, supplemented or otherwise modified from time to time, the “Agreement;” the terms defined therein being used herein as therein defined), among the Borrower, CIH International S.à
r.l., a private limited liability company (société à responsabilité limitée) incorporated under the laws of Luxembourg, the Lenders from time to time party thereto, Bank of America, N.A., as Administrative
Agent and Swingline Lender and the Issuing Bank. 
 The Borrower promises to pay interest on the unpaid principal amount of each U.S.
Revolving Loan from the date of such Loan until such principal amount is paid in full, at such interest rates and at such times as provided in the Agreement. Except as otherwise provided in Section 2.04(f) of the Agreement with respect
to Swingline Loans, all payments of principal and interest shall be made to the Administrative Agent for the account of the Lender in the currency in which such Loan was denominated in Same Day Funds at the Administrative Agent’s Office. If any
amount is not paid in full when due hereunder, such unpaid amount shall bear interest, to be paid upon demand, from the due date thereof until the date of actual payment (and before as well as after judgment) computed at the per annum rate set forth
in the Agreement. 
 This U.S. Revolving Note is one of the Notes referred to in the Agreement, is entitled to the benefits thereof and may
be prepaid in whole or in part subject to the terms and conditions provided therein. This U.S. Revolving Note is also entitled to the benefits of the Guarantee Agreement and the Pledge Agreements and is secured by the Collateral. Upon the occurrence
and continuation of one or more of the Events of Default specified in the Agreement, all amounts then remaining unpaid on this U.S. Revolving Note shall become, or may be declared to be, immediately due and payable all as provided in the Agreement.
U.S. Revolving Loans made by the Lender shall be evidenced by one or more loan accounts or records maintained by the Lender in the ordinary course of business. The Lender may also attach schedules to this U.S. Revolving Note and endorse thereon the
date, amount, currency and maturity of its U.S. Revolving Loans and payments with respect thereto. 
 The Borrower hereby waives diligence,
presentment, protest and demand and notice of protest, demand, dishonor and non-payment of this U.S. Revolving Note. 
 THIS U.S. REVOLVING
NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO THE 

  
 B-3- 1 

 
CONFLICT OF LAW PRINCIPLES THEREOF TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 

EACH OF THE PARTIES HERETO 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, AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS
U.S. REVOLVING NOTE, 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. 
  

			
	CONSTELLATION BRANDS, INC.
		
	By:	 	  

		 	Name:
		 	Title:

  
 B-3- 2 

 LOANS AND PAYMENTS WITH RESPECT THERETO 

 
  

													
	 Date

 
	 	 Type of Loan
Made

 
	 	 Currency and
Amount of Loan
Made

 
	 	 End of Interest
Period

 
	 	 Amount of
Principal or
Interest Paid This
Date

 
	 	 Outstanding
Principal Balance
This Date

 
	 	 Notation Made    
By    

 

	               	 	               	 	               	 	               	 	               	 	               	 	               
							
	               	 	               	 	               	 	               	 	               	 	               	 	               
							
	               	 	               	 	               	 	               	 	               	 	               	 	               
							
	               	 	               	 	               	 	               	 	               	 	               	 	               
							
	               	 	               	 	               	 	               	 	               	 	               	 	               
							
	               	 	               	 	               	 	               	 	               	 	               	 	               
							
	               	 	               	 	               	 	               	 	               	 	               	 	               
							
	               	 	               	 	               	 	               	 	               	 	               	 	               
							
	               	 	               	 	               	 	               	 	               	 	               	 	               
							
	               	 	               	 	               	 	               	 	               	 	               	 	               
							
	               	 	               	 	               	 	               	 	               	 	               	 	               
							
	               	 	               	 	               	 	               	 	               	 	               	 	               
							
	               	 	               	 	               	 	               	 	               	 	               	 	               
							
	               	 	               	 	               	 	               	 	               	 	               	 	               
							
	               	 	               	 	               	 	               	 	               	 	               	 	               
							
	               	 	               	 	               	 	               	 	               	 	               	 	               
							
	               	 	               	 	               	 	               	 	               	 	               	 	               
							
	               	 	               	 	               	 	               	 	               	 	               	 	               

  
 B-3- 3 

 EXHIBIT B-4 

FORM OF EUROPEAN REVOLVING NOTE 

                       
 ,          
 FOR VALUE RECEIVED, Constellation Brands, Inc., a Delaware
corporation (the “U.S. Borrower”), and CIH International S.à r.l., a private limited liability company (société à responsabilité limitée) incorporated under the laws of Luxembourg,
having its registered office at 5, rue Guillaume Kroll, L-1882 Luxembourg and registered with the Luxembourg trade and companies register under number B 176.850 with a share capital of US$1,000,000 (the “European Borrower” and,
together with the U.S. Borrower, the “Borrowers”), hereby promise to pay to
                                         
    or registered assigns (the “Lender”), in accordance with the provisions of the Agreement (as hereinafter defined), the principal amount of each European Revolving Loan from time to time made by the Lender to
the applicable Borrower under that certain Third Amended and Restated Credit Agreement, dated as of May 28, 2014 (as amended by Amendment No. 1 on August 20, 2014, and as further
amended, amended and restated, supplemented or otherwise modified from time to time, the “Agreement;” the terms defined therein being used herein as therein defined), among the Borrowers, the Lenders from time to time party thereto,
Bank of America, N.A., as Administrative Agent and Swingline Lender and the Issuing Bank. 
 The applicable Borrower promises to pay
interest on the unpaid principal amount of each European Revolving Loan made to it from the date of such Loan until such principal amount is paid in full, at such interest rates and at such times as provided in the Agreement. Except as otherwise
provided in Section 2.04(f) of the Agreement with respect to Swingline Loans, all payments of principal and interest shall be made to the Administrative Agent for the account of the Lender in the currency in which such Loan was
denominated in Same Day Funds at the Administrative Agent’s Office. If any amount is not paid in full when due hereunder, such unpaid amount shall bear interest, to be paid upon demand, from the due date thereof until the date of actual payment
(and before as well as after judgment) computed at the per annum rate set forth in the Agreement. 
 This European Revolving Note is one of
the Notes referred to in the Agreement, is entitled to the benefits thereof and may be prepaid in whole or in part subject to the terms and conditions provided therein. This European Revolving Note is also entitled to the benefits of the Guarantee
Agreement and the Pledge Agreements and is secured by the Collateral. Upon the occurrence and continuation of one or more of the Events of Default specified in the Agreement, all amounts then remaining unpaid on this European Revolving Note shall
become, or may be declared to be, immediately due and payable all as provided in the Agreement. European Revolving Loans made by the Lender shall be evidenced by one or more loan accounts or records maintained by the Lender in the ordinary course of
business. The Lender may also attach schedules to this European Revolving Note and endorse thereon the date, amount, currency and maturity of its European Revolving Loans and payments with respect thereto. 

  
 B-2- 1 

 The applicable Borrower hereby waives diligence, presentment, protest and demand and notice of
protest, demand, dishonor and non-payment of this European Revolving Note. 
 THIS EUROPEAN REVOLVING NOTE SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO THE CONFLICT OF LAW PRINCIPLES THEREOF TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 

EACH OF THE PARTIES HERETO 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, AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS
EUROPEAN REVOLVING NOTE, 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. TO THE EXTENT THE EUROPEAN BORROWER HAS OR HEREAFTER MAY ACQUIRE ANY IMMUNITY FROM JURISDICTION OF ANY COURT OR FROM ANY LEGAL PROCESS (WHETHER FROM SERVICE OR NOTICE,
ATTACHMENT PRIOR TO JUDGMENT, ATTACHMENT IN AID OF EXECUTION OF A JUDGMENT, EXECUTION OR OTHERWISE), THE EUROPEAN BORROWER HEREBY IRREVOCABLY WAIVES SUCH IMMUNITY IN RESPECT OF ITS OBLIGATIONS UNDER THE LOAN DOCUMENTS. 

 

			
	CONSTELLATION BRANDS, INC.
		
	By:	 	  

		 	Name:
		 	Title:
	
	CIH INTERNATIONAL S.À R.L.
		
	By:	 	  

		 	Name:
		 	Title:

  
 B-2- 2 

 LOANS AND PAYMENTS WITH RESPECT THERETO 

 
  

													
	 Date

 
	 	 Type of Loan
Made

 
	 	 Currency and
Amount of Loan
Made

 
	 	 End of Interest
Period

 
	 	 Amount of
Principal or
Interest Paid This
Date

 
	 	 Outstanding
Principal Balance
This Date

 
	 	 Notation Made    
By    

 

	               	 	               	 	               	 	               	 	               	 	               	 	               
							
	               	 	               	 	               	 	               	 	               	 	               	 	               
							
	               	 	               	 	               	 	               	 	               	 	               	 	               
							
	               	 	               	 	               	 	               	 	               	 	               	 	               
							
	               	 	               	 	               	 	               	 	               	 	               	 	               
							
	               	 	               	 	               	 	               	 	               	 	               	 	               
							
	               	 	               	 	               	 	               	 	               	 	               	 	               
							
	               	 	               	 	               	 	               	 	               	 	               	 	               
							
	               	 	               	 	               	 	               	 	               	 	               	 	               
							
	               	 	               	 	               	 	               	 	               	 	               	 	               
							
	               	 	               	 	               	 	               	 	               	 	               	 	               
							
	               	 	               	 	               	 	               	 	               	 	               	 	               
							
	               	 	               	 	               	 	               	 	               	 	               	 	               
							
	               	 	               	 	               	 	               	 	               	 	               	 	               
							
	               	 	               	 	               	 	               	 	               	 	               	 	               
							
	               	 	               	 	               	 	               	 	               	 	               	 	               
							
	               	 	               	 	               	 	               	 	               	 	               	 	               
							
	               	 	               	 	               	 	               	 	               	 	               	 	               

  
 B-2- 3 

 EXHIBIT B-5 

FORM OF U.S. TERM A-2 NOTE 

                       
 ,          
 FOR VALUE RECEIVED, the undersigned (the
“Borrower”), hereby promises to pay to
                                         
        or registered assigns (the “Lender”), in accordance with the provisions of the Agreement (as hereinafter defined), the principal amount of the U.S. Term A-2 Loan from time to time made
by the Lender to the Borrower under that certain Third Amended and Restated Credit Agreement, dated as of May 28, 2014 (as amended by Amendment No. 1 on August 20, 2014, and as
further amended, amended and restated, supplemented or otherwise modified from time to time, the “Agreement;” the terms defined therein being used herein as therein defined), among the Borrower, CIH International S.à
r.l., a private limited liability company (société à responsabilité limitée) incorporated under the laws of Luxembourg, the Lenders from time to time party thereto, Bank of America, N.A., as Administrative
Agent and Swingline Lender and the Issuing Bank. 
 The Borrower promises to pay interest on the unpaid principal amount of the U.S. Term
A-2 Loan made by the Lender from the date of such Loan until such principal amount is paid in full, at such interest rates and at such times as provided in the Agreement. All payments of principal and interest shall be made to the Administrative
Agent for the account of the Lender in Dollars in immediately available funds at the Administrative Agent’s Office. If any amount is not paid in full when due hereunder, such unpaid amount shall bear interest, to be paid upon demand, from the
due date thereof until the date of actual payment (and before as well as after judgment) computed at the per annum rate set forth in the Agreement. 

This U.S. Term A-2 Note is one of the Notes referred to in the Agreement, is entitled to the benefits thereof and may be prepaid in whole or
in part subject to the terms and conditions provided therein. This U.S. Term A-2 Note is also entitled to the benefits of the Guarantee Agreement and the Pledge Agreements and is secured by the Collateral. Upon the occurrence and continuation of one
or more of the Events of Default specified in the Agreement, all amounts then remaining unpaid on this U.S. Term A-2 Note shall become, or may be declared to be, immediately due and payable all as provided in the Agreement. The U.S. Term A-2 Loan
made by the Lender shall be evidenced by one or more loan accounts or records maintained by the Lender in the ordinary course of business. The Lender may also attach schedules to this U.S. Term A-2 Note and endorse thereon the date, amount, currency
and maturity of its Loans and payments with respect thereto. 
 The Borrower hereby waives diligence, presentment, protest and demand and
notice of protest, demand, dishonor and non-payment of this U.S. Term A-2 Note. 
 THE ASSIGNMENT OF THIS U.S. TERM A-2 NOTE AND ANY RIGHTS
WITH RESPECT THERETO IS SUBJECT TO THE PROVISIONS OF THE AGREEMENT INCLUDING THE PROVISIONS GOVERNING THE REGISTER AND THE PARTICIPANT REGISTER. 

  
 B-5- 1 

 THIS U.S. TERM A-2 NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF NEW YORK WITHOUT REGARD TO THE CONFLICT OF LAW PRINCIPLES THEREOF TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 

EACH OF THE PARTIES HERETO 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, AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS
U.S. TERM A-1 NOTE, 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. 
  

			
	CONSTELLATION BRANDS, INC.
		
	By:	 	  

		 	Name:
		 	Title:

  
 B-5- 2 

 LOANS AND PAYMENTS WITH RESPECT THERETO 

 
  

													
	 Date

 
  
	  	 Type of Loan
Made

 
  
	  	 Currency and
Amount of Loan
Made

 
  
	  	 End of Interest
Period

 
  
	  	 Amount of
Principal or
Interest Paid This
Date

 
	  	 Outstanding
Principal Balance
This Date

 
  
	  	 Notation Made    
By    

 
  

	               	  	               	  	               	  	               	  	               	  	               	  	               
							
	               	  	               	  	               	  	               	  	               	  	               	  	               
							
	               	  	               	  	               	  	               	  	               	  	               	  	               
							
	               	  	               	  	               	  	               	  	               	  	               	  	               
							
	               	  	               	  	               	  	               	  	               	  	               	  	               
							
	               	  	               	  	               	  	               	  	               	  	               	  	               
							
	               	  	               	  	               	  	               	  	               	  	               	  	               
							
	               	  	               	  	               	  	               	  	               	  	               	  	               
							
	               	  	               	  	               	  	               	  	               	  	               	  	               
							
	               	  	               	  	               	  	               	  	               	  	               	  	               
							
	               	  	               	  	               	  	               	  	               	  	               	  	               
							
	               	  	               	  	               	  	               	  	               	  	               	  	               
							
	               	  	               	  	               	  	               	  	               	  	               	  	               
							
	               	  	               	  	               	  	               	  	               	  	               	  	               
							
	               	  	               	  	               	  	               	  	               	  	               	  	               
							
	               	  	               	  	               	  	               	  	               	  	               	  	               
							
	               	  	               	  	               	  	               	  	               	  	               	  	               
							
	               	  	               	  	               	  	               	  	               	  	               	  	               

  
 B-5- 3 

 EXHIBIT B-6 

FORM OF EUROPEAN TERM A NOTE 

                       
 ,          
 FOR VALUE RECEIVED, the undersigned (the “European
Borrower”), hereby promises to pay to
                                         
        or registered assigns (the “Lender”), in accordance with the provisions of the Agreement (as hereinafter defined), the principal amount of the European Term A Loan from time to time made
by the Lender to the European Borrower under that certain Third Amended and Restated Credit Agreement, dated as of May 28, 2014 (as amended by Amendment No. 1 on August 20, 2014, and
as further amended, amended and restated, supplemented or otherwise modified from time to time, the “Agreement;” the terms defined therein being used herein as therein defined), among the European Borrower, Constellation Brands,
Inc., a Delaware corporation, the Lenders from time to time party thereto, Bank of America, N.A., as Administrative Agent and Swingline Lender and the Issuing Bank. 

The European Borrower promises to pay interest on the unpaid principal amount of the European Term A Loan made by the Lender from the date of
such Loan until such principal amount is paid in full, at such interest rates and at such times as provided in the Agreement. All payments of principal and interest shall be made to the Administrative Agent for the account of the Lender in Dollars
in immediately available funds at the Administrative Agent’s Office. If any amount is not paid in full when due hereunder, such unpaid amount shall bear interest, to be paid upon demand, from the due date thereof until the date of actual
payment (and before as well as after judgment) computed at the per annum rate set forth in the Agreement. 
 This European Term A Note is
one of the Notes referred to in the Agreement, is entitled to the benefits thereof and may be prepaid in whole or in part subject to the terms and conditions provided therein. This European Term A Note is also entitled to the benefits of the
Guarantee Agreement and the Pledge Agreements and is secured by the Collateral. Upon the occurrence and continuation of one or more of the Events of Default specified in the Agreement, all amounts then remaining unpaid on this European Term A Note
shall become, or may be declared to be, immediately due and payable all as provided in the Agreement. The European Term A Loan made by the Lender shall be evidenced by one or more loan accounts or records maintained by the Lender in the ordinary
course of business. The Lender may also attach schedules to this European Term A Note and endorse thereon the date, amount, currency and maturity of its Loans and payments with respect thereto. 

The European Borrower hereby waives diligence, presentment, protest and demand and notice of protest, demand, dishonor and non-payment of
this European Term A Note. 
 THE ASSIGNMENT OF THIS EUROPEAN TERM A NOTE AND ANY RIGHTS WITH RESPECT THERETO IS SUBJECT TO THE PROVISIONS
OF THE AGREEMENT 

  
 B-6- 4 

 
INCLUDING THE PROVISIONS GOVERNING THE REGISTER AND THE PARTICIPANT REGISTER. 
 THIS
EUROPEAN TERM A NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO THE CONFLICT OF LAW PRINCIPLES THEREOF TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE
REQUIRED THEREBY. 
 EACH OF THE PARTIES HERETO 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, AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION OR PROCEEDING
ARISING OUT OF OR RELATING TO THIS EUROPEAN TERM A NOTE, 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. TO THE EXTENT THE EUROPEAN BORROWER HAS OR HEREAFTER MAY ACQUIRE ANY IMMUNITY FROM JURISDICTION OF ANY COURT OR FROM ANY LEGAL PROCESS (WHETHER
FROM SERVICE OR NOTICE, ATTACHMENT PRIOR TO JUDGMENT, ATTACHMENT IN AID OF EXECUTION OF A JUDGMENT, EXECUTION OR OTHERWISE), THE EUROPEAN BORROWER HEREBY IRREVOCABLY WAIVES SUCH IMMUNITY IN RESPECT OF ITS OBLIGATIONS UNDER THE LOAN DOCUMENTS. 

 

			
	CIH INTERNATIONAL S.À R.L.
		
	By:	 	  

		 	Name:
		 	Title:

  
 B-5- 5 

 LOANS AND PAYMENTS WITH RESPECT THERETO 

 
  

													
	 Date

 
  
	  	 Type of Loan
Made

 
  
	  	 Currency and
Amount of Loan
Made

 
  
	  	 End of Interest
Period

 
  
	  	 Amount of
Principal or
Interest Paid This
Date

 
	  	 Outstanding
Principal Balance
This Date

 
  
	  	 Notation Made    
By    

 
  

	               	  	               	  	               	  	               	  	               	  	               	  	               
							
	               	  	               	  	               	  	               	  	               	  	               	  	               
							
	               	  	               	  	               	  	               	  	               	  	               	  	               
							
	               	  	               	  	               	  	               	  	               	  	               	  	               
							
	               	  	               	  	               	  	               	  	               	  	               	  	               
							
	               	  	               	  	               	  	               	  	               	  	               	  	               
							
	               	  	               	  	               	  	               	  	               	  	               	  	               
							
	               	  	               	  	               	  	               	  	               	  	               	  	               
							
	               	  	               	  	               	  	               	  	               	  	               	  	               
							
	               	  	               	  	               	  	               	  	               	  	               	  	               
							
	               	  	               	  	               	  	               	  	               	  	               	  	               
							
	               	  	               	  	               	  	               	  	               	  	               	  	               
							
	               	  	               	  	               	  	               	  	               	  	               	  	               
							
	               	  	               	  	               	  	               	  	               	  	               	  	               
							
	               	  	               	  	               	  	               	  	               	  	               	  	               
							
	               	  	               	  	               	  	               	  	               	  	               	  	               
							
	               	  	               	  	               	  	               	  	               	  	               	  	               
							
	               	  	               	  	               	  	               	  	               	  	               	  	               

  
 B-5- 6 

 EXHIBIT B-7 

FORM OF EUROPEAN TERM B-1 NOTE 

                       
 ,          
 FOR VALUE RECEIVED, the undersigned (the “European
Borrower”), hereby promises to pay to
                                         
        or registered assigns (the “Lender”), in accordance with the provisions of the Agreement (as hereinafter defined), the principal amount of the European Term
B-1 Loan from time to time made by the Lender to the European Borrower under that certain Third Amended and Restated Credit Agreement, dated as of May 28, 2014 (as
amended by Amendment No. 1 on August 20, 2014, and as further amended, amended and restated, supplemented or otherwise modified from time to time, the “Agreement;” the
terms defined therein being used herein as therein defined), among the European Borrower, Constellation Brands, Inc., a Delaware corporation, the Lenders from time to time party thereto, Bank of America, N.A., as Administrative Agent and Swingline
Lender and the Issuing Bank. 
 The European Borrower promises to pay interest on the unpaid principal amount of the European
Term B-1 Loan made by the Lender from the date of such Loan until such principal amount is paid in full, at such interest rates and at such times as provided in the Agreement. All
payments of principal and interest shall be made to the Administrative Agent for the account of the Lender in Dollars in immediately available funds at the Administrative Agent’s Office. If any amount is not paid in full when due hereunder,
such unpaid amount shall bear interest, to be paid upon demand, from the due date thereof until the date of actual payment (and before as well as after judgment) computed at the per annum rate set forth in the Agreement. 

This European Term B-1 Note is one of the Notes referred to in the Agreement, is
entitled to the benefits thereof and may be prepaid in whole or in part subject to the terms and conditions provided therein. This European Term B-1 Note is also entitled to the
benefits of the Guarantee Agreement and the Pledge Agreements and is secured by the Collateral. Upon the occurrence and continuation of one or more of the Events of Default specified in the Agreement, all amounts then remaining unpaid on this
European Term B-1 Note shall become, or may be declared to be, immediately due and payable all as provided in the Agreement. The European Term
B-1 Loan made by the Lender shall be evidenced by one or more loan accounts or records maintained by the Lender in the ordinary course of business. The Lender may also attach schedules to
this European Term B-1 Note and endorse thereon the date, amount, currency and maturity of its Loans and payments with respect thereto. 

The European Borrower hereby waives diligence, presentment, protest and demand and notice of protest, demand, dishonor and non-payment of
this European Term B-1 Note. 
 THE ASSIGNMENT OF THIS EUROPEAN TERM
B-1 NOTE AND ANY RIGHTS WITH RESPECT THERETO IS SUBJECT TO THE PROVISIONS OF THE AGREEMENT 

  
 B-7- 1 

 
INCLUDING THE PROVISIONS GOVERNING THE REGISTER AND THE PARTICIPANT REGISTER. 
 THIS
EUROPEAN TERM B-1 NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO THE CONFLICT OF LAW PRINCIPLES THEREOF TO THE EXTENT THAT
THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 

  
 B-7- 2 

 EACH OF THE PARTIES HERETO 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, AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION OR
PROCEEDING ARISING OUT OF OR RELATING TO THIS EUROPEAN TERM B-1 NOTE, 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. TO THE EXTENT THE EUROPEAN BORROWER HAS OR HEREAFTER MAY
ACQUIRE ANY IMMUNITY FROM JURISDICTION OF ANY COURT OR FROM ANY LEGAL PROCESS (WHETHER FROM SERVICE OR NOTICE, ATTACHMENT PRIOR TO JUDGMENT, ATTACHMENT IN AID OF EXECUTION OF A JUDGMENT, EXECUTION OR OTHERWISE), THE EUROPEAN BORROWER HEREBY
IRREVOCABLY WAIVES SUCH IMMUNITY IN RESPECT OF ITS OBLIGATIONS UNDER THE LOAN DOCUMENTS. 
  

			
	CIH INTERNATIONAL S.À R.L.
		
	By:	 	  

		 	Name:
		 	Title:

  
 B-7- 3 

 LOANS AND PAYMENTS WITH RESPECT THERETO 

 
  

													
	 Date

 
  
	  	 Type of Loan
Made

 
  
	  	 Currency and
Amount of Loan
Made

 
  
	  	 End of Interest
Period

 
  
	  	 Amount of
Principal or
Interest Paid This
Date

 
	  	 Outstanding
Principal Balance
This Date

 
  
	  	 Notation Made    
By    

 
  

	               	  	               	  	               	  	               	  	               	  	               	  	               
							
	               	  	               	  	               	  	               	  	               	  	               	  	               
							
	               	  	               	  	               	  	               	  	               	  	               	  	               
							
	               	  	               	  	               	  	               	  	               	  	               	  	               
							
	               	  	               	  	               	  	               	  	               	  	               	  	               
							
	               	  	               	  	               	  	               	  	               	  	               	  	               
							
	               	  	               	  	               	  	               	  	               	  	               	  	               
							
	               	  	               	  	               	  	               	  	               	  	               	  	               
							
	               	  	               	  	               	  	               	  	               	  	               	  	               
							
	               	  	               	  	               	  	               	  	               	  	               	  	               
							
	               	  	               	  	               	  	               	  	               	  	               	  	               
							
	               	  	               	  	               	  	               	  	               	  	               	  	               
							
	               	  	               	  	               	  	               	  	               	  	               	  	               
							
	               	  	               	  	               	  	               	  	               	  	               	  	               
							
	               	  	               	  	               	  	               	  	               	  	               	  	               
							
	               	  	               	  	               	  	               	  	               	  	               	  	               
							
	               	  	               	  	               	  	               	  	               	  	               	  	               
							
	               	  	               	  	               	  	               	  	               	  	               	  	               

  
 B-7- 4 

 EXHIBIT C 

[Reserved] 

  
 C-1 

 EXHIBIT D-1 

[Reserved] 

  
 D-1-1 

 EXHIBIT D-2 

[Reserved] 

  
 D-2-1 

 EXHIBIT D-3 

[Reserved] 

  
 D-3-1 

 EXHIBIT D-4 

[Reserved] 

  
 D-4-1 

 EXHIBIT E 
  

FORM OF COMMITTED LOAN NOTICE 
  

 
 Date:
                       ,            

To:        Bank of America, N.A., as Administrative Agent 

Ladies and Gentlemen: 
 Reference is made to
that certain Third Amended and Restated Credit Agreement, dated as of May 28, 2014 (as amended by Amendment No. 1 on August 20, 2014, and as further amended, amended and restated,
supplemented or otherwise modified from time to time, the “Agreement;” the terms defined therein being used herein as therein defined), among Constellation Brands, Inc., a Delaware corporation (the “U.S. Borrower”),
CIH International S.à r.l., a private limited liability company (société à responsabilité limitée) incorporated under the laws of Luxembourg, having its registered office at 5, rue Guillaume Kroll,
L-1882 Luxembourg and registered with the Luxembourg trade and companies register under number B 176.850 with a share capital of US$1,000,000 (the “European Borrower” and, together with the U.S. Borrower, the
“Borrowers”), the Lenders from time to time party thereto, and Bank of America, N.A., as Administrative Agent, Swingline Lender and the Issuing Bank. 

The undersigned hereby requests (select one): 

 ̈         A Borrowing of [U.S.
Revolving][European Revolving][U.S. Term A][U.S. Term A-1][U.S. Term A-2] [European Term A][European Term B][European Term B-1] Loans 

 ̈         A conversion or continuation of [U.S.
Revolving][European Revolving][U.S. Term A][U.S. Term A-1][U.S. Term A-2] [European Term A][European Term B][European Term B-1] Loans 

 

	 	1.	On                                   (a
Business Day). 

  

	 	2.	In the amount of 

  

	 	3.	Comprised of
                                        

    [Type and Class of Loan requested] 

 

	 	4.	For Eurodollar Loans: with an Interest Period of      months1. 

 
  

			
	1	 	 One, two, three or six months (or any period as may be agreed to by the Administrative Agent and all applicable Lenders, as elected by
the applicable Borrower).

  
 E- 1 

	 	5.	To 

 [Account Number] 

[The [U.S.][European] Revolving Loan Borrowing requested herein complies with Section 2.01(c) of the Agreement]2 
 The [U.S.][European] Borrower hereby represents and warrants that the
conditions specified in Sections 4.02(a) and (b) shall be satisfied on and as of the date of the applicable Credit Event.3 

 

			
	[CONSTELLATION BRANDS, INC.
		
	By:	 	  

		
		 	 Name:
		 	 Title:]
	
	[CIH INTERNATIONAL S.À R.L.
		
	By:	 	  

		
		 	 Name:
		 	 Title:]

  
  
  

 

2    Include this sentence in the case of a Revolving Loan Borrowing. 

3    Include only when requesting a Borrowing, not when requesting a conversion or
continuation. 

  
 E- 2 

 EXHIBIT F 

FORM OF SWINGLINE LOAN NOTICE 

Date:
                       ,            

To:  Bank of America, N.A., as Swingline Lender 

Bank of America, N.A., as Administrative Agent 

Ladies and Gentlemen: 
 Reference is made to
that certain Third Amended and Restated Credit Agreement, dated as of May 28, 2014 (as amended by Amendment No. 1 on August 20, 2014, and as further amended, amended and restated,
supplemented or otherwise modified from time to time, the “Agreement;” the terms defined therein being used herein as therein defined), among Constellation Brands, Inc., a Delaware corporation (the “U.S. Borrower”),
CIH International S.à r.l., a private limited liability company (société à responsabilité limitée) incorporated under the laws of Luxembourg, having its registered office at 5, rue Guillaume Kroll,
L-1882 Luxembourg and registered with the Luxembourg trade and companies register under number B 176.850 with a share capital of US$1,000,000 (the “European Borrower”), the Lenders from time to time party thereto, Bank of America,
N.A., as Administrative Agent and Swingline Lender and the Issuing Bank. 
 The undersigned hereby requests a [U.S.][European] Swingline
Loan: 
  

	 	1.	On
                                         
              (a Business Day). 

  

	 	2.	In the amount of
$                                       .1 

 The [U.S.][European] Swingline Loan Borrowing requested herein complies
with the requirements of Section 2.04(a) of the Agreement. 
  
  

 

1    Minimum of $100,000. 

  
 F- 1 

 The [U.S.][European] Borrower hereby represents and warrants that the conditions
specified in Sections 4.02(a) and (b) shall be satisfied on and as of the date of the applicable Credit Event. 
  

			
	[CONSTELLATION BRANDS, INC.
		
	By:	 	  

		
		 	 Name:
		 	 Title:]
	
	[CIH INTERNATIONAL S.À R.L.
		
	By:	 	  

		
		 	 Name:
		 	 Title:]

  
 F- 2 

 EXHIBIT G         

FORM COMPLIANCE CERTIFICATE 
  

Financial Statement Date:
           ,          
  

To:  Bank of America, N.A., as Administrative Agent 

Ladies and Gentlemen: 
 Reference is made to
that certain Third Amended and Restated Credit Agreement, dated as of May 28, 2014 (as amended by Amendment No. 1 on August 20, 2014, and as further amended, amended and restated,
supplemented or otherwise modified from time to time, the “Agreement;” the terms defined therein being used herein as therein defined), among Constellation Brands, Inc., a Delaware corporation (the “Company”), CIH
International S.à r.l., a private limited liability company (société à responsabilité limitée) incorporated under the laws of Luxembourg (the “European Borrower” and, together with
the Company, the “Borrowers”), the Lenders from time to time party thereto and Bank of America, N.A., as Administrative Agent and Swingline Lender and the Issuing Banks. 

The undersigned Responsible Officer hereby certifies as of the date hereof that he/she is the
                                     of the Company, and that,
as such, he/she is authorized to execute and deliver this Certificate to the Administrative Agent on the behalf of the Company, and that: 

[Use following paragraph 1 for fiscal year-end financial statements] 

1.          The Company has delivered the year-end audited financial statements required by
Section 5.01(a) of the Agreement for the fiscal year of the Company ended as of the above date, together with the report and opinion of an independent certified public accountant required by such section. 

[Use following paragraph 1 for fiscal quarter-end financial statements] 

1.          The Company has delivered the unaudited financial statements required by
Section 5.01(b) of the Agreement for the fiscal quarter of the Company ended as of the above date. Such financial statements fairly present in all material respects the financial condition and results of operations of the Company and its
Consolidated Subsidiaries on a consolidated basis in accordance with GAAP as at such date and for such period, subject only to normal year-end audit adjustments and the absence of footnotes. 

  
 G- 1 

 2.          A review of the activities and
condition (financial or otherwise) of the Borrowers during such fiscal period has been made under the supervision of the undersigned with a view to determining whether during such fiscal period the Borrowers performed and observed all their
Obligations under the Loan Documents, and 
 [select one:] 

[to the knowledge of the undersigned after reasonable inquiry, during such fiscal period the Borrowers performed and observed each
covenant and condition of the Loan Documents applicable to them, and no Default has occurred and is continuing.] 

––or–– 

[to the knowledge of the undersigned after reasonable inquiry, during such fiscal period the following covenants or conditions have
not been performed or observed and the following is a list of each such Default and its nature and status:] 

3.          The financial covenant analyses and information set forth on Schedule 1
attached hereto are true and accurate on and as of the date of this Certificate. 
 IN WITNESS WHEREOF, the undersigned has executed
this Certificate as of                      ,
                            . 

 

			
	CONSTELLATION BRANDS, INC.
		
	By:	 	  

 
			
		
	Name:	 	  

 
			
		
	Title:	 	  

  
 G- 2 

 For the Quarter/Year ended
                                        
(“Statement Date”) 
 SCHEDULE 1 

to the Compliance Certificate 
  

 

					
			
	I.	 	Section 6.09(a) – Consolidated Interest Coverage Ratio.	  	
			
	A.	 	Consolidated EBITDA:	  	
			
	1.	 	Consolidated Net Income	  	$
	
	plus, without duplication, to the extent deducted in determining Consolidated
	Net Income:
			
	2.	 	Interest expense,	  	
			
	3.	 	Expense and provision for taxes paid or accrued,	  	
			
	4.	 	depreciation,	  	
			
	5.	 	amortization (including amortization of intangibles),	  	
			
	6.	 	non-cash charges recorded in respect of impairment of goodwill or long-term assets,	  	
			
	7.	 	any other non-cash items (including non-cash costs or expenses in respect of impairments of goodwill, non-cash charges pursuant to any management equity plan and non-cash charges pursuant to SFAS 158) except to the extent
representing an accrual for future cash outlays,	  	
			
	8.	 	without duplication, income of any non-wholly-owned Subsidiaries and deductions attributable to minority interests,	  	
			
	9.	 	extraordinary or unusual charges and expenses,	  	
			
	10.	 	expenses incurred in connection with any Permitted Acquisition, investment (including without limitation, the Acquisition), asset disposition, issuance or repayment of debt, issuance of equity	  	

  
 G- 3 

					
		 	securities, refinancing transaction or amendment or other modification of any debt instrument (in each case, including any such transaction consummated prior to the Original Restatement Effective Date and any such transaction
undertaken but not completed, and including transaction expenses incurred in connection therewith),	  	
			
	11.	 	any contingent or deferred payments (including earn-out payments, non-compete payments and consulting payments but excluding ongoing royalty payments) made in connection with any Permitted Acquisition:	  	
		
	minus, to the extent included in Consolidated Net Income, the sum of:	  	
			
	12.	 	any unusual, or extraordinary income or gains,	  	
			
	13.	 	any other non-cash income (except to the extent representing an accrual for future cash income),	  	
			
	14.	 	Consolidated EBITDA for four fiscal quarters (“Test Period”)	  	$
			
	B.	 	Consolidated Interest Expense:	  	
		
	The sum, for the Company and its Consolidated Subsidiaries (determined on a consolidated basis in accordance with GAAP) of:	  	
			
	1.	 	all interest in respect of Indebtedness (including the interest component of any payments in respect of Capital Lease Obligations) accrued during such period (whether or not actually paid during such period) determined after giving
effect to the net amount paid (or received) under Swap Agreements relating to any such Indebtedness,	  	
	
	minus, the sum of:
		
	2.	 	all interest income during such period,
			
	3.	 	to the extent included in clause (1) above, the amount of write-offs of deferred financing fees, expensing of bridge commitments and amounts paid on early terminations of Swap Agreements,	  	

  
 G- 4 

							
	4.	 	Consolidated Cash Interest Expense for Test Period:
		
	C.	 	Consolidated Interest Coverage Ratio (Line I.A.14 ÷Line I.B.4):
			
	D.	 	Covenant Requirement:	  	Greater than or equal to
		 		 		  	2.50 to 1.0
	II.	 	Section 6.09(b) – Consolidated Net Leverage Ratio.
				
		 	A.	 	Consolidated Total Net Indebtedness:	  	$
				
		 	B.	 	Consolidated EBITDA (Line I.A.14 above):	  	$
				
		 	C.	 	Consolidated Leverage Ratio (Line II.A ÷ Line II.B):	  	[     ] to 1
		
		 	Maximum permitted [5.50][5.75] to 1.01

  
  
  

 

1 Select appropriate leverage ratio based on Section 6.09 of the Agreement. 

  
 G- 5 

 EXHIBIT H-1 

[FORM OF] 
 UNITED STATES TAX
COMPLIANCE CERTIFICATE 
 (For Foreign Lenders That Are Not Treated As Partnerships For U.S. Federal Income Tax Purposes) 

Reference is made to that certain Third Amended and Restated Credit Agreement, dated as of May 28, 2014
(as amended by Amendment No. 1 on August 20, 2014, and as further amended, amended and restated, supplemented or otherwise modified from time to
time, (the “Credit Agreement”)), among Constellation Brands, Inc., a Delaware corporation (the “Company”), CIH International S.à
r.l., a private limited liability company (société à responsabilité limitée) incorporated under the laws of Luxembourg (the “European Borrower” and, together with the Company, the
“Borrowers”), the Lenders from time to time party thereto, Bank of America, N.A., as Administrative Agent and Swingline Lender and the Issuing Banks. Unless otherwise defined herein, terms defined in the Credit Agreement and used herein
shall have the meanings given to them in the Credit Agreement. 
 Pursuant to the provisions of Section 2.16(d) 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 Company within the meaning of Section 871(h)(3)(B) of the Code, (iv) it is not a “controlled foreign
corporation” related to the Company as described in Section 881(c)(3)(C) of the Code and (v) no payments in connection with any Loan Document are effectively connected with the undersigned’s conduct of a U.S. trade or business.

 The undersigned has furnished the Administrative Agent and the Company 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 Company and the Administrative Agent and (2) the undersigned shall
have at all times furnished the Company 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. 

  
 H-1- 1 

					
	 [NAME OF LENDER]

		
	By:    	 	  

		 	  
 Name:
	 	
		 	  
 Title:
	 	

  

			
	Date:	 	                  
    , 20[  ]

  
 H-1- 2 

 EXHIBIT H-2 

[FORM OF] 
 UNITED STATES TAX
COMPLIANCE CERTIFICATE 
 (For Foreign Lenders That Are Treated As Partnerships For U.S. Federal Income Tax Purposes) 

Reference is made to that certain Third Amended and Restated Credit Agreement, dated as of May 28, 2014
(as amended by Amendment No. 1 on August 20, 2014, and as further amended, amended and restated, supplemented or otherwise modified from time to
time, (the “Credit Agreement”)), among Constellation Brands, Inc., a Delaware corporation (the “Company”), CIH International S.à
r.l., a private limited liability company (société à responsabilité limitée) incorporated under the laws of Luxembourg (the “European Borrower” and, together with the Company, the
“Borrowers”), the Lenders from time to time party thereto, Bank of America, N.A., as Administrative Agent and Swingline Lender and the Issuing Banks. Unless otherwise defined herein, terms defined in the Credit Agreement and used herein
shall have the meanings given to them in the Credit Agreement. 
 Pursuant to the provisions of Section 2.16(d) 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)), (iii) none of the undersigned nor any of its direct or indirect applicable partners/members is a “bank” within the
meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members is a ten percent shareholder of the Company within the meaning of Section 871(h)(3)(B) of the Code, (v) none of its direct or
indirect partners/members is a “controlled foreign corporation” related to the Company as described in Section 881(c)(3)(C) of the Code and (vi) no payments in connection with any Loan Document are effectively connected with the
undersigned’s or its direct or indirect partners/members’ conduct of a U.S. trade or business. 
 The undersigned has furnished
the Administrative Agent and the Company 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. By executing this certificate, the undersigned agrees that (1) if the information provided on
this certificate changes, the undersigned shall promptly so inform the Company and the Administrative Agent and (2) the undersigned shall have at all times furnished the Company 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. 

[NAME OF LENDER] 

  
 H-2- 1 

					
	By:  	 	  

					
			
		 	  Name:	 	
		 	  Title:	 	
	
	 Date:                   
    , 20[  ]

  
 H-2- 2 

 EXHIBIT H-3 

[FORM OF] 
 UNITED STATES TAX
COMPLIANCE CERTIFICATE 
 (For Foreign Participants That Are Not Treated As Partnerships For U.S. Federal Income Tax Purposes) 

Reference is made to that certain Third Amended and Restated Credit Agreement, dated as of May 28, 2014
(as amended by Amendment No. 1 on August 20, 2014, and as further amended, amended and restated, supplemented or otherwise modified from time to
time, (the “Credit Agreement”)), among Constellation Brands, Inc., a Delaware corporation (the “Company”), CIH International S.à
r.l., a private limited liability company (société à responsabilité limitée) incorporated under the laws of Luxembourg (the “European Borrower” and, together with the Company, the
“Borrowers”), the Lenders from time to time party thereto, Bank of America, N.A., as Administrative Agent and Swingline Lender and the Issuing Banks. Unless otherwise defined herein, terms defined in the Credit Agreement and used herein
shall have the meanings given to them in the Credit Agreement. 
 Pursuant to the provisions of Sections 2.16(d) and 9.04(d) 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 Company within the meaning of Section 871(h)(3)(B) of the Code, (iv) it is not a “controlled foreign corporation” related to the Company
as described in Section 881(c)(3)(C) of the Code and (v) no payments in connection with any Loan Document are effectively connected with the undersigned’s conduct of a U.S. trade or business. 

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 such 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. 

  
 H-3- 1 

					
	 [NAME OF PARTICIPANT]

		
	By:  	 	  

					
			
		 	  Name:	 	
		 	  Title:	 	
	
	Date:                            , 20[  ]

  
 H-3- 2 

 EXHIBIT H-4 

[FORM OF] 
 UNITED STATES TAX
COMPLIANCE CERTIFICATE 
 (For Foreign Participants That Are Treated As Partnerships For U.S. Federal Income Tax Purposes) 

Reference is made to that certain Third Amended and Restated Credit Agreement, dated as of May 28, 2014
(as amended by Amendment No. 1 on August 20, 2014, and as further amended, amended and restated, supplemented or otherwise modified from time to
time, (the “Credit Agreement”)), among Constellation Brands, Inc., a Delaware corporation (the “Company”), CIH International S.à
r.l., a private limited liability company (société à responsabilité limitée) incorporated under the laws of Luxembourg (the “European Borrower” and, together with the Company, the
“Borrowers”), the Lenders from time to time party thereto, Bank of America, N.A., as Administrative Agent and Swingline Lender and the Issuing Banks. Unless otherwise defined herein, terms defined in the Credit Agreement and used herein
shall have the meanings given to them in the Credit Agreement. 
 Pursuant to the provisions of Sections 2.16(d) and 9.04(d) 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, (iii) neither the undersigned nor any of its direct or indirect partners/members is a ‘bank” within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members is a
ten percent shareholder of the Company within the meaning of Section 871(h)(3)(B) of the Code, (v) none of its direct or indirect partners/members is a “controlled foreign corporation” related to the Company as described in
Section 881(c)(3)(C) of the Code and (vi) no payments in connection with any Loan Document are effectively connected with the undersigned’s or its direct or indirect partners/members’ conduct of a U.S. trade or business. 

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. 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. 

  
 H-4- 1 

					
	 [NAME OF PARTICIPANT

		
	By:  	 	  

					
			
		 	  Name:	 	
		 	  Title:	 	
	
	Date:                            , 20[  ]

  
 H-4- 2

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