Document:

EX-10.3

 Exhibit 10.3 

EXECUTION VERSION 

FIRST AMENDMENT dated as of March 4, 2022 (this “Amendment”), to the FIVE-YEAR CREDIT AGREEMENT
dated as of March 6, 2020 (the “Credit Agreement”), among THE WALT DISNEY COMPANY, a Delaware corporation (the “Borrower”), TWDC ENTERPRISES 18 CORP., a Delaware corporation (the
“Guarantor”) (prior to the Guaranty Release Date), the LENDERS party thereto and JPMORGAN CHASE BANK, N.A., as designated agent (in such capacity, the “Designated Agent”). 

WHEREAS, the Lenders have agreed to extend credit to the Borrower under the Credit Agreement on the terms and subject to the
conditions set forth therein; 
 WHEREAS, the Borrower has requested that the Lenders agree to effect certain amendments to
the Credit Agreement as set forth herein; and 
 WHEREAS, the parties hereto, which include all of the Lenders party to the
Credit Agreement as of the Amendment Effective Date (as defined below), are willing to amend the Credit Agreement on the terms and subject to the conditions set forth herein. 

NOW, THEREFORE, in consideration of the mutual agreements herein contained and other good and valuable consideration, the
sufficiency and receipt of which are hereby acknowledged, the parties hereto hereby agree as follows: 
 SECTION 1.
Defined Terms. Capitalized terms used but not otherwise defined herein (including in the preamble and the recitals hereto) have the meanings assigned to them in the Credit Agreement, as amended hereby (as so amended, the “Amended
Credit Agreement”). 
 SECTION 2. Amendments to the Credit Agreement. Each of the parties hereto agrees
that on the Amendment Effective Date: 
 (a) The Credit Agreement shall be amended by inserting the language indicated in
single or double underlined text (indicated textually in the same manner as the following examples: single-underlined text or
double-underlined text) in Exhibit A hereto and by deleting the language indicated
by strikethrough text (indicated textually in the same manner as the following example: striken
text ) in Exhibit A hereto. 
 (b) Exhibit A
to the Credit Agreement is hereby amended and restated in its entirety to be in the form of Exhibit B attached hereto. 

SECTION 3. Representations and Warranties. The Loan Parties represent and warrant that: 

(a) This Amendment has been duly executed and delivered by each Loan Party and, assuming due execution by the parties hereto
other than the Loan Parties, constitutes a legal, valid and binding obligation of each Loan Party, enforceable against 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. 
 (b) On and as of the Amendment Effective Date, immediately after giving effect to this Amendment, the
representations and warranties of the Loan Parties set forth in Section 4.01 of the Amended Credit Agreement are true and correct in all material respects (or, if qualified by “materiality”, “material adverse effect” or
similar language, in all respects after giving effect to such qualification) with the same effect as if made on and as of such date, except to the extent such representations and warranties expressly relate to an earlier date, in which case they
were so true and correct as of such earlier date (it being agreed that, solely for purposes of this Section 3(b), all references in Section 4.01 of the Amended Credit Agreement to “this Agreement” shall be deemed to be references
to each of the Amended Credit Agreement and this Amendment). 
 (c) On and as of the Amendment Effective Date, immediately
after giving effect to this Amendment, no event has occurred and is continuing which constitutes an Event of Default or would constitute an Event of Default but for the requirement that notice be given or time elapse or both. 

SECTION 4. Effectiveness. This Amendment shall become effective as of the first date (the “Amendment
Effective Date”) on which all of the following conditions precedent have been satisfied or waived in accordance with Section 8.01 of the Credit Agreement: 

(a) The Designated Agent (or its counsel) shall have received from each Loan Party and each Lender that is party to the Credit
Agreement as of the Amendment Effective Date a duly executed counterpart of this Amendment signed on behalf of such party (which, subject to Section 8.15 of the Amended Credit Agreement, may include any Electronic Signatures transmitted by
emailed pdf. or any other electronic means that reproduces an image of an actual executed signature page). 
 (b) The
Designated Agent shall have received on or before the Amendment Effective Date the following, each dated as of the Amendment Effective Date: (i) a certificate of the Secretary or an Assistant Secretary of each Loan Party attaching and
certifying copies of the organizational documents of each Loan Party and the resolutions of the Board of Directors of each Loan Party or the Executive Committee (or other appropriate committee) of each such Board of Directors, authorizing the
execution and delivery of this Amendment and the other documents related hereto; (ii) a certificate of the Secretary or an Assistant Secretary of each Loan Party, certifying the name and true signature of the officer of such Loan Party
executing this Amendment on its behalf; and (iii) a certificate of a Responsible Officer of the Borrower, certifying as to the satisfaction of the conditions set forth in Sections 4(c), 4(d) and 4(e) of this Amendment; and (iv) opinions of
counsel for each Loan Party (which may be in-house counsel, external counsel or a combination of the two), substantially to the effect set forth in Exhibit C to the Amended Credit Agreement. 

  
 2 

 (c) There shall have occurred no material adverse change in the business,
financial condition or results of operations of the Consolidated Group, taken as a whole, since October 2, 2021, except as disclosed in reports filed by the Borrower during the period from October 2, 2021 to the date hereof pursuant to
Section 13 of the Securities Exchange Act of 1934, as amended, copies of which have been furnished to the Lenders prior to the date hereof (including by posting on the website of the SEC at http://www.sec.gov). 

(d) All of the representations and warranties contained in Section 3 hereof shall be correct in all material respects on
and as of the Amendment Effective Date. 
 (e) No event has occurred and is continuing, or would result from the occurrence
of the Amendment Effective Date, which constitutes an Event of Default or would constitute an Event of Default but for the requirement that notice be given or time elapse or both. 

The Designated Agent shall notify the Loan Parties and the Lenders of the occurrence of the Amendment Effective Date, and such
notice shall be conclusive and binding. 
 SECTION 5. Effect of this Amendment. (a) Except as expressly set
forth herein, this Amendment shall not by implication or otherwise limit, impair, constitute a waiver of or otherwise affect the rights and remedies of the Designated Agent, the Co-Administrative Agents or the
Lenders under the Credit Agreement, and shall not alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement, all of which are ratified and affirmed in all respects
and shall continue in full force and effect. Nothing herein shall be deemed to entitle the Loan Parties to any other consent to, or any other waiver, amendment, modification or other change of, any of the terms, conditions, obligations, covenants or
agreements contained in the Amended Credit Agreement in similar or different circumstances. 
 (b) On and after the
Amendment Effective Date, each reference in the Credit Agreement to “this Agreement”, “herein”, “hereunder”, “hereto”, “hereof” and words of similar import shall, unless the context otherwise
requires, refer to the Amended Credit Agreement, and each reference to the Credit Agreement in any other Loan Document shall be deemed to be a reference to the Amended Credit Agreement. This Amendment shall constitute a “Loan Document” for
all purposes of the Amended Credit Agreement and the other Loan Documents. 
 SECTION 6. Applicable Law.
THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 
 SECTION 7.
Counterparts. This Amendment 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

  
 3 

 
instrument. Delivery of an executed counterpart of a signature page to this Amendment by e-mail or other electronic transmission shall be effective as
delivery of a manually executed counterpart hereof. The words “execution”, “signed”, “signature” and words of like import in this Amendment shall be deemed to include Electronic Signatures or electronic records, 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. 

SECTION 8. Fees and Expenses. The Borrower agrees to reimburse the Designated Agent for its reasonable out-of-pocket expenses in connection with this Amendment, including the reasonable fees, charges and disbursements of Cravath, Swaine & Moore LLP, counsel for the
Designated Agent. 
 SECTION 9. Headings. The Section headings used herein are for convenience of reference only, are
not part of this Amendment and are not to affect the construction of, or to be taken into consideration in interpreting, this Amendment. 

SECTION 10. Incorporation by Reference. Section 8.12 of the Amended Credit Agreement is hereby incorporated by
reference herein, mutatis mutandis. 
 [Remainder of page intentionally left blank] 

  
 4 

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

			
	THE WALT DISNEY COMPANY, as Borrower
		
	by	 	/s/ Carlos A. Gomez
		 	Name: Carlos A. Gomez
		 	Title: Senior Vice President and Treasurer

  

			
	TWDC ENTERPRISES 18 CORP., as Guarantor
		
	by	 	/s/ Carlos A. Gomez
		 	Name: Carlos A. Gomez
		 	Title: Treasurer

  
 [First
Amendment to 2020 Five-Year Credit Agreement] 

 
			
	JPMORGAN CHASE BANK, N.A., individually and as Designated Agent
		
	by	 	/s/ Ryan Zimmerman
		 	 Name: Ryan Zimmerman
 Title: Vice
President

  
 [First
Amendment to 2020 Five-Year Credit Agreement] 

 LENDER SIGNATURE PAGE TO FIRST AMENDMENT TO 

2020 FIVE-YEAR CREDIT AGREEMENT OF 

THE WALT DISNEY COMPANY 
  

			
	CITIBANK, N.A.
		
	by	 	/s/ Michael Vondriska
		 	Name: Michael Vondriska
		 	Title: Vice President

  
 [First
Amendment to 2020 Five-Year Credit Agreement] 

 LENDER SIGNATURE PAGE TO FIRST AMENDMENT TO 

2020 FIVE-YEAR CREDIT AGREEMENT OF 

THE WALT DISNEY COMPANY 
  

 Name of Lender: 

 

			
	BNP PARIBAS
		
	by	 	/s/ Nicole Rodriguez
		 	Name: Nicole Rodriguez
		 	Title: Director
		
	by	 	/s/ Nicolas Doche
		 	Name: Nicolas Doche
		 	Title: Vice President

 LENDER SIGNATURE PAGE TO FIRST AMENDMENT TO 

2020 FIVE-YEAR CREDIT AGREEMENT OF 

THE WALT DISNEY COMPANY 
  

 Name of Lender: 

DEUTSCHE BANK AG NEW YORK BRANCH, 

 

			
	by	 	/s/ Ming K. Chu
		 	Name: Ming K. Chu
		 	 Title: Director

Ming.k.chu@db.com

		
	by	 	/s/ Marko Lukin
		 	Name: Marko Lukin
		 	 Title: Vice President

Marko.lukin@db.com

 LENDER SIGNATURE PAGE TO FIRST AMENDMENT TO 

2020 FIVE-YEAR CREDIT AGREEMENT OF 

THE WALT DISNEY COMPANY 
  

 Name of Lender: 

 

			
	BANK OF AMERICA, N.A.
		
	By	 	/s/ Jonathan Tristan
		 	Name: Jonathan Tristan
		 	Title: Vice President

 LENDER SIGNATURE PAGE TO FIRST AMENDMENT TO 

2020 FIVE-YEAR CREDIT AGREEMENT OF 

THE WALT DISNEY COMPANY 
  

 CREDIT SUISSE AG, NEW YORK BRANCH 

 

			
	by	 	/s/ Komal Shah
		 	Name: Komal Shah
		 	Title: Authorized Signatory
		
	by	 	/s/ Michael Dieffenbacher
		 	Name: Michael Dieffenbacher
		 	Title: Authorized Signatory

 LENDER SIGNATURE PAGE TO FIRST AMENDMENT TO 

2020 FIVE-YEAR CREDIT AGREEMENT OF 

THE WALT DISNEY COMPANY 
  

 Name of Lender: 

 

			
	GOLDMAN SACHS BANK USA
		
	by	 	/s/ Rebecca Kratz
		 	Name: Rebecca Kratz
		 	Title: Authorized Signatory

 LENDER SIGNATURE PAGE TO FIRST AMENDMENT TO 

2020 FIVE-YEAR CREDIT AGREEMENT OF 

THE WALT DISNEY COMPANY 
  

 Name of Lender: 

 

			
	HSBC Bank USA, N.A.
		
	by	 	/s/ Darren Santos
		 	Name: Darren Santos
		 	Title: Senior Vice President, 22672

 For any Lender requiring a second signature block: 

 

			
		
	by	 	 
		 	Name:
		 	Title:

 LENDER SIGNATURE PAGE TO FIRST AMENDMENT TO 

2020 FIVE-YEAR CREDIT AGREEMENT OF 

THE WALT DISNEY COMPANY 
  

 Name of Lender: Mizuho Bank, Ltd. 

 

			
		
	by	 	/s/ Tracy Rahn
		 	Name: Tracy Rahn
		 	Title: Executive Director

 LENDER SIGNATURE PAGE TO FIRST AMENDMENT TO 

2020 FIVE-YEAR CREDIT AGREEMENT OF 

THE WALT DISNEY COMPANY 
  

 Name of Lender: 

 

			
	MORGAN STANLEY BANK, N.A.
		
	by	 	/s/ Julie Lilienfeld
		 	Name: Julie Lilienfeld
		 	Title: Authorized Signatory

 LENDER SIGNATURE PAGE TO FIRST AMENDMENT TO 

2020 FIVE-YEAR CREDIT AGREEMENT OF 

THE WALT DISNEY COMPANY 
  

 
			
	 Name of Lender: MUFG BANK, Ltd.

		
	by	 	/s/ Lillian Kim
		 	Name: Lillian Kim
		 	Title: Director

 LENDER SIGNATURE PAGE TO FIRST AMENDMENT TO 

2020 FIVE-YEAR CREDIT AGREEMENT OF 

THE WALT DISNEY COMPANY 
  

 Name of Lender: 

 

			
	ROYAL BANK OF CANADA
		
	by	 	/s/ Alfonse Simone
		 	Name: Alfonse Simone
		 	Title: Authorized Signatory

 LENDER SIGNATURE PAGE TO FIRST AMENDMENT TO 

2020 FIVE-YEAR CREDIT AGREEMENT OF 

THE WALT DISNEY COMPANY 
  

							
	 Name of Lender:
	 		 	Société Générale
				
		 		 	by	 	/s/ Shelley Yu
		 		 		 	Name: Shelley Yu
		 		 		 	Title: Director

 LENDER SIGNATURE PAGE TO FIRST AMENDMENT TO 

2020 FIVE-YEAR CREDIT AGREEMENT OF 

THE WALT DISNEY COMPANY 
  

 Name of Lender: 
  

							
		 		 	SUMITOMO MITSUI BANKING CORPORTATION
				
		 		 	by	 	/s/ Nabeel Shah
		 		 		 	Name: Nabeel Shah
		 		 		 	Title: Director

 LENDER SIGNATURE PAGE TO FIRST AMENDMENT TO 

2020 FIVE-YEAR CREDIT AGREEMENT OF 

THE WALT DISNEY COMPANY 
  

 Name of Lender: THE TORONTO-DOMINION BANK, NEW YORK BRANCH 

 

			
		
	by	 	/s/ Michael Borowiecki
		 	Name: Michael Borowiecki
		 	Title: Authorized Signatory

 LENDER SIGNATURE PAGE TO FIRST AMENDMENT TO 

2020 FIVE-YEAR CREDIT AGREEMENT OF 

THE WALT DISNEY COMPANY 
  

 Name of Lender: 

 

			
	TRUIST BANK
		
	 by
	 	/s/ Paige Scheper
		 	Name: Paige Scheper
		 	Title: Director

 LENDER SIGNATURE PAGE TO FIRST AMENDMENT TO 

2020 FIVE-YEAR CREDIT AGREEMENT OF 

THE WALT DISNEY COMPANY 
  

							
	 Name of Lender:
	 		 	U.S. Bank National Association
				
		 		 	by	 	/s/ Steven J. Correll
		 		 		 	Name: Steven J. Correll
		 		 		 	Title: Senior Vice President

 For any Lender requiring a second signature block: 

 

							
		 		 	by	 	 
		 		 		 	Name:
		 		 		 	Title:

 LENDER SIGNATURE PAGE TO FIRST AMENDMENT TO 

2020 FIVE-YEAR CREDIT AGREEMENT OF 

THE WALT DISNEY COMPANY 
  

 Name of Lender: 

 

							
		 		 	Wells Fargo Bank, N.A.
				
		 		 	by	 	/s/ Paul Ingersoll
		 		 		 	Name: Paul Ingersoll
		 		 		 	Title: Managing Director

 LENDER SIGNATURE PAGE TO FIRST AMENDMENT TO 

2020 FIVE-YEAR CREDIT AGREEMENT OF 

THE WALT DISNEY COMPANY 
  

 Name of Lender: 

Agricultural Bank of China Ltd., New York Branch 
  

							
		 		 	By	 	/s/ Nelson Chou
		 		 		 	Name: Nelson Chou
		 		 		 	Title: Head of Corporate Banking

 For any Lender requiring a second signature block: 

 

							
		 		 	By	 	 
		 		 		 	Name:
		 		 		 	Title:

 LENDER SIGNATURE PAGE TO FIRST AMENDMENT TO 

2020 FIVE-YEAR CREDIT AGREEMENT OF 

THE WALT DISNEY COMPANY 
  

 Name of Lender: 

BANCO SANTANDER, S.A., NEW YORK BRANCH 
  

							
		 		 	by	 	/s/ Pablo Urgoiti
		 		 		 	Name: Pablo Urgoiti
		 		 		 	Title: Managing Director

  

							
		 		 	by	 	/s/ Andres Barbosa
		 		 		 	Name: Andres Barbosa
		 		 		 	Title: Managing Director

 LENDER SIGNATURE PAGE TO FIRST AMENDMENT TO 

2020 FIVE-YEAR CREDIT AGREEMENT OF 

THE WALT DISNEY COMPANY 
  

 Name of Lender: 

 

							
		 		 		 	Bank of China, Los Angeles Branch
				
		 		 	by	 	/s/ Liming Xiao
		 		 		 	Name: Liming Xiao
		 		 		 	Title: SVP

 LENDER SIGNATURE PAGE TO FIRST AMENDMENT TO 

2020 FIVE-YEAR CREDIT AGREEMENT OF 

THE WALT DISNEY COMPANY 
  

 Name of Lender: 

 

							
		 		 	Industrial and Commercial Bank of China Limited., New York Branch
				
		 		 	by	 	/s/ Tony Huang
		 		 		 	Name: Tony Huang
		 		 		 	Title: Director

 For any Lender requiring a second signature block: 

 

							
		 		 	by	 	/s/ Yuanyuan Peng
		 		 		 	Name: Yuanyuan Peng
		 		 		 	Title: Executive Director

 LENDER SIGNATURE PAGE TO FIRST AMENDMENT TO 

2020 FIVE-YEAR CREDIT AGREEMENT OF 

THE WALT DISNEY COMPANY 
  

 Name of Lender: 

 

							
		 		 	ING Bank N.V., Dublin Branch
				
		 		 	by	 	/s/ Sean Hassett
		 		 		 	Name: Sean Hassett
		 		 		 	Title: Director

  

							
		 		 	by	 	/s/ Cormac Langford
		 		 		 	Name: Cormac Langford
		 		 		 	Title: Director

 LENDER SIGNATURE PAGE TO FIRST AMENDMENT TO 

2020 FIVE-YEAR CREDIT AGREEMENT OF 

THE WALT DISNEY COMPANY 
  

 Name of Lender: 

 

							
		 		 	STANDARD CHARTERED BANK
				
		 		 	by	 	/s/ Kristopher Tracy
		 		 		 	Name: Kristopher Tracy
		 		 		 	Title: Director, Financing Solutions

 LENDER SIGNATURE PAGE TO FIRST AMENDMENT TO 

2020 FIVE-YEAR CREDIT AGREEMENT OF 

THE WALT DISNEY COMPANY 
  

 Name of Lender: 

 

							
		 		 	Bayerische Landesbank, New York Branch
				
		 		 	by	 	/s/ Varbin Staykoff
		 		 		 	Name: Varbin Staykoff
		 		 		 	Title: Senior Director

  

							
		 		 	by	 	/s/ Gina Sandella
		 		 		 	Name: Gina Sandella
		 		 		 	Title: Vice President

 LENDER SIGNATURE PAGE TO FIRST AMENDMENT TO 

2020 FIVE-YEAR CREDIT AGREEMENT OF 

THE WALT DISNEY COMPANY 
  

 Name of Lender: 

 

							
		 		 	Commerzbank AG, New York Branch
				
		 		 	by	 	/s/ Neil Kiernan
		 		 		 	Name: Neil Kiernan
		 		 		 	Title: Director

  

							
		 		 	by	 	/s/ Mathew Ward
		 		 		 	Name: Mathew Ward
		 		 		 	Title: Managing Director

 Name of Lender: 

INTESA SANPAOLO S.P.A. – NEW YORK BRANCH 
  

							
		 		 	 by
	 	 /s/ Glen Binder

		 		 		 	 Name: Glen Binder

		 		 		 	Title: Global Relationship Manager

 For any Lender requiring a second signature block: 

 

							
		 		 	by	 	/s/ Manuela Insana
		 		 		 	Name: Manuela Insana
		 		 		 	Title: Relationship Manager

 LENDER SIGNATURE PAGE TO FIRST AMENDMENT TO 

2020 FIVE-YEAR CREDIT AGREEMENT OF 

THE WALT DISNEY COMPANY 
  

 SVENSKA HANDELSBANKEN AB (PUBL), NEW YORK BRANCH 

 

			
	by	 	/s/ Nancy D’Albert
		 	Nancy D’Albert
		 	Vice President

  

			
	by	 	/s/ Mark Emmett
		 	Mark Emmett
		 	Vice President

 LENDER SIGNATURE PAGE TO FIRST AMENDMENT TO 

2020 FIVE-YEAR CREDIT AGREEMENT OF 

THE WALT DISNEY COMPANY 
  

 Name of Lender: WESTPAC BANKING CORPORATION 

 

			
	by	 	/s/ Richard Yarnold
		 	Name: Richard Yarnold
		 	Title: Tier II Attorney

 EXHIBIT A 

 EXECUTION VERSION 

EXHIBIT A 

 
 FIVE-YEAR CREDIT AGREEMENT 

dated as of March 6, 2020, 

among 
 THE WALT DISNEY COMPANY,

 as Borrower, 
 TWDC
ENTERPRISES 18 CORP., 
 as Guarantor (prior to the Guaranty Release Date), 

The LENDERS Party Hereto 
 and

 JPMORGAN CHASE BANK, N.A., 

as Designated Agent 
  

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

as Co-Administrative Agents 

 
  

JPMORGAN CHASE BANK, N.A., 

CITIBANK, N.A., 
 BNP PARIBAS
SECURITIES CORP. and 
 DEUTSCHE BANK SECURITIES INC., 

as Joint Lead Arrangers and Joint Book
ManagersBookrunners 

BNP PARIBAS and DEUTSCHE BANK SECURITIES INC., 

as Co-Syndication Agents 

BANK OF AMERICA, N.A., 
 CREDIT
SUISSE AG, CAYMAN ISLANDS BRANCH, 
 GOLDMAN SACHS BANK USA, 

HSBC BANK USA, N.A., 
 MIZUHO BANK,
LTD., 
 MORGAN STANLEY MUFG LOAN PARTNERS, LLC, 

ROYAL BANK OF CANADA, 
 SOCIETE
GENERALE, 
 SUMITOMO MITSUI BANKING CORPORATION, 

TD SECURITIES (USA) LLC, 
 TRUIST
BANK, 
 U.S. BANK NATIONAL ASSOCIATION and 

WELLS FARGO BANK, NATIONAL ASSOCIATION, 

as Co-Documentation Agents 

AGRICULTURAL BANK OF CHINA LTD., NEW YORK BRANCH, 

BANCO SANTANDER, S.A., NEW YORK BRANCH, 

BANK OF CHINA, LOS ANGELES BRANCH, 

INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED, NEW YORK BRANCH, 

ING BANK N.V., DUBLIN BRANCH and 

STANDARD CHARTERED BANK, 
 as
Managing Agents 
  
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
			
	 	 	ARTICLE I	  	 	 
			
	 	 	DEFINITIONS AND ACCOUNTING TERMS	  	 	 
			
	 SECTION 1.01.
	 	 Certain Defined Terms
	  	 	1	 
	 SECTION 1.02.
	 	 Computation of Time Periods
	  	 	1827	 
	 SECTION 1.03.
	 	 Accounting Terms
	  	 	1827	 
	 SECTION 1.04.
	 	 Interest Rates;
LIBORBenchmark Notification
	  	 	1927	 
			
	 	 	ARTICLE II	  	 	 
			
	 	 	AMOUNTS AND TERMS OF THE ADVANCES	  	 	 
			
	 SECTION 2.01.
	 	 The Advances
	  	 	1928	 
	 SECTION 2.02.
	 	 Making the Advances
	  	 	2029	 
	 SECTION 2.03.
	 	 Commitment Fee
	  	 	2130	 
	 SECTION 2.04.
	 	 Reduction of the Commitments
	  	 	2130	 
	 SECTION 2.05.
	 	 Repayment of Advances
	  	 	2130	 
	 SECTION 2.06.
	 	 Interest on Advances
	  	 	2130	 
	 SECTION 2.07.
	 	 [Intentionally Omitted.]
	  	 	2232	 
	 SECTION 2.08.
	 	 Alternate Rate of Interest
Rate Determination
	  	 	2232	 
	 SECTION 2.09.
	 	 Optional Conversion and
Continuation of Advances
	  	 	2436	 
	 SECTION 2.10.
	 	 Prepayments of Advances
	  	 	2437	 
	 SECTION 2.11.
	 	 Increased Costs
	  	 	2537	 
	 SECTION 2.12.
	 	 Illegality
	  	 	2739	 
	 SECTION 2.13.
	 	 Payments and Computations
	  	 	2740	 
	 SECTION 2.14.
	 	 Taxes
	  	 	2841	 
	 SECTION 2.15.
	 	 Sharing of Payments, etc
	  	 	3145	 
	 SECTION 2.16.
	 	 Mandatory Assignment by a Lender; Mitigation
	  	 	3245	 
	 SECTION 2.17.
	 	 Evidence of Debt
	  	 	3246	 
	 SECTION 2.18.
	 	 Use of Proceeds
	  	 	3347	 
	 SECTION 2.19.
	 	 Increase in the Aggregate Commitments
	  	 	3347	 
	 SECTION 2.20.
	 	 Extension of Termination Date
	  	 	3448	 
	 SECTION 2.21.
	 	 Defaulting Lenders
	  	 	3650	 
			
	 	 	ARTICLE III	  	 	 
			
	 	 	CONDITIONS OF LENDING	  	 	 
			
	 SECTION 3.01.
	 	 Conditions Precedent to Effectiveness of Section 2.01
	  	 	3851	 
	 SECTION 3.02.
	 	 Conditions Precedent to Each Borrowing
	  	 	3952	 
	 SECTION 3.03.
	 	 Determinations
Underunder Section 3.01
	  	 	3953	 
			
	 	 	ARTICLE IV	  	 	 
			
	 	 	REPRESENTATIONS AND WARRANTIES	  	 	 
			
	 SECTION 4.01.
	 	 Representations and Warranties
	  	 	3953	 
	 SECTION 4.02.
	 	 Additional Representations and Warranties as of Each Increase Date and Each Extension
Date
	  	 	 4054
	 

  
 i 

							
	 	 	ARTICLE V	  	 	 
			
	 	 	COVENANTS	  	 	 
			
	 SECTION 5.01.
	 	 Affirmative Covenants
	  	 	4155	 
	 SECTION 5.02.
	 	 Negative Covenants
	  	 	4357	 
			
	 	 	ARTICLE VI	  	 	 
			
	 	 	EVENTS OF DEFAULT	  	 	 
	 SECTION 6.01.
	 	 Events of Default
	  	 	4358	 
			
	 	 	ARTICLE VII	  	 	 
			
	 	 	THE DESIGNATED AGENT	  	 	 
			
	 SECTION 7.01.
	 	 Authorization and Action
	  	 	4559	 
	 SECTION 7.02.
	 	 Exculpatory Provisions; Designated Agent’s Reliance
	  	 	4660	 
	 SECTION 7.03.
	 	 The Designated Agent and its Affiliates
	  	 	4661	 
	 SECTION 7.04.
	 	 Lender Credit Decision
	  	 	4661	 
	 SECTION 7.05.
	 	 Indemnification
	  	 	4661	 
	 SECTION 7.06.
	 	 Successor Designated Agent
	  	 	4761	 
	 SECTION 7.07.
	 	 Enforcement of the Guaranty
	  	 	4762	 
	 SECTION 7.08.
	 	 Certain Lender Representations, Etc
	  	 	4762	 
			
	 	 	ARTICLE VIII	  	 	 
			
	 	 	MISCELLANEOUS	  	 	 
			
	 SECTION 8.01.
	 	 Amendments, etc.
	  	 	4963	 
	 SECTION 8.02.
	 	 Notices, etc.
	  	 	4964	 
	 SECTION 8.03.
	 	 No Waiver; Remedies
	  	 	5167	 
	 SECTION 8.04.
	 	 Costs and Expenses
	  	 	5267	 
	 SECTION 8.05.
	 	 Right of Set-off
	  	 	5267	 
	 SECTION 8.06.
	 	 Binding Effect
	  	 	5268	 
	 SECTION 8.07.
	 	 Assignments and Participations
	  	 	5368	 
	 SECTION 8.08.
	 	 Indemnification
	  	 	5571	 
	 SECTION 8.09.
	 	 Confidentiality
	  	 	5671	 
	 SECTION 8.10.
	 	 Patriot Act
	  	 	5772	 
	 SECTION 8.11.
	 	 Judgment
	  	 	5772	 
	 SECTION 8.12.
	 	 Consent to Jurisdiction and Service of Process
	  	 	5773	 
	 SECTION 8.13.
	 	 Substitution of Currency
	  	 	5873	 
	 SECTION 8.14.
	 	 Governing Law
	  	 	5874	 
	 SECTION 8.15.
	 	 Execution in Counterparts; Electronic Signatures;
Interpretation
	  	 	5874	 
	 SECTION 8.16.
	 	 Severability
	  	 	5874	 
	 SECTION 8.17.
	 	 No Fiduciary Relationship
	  	 	5874	 
	 SECTION 8.18.
	 	 Non-Public Information
	  	 	5975	 
	 SECTION 8.19.
	 	 Acknowledgement and Consent to Bail-In of EEAAffected Financial Institutions
	  	 	 5975
	 
	 SECTION 8.20.
	 	 Waiver of Notice Period in Connection with Termination of Existing Credit Agreement
	  	 	 6177
	 

  
 ii 

							
			
	 	 	ARTICLE IX	  	 	 
			
	 	 	GUARANTY	  	 	 
			
	 SECTION 9.01.
	 	 The Guaranty
	  	 	6177	 
	 SECTION 9.02.
	 	 Guaranty Unconditional
	  	 	6177	 
	 SECTION 9.03.
	 	 Continuing Guaranty; Discharge and Reinstatement
	  	 	6278	 
	 SECTION 9.04.
	 	 Waivers
	  	 	6278	 
	 SECTION 9.05.
	 	 Subrogation
	  	 	6379	 
	 SECTION 9.06.
	 	 Stay of Acceleration
	  	 	6379	 
	 SECTION 9.07.
	 	 Taxes
	  	 	6379	 
	 SECTION 9.08.
	 	 Release of Guarantor
	  	 	6379	 

 SCHEDULE 

Schedule 1.01 – List of Applicable Lending Offices 

Schedule 2.01 – Commitments 

EXHIBITS 

Exhibit A – Form of Notice of Borrowing 

Exhibit B – Form of Assignment and Acceptance 

Exhibit C – Form of Opinion of Borrower’s Counsel 

  
 iii 

 FIVE-YEAR CREDIT AGREEMENT dated as of March 6, 2020,
among THE WALT DISNEY COMPANY, a Delaware corporation (the “Borrower”), TWDC ENTERPRISES 18 CORP., a Delaware corporation (the “Guarantor”) (prior to the Guaranty Release Date), the LENDERS party
hereto and JPMORGAN CHASE BANK, N.A., as designated agent (together with any successor designated agent appointed pursuant to Article VII, the “Designated Agent”) for the Lenders hereunder. 

IN CONSIDERATION of the agreements herein contained, the parties hereto agree as follows: 

ARTICLE I 
 DEFINITIONS AND
ACCOUNTING TERMS 
 SECTION 1.01. Certain Defined Terms. 

As used in this Agreement (including the preamble hereto), the following terms shall have the following meanings (such
meanings to be equally applicable to both the singular and plural forms of the terms defined): 
 “20182022
Credit Agreement” means the Five-Year Credit Agreement, dated as of March 94, 20182022, among TWDC Enterprises 18 Corp., as borrowerthe Borrower,
the Guarantor (prior to the Guaranty Release Date (as defined therein)), the lenders party thereto and JPMorgan Chase Bank, N.A., as designated agent for the lenders thereunder, to which The Walt Disney Company acceded as
guarantoras such agreement may be amended, restated, supplemented or otherwise modified from time to time.

 “364-Day Credit Agreement” means the 364-Day Credit Agreement dated as of
March 4, 2022, among the Borrower, the Guarantor (prior to the Guaranty Release Date (as defined therein)), the lenders party thereto and
Citibank, N.A., as designated agent for the lenders thereunder, as such agreement may be amended, restated, supplemented, renewed or otherwise
modified from time to time. 

“Adjusted Daily Simple
SOFR” means, with respect to any Daily Simple SOFR Advance for any day, an interest rate
per annum equal to (a) the Daily Simple SOFR for such day plus
 (b) 0.10%;
provided that if the
Adjusted Daily Simple SOFR shall be less than zero, such rate shall be deemed to be zero. 

“Adjusted Term
SOFR” means, with respect to any Term SOFR Advance for any Interest Period, an interest rate per annum equal to (a) the Term SOFR for such Interest Period
plus
 (b) 0.10%;
provided
 that if the Adjusted Term SOFR shall be less than zero, such rate shall be deemed to be zero. 

“Advance” means an advance by a Lender to the Borrower as part of a Borrowing. 

“Affected Financial Institution” has the meaning specified in Section 8.19. 

“Affiliate” means, as to any Person, any other Person that, directly or indirectly, controls, is
controlled by or is under common control with such Person or is a director or officer of such Person. 

“Agreed
Currencies” means Dollars or any Foreign Currency. 
 “Agreement” means this Five-Year Credit Agreement, as
it may be amended, restated, supplemented or otherwise modified from time to time in accordance with Section 8.01. 

“Ancillary
Document” has the meaning specified in Section 8.15. 

“Anniversary Date” means March 6, 2021, and March 6 in each succeeding calendar year
occurring during the term of this Agreement. 
 “Anti-Corruption Laws” means the United States
Foreign Corrupt Practices Act of 1977, the U.K. Bribery Act 2010 and all other similar laws, rules, and regulations of any jurisdiction applicable to any member of the Consolidated Group concerning or relating to bribery or corruption. 

“Applicable Lending Office” means, with respect to each Lender, such Lender’s Domestic Lending
Office, in the case of a Base Rate Advance, a Term SOFR Advance or a Daily Simple SOFR Advance, and such Lender’s EurocurrencyForeign Lending Office,
in the case of a Eurocurrency
RateEURIBOR Advance, a TIBOR Advance or a SONIA Advance. 

“Applicable Margin” means, as of any date, with respect to (a) any Eurocurrency RateTerm SOFR Advance, EURIBOR
Advance, TIBOR Advance or RFR Advance, a rate per annum equal to the Credit Default Swap Spread (determined as of the applicable CDS
Determination Date)percentage set forth in the column entitled “Term SOFR/EURIBOR/TIBOR/RFR Applicable Margin” and (b) any Base Rate Advance, a rate per annum equal to the Credit Default
Swap Spread (determined as of the applicable CDS Determination Date) less 1.00% per annum. Notwithstanding the foregoing, (i) the Applicable Margin for Eurocurrency Rate Advances in effect at any time shall not be less than the
Minimumpercentage set forth in the column entitled
“Base Rate Applicable Margin and shall not exceed the Maximum Applicable Margin applicable to Eurocurrency Rate Advances, and (ii) the Applicable Margin for Base Rate Advances in effect at any time
shall not be less than the Minimum Applicable Margin and shall not exceed the Maximum Applicable Margin applicable to Base Rate Advances.”, in each case, as determined by reference to the Public Debt Rating in effect on such date:

  

							
	Ratings
Level	  	Public Debt Rating
S&P/Moody’s	  	 Term

SOFR/EURIBOR/TIBOR/RFR Applicable
Margin 
	  	 Base Rate

Applicable

Margin

	 Level 1
	  	 At least A+ by S&P/A1 by

Moody’s

	  	0.625%	  	0.000%
	 Level 2
	  	 A by S&P/A2 by Moody’s
	  	0.750%	  	0.000%
	 Level 3
	  	 A- by S&P/A3 by Moody’s
	  	0.875%	  	0.000%
	
Level 4
	  	 Lower than A- by S&P/A3 by

Moody’s or
unrated
	  	1.000%	  	0.000%

 “Assignment and Acceptance” means an assignment and acceptance entered
into by a Lender and an Eligible Assignee, and accepted by the Designated Agent and the Borrower, in substantially the form of Exhibit B hereto. 

  
 2 

 “Assuming Lender” means an Eligible Assignee that
accepts an offer to participate in a requested Commitment Increase in accordance with Section 2.19(c) or that accepts an offer to assume a Declining Lender’s Commitment in accordance with Section 2.20(c). 

“Assumption Agreement” means an agreement, in form and substance satisfactory to an Assuming Lender,
the Borrower and the Designated Agent, under which such Assuming Lender agrees to increase or assume a Commitment pursuant to Section 2.19 or 2.20. 

“Bail-In
 Action” has the meaning specified inAvailable
Tenor” means, as of any date of determination and with respect to the then-current Benchmark for any Agreed Currency, any
tenor for such Benchmark (or component thereof) or payment period for interest calculated with reference to such Benchmark (or component thereof), as applicable, that is or may be used for determining the length of an Interest Period for any term
rate or otherwise for determining any frequency of making payments of interest calculated pursuant to this Agreement as of such date and not including, for the avoidance of doubt, any tenor for such Benchmark that is then-removed from the definition
of “Interest Period” pursuant to
Section 2.08(b)(iv). 

“Bail-In
Action” has the meaning specified
in Section 8.19. 

“Bail-In Legislation” has the meaning specified in
Section 8.19. 
 “Base Rate” means, for each day in any
periodday, a fluctuatingan interest rate per
annum as shall be in effect from time to time, which rate per annum shall at all times for such day during such period be equal to the highest of (a) the Prime Rate in effect for such day, (b) the NYFRB Rate in effect for such day plus 1/2 of 1.00%, and (c) the Eurocurrency Rate for DollarsAdjusted Term
SOFR for a one-month Interest Period commencing on such date plus 1.00%as published two U.S. Government Securities Business Days prior to such day (or if such day is not a Business Day, the immediately preceding Business
Day) plus 1.00% per annum. For purposes of clause (c) above, the Adjusted Term SOFR for any day shall be based on the Term SOFR Reference Rate at
approximately 5:00 A.M. (Chicago time) on such day (or any amended publication time for the Term SOFR Reference Rate, as specified by the CME Term SOFR Administrator in the Term SOFR Reference Rate methodology). Any change in the Base Rate due to a
change in the Prime Rate, the NYFRB Rate or the Adjusted Term SOFR shall be effective from and including the effective date of such change in the Prime Rate, the NYFRB Rate or the Adjusted Term SOFR, as the case may be. If the Base Rate is being
used as an alternate rate of interest pursuant to Section 2.08(b) (for the avoidance of doubt, only until the Benchmark Replacement has been determined
pursuant to Section 2.08(b)), then for purposes of clause (c) above
the Adjusted Term SOFR shall be deemed to be zero. 
 “Base Rate Advance”
means an Advance denominated in Dollars which bears interest as provided in Section 2.06(a)(i). 

“Benchmark
Replacement” means ” means, initially, with respect to any Advance denominated in
any Agreed Currency, the Relevant Rate for Advances denominated in such Agreed Currency; provided that if a Benchmark Transition Event and the related  

  
 3 

 
Benchmark Replacement Date have occurred with respect to the applicable Relevant Rate or the then-current Benchmark for such Agreed
Currency, then “Benchmark” means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant to Section 2.08(b)(i). 

“Benchmark
 Replacement” means, for any Available Tenor, the first alternative set forth
in the order below that can be determined by the Designated Agent for the applicable Benchmark Replacement Date;
provided
 that, in the case of any Advance denominated in a Foreign Currency, “Benchmark Replacement” shall
mean the alternative set forth in clause (2) below: 

(1) in the case of any Advance denominated in Dollars, the Adjusted Daily Simple SOFR;
and 
 (2) the sum of: (a) the alternate benchmark rate
(which may be a SOFR-Based Rate) that has been selected by the Designated Agent and the
Borrower as the replacement for the then-current Benchmark for the applicable Corresponding Tenor giving due
consideration to (i) any selection or recommendation of a replacement benchmark rate or the mechanism for
determining such a rate by the Relevant Governmental Body and/or (ii) any evolving or then-prevailing market convention for determining a benchmark rate of interest as a replacement tofor the Eurocurrency Ratethen-current
Benchmark for syndicated credit facilities denominated in the applicable currencyAgreed Currency at such time in the United States and (b) the
related Benchmark Replacement
Adjustment;
provided
that, if. 

If the Benchmark Replacement as so determined pursuant to clauses
(1) or (2) above would be less than
zerothe Floor, the
Benchmark Replacement will be deemed to be zerothe Floor for the purposes of this Agreement; provided further that any such Benchmark Replacement shall be administratively feasible as reasonably determined by the Designated Agent and the other Loan Documents. 

“Benchmark Replacement Adjustment”
means, with respect to any replacement of a then-current Benchmark with an Unadjusted Benchmark Replacement for any applicable Interest Period and Available Tenor for any setting of
such Unadjusted Benchmark Replacement, the spread adjustment, or method for calculating or
determining such spread adjustment (which may be a positive or negative value or zero), that has been
selected by the Designated Agent and the Borrower for the applicable Corresponding Tenor giving due consideration to (ai) any selection or recommendation
of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of the Eurocurrency Ratesuch Benchmark with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body on the applicable Benchmark Replacement Date and/or (bii) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining
such spread adjustment, for the replacement of the Eurocurrency Ratesuch Benchmark with the applicable Unadjusted Benchmark Replacement for syndicated credit facilities denominated in the applicable currencyAgreed Currency at such time
(forin the avoidance of doubt (but without limiting the first parenthetical in this definition of “Benchmark Replacement Adjustment”), such Benchmark Replacement Adjustment shall not be in the form of
a reduction to the Applicable Margin)United States. 

“Benchmark Replacement Conforming Changes” means, with respect to any Benchmark Replacement and/or any Term SOFR Advance, any technical, administrative or 

  
 4 

 
operational changes (including changes to the definition of “Base Rate”, the definition of “Business
Day”, the definition of “Interest Period”, the definition of “RFR Business
Day”, the definition of “U.S. Government Securities Business Day”, timing and frequency of determining rates and making payments of interest, timing of borrowing requests or prepayment, conversion or continuation notices, length of lookback periods, the applicability of breakage provisions, and other technical, administrative or operational matters) that the Designated Agent determines, in its
reasonable discretion and in consultation with the Borrower, may be appropriate to reflect the adoption and implementation of suchthe applicable Benchmark
Replacement and to permit the administration thereof by the Designated Agent in a manner substantially consistent with market practice (or, if the Designated Agent determines that adoption of
any portion of such market practice is not administratively feasible or if the Designated Agent determines, in consultation with the Borrower, that no market practice for the administration of thesuch Benchmark Replacement exists, in such other manner of administration as the Designated Agent determines, in its reasonable
discretion and in consultation with the Borrower, is reasonably necessary in connection with the administration of this Agreement). 

“Benchmark Replacement
Date” means the earlier to
occur of the following events with respect
to the Eurocurrency Rate:  

(a) in the case of clause
(a) or (b) of the definition of “Benchmark Transition Event,” the later of (i) the date of the public statement or publication of information
referenced therein and (ii) the date on which
the administrator of the Screen Rate permanently or indefinitely ceases to provide the Screen Rate; or 

(b) in the case of clause
(c) of the definition of “Benchmark Transition Event”, the date of the public statement or publication of information
referenced therein and the other Loan Documents). 

“Benchmark Transition
EventReplacement Date” means the occurrence of one or more, with respect to any
Benchmark, the earliest to occur of the following events with respect to the Eurocurrency Ratesuch then-current Benchmark: 

(1) in the case of clause (1) or (2) of the definition of
“Benchmark Transition Event”, the later of
(a) the date of the public statement or publication of information referenced therein
and (b) the date on which the administrator of such Benchmark (or the published
component used in the calculation thereof) permanently or indefinitely ceases to provide all Available Tenors of such Benchmark (or such component thereof); or 

(2) in the case of clause (3) of the definition of
“Benchmark Transition Event”, the first date on which such Benchmark (or the published component used in the calculation thereof) has
been determined and announced by the regulatory supervisor for the administrator of such Benchmark (or such component thereof) to
be no longer representative;
provided
 that such non-representativeness will be determined by reference to the most recent statement or publication referenced in such
clause (3) and even if any Available Tenor of such Benchmark (or such component thereof) continues to be provided on such date. 
 For the
avoidance of doubt, (i) if the event giving rise to the Benchmark Replacement Date
occurs on the same day as, but earlier than, the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred 

  
 5 

 
prior to the Reference Time for such determination and
(ii) the
“Benchmark Replacement Date” will be deemed to have occurred in the case of clause (1) or (2) with respect to any Benchmark upon the occurrence of the applicable event or events set
forth therein with respect to all then-current Available Tenors of such Benchmark (or the published component used in the calculation thereof). 

“Benchmark Transition
Event” means, with respect to any
Benchmark, the occurrence of one or
more of the following events with respect to such then-current Benchmark: 
 (a) (1) a public statement or publication of information by or on behalf of the administrator of such Benchmark
(or the Screen
Ratepublished component used in the calculation thereof) announcing that such administrator has ceased or will
cease to provide the Screen Rateall
Available Tenors of such Benchmark (or such component thereof), permanently or indefinitely,; provided that, at the time of such statement or publication, there is no successor administrator that will continue to
provide the Screen Rateany Available
Tenor of such Benchmark (or such component thereof); 
 (2) (b) a public statement or
publication of information by the regulatory supervisor for the administrator of the Screen Ratesuch Benchmark (or the published component used in the calculation thereof), the
U.S. Federal Reserve SystemBoard, the NYFRB, the CME Term SOFR Administrator, the central bank for the Agreed Currency applicable to such Benchmark, an insolvency official with jurisdiction over the
administrator for the Screen Ratesuch
Benchmark (or such component), a resolution authority with jurisdiction over the administrator for the Screen Ratesuch Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for
the Screen Ratesuch Benchmark (or such
component), in each case, which states that the administrator of
the Screen Ratesuch Benchmark (or such
component) has ceased or will cease to provide the Screen Rateall Available Tenors of such Benchmark (or such component thereof) permanently or
indefinitely,;
provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the Screen
Rateany Available Tenor of such Benchmark (or such component thereof); and/or 

(3) (c) a public statement or publication of information by the regulatory supervisor for the administrator of the Screen Rate announcing that the Screen Rate is no
longersuch Benchmark (or the published component used in the calculation thereof) announcing that all Available Tenors of such Benchmark (or such component thereof) are no longer, or as of a specified future date will no longer be, representative. 

“Benchmark Transition Start
Date” means (a) in the case of a Benchmark Transition Event, the earlier of
(i) the applicable Benchmark Replacement Date
and (ii) if such Benchmark Transition Event is a
public statement or publication of information of a prospective event, the 90th day prior to the expected date of such event as of such public statement or publication of information (or if the expected date of such prospective event is fewer than
90 days after such statement or publication, the date of such statement or publication) and (b) in the case of an Early Opt-in Election, the date specified by the Designated Agent or the Majority Lenders, as applicable, by notice to the Borrower, the Designated
Agent (in the case of such notice by the Majority Lenders) and the Lenders 

For the
avoidance of doubt, a “Benchmark Transition Event”
will be deemed to have occurred with respect to any Benchmark if a public statement or publication of  

  
 6 

 
information set forth above has occurred with respect to each
then-current Available Tenor of such Benchmark (or the published component used in the calculation thereof). 

“Benchmark Unavailability Period” means, if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to the Eurocurrency Rate and solely to the extent that the Eurocurrency
Rate has not been replaced with awith respect to any Benchmark Replacement, the period
(aif any) (x) beginning at the time that a Benchmark Replacement Date with respect to such then-current Benchmark Replacement Datepursuant to clause (1) or (2) of that definition has occurred if, at such time, no Benchmark Replacement has replaced
the Eurocurrency Ratesuch then-current
Benchmark for all purposes hereunder and under any Loan Document in accordance with Section 2.08(b) and (by) ending at the time that a Benchmark Replacement has replaced the Eurocurrency
Ratesuch then-current Benchmark for all purposes hereunder pursuant toand under any other Loan Document in
accordance with Section 2.08(b). 

“Borrower” has the meaning specified in the preamble to this Agreement. 

“Borrower Information” has the meaning specified in Section 8.09. 

“Borrowing” means a borrowing consisting of simultaneous Advances of the same Type and currency made
by each of the Lenders pursuant to Section 2.01. 
 “Business Day” means a day of the year
(a) on which banks are not required or authorized to closeremain closed in Los Angeles, California, or New York City, New York, (b) if the applicable Business Day relates to Eurocurrency Rate Advances denominated in Euro or
in connection with the determination of the EURIBO Rate, on which dealings are carried on in the London interbank market andis a TARGET Day, (c) if the applicable Business Day relates to Eurocurrency Rate
Advances denominated in Euro, on which
the Trans-European Automated Real-Time Gross Settlement
Express Transfer (TARGET) payment system is open for the settlement of payments in EuroYen or in connection with the determination of the TIBO Rate, on which banks are open for business in Japan and (d) if the applicable Business Day relates to RFR Advances and any interest rate settings, fundings, disbursements, settlements or payments of any RFR Advance, or any other dealings in the
applicable Agreed Currency of such RFR Advance, which is an RFR Business Day. 
 “CDS Determination Date” means (a) as to any Eurocurrency Rate Advance, the second Business Day prior to the Business Day such Eurocurrency Rate Advance is borrowed and, if applicable, the last
Business Day prior to the continuation of such Eurocurrency Rate Advance; provided that, in the case of any Eurocurrency Rate Advance having an Interest Period of greater than three months, the last Business Day prior to each three-month period succeeding
such initial three-month period shall also be a CDS Determination Date with respect to any such Eurocurrency Rate Advance, with the applicable Credit Default Swap Spread, as so determined, to be in effect as to such Eurocurrency Rate Advance for
each day commencing with the first day of the applicable three-month period until subsequently re-determined in accordance with the foregoing and
(b) as to Base Rate Advances, each Initial Base
Rate Advance Date and thereafter the first Business Day of each succeeding calendar quarter so long as Base Rate Advances are outstandingCME Term SOFR
Administrator” means
 CME Group Benchmark Administration Limited as administrator of the forward-looking term Secured Overnight Financing Rate (SOFR) (or a successor administrator). 

  
 7 

 “Co-Administrative
Agents” means JPMorgan Chase Bank, N.A. and Citibank, N.A. 
 “Code” means the U.S.
Internal Revenue Code of 1986, as amended. 
 “Commitment” means, as to any Lender, the commitment
of such Lender to make Advances pursuant to Section 2.01, as such commitment may be reduced or increased from time to time pursuant to the terms hereof. The initial amount of each Lender’s Commitment is the amount set forth opposite such
Lender’s name on Schedule 2.01 hereto or, if such Lender has become a party hereto pursuant to an Assumption Agreement or an Assignment and Acceptance, the amount set forth in such Assumption Agreement or such Assignment and Acceptance, as the
case may be. As of the Effective Date, the aggregate amount of the Commitments is $3,000,000,000. 
 “Commitment
Date” has the meaning specified in Section 2.19(b). 
 “Commitment Fee Percentage”
means, as of any date, the applicable rate per annum under the caption “Commitment Fee Percentage” as determined by reference to the Public Debt Rating in effect on such date as set forth below: 

 

					
	 Ratings
Level
	  	 Public Debt Rating
S&P/Moody’s
	  	Commitment
Fee Percentage
	Level 1	  	 At least A+ by S&P/A1 by Moody’s
	  	0.050%
	Level 2	  	 A by S&P/A2 by Moody’s
	  	0.070%
	Level 3	  	 A- by S&P/A3 by Moody’s
	  	0.090%
	Level 4	  	 Lower than A- by S&P/A3 by Moody’s or
unrated
	  	0.125%

 “Commitment Increase” has the meaning specified in
Section 2.19(a). 

“Committed
Currencies” means lawful currency
of the United Kingdom of Great Britain and Northern Ireland, lawful currency of Japan and lawful currency of the European Economic and Monetary Union. 

“Communications” has the meaning specified in Section 8.02(b). 

“Compounded
SOFR” means the compounded average
of SOFRs for the applicable Corresponding Tenor, with the rate, or methodology for this rate, and conventions for this rate (which may include compounding in arrears with a lookback and/or suspension period as a mechanism to determine the interest
amount payable prior to the end of each Interest Period) being established by the Designated Agent and the Borrower in accordance with:  

(a) the rate, or methodology for this rate, and conventions for this rate selected or recommended by the Relevant Governmental
Body for determining compounded SOFR; or  
 (b) if, and to the extent
that, the Designated Agent and the Borrower determine that Compounded SOFR cannot be determined in accordance with clause (a) above, then the rate, or methodology for this rate, and conventions for this rate that the Designated Agent and the Borrower determine in their reasonable discretion
are substantially consistent with any evolving or then-prevailing market convention for determining compounded SOFR for syndicated credit facilities
denominated in the applicable currency at such time;  

  
 8 

provided, that if the Designated Agent and the Borrower determine that any such rate, methodology or convention determined in accordance with clause (a) or clause (b) is not administratively feasible for the Designated Agent, then
Compounded SOFR will be deemed unable to be determined for purposes of the definition of “Benchmark Replacement”. 

“Consolidated EBITDA” means, for any period, (a) net income or net loss, as the case may be, of
the Consolidated Group on a consolidated basis for such period, as determined in accordance with GAAP for such period, plus (b) the sum of all amounts which, in the determination of such consolidated net income or net loss, as the case
may be, for such period, have been deducted for (i) Consolidated Interest Expense, (ii) consolidated income tax expense, (iii) consolidated depreciation expense, (iv) consolidated amortization expense and (v) any non-cash goodwill impairment charges, in each case determined in accordance with GAAP for such period. 

“Consolidated Group” means the Borrower and its Subsidiaries. 

“Consolidated Interest Expense” means, for any period, the total interest expense of the Consolidated
Group with respect to all outstanding Debt of the Consolidated Group during such period, all as determined on a consolidated basis for such period and in accordance with GAAP for such period. 

“Continue”, “Continuation” and “Continued” each refers to a continuation of Term SOFR Advances, EURIBOR Advances or TIBOR Advances into a new Interest Period pursuant to the definition of the term Interest Period and Section 2.09. 

“Convert”, “Conversion” and “Converted” each refers to
a conversion of Advances of one Type into Advances of another Type pursuant to Section 2.08 or 2.09. 

“Corresponding Tenor” with respect to a Benchmark Replacementany Available
Tenor means, as applicable, either a tenor (including overnight) or an interest payment
period having approximately the same length (disregarding business day adjustment) as the applicable tenor for the applicable Interest Period
with respect to the Eurocurrency Ratesuch Available Tenor. 

“Credit Default Swap
Spread” means, at any CDS
Determination Date, the credit default swap spread applicable to senior, unsecured, non-credit enhanced long-term public debt issued by the Borrower interpolated to the scheduled Termination Date (or any later date to which the scheduled Termination
Date applicable to any Lenders shall have been extended in accordance with Section 2.20), determined as of the close of business on the Business Day immediately preceding such CDS Determination Date, as reported and interpolated by Markit Group
Limited or any successor thereto; provided that if such period is less than one year, the Credit Default Swap Spread shall be based on the credit default swap spread shown for a period of one year. If on the
Business Day immediately preceding any CDS Determination Date the Credit Default Swap Spread is unavailable, the Borrower and the Lenders shall negotiate in good faith (for a period of up to thirty days after such CDS Determination Date (such
thirty-day period, the
“Negotiation
Period”)) to agree on an
alternative method for establishing the Applicable Margin for Eurocurrency Rate Advances and Base Rate Advances. The Applicable Margin for Eurocurrency Rate Advances and Base Rate Advances for any day which falls during the Negotiation Period shall
be based upon the Credit Default Swap Spread most recently available prior to the Negotiation Period. If no such alternative method is agreed upon during the Negotiation Period, the Applicable Margin for Eurocurrency Rate Advances and Base Rate
Advances for any day subsequent to the end of the  

  
 9 

 
Negotiation Period shall be a rate per annum equal to 75% of the Maximum Applicable Margin for Eurocurrency Rate
Advances or Base Rate Advances, as the case may be 
 “Daily Simple
SOFR” means, for any day (a
“SOFR
Rate
Day”)
with respect to any Advance denominated in Dollars, a rate per annum equal to SOFR for the day that is five RFR Business Days prior to
(a) if such SOFR Rate Day is an RFR Business Day, such SOFR Rate Day or (b) if such SOFR Rate Day is not an RFR Business Day, the RFR Business
Day immediately preceding such SOFR Rate Day, in each case, as such SOFR is published by the SOFR Administrator on the SOFR Administrator’s Website.  

“
Daily Simple SOFR Advance” means an Advance denominated in Dollars which bears interest as provided in Section 2.06(a)(v)(A). 

“Daily Simple
SONIA” means, for any day (a
“SONIA Interest
Day”) with
respect to any Advance denominated in Sterling, an interest rate per annum equal to the greater of (a) SONIA for the day that is five RFR Business Days prior
to (i) if such SONIA Interest Day is an RFR Business Day, such SONIA Interest Day or (ii) if such SONIA Interest Day is not an RFR Business Day, the RFR Business Day immediately preceding such SONIA Interest Day and (b) zero. 
 “Debt”
means, with respect to any Person: (a) indebtedness for borrowed money, (b) obligations evidenced by bonds, debentures, notes or other similar instruments, (c) obligations to pay the deferred purchase price of property or services
(other than trade payables incurred in the ordinary course of business), (d) obligations as lessee under leases which shall have been or should be, in accordance with GAAP, recorded as capital leases and (e) obligations under direct or indirect
guarantees in respect of, and obligations (contingent or otherwise) to purchase or otherwise acquire, or otherwise to assure a creditor against loss in respect of, indebtedness or obligations of any other Person of the kinds referred to in clauses
(a) through (d) above. 
 “Declining Lender” has the meaning specified in Section 2.20(b).

 “Defaulting Lender” means any Lender, as reasonably determined by the Designated Agent (or by the
Borrower in the case of clause (e) below; provided that in the absence of a concurring determination by the Designated Agent, without limiting any other rights of the parties vis-a-vis such Defaulting Lender, the sole consequence under Section 2.21(a) of such a determination by the Borrower shall be a mandatory assignment by such Lender pursuant to the terms of
Section 2.16 hereof, if requested by the Borrower), that has (a) failed to fund any portion of its Advances within three Business Days of the date required to be funded by it hereunder, (b) notified the Borrower, the Designated Agent
or any Lender in writing that it does not intend to comply with any of its funding obligations under this Agreement or has made a public statement to the effect that it does not intend to comply with its funding obligations under this Agreement or
generally under other agreements in which it commits to extend credit, (c) failed, within three Business Days after written request by the Designated Agent (based upon the reasonable belief that such Lender may not fulfill its funding
obligation), to confirm in writing that it will comply with the terms of this Agreement relating to its funding obligations under this Agreement, unless subject to a good faith dispute, provided that any such Lender shall cease to be a
Defaulting Lender under this clause (c) upon receipt of such confirmation by the Designated Agent, (d) otherwise failed to pay over to the Designated Agent or any other Lender any other amount required to be paid by it hereunder within
three Business Days of the date when due, unless subject to a good faith dispute, or (e) become the subject of (or is reasonably likely not to fund its obligations hereunder as a result of) a bankruptcy or insolvency proceeding or a Bail-In Action, or has had a receiver, conservator, 

  
 10 

 
trustee or custodian appointed for it, or has taken any action indicating its consent to, approval of or acquiescence in any such proceeding or appointment, or has a parent company that has
become the subject of a bankruptcy or insolvency proceeding or a Bail-In Action, or has had a receiver, conservator, trustee or custodian appointed for it, or has taken any action indicating its consent to,
approval of or acquiescence in any such proceeding, appointment or action, provided that for purposes of this clause (e), in the absence of a Bail-In Action, a Lender shall not qualify as a Defaulting
Lender solely as a result of the acquisition or maintenance of an ownership interest in such Lender or its parent company, or of the exercise of control over such Lender or any Person controlling such Lender, by any Governmental Authority or
instrumentality thereof, unless such ownership interest results in or provides 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 permits
such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made by such Lender. 

“Defaulting Lender Notice” has the meaning specified in Section 2.21(a). 

“Designated Agent” has the meaning specified in the preamble to this Agreement. 

“Designated Agent’s Account” means (a) in the case of Advances
denominated in Dollars, account number 9008113381H1162 maintained by the Designated Agent at its office at 500 Stanton Christiana Rd., NCC5 / 1st Floor, Newark, DE 19713, and (b) in the case of Advances denominated in any CommittedForeign Currency, such
other account of the Designated Agent as the Designated Agent shall notify in writing to the Borrower and the Lenders from time to time. 

“Dollars” and the “$” sign each means lawful currency of the United States.

 “Domestic Lending Office” means, with respect to any Lender, the office of such Lender specified
as its “Domestic Lending Office” opposite its name on Schedule 1.01 hereto or in the Assumption Agreement or the Assignment and Acceptance, as the case may be, pursuant to which it became a Lender, or such other office of such Lender as
such Lender may from time to time specify to the Borrower and the Designated Agent for such purpose. 
 “Early Opt-in
Election” means the occurrence
of:  
 (a) (i) a reasonable
determination by the Designated Agent or (ii) a
notification by the Majority Lenders to the Designated Agent (with a copy to the Borrower) that the Majority Lenders have reasonably determined that U.S. dollar-denominated syndicated credit facilities being executed at such time, or that include language similar to that contained in Section 2.08(e), are being executed or amended, as applicable, to incorporate
or adopt a new benchmark interest rate to replace the Eurocurrency Rate, and  

(b) (i) the election by the Designated Agent or (ii) the election by the Majority Lenders to declare that an Early Opt-in
Election has occurred (in accordance with clause
(a) above) and the provision, as applicable, by
the Designated Agent of written notice of such election to the Borrower and the Lenders or by the Majority Lenders of written notice of such election to the Designated Agent. 

“EEA Financial Institution” has the meaning specified in Section 8.19. 

“EEA Member Country” has the meaning specified in Section 8.19. 

  
 11 

 “EEA Resolution Authority” has the meaning specified
in Section 8.19. 
 “Effective Date” has the meaning specified in Section 3.01. 

“
Electronic Signature” means an electronic sound, symbol, or process attached to, or associated with, a contract or other record
and adopted by a Person with the intent to sign, authenticate or accept such contract or record. 

“Eligible Assignee” means (a) a Lender or any Affiliate of a Lender or (b) any bank or other
financial institution or any other Person (other than a natural Person), which that has been approved in writing by the Borrower and the Designated Agent as an Eligible Assignee for purposes of this Agreement; provided that neither the
Borrower’s approval nor the Designated Agent’s approval shall be unreasonably withheld; and provided further that the Borrower may withhold its approval if the Borrower reasonably believes that an assignment to such Eligible
Assignee pursuant to Section 8.07 would result in the incurrence of increased costs payable by the Borrower pursuant to Section 2.11 or 2.14. 

“Environmental Claim” means any administrative, regulatory or judicial action, suit, demand, claim,
lien, notice or proceeding relating to any Environmental Law or any Environmental Permit. 
 “Environmental
Law” means any federal, state or local statute, law, rule, regulation, ordinance, code or duly promulgated policy or rule of common law, now or hereafter in effect, and in each case as amended, and any judicial or administrative
interpretation thereof, including any order, consent decree or judgment, in each case, relating to the environment, human health, human safety or any Hazardous Material. 

“Environmental Permit” means any permit, approval, identification number, license or other
authorization required under any applicable Environmental Law. 
 “Equivalent” in Dollars of any CommittedForeign Currency on any
date means the equivalent in Dollars of such CommittedForeign Currency determined by using the rate at which such CommittedForeign Currency may be exchanged into Dollars
on such day determined by using
thelast provided (either by publication or otherwise provided to the Designated Agent) by Reuters on the Business Day
(determined based on New York City time) immediately preceding the date of determination or, if such service ceases to be available or ceases to provide a rate of exchange for the purchase of Dollars with such CommittedForeign Currency in the London foreign exchange market at or about 11:00 A.M. (London time)
(unless otherwise indicated by the terms of this Agreement) on such day as displayed by ICE Data Services as the “ask price”, or as displayed on, as provided by such other publicly available
information service which publishesprovides that rate of exchange from time toat such time in place of ICE Data Services
(andReuters chosen by the Designated Agent in
consultation with the event that such rate does not appear on ICE Data Services
(or on anyBorrower (or, if
no such other publicly available
information service which publishes that rate of exchange from time to time in place of ICE Data Services)is available, the Equivalent of such amount in Dollars will be determined in such manner as the Borrower and the Designated Agent
shall agree (including by reference to any such other publicly
available service for displaying exchange rates) or, in the absence of such
agreement, by the Designated Agent using any method of determination it deems appropriate in its reasonable discretion); and the “Equivalent” in any CommittedForeign Currency of Dollars
on any date means the equivalent in such CommittedForeign Currency of Dollars determined by using the rate at which Dollars may be exchanged for such
CommittedForeign
Currency on such day  

  
 12 

 
determined by using thelast provided (either by publication or otherwise provided to the Designated Agent) by Reuters on the Business Day (determined based on New York City time) immediately preceding the date of
determination or, if such service ceases to be available or ceases to provide a rate of exchange for the purchase of such
CommittedForeign
Currency with Dollars in the London foreign exchange market at or about 11:00 A.M. (London time) (unless otherwise indicated by the terms of this Agreement) on such day as
displayed by ICE Data Services as the “ask
price”, or as displayed on, as provided by such other publicly available
information service which
publishesprovides that
rate of exchange from time toat
such time in place of ICE Data Services (and in the event that such rate does not appear on ICE Data Services (or on anyReuters chosen by the Designated Agent in consultation with the Borrower
(or, if no such other publicly
available information service which publishes that rate of exchange from time to time in place of ICE
Data Services)is available, the Equivalent of such amount in such CommittedForeign Currency will be
determined in such manner as the Borrower and the Designated Agent shall agree (including by reference to any such other publicly
available service for displaying exchange rates) or, in the absence of such agreement, by the
Designated Agent using any method of determination it deems appropriate in its reasonable discretion). 

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time, and
the regulations promulgated and the rulings issued thereunder. 
 “ERISA Affiliate” means any Person
that for purposes of Title IV of ERISA is a member of the Borrower’s controlled group, or under common control with the Borrower, within the meaning of Section 414 of the Code. 

“ERISA Event” means: (a) (i) the occurrence with respect to a Plan of a reportable event, within
the meaning of Section 4043 of ERISA, unless the 30-day notice requirement with respect thereto has been waived by the Pension Benefit Guaranty Corporation, or (ii) the provisions of subsection
(1) of Section 4043(b) of ERISA (without regard to subsection (2) of such Section) are applicable with respect to a contributing sponsor, as defined in Section 4001(a)(13) of ERISA, of a Plan, and an event described in subsection
(9), (10), (11), (12) or (13) of Section 4043(c) of ERISA could reasonably be expected to occur with respect to such Plan within the following 30 days; (b) the provision by the administrator of any Plan of a notice of intent to
terminate such Plan, pursuant to Section 4041(a)(2) of ERISA (including any such notice with respect to a plan amendment referred to in Section 4041(e) of ERISA); (c) the cessation of operations by the Borrower or any ERISA Affiliate at a
facility in the circumstances described in Section 4062(e) of ERISA; (d) the withdrawal by the Borrower or any ERISA Affiliate from a Multiple Employer Plan during a plan year for which it was a substantial employer, as defined in
Section 4001(a)(2) of ERISA; (e) the failure by the Borrower or any ERISA Affiliate to make a payment to a Plan described in Section 302 of ERISA; or (f) the institution by the Pension Benefit Guaranty Corporation of proceedings
to terminate a Plan, pursuant to Section 4042 of ERISA, or the occurrence of any event or condition which is reasonably likely to constitute grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to
administer, a Plan. 
 “EU Bail-In Legislation Schedule” has
the meaning specified in Section 8.19. 

“Eurocurrency Lending Office” means, with respect to any Lender, the office of such Lender specified as
its “Eurocurrency Lending Office”
opposite its name on Schedule 1.01 hereto or in the Assumption Agreement or the Assignment and Acceptance, as the case may be, pursuant to which it became a Lender (or, if no such office is specified, its Domestic Lending 

  
 13 

 
Office), or such other office of such Lender as such Lender may from time to time specify to the Borrower and the
Designated Agent for such purpose. 
 “Eurocurrency
Liabilities” has the meaning
assigned to that term in Regulation D of the Board of Governors of the Federal Reserve System, as in effect from time to time. 

“EurocurrencyEURIBO Rate” ” means, with respect to any Eurocurrency Rate Advance denominated in Euro for any Interest Period, the rate per annum equal to (a) the LondonEURIBO Screen Rate at approximately 11:00 A.M. (Brussels time) two
TARGET Days prior to the commencement of such Interest Period
multiplied by (b) the Statutory
Reserve Rate; provided that if the EURIBO Rate shall be less than zero, such rate shall be deemed to be zero. 

“
EURIBO Screen Rate” means a rate per annum equal to the euro interbank offered rate as administered by the ICE Benchmark AdministrationEuropean Money Markets Institute (or any other Person that takes over the administration of such rate) for deposits in the applicable currency (for delivery on the first day of such Interest Period) with a term equivalent to such Interest
Period as displayedperiod displayed (before any correction, recalculation or republication by the administrator)
on the Reuters screen page that displays such rate (currently page
LIBOREURIBOR01) (or, in the event such rate does not appear on a page of the Reuters screen, on the appropriate
page of such other information service or such other source that publishes such rate as shall be
selected by the Designated Agent with the consent of the Borrower, not to be unreasonably withheld),
at approximately 11:00 A.M. (London time) two Business Days prior to the commencement of such Interest
Period (or, in the case of a Eurocurrency Rate Advance denominated in Sterling, on the first day of
such Interest Period) (the “Screen Rate”) divided by (b) a percentage equal to 100% minus the Eurocurrency Rate Reserve Percentage for such Interest Period (provided that, if for any reason a Screen Rate (including an Interpolated Screen
Rate, as provided below) is not available, the term
“Eurocurrency Rate” shall mean, for any Interest Period for each Eurocurrency Rate
Advance comprising part of the same Borrowing,
(i) an interest rate per annum equal to the average (rounded upward to the nearest whole multiple of 1/16 of 1.00% per annum, if such average is not such a multiple) of the rate per annum at which deposits in Dollars
or the applicable Committed Currency, as the case may be, are offered by the principal office of each of the Reference Banks in London, England to prime banks in the London interbank market at 11:00 A.M. (London time) two Business Days before the
first day of such Interest Period (or, in the case of a Eurocurrency Rate Advance denominated in Sterling, on the first day of such Interest Period) for a period equal to such Interest Period and in an amount substantially equal to such Reference
Bank’s Eurocurrency Rate Advance comprising part
of such Borrowing divided by (ii) a percentage
equal to 100% minus the Eurocurrency Rate Reserve Percentage for such Interest Period). In the event that the Eurocurrency Rate is to be determined by the Reference Banks, the Eurocurrency Rate for any Interest Period for each Eurocurrency Rate
Advance comprising part of the same Borrowing shall be determined by the Designated Agent on the basis of applicable rates furnished to and received by the Designated Agent from the Reference Banks two Business Days before the first day of such
Interest Period (or, in the case of a Eurocurrency Rate Advance denominated in Sterling, on the first day of such Interest Period), subject, however, to the provisions of Section 2.08. If, as to any currency, no Screen Rate shall be available for a
particular Interest Period but Screen Rates shall be available for maturities both longer and shorter than such Interest Period, then the Screen Rate for such Interest Period shall be the Interpolated Screen Rate. For the avoidance of doubt, nothing in this Agreement shall obligate any Reference Bank to provide the
information referred to in clause (i) above.
Notwithstanding the foregoing, the Eurocurrency Rate shall in no event be less than zero.from time to time in its reasonable discretion).  

  
 14 

“Eurocurrency
RateEURIBOR Advance” ” means an Advance denominated in Dollars or a Committed CurrencyEuro
which bears interest as provided in Section 2.06(a)(iiiii). 
 “Eurocurrency Rate Reserve
Percentage” means, with respect
to any Lender for any Interest Period for any Eurocurrency Rate Advance, the reserve percentage applicable during such Interest Period (or, if more than one such percentage shall be so applicable, the daily average of such percentages for those days
in such Interest Period during which any such percentage shall be so applicable) under regulations issued from time to time by the Board of Governors of the Federal Reserve System (or any successor thereto) for determining the maximum reserve
requirement (including, without limitation, any emergency, supplemental or other marginal reserve requirement) for such Lender with respect to liabilities or assets consisting of or including Eurocurrency Liabilities (or with respect to any other
category of liabilities that includes deposits by reference to which the interest rate on Eurocurrency Rate Advances is determined) having a term equal to such Interest Period. 

“Euro
” or
“€”
 means the single currency of 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.

 “Events of Default” has the meaning specified in Section 6.01. 

“Excluded Entity” means each of the Hong Kong Disneyland Entities, the Shanghai Project Entities and
the Specified Project Entities. 
 “Excluded Taxes” has the meaning specified in
Section 2.14(a). 
 “Existing Credit Agreement” means the Five-Year Credit Agreement dated as
of March 11, 2016, among TWDC Enterprises 18 Corp., as borrower, the lenders party thereto and JPMorgan Chase Bank, N.A., as designated agent for the lenders thereunder, to which The Walt Disney Company acceded as guarantor, as such agreement
may have been amended, restated, supplemented or otherwise modified from time to time. 
 “Extending
Lender” has the meaning specified in Section 2.20(b). 
 “Extension Date” has the
meaning specified in Section 2.20(b). 
 “FATCA” means Sections 1471 through 1474 of the Code,
as in effect on the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreement
entered into pursuant to Section 1471(b)(1) of the Code, and any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement, treaty or convention among Governmental Authorities and implementing such
Sections of the Code. 
 “Federal Funds Rate” means, for any day, the rate calculated by the NYFRB
based on such day’s federal funds transactions by depository institutions,
(as determined in such manner as the NYFRB shall be set forth on
its public websitethe
NYFRB’s Website from time to time), and published on the next
succeeding Business Day by the NYFRB as the effective federal funds
effective rate; provided that if such rate shall be less than zero, such rate shall be deemed to be zero for all purposes of this Agreement. 

  
 15 

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

“Floor” means the benchmark rate floor, if any, provided in this Agreement initially (as of the execution of this Agreement, the modification, amendment or renewal of this Agreement or otherwise)
with respect to any applicable Benchmark. 
 “Foreign Currencies” means Sterling, Yen and Euro. 

“Foreign
 Lending
Office” means, with respect to
any Lender, the office of such Lender specified as its “Foreign Lending
 Office”
 opposite its name on Schedule 1.01 hereto or in the Assumption Agreement or the Assignment and Acceptance, as the case may be, pursuant to which it became a Lender (or, if no such office is specified, its Domestic Lending Office), or such other office of such Lender as such Lender may from time to time specify to the Borrower and the
Designated Agent for such purpose. 

“GAAP” means generally accepted accounting principles in the United States. 

“Governmental Authority” means the government of the United States of America or any other nation or
any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or
functions of or pertaining to government (including any supra-national bodies such as the European Union or the European Central Bank). 

“Guaranteed Obligations” has the meaning specified in Section 9.01. 

“Guarantor” has the meaning specified in the preamble to this Agreement. 

“Guaranty” means the guaranty and the other obligations of the Guarantor under Article IX. 

“Guaranty Beneficiaries” means the Designated Agent, the Lenders and any other holders of Guaranteed
Obligations. 
 “Guaranty Release Date” means the date on which the Guarantor is released and
discharged from its obligations under this Agreement and the Guaranty as set forth in Section 9.08. 

“Hazardous Material” means (a) any petroleum or petroleum product, natural or synthetic gas,
asbestos in any form that is or could become friable, urea formaldehyde foam insulation or radon gas, (b) any substance defined as or included in the definition of “hazardous substances”, “hazardous wastes”, “hazardous
materials”, “toxic substances”, “contaminants” or “pollutants”, or words of similar import, under any applicable Environmental Law or (c) any other substance exposure to which is regulated by any governmental
or regulatory authority. 
 “Hong Kong Disneyland Entity” means any subsidiary of the Borrower and
any other Person whose equity securities or interests are owned, directly or indirectly, in whole or in part, by the Borrower or any of its subsidiaries, the primary business of which is the direct or indirect ownership, management, operation,
design, construction and/or financing of the recreational and commercial facilities and complex, or any part thereof or any addition thereto, commonly known as “Hong Kong Disney”, “Hong Kong Disneyland” or “Disneyland Resort
Hong 

  
 16 

 
Kong”, located at Penny’s Bay on Lantau Island, Hong Kong, which subsidiaries and other Persons include, without limitation, as of the date hereof, Hongkong International Theme Parks
Limited, Hong Kong Disneyland Management Limited and Walt Disney Holdings (Hong Kong) Limited. 
 “IBA” has the meaning specified in Section 1.04.

 “Increase Date” has the meaning specified in Section 2.19(a).

 “Increasing Lender” has the meaning specified in Section 2.19(b). 

“Indemnified Matters” has the meaning specified in Section 8.08(a). 
 “Indemnified Party”
has the meaning specified in Section 8.08(a). 

“Initial Base Rate Advance
Date” means any date on which a
Base Rate Advance is made and immediately prior to which no Base Rate Advances were outstanding. 

“Interest Period” means, for each Eurocurrency RateTerm SOFR Advance, EURIBOR Advance
or TIBOR Advance comprising part of the same Borrowing, the period commencing on the date of such Eurocurrency RateTerm SOFR Advance, EURIBOR Advance or TIBOR Advance or on the date of the Conversion of any Base Rate Advance into a Eurocurrency RateTerm SOFR Advance
and ending on the last day of the period selected by the Borrower pursuant to the provisions below and, thereafter, each subsequent period commencing on the last day of the immediately preceding Interest Period and ending on the last day of the
period selected by the Borrower pursuant to the provisions below. The duration of each such Interest Period shall be one month or, twosolely in the case of any EURIBOR Advance or
TIBOR Advance, three, six or, if generally available to all of the Lenders, twelve months as the Borrower may select, in each case, upon notice received by
the Designated Agent not later than (a) 11:00 A.M. (New York City time) on the third Business Day prior to the first day of such Interest Period for each
Eurocurrency Rate Advance denominated in any Committed Currency or (b) 1:0012:00 P.M. (New York City time) on
the third Business Day prior to the first day of such Interest Period for each Eurocurrency Rate Advance denominated in Dollars; provided, however, that: 
 (i) Interest Periods
commencing on the same date for Eurocurrency RateTerm SOFR Advances, EURIBOR Advances
or TIBOR Advances comprising part of the same Borrowing shall be of the same duration; 

(ii) whenever the last day of any Interest Period would otherwise occur on a day other than a Business Day, the
last day of such Interest Period shall be extended to occur on the next succeeding Business Day; provided, however, that if such extension would cause the last day of such Interest Period to occur in the next succeeding calendar month,
the last day of such Interest Period shall occur on the immediately preceding Business Day; 
 (iii) whenever
the first day of any Interest Period occurs on a day of an initial calendar month for which there is no numerically corresponding day in the calendar month that succeeds such initial calendar month by the number of months equal to the number of
months in such Interest Period, such Interest Period shall end on the last Business Day of such succeeding calendar month; and 

  
 17 

 (iv) the Borrower may not select for any Advance any
Interest Period which ends after the scheduled Termination Date then in effect. 
 “Interpolated Screen
Rate” means, with respect to any
Eurocurrency Rate Advance denominated in any currency for any Interest Period, a rate per annum which results from interpolating on a linear basis between
(a) the applicable Screen Rate for the longest
maturity for which a Screen Rate is available that is shorter than such Interest Period and (b) the applicable Screen Rate for the shortest maturity for which a
Screen Rate is available that is longer than such Interest Period. 

“IRS” means the U.S. Internal Revenue Service. 

“Lenders” means, collectively, the Persons listed on Schedule 2.01, each Assuming Lender that shall
become a party hereto pursuant to Section 2.19 or 2.20 and each Eligible Assignee that shall become a party hereto pursuant to Section 8.07, in each case other than any such Person that shall have ceased to be a party hereto pursuant to
Section 8.07. 
 “Lien” means any lien, security interest or other charge or encumbrance of any
kind, or any other type of preferential arrangement which has the same effect as a lien or security interest. 

“Loan Documents” means this Agreement and each Note delivered pursuant to Section 2.17(a), in
each case as amended, modified, supplemented or restated from time to time. 
 “Loan Party” means
the Borrower and, prior to the Guaranty Release Date, the Guarantor. 
 “Majority Lenders” means, at
any time, Lenders owed at least a majority in interest of the aggregate unpaid principal amount of the Advances owing to the Lenders at such time, or, if no such principal amount is outstanding at such time, Lenders having at least a majority in
interest of the Commitments at such time; provided, however, that neither the Borrower nor any of its Affiliates, if a Lender, shall be included in the determination of the Majority Lenders at any time. 

“Material Subsidiary” means, at any date of determination, a Subsidiary of the Borrower that, either
individually or together with its Subsidiaries, taken as a whole, has total assets exceeding $250,000,000 on such date. 
 “Maximum Applicable
Margin” means, as of any date,
the applicable rate per annum set forth in the table below, as determined by reference to the Public Debt Rating in effect on such date: 

 

											
	 Ratings Level
	  	
Public Debt Rating

S&P/Moody’s

	  	Maximum 
Applicable
Margin for
Eurocurrency Rate
Advances
	 	 	Maximum
Applicable 
Margin
for Base Rate
Advances	 
	
Level 1
	  	 At least A+ by S&P/A1 by
Moody’s
	  	 	0.750	% 	 	 	0.000	% 
	
Level 2
	  	 A by S&P/A2 by
Moody’s
	  	 	1.000	% 	 	 	0.000	% 
	
Level 3
	  	 A- by S&P/A3 by
Moody’s
	  	 	1.250	% 	 	 	0.250	% 
	
Level 4
	  	 Lower than A- by S&P/A3 by Moody’s or unrated
	  	 	1.500	% 	 	 	0.500	% 

  
 18 

 “Measurement Period” means, at any date of
determination, the most recently completed four consecutive fiscal quarters of the Borrower on or immediately prior to such date. 

“Minimum Applicable
Margin” means, as of any date,
the applicable rate per annum set forth in the table below, as determined by reference to the Public Debt Rating in effect on such date: 

 

							
	
Ratings
Level
	  	 Public Debt
Rating
 S&P/Moody’s
	  	Minimum Applicable
Margin
for
Eurocurrency Rate
Advances 	 	Minimum
Applicable 
Margin
for Base Rate
Advances
	 Level 1
	  	 At least A+ by S&P/A1 by Moody’s
	  	0.150%	 	0.000%
	
Level 2
	  	 A by S&P/A2 by
Moody’s
	  	0.250%	 	0.000%
	
Level 3
	  	 A- by S&P/A3 by
Moody’s
	  	0.375%	 	0.000%
	 Level 4
	  	 Lower than A- by S&P/A3 by Moody’s or unrated
	  	0.500%	 	0.000%

 “Moody’s” means Moody’s
Investors Service, Inc. or any successor thereto. 
 “Multiemployer Plan” means a multiemployer
plan, as defined in Section 4001(a)(3) of ERISA, to which the Borrower or any ERISA Affiliate is making or accruing an obligation to make contributions or has within any of the preceding five plan years made or accrued an obligation to make
contributions. 
 “Multiple Employer Plan” means a
single-employer plan, as defined in Section 4001(a)(15) of ERISA, that (i) is maintained for employees of the Borrower or any ERISA Affiliate and at least one Person other than the Borrower and the
ERISA Affiliates or (ii) was so maintained and in respect of which the Borrower or an ERISA Affiliate could have liability under Section 4064 or 4069 of ERISA in the event such plan has been or were to be terminated. 

“Negotiation
Period” has the meaning specified
in the definition of “Credit Default Swap
Spread”. 
 “Non-Defaulting
Lender” means, at any time, any Lender that is not a Defaulting Lender at such time. 

“Note” has the meaning specified in Section 2.17(a). 

“Notice of Borrowing” has the meaning specified in Section 2.02(a). 

“NYFRB” means the Federal Reserve Bank of New York. 

“NYFRB Rate” means, for any day, the greater of (a) the Federal Funds Rate in effect on such day
and (b) the Overnight Bank Funding Rate in effect on such day (or for any day 

  
 19 

 
that is not a Business Day, for the immediately preceding Business Day); provided that if none of such rates are published for any day that is a Business Day, the term “NYFRB
Rate” means the rate for a federal funds transaction quoted at 11:00 A.M. (New York City time) on such day received by the Designated Agent from a Federal funds broker of recognized standing selected by it; provided, further, that
if any of the aforesaid rates shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement. 

“NYFRB’s Website” means the website of the NYFRB at
http://www.newyorkfed.org, or any successor source. 
 “OFAC” means Office of Foreign Assets Control
of the U.S. Department of the Treasury. 
 “Other Taxes” has the meaning specified in
Section 2.14(b). 
 “Overnight Bank Funding Rate” means, for any day, the rate comprised of both of overnight federal funds
and overnight “Eurodollar” borrowings in Dollars by U.S.-managed banking offices of depository institutions (as such composite rate shall be determined by the NYFRB as set forth on its public website from time to
time) and published on the next succeeding Business Day by the NYFRB as an overnight bank funding rate. 
 “Overnight Rate” means, for any day, (a) with respect to any amount denominated in Dollars, the NYFRB Rate and (b) with respect to any
amount denominated in any Foreign Currency, an overnight rate determined by the Designated Agent in accordance with banking industry rules on interbank compensation. 

“Participant Register” has the meaning specified in Section 8.07(e). 

“Patriot Act” means the Uniting and Strengthening America by Providing Appropriate Tools Required to
Intercept and Obstruct Terrorism Act of 2001, Pub. L. 107-56 and all other laws and regulations relating to money-laundering and terrorist activities. 

“Payment Office” means, for any CommittedForeign Currency, such
office of the Designated Agent as shall be from time to time selected by the Designated Agent and notified by the Designated Agent to the Borrower and the Lenders. 

“Person” means an individual, partnership, corporation (including a business trust), joint stock
company, trust, unincorporated association, joint venture or other entity, or a government or any political subdivision or agency thereof. 

“Plan” means a Single Employer Plan or a Multiple Employer Plan. 

“Platform” has the meaning specified in Section 8.02(b). 

“Prime Rate” means the rate of interest last quoted by The Wall Street Journal as the “Prime
Rate” in the U.S. 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 Designated Agent) or any similar release by the Federal Reserve Board (as determined by the Designated Agent). Each

  
 20 

 
change in the Prime Rate shall be effective from and including the date such change is publicly announced or quoted as being effective. 

“Public Debt Rating” means, as of any date of determination, the higher rating that has been most
recently announced by either S&P or Moody’s, as the case may be, for any class of senior, unsecured, non-credit enhanced long-term public debt issued by the Borrower. For purposes of the foregoing,
(a) if only one of S&P and Moody’s shall have in effect a Public Debt Rating, the Maximum Applicable Margin, the Minimum Applicable Margin and the Commitment Fee Percentage shall be determined by reference to the available rating; (b) if neither S&P nor Moody’s shall have in effect a Public Debt Rating, the Maximum Applicable Margin, the Minimum Applicable Margin and the Commitment Fee Percentage will be set in
accordance with Level 4 under the definition of “Maximum Applicable Margin”, “Minimum
Applicable Margin” or “Commitment Fee Percentage”, as the case may be; (c) if the ratings established by S&P and Moody’s shall fall within different levels,
the Maximum Applicable Margin, the Minimum Applicable Margin and the Commitment Fee Percentage shall
be based upon the higher rating; (d) if any rating established by S&P or Moody’s shall be changed, such change shall be effective as of the date on which such change is first announced publicly by the rating agency making such change;
and (e) if S&P or Moody’s shall change the basis on which ratings are established, each reference to the Public Debt Rating announced by S&P or Moody’s, as the case may be, shall refer to the then-equivalent rating by S&P
or Moody’s, as the case may be. 
 “Reference Banks” means each of BNP Paribas, Citibank, N.A. and JPMorgan Chase Bank, N.A., or, in the event that fewer than two of such banks remain Lenders hereunder at any time, any other
commercial bank designated by the Borrower (with the consent of such bank) and approved by the Majority Lenders as constituting a
“Reference
Bank” hereunder, in each case,
acting in its capacity as a “Reference Bank”
hereunderTime
” with respect to any setting of the then-current Benchmark means
(a) if such Benchmark is Term SOFR, 5:00 A.M. (Chicago time) on the day that is two Business Days preceding the date of such setting,
(b) if such Benchmark is the EURIBO Rate, 11:00 A.M. (Brussels time) two TARGET Days preceding the date of such setting, (c) if such Benchmark is the TIBO Rate, 11:00 A.M. (Japan time) two Business Days preceding the date of such setting, (d) if the RFR for such Benchmark is SONIA, then four RFR Business Days prior to such setting or
(d) otherwise, the time determined by the Designated Agent in its reasonable discretion. 

“Register” has the meaning specified in Section 8.07(c). 

“Relevant Governmental Body” means the Board of Governors of(a) with respect to a
Benchmark Replacement in respect of Advances denominated in Dollars, the Federal Reserve SystemBoard, the NYFRB and/or the
NYFRBCME Term SOFR Administrator, as
applicable, or a committee officially endorsed or convened by the Board of Governors of the Federal Reserve SystemBoard and/or the NYFRB or, in each case, any successor thereto, (b) with respect to a Benchmark Replacement in respect of Advances denominated in Sterling, the Bank of England, or a committee officially endorsed or convened by the Bank of England or, in
each case, any successor thereto, (c) with respect to a Benchmark Replacement in respect of Advances denominated in Euro, the European Central Bank, or a
committee officially endorsed or convened by the European Central Bank or, in each case, any successor thereto and (d) with respect to a Benchmark Replacement
in respect of Advances denominated in Yen, the Bank of Japan, or a committee officially endorsed or convened by the Bank of Japan or, in each case, any successor thereto. 

  
 21 

“Relevant Rate”
means (a) with respect to any Term SOFR Advance, the Adjusted Term SOFR, (b) with respect to any EURIBOR Advance, the EURIBO Rate, (c) with respect to any TIBOR Advance, the TIBO Rate, (d) with respect to any Daily Simple SOFR
Advance, the Adjusted Daily Simple SOFR and (e) with respect to any SONIA Advance, the Daily Simple SONIA. 

“Relevant Screen
Rate” means (a) with respect to any Term SOFR Advance, the Term SOFR Reference Rate, (b) with respect to any EURIBOR Advance, the EURIBO Screen Rate and (c) with respect to any TIBOR Advance, the TIBO Screen Rate.
 
 “Resolution Authority” has the
meaning specified in Section 8.19. 
 “Responsible Officer” means the chief executive officer,
the president, the chief financial officer, the treasurer or any assistant treasurer of the Borrower. 
 “Reuters” means Thomson Reuters Corporation, Refinitiv or, in each case, a successor thereto. 

“RFR” means
(a) for any Advance denominated in Dollars, Daily Simple SOFR and (b) for any
Advance denominated in Sterling, SONIA. 
 “RFR Advance” means (a) an Advance denominated in Dollars which bears interest as provided in Section 2.06(a)(v)(A) or (b) an Advance denominated in Sterling which bears interest as provided in
Section 2.06(a)(v)(B), as applicable.  

“
RFR Business Day” means (a) for any
Advance denominated in Dollars, a U.S. Government Securities Business Day and (b) for any Advance denominated in Sterling, any day except for (i) a Saturday, (ii) a Sunday or (iii) a day on which banks are closed for general business in London.  

“S&P” means Standard & Poor’s Ratings Services, a subsidiary of S&P Global Inc.,
and any successor to its rating agency business. 
 “Sanctioned Person” means any Person currently
named on OFAC’s List of Specially Designated Nationals and Blocked Persons or any entity that is 50% or more owned by such Person; the Sanctioned Entities List maintained by the U.S. Department of State; the consolidated list of persons, groups
and entities subject to European Union financial sanctions maintained by the European Union External Action Committee; the Consolidated List of Financial Sanctions Targets maintained by Her Majesty’s Treasury of the United Kingdom; and the
Compendium of United Nations Security Council Sanctions Lists. 
 “Sanctions Laws” means trade or
financial sanctions imposed, administered or enforced by the OFAC or similar trade or financial sanctions imposed, administered or enforced by (a) the U.S. Department of State pursuant to the International Emergency Economic Powers Act, Trading
with the Enemy Act, United Nations Participation Act, Foreign Narcotics Kingpin Designation Act, Comprehensive Iran Sanctions, Accountability, and Divestment Act, Iran Threat Reduction and Syria Human Rights Act and related executive orders and
regulations, (b) Her Majesty’s Treasury of the United Kingdom, (c) the European Union or (d) United Nations Security Council. 

  
 22 

“Screen
Rate” has the meaning assigned to
that term in the definition of “Eurocurrency
Rate”. 
 “SEC” means the United States Securities and Exchange
Commission. 
 “Shanghai Project Entity” means any subsidiary of the Borrower and any other Person
whose equity securities or interests are owned, directly or indirectly, in whole or in part, by the Borrower or any of its subsidiaries, the primary business of which is the direct or indirect ownership, management, operation, design, construction
and/or financing of the recreational and commercial facilities and complex or any part thereof or any addition thereto, known as “Shanghai Disney”, “Shanghai Disneyland” or “Disneyland Resort Shanghai” or by any similar
name, located in the Pudong New Area, Shanghai, People’s Republic of China, which subsidiaries and other Persons include, without limitation, as of the date hereof, Shanghai International Theme Park Company Limited, Shanghai International Theme
Park Associated Facilities Company Limited, Shanghai International Theme Park and Resort Management Company Limited and WD Holdings (Shanghai), LLC. 

“Single Employer Plan” means a single-employer plan, as defined in Section 4001(a)(15) of ERISA,
that (i) is maintained for employees of the Borrower or an ERISA Affiliate and no Person other than the Borrower and the ERISA Affiliates or (ii) was so maintained and in respect of which the Borrower or an ERISA Affiliate could have
liability under Section 4069 of ERISA in the event such plan has been or were to be terminated. 

“SOFR” with respect
to any day means a rate per annum equal to the secured overnight financing rate published for such dayas
administered by the NYFRB, as the administrator of the benchmark (or a successor administrator), on the NYFRB’s
WebsiteSOFR Administrator. 

“SOFR-Based
Rate” means SOFR, Compounded SOFR or
Term SOFR Administrator” means the NYFRB (or a successor administrator of the secured overnight financing
rate). 
 “SOFR
Administrator’s Website” means the NYFRB’s Website or any successor source for the secured overnight financing rate identified as such by the SOFR Administrator from time to time. 
 “SOFR
Rate Day” has the meaning specified in the definition of “Daily Simple
SOFR”. 

“SONIA” means, with respect to any Business Day, a rate per annum equal to the Sterling Overnight Index Average for such Business Day published by the SONIA Administrator on the SONIA
Administrator’s Website on the immediately succeeding Business Day. 

“SONIA Administrator” means the Bank of England (or any successor administrator of the Sterling Overnight Index Average). 

  
 23 

“SONIA
Administrator’
s
Website”
 means the Bank of England’s website, currently at http://www.bankofengland.co.uk, or any successor source for the Sterling Overnight Index Average identified as such by the SONIA Administrator from time to
time. 
 “SONIA
Advance” means
 an Advance denominated in Sterling which bears interest as provided in Section 2.06(a)(v)(B). 

“SONIA Interest
Day” has the
meaning specified in the definition of “Daily Simple SONIA”. 
 “Specified Project
Entity” means: 
 (a) DVD Financing, Inc.; 

(b) each Affiliate of the Borrower organized after February 25, 2004 (the “Organization
Date”) (or whose business commenced after the Organization Date) and any other Person organized after the Organization Date (or whose business commenced after the Organization Date) whose equity securities or interests are owned,
directly or indirectly, in whole or in part, by the Borrower or any of its subsidiaries, in each case, if: 

(i) such Affiliate or other Person has incurred Debt for the purpose of financing all or a part of the costs of
the acquisition, construction, development or operation of a particular project (“Project Debt”); 

(ii) except for customary guarantees, keep-well agreements and similar credit and equity support arrangements
in respect of Project Debt incurred by such Affiliate or other Person from the Borrower or any of its subsidiaries not in excess of $150,000,000 or from third parties, the source of repayment of such Project Debt is limited to the assets and
revenues of such particular project (or, if such particular project comprises all or substantially all of the assets of such Affiliate or other Person, the assets and revenues of such Affiliate or other Person); and 

(iii) the property over which Liens are granted to secure such Project Debt, if any, consists solely of the
assets and revenues of such particular project or the equity securities or interests of such Affiliate or other Person or a Subsidiary of the Borrower referred to in clause (c) below; and 

(c) each Affiliate of the Borrower organized after the Organization Date (or whose business commenced after the
Organization Date) whose equity securities or interests are owned, directly or indirectly, in whole or in part, by the Borrower or any of its subsidiaries, the primary business of which is the direct or indirect ownership, management or operation
of, or provision of services to, any Affiliate or other Person referred to in clause (b) above. 
 “Statutory Reserve
Rate”
means a fraction (expressed as a decimal), the numerator of which is the number one and the denominator of which is the number one minus the aggregate of the maximum reserve percentage (including any marginal, special, emergency or supplemental reserves) expressed as a decimal established by the Federal Reserve Board to which the Administrative Agent is subject with respect to the EURIBO Rate or the TIBO
Rate, as applicable, for eurocurrency funding (currently referred to as  

  
 24 

 
“Eurocurrency liabilities” in Regulation D) or any other reserve ratio or analogous requirement of any central banking or financial
regulatory authority imposed in respect of the maintenance of the Commitments or the funding of the Advances. Such reserve percentage shall include those imposed pursuant to Regulation D. EURIBOR Advances and TIBOR Advances shall be deemed to
constitute eurocurrency funding and to be subject to such reserve requirements without benefit of or credit for proration, exemptions or offsets that may be available from time to time to any Lender under Regulation D or any comparable regulation.
The Statutory Reserve Rate shall be adjusted automatically on and as of the effective date of any change in any reserve percentage. 

“Sterling” or
“£” means the lawful money of the United Kingdom. 

“Subsidiary” means with respect to any Person, (a) any corporation (or foreign equivalent) other
than an Excluded Entity or (b) any general partnership, limited partnership or limited liability company (or foreign equivalent) other than an Excluded Entity (each, a “Non-Corporate
Entity”), in either case, of which more than 50% of the outstanding capital stock (or comparable interest) having ordinary voting power (irrespective of whether at the time capital stock (or comparable interest) of any other class or
classes of such corporation or Non-Corporate Entity shall or might have voting power upon the occurrence of any contingency) is at the time directly or indirectly (through one or more Subsidiaries) owned by
such Person. In the case of a Non-Corporate Entity, a Person shall be deemed to have more than 50% of interests having ordinary voting power only if such Person’s vote in respect of such interests
comprises more than 50% of the total voting power of all such interests in such Non-Corporate Entity. For purposes of this definition, any managerial powers or rights comparable to managerial powers afforded
to a Person solely by reason of such Person’s ownership of general partner or comparable interests (or foreign equivalent) shall not be deemed to be “interests having ordinary voting power”. 

“
TARGET” means the Trans-European Automated
Real-time Gross Settlement
Express Transfer (TARGET2) payment system (or, if such payment system ceases to be operative, such other payment system (if any) determined by the Designated Agent
to be a suitable replacement). 
 “TARGET Day” means any day on which the TARGET is open for the settlement of payments in Euro. 
 “Taxes” has the meaning specified in
Section 2.14(a). 
 “Term SOFR” means the forward-looking term rate based on SOFR that has been selected or recommended by the Relevant Governmental
Body, with respect to any Term SOFR Advance and for any tenor comparable to the applicable Interest Period, the Term SOFR
Reference Rate at approximately 5:00 A.M. (Chicago time) two U.S. Government Securities Business Days prior to the commencement of such tenor comparable to the applicable Interest Period, as such rate is published by the CME Term SOFR
Administrator. 
 “Term SOFR
Advance” means an Advance denominated in Dollars which bears interest as provided in Section 2.06(a)(ii). 

“Term SOFR Determination
Day” has the meaning specified in the definition of “Term SOFR
Reference Rate”. 

  
 25 

“Term SOFR Reference
Rate” means,
for any day and time (such day, the “Term SOFR Determination
Day”), with respect to any
Term SOFR Advance and for any tenor comparable to the applicable Interest Period, the rate per annum determined by the Designated Agent as the forward-looking term rate based on SOFR. If by 5:00 P.M. (New York City time) on such Term SOFR
Determination Day, the “Term SOFR Reference Rate” for the applicable tenor has not been published by the CME Term SOFR Administrator and a Benchmark
Replacement Date with respect to Term SOFR has not occurred, then the Term SOFR Reference Rate for such Term SOFR Determination Day will be the Term SOFR Reference Rate as published in respect of the first preceding U.S. Government Securities
Business Day for which such Term SOFR Reference Rate was published by the CME Term SOFR Administrator, so long as such first preceding U.S. Government Securities Business Day is not more than five Business Days prior to such Term SOFR Determination
Day. 
 “Termination Date” means the earlier of (a) March 6, 2025,
subject to the extension thereof pursuant to Section 2.20, and (b) the date of termination in whole
of the aggregate Commitments pursuant to Section 2.04 or 6.01; provided, however, that the Termination Date of any Lender that is a Declining Lender in connection with any requested extension pursuant to Section 2.20 shall be the
Termination Date in effect immediately prior to the applicable Extension Date for all purposes of this Agreement. 
 “TIBO
Rate”
means, with respect to any Advance denominated in Yen for any Interest Period, the rate per annum equal to (a) the TIBO Screen Rate at approximately 11:00 A.M.
(Tokyo time) two Business Days prior to the commencement of such Interest Period multiplied by (b) the Statutory Reserve Rate; provided that if the TIBO Rate shall be less than zero, such rate shall be deemed to be zero.  

“
TIBO Screen Rate” means a rate per annum equal to the Tokyo interbank offered rate administered by the Ippan Shadan Hojin
JBA TIBOR Administration (or any other Person that takes over the administration of such rate) for deposits in Yen for the applicable period, as displayed on the Reuters screen page that displays such rate (currently DTIBOR0) (or, in the event such
rate does not appear on a page of the Reuters screen, on the appropriate page of such other information service that publishes such rate as shall be selected by the Designated Agent from time to time in its reasonable discretion).  

“
TIBOR Advance” means an Advance denominated in Yen which bears interest as provided in Section 2.06(a)(iv).  

“Type” means, in respect of any Advance, whether such Advance is a Base Rate Advance or a Eurocurrency Rate, a Term SOFR Advance, a
EURIBOR Advance, a TIBOR Advance, a SONIA Advance or, if applicable pursuant to Section 2.08, a Daily Simple SOFR Advance. 

“UK Financial Institution” has the meaning specified in Section 8.19. 

“UK Resolution Authority” has the meaning specified in Section 8.19. 

“Unadjusted Benchmark Replacement” means
the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment; provided that, if the Unadjusted Benchmark Replacement as so determined would be less than zero, the Unadjusted Benchmark Replacement will be deemed to be zero for the purposes of
this Agreement. 

  
 26 

 “United States” and “U.S.”
each means the United States of America. 

“
U.S. Government Securities Business Day” means any day except for
(a) a Saturday, (b) a Sunday or (c) a day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading
in United States government securities. 
 “U.S.
Person” means a “United States person” within the meaning of Section 7701(a)(30) of the Code. 

“Write-Down and Conversion Powers” has the meaning specified in Section 8.19. 

“
Yen” or “¥” mean the lawful currency of Japan. 

SECTION 1.02. Computation of Time Periods. In this Agreement, in the computation of periods of time from a specified
date to a later specified date, the word “from” means “from and including” and the words “to” and “until” each means “to but excluding”. 

SECTION 1.03. Accounting Terms. All accounting terms not specifically defined herein shall be construed in accordance
with GAAP as in effect from time to time; provided, however, that if any changes in accounting principles from those used in the preparation of the financial statements referred to in Section 4.01(c) dated September 28, 2019,
hereafter occur by reason of the promulgation of rules, regulations, pronouncements, opinions or other requirements of the Financial Accounting Standards Board or the American Institute of Certified Public Accountants (or successors thereto or
agencies with similar functions) and result in a change in the method of calculation of any financial covenant or term related thereto contained in this Agreement, then upon the request of either the Borrower or the Designated Agent (acting at the
instruction of the Majority Lenders), the Borrower and the Designated Agent shall enter into negotiations to amend such financial covenant or other relevant terms of this Agreement to eliminate the effect of any such change; provided
further, however, that upon such request and until such amendment becomes effective, such financial covenant or other relevant terms shall be performed, observed and determined in accordance with GAAP as in effect immediately prior to
such change. 
 SECTION 1.04. Interest Rates;
LIBORBenchmark
Notification. The interest rate on an Advance denominated in Dollars or any Committed Currency may
be derived from an interest rate benchmark that may be discontinued or is, or may in the future become, the subject of regulatory reform. Regulators have signaled the need to use alternative benchmark reference rates for some of these interest rate benchmarks and, as a result, such interest rate benchmarks may
cease to comply with applicable laws and regulations, may be permanently discontinued, and/or the basis on which they are calculated may change. The
Eurocurrency Rate is determined by reference to the Screen Rate, which is derived from the London interbank offered rate. The London interbank offered rate is intended to represent the rate at which contributing banks may obtain short-term
borrowings from each other in the London interbank market. In July 2017, the U.K. Financial Conduct Authority announced that, after the end of 2021, it would no longer persuade or compel contributing banks to make rate submissions to the ICE
Benchmark Administration (together with any successor to the ICE Benchmark Administrator, the “IBA”) for purposes of the IBA setting the London interbank offered rate. As a result, it is possible that commencing in 2022, the London interbank offered rate may no longer be
available or may no longer be deemed an appropriate reference rate upon which to determine the Eurocurrency Rate. In light of this eventuality, public and private sector industry initiatives are currently underway to identify new or alternative
reference rates to be used in place of the London interbank offered rate. Upon the occurrence of a 

  
 27 

 
Benchmark Transition Event or an Early Opt-in Election,
Section 
2.08(eb)(i) provides a
mechanism for determining an alternative rate of interest. The Designated Agent will promptly notify the Borrower, pursuant to Section 2.08(e), of any change to the reference rate upon which the
Eurocurrency Rate is based. However, the Designated Agent does not warrant or accept any responsibility for, and shall not have any liability with respect to, the administration,
submission, performance or any other matter related to the London interbank
offeredany interest rate
or other ratesused in
the definition of “Screen
Rate”this
Agreement, or with respect to any alternative or successor rate thereto, or replacement rate thereof (including (a) any such
alternative, successor or replacement rate implemented pursuant to Section 2.08(e), whether upon the occurrence of a Benchmark Transition Event or an Early Opt-in Election, and (b) the implementation of any Benchmark Replacement Conforming Changes pursuant to Section 2.08(e)), including whether the composition or characteristics of any such alternative, successor or
replacement reference rate will be similar to, or produce the same value or economic equivalence of, the Screen Rateexisting interest rate being replaced or have the same volume or liquidity as did the London interbank offeredany existing
interest rate prior to its discontinuance or unavailability. The Designated Agent and its Affiliates and/or other related entities may engage in transactions unrelated to
this Agreement that affect the calculation of any interest rate used in this Agreement or any alternative,
successor or replacement rate
(including any
Benchmark Replacement) and/or any relevant adjustments thereto, in each case, in a manner adverse to the Borrower. The
Designated Agent may select information sources or services in its commercially reasonable discretion to ascertain any interest rate used in this Agreement, any component thereof, or rates referenced in the definition thereof, in each case pursuant
to the terms of this Agreement, and shall have no liability to the Borrower, any Lender or any other Person for damages of any kind, including direct or indirect, special, punitive, incidental or consequential damages, costs, losses or expenses
(whether in tort, contract or otherwise and whether at law or in equity), for any error or calculation of any such rate (or component thereof) provided by any such information source or service. 

ARTICLE II 
 AMOUNTS AND TERMS
OF THE ADVANCES 
 SECTION 2.01. The Advances. Each Lender severally agrees, on the terms and conditions
hereinafter set forth, to make Advances to the Borrower denominated in any Agreed Currency from time to time on any Business Day during the period from the Effective Date
until the Termination Date in an aggregate amount (based, in respect of any Advances denominated in a CommittedForeign Currency, on the Equivalent in Dollars determined on the date of delivery of the applicable Notice of Borrowing) not to exceed at any time outstanding the Commitment of such Lender then
in effect; provided that the Lenders shall not be obligated to, and shall not, make any Advances as part of a Borrowing if after giving effect to such Borrowing the sum of the then-outstanding aggregate amount of all Borrowings shall exceed
the aggregate amount of the Commitments then in effect. Each Borrowing shall be in an aggregate amount of $5,000,000, £5,000,000, €5,000,000 or ¥500,000,000, as applicable, or an integral multiple of $1,000,000, £1,000,000,
€1,000,000 or ¥100,000,000, as applicable, in excess thereof, except that any Borrowing may be in an amount equal to the remaining unused amount of the Commitments or the Equivalent thereof in a CommittedForeign Currency. Each
Borrowing shall consist of Advances of the same Type and currency made on the same day by the Lenders ratably according to their respective Commitments. Within the limits of each Lender’s Commitment, the Borrower from time to time may borrow
under this Section 2.01, prepay pursuant to Section 2.10 and reborrow under this Section 2.01.

  
 28 

 SECTION 2.02. Making the Advances. (a) Each Borrowing shall be
made on notice, given not later than
(xi) 11:00 A.M. (New York City
time) on the same Business Day as the date of a proposed Borrowing comprised of Base Rate Advances,
(yii) 11:00 A.M.
(LondonNew York City
time) on the third Business Day prior to the date of a proposed Borrowing comprised of Eurocurrency
RateEURIBOR Advances
denominated in any Committed Currency or
TIBOR Advances, (ziii) 1:00 P11:00 A.M. (New York City time) on the fifth RFR Business Day prior to the date of a proposed Borrowing comprised
of SONIA Advances and (iv)(A) 11:00 A.M. (New York City time) on the third Business Day prior to the date of a proposed Borrowing comprised of
Eurocurrency RateTerm
SOFR Advances denominated in Dollarsor (B) if applicable pursuant to Section 2.08, 11:00 A.M. (New York City time) on the fifth RFR Business Day prior to the date of a proposed Borrowing comprised of Daily Simple SOFR Advances, by the Borrower to the
Designated Agent, which shall give to each Lender prompt notice thereof. Each such notice of a Borrowing (a “Notice of Borrowing”) shall be in writing, or by telephone confirmed immediately in writing, in substantially the
form of Exhibit A hereto, specifying therein the requested (i1) date of such Borrowing (which shall be a Business Day), (ii2) the currency and Type of Advances comprising such
Borrowing, (iii3)
aggregate amount of such Borrowing and
(iv4) in the case of a
Borrowing comprised of Eurocurrency
RateTerm SOFR Advances, EURIBOR Advances or TIBOR Advances, initial Interest Period and currency for each such Advance. Each Lender shall, before (A) 1:00 P.M. (New York City time) on the date of such Borrowing consisting of Advances denominated in Dollars or (B) 1:00 P.M. (London time) on the date of such Borrowing consisting of Advances denominated in any Committed
Currency, make available for the account of its Applicable Lending Office to the Designated Agent at the Designated Agent’s Account, in same day funds, such Lender’s ratable portion
of such Borrowing. After the Designated Agent’s receipt of such funds and upon fulfillment of the applicable conditions set forth in Article IIISection 3.02, the Designated Agent will make such funds available to the Borrower at the office where the Designated Agent’s Account is maintained (or to an account of the
Borrower in the relevant jurisdiction and designated by the Borrower in the applicable Notice of Borrowing, in the case of Advances denominated in a
CommittedForeign
Currency). 
 (b) Each Notice of Borrowing shall be irrevocable and binding on the Borrower. In the case of any
Borrowing which the related Notice of Borrowing specifies as to be comprised of Eurocurrency RateTerm SOFR Advances, EURIBOR Advances or TIBOR Advances, the Borrower shall indemnify each Lender against any loss, cost or expense incurred by such Lender as a result of any
failure to fulfill on or before the date specified in such Notice of Borrowing for such Borrowing the applicable conditions set forth in Article IIISection 3.02, including, without limitation, any loss, cost or expense incurred by reason of the liquidation or redeployment of deposits or other funds acquired by such Lender to
fund the Eurocurrency RateTerm SOFR
Advance, the EURIBOR Advance or the TIBOR Advance to be made by such Lender as part of such Borrowing when such Eurocurrency RateTerm SOFR Advance, EURIBOR Advance or TIBOR Advance, as a result of such failure, is not made on such date. 

(c) Unless the Designated Agent shall have received notice from a Lender on or prior to the date of any Borrowing that such Lender will not make available to the Designated Agent such
Lender’s ratable portion of such Borrowing, the Designated Agent may, but shall not be required to, assume that such Lender has made such portion available to the Designated Agent on the date of such Borrowing in accordance with subsection
(a) of this Section 2.02 and the Designated Agent may, but shall not be required to, in reliance upon such assumption, make available to the Borrower on such date a corresponding amount. If and to the extent that any Lender shall not have
made such ratable portion available to the Designated Agent, such Lender agrees to pay to the Designated Agent forthwith on demand such corresponding amount together with interest thereon, for each day from the date such amount is made available to
the Borrower until the date 

  
 29 

 
such amount is paid to the Designated Agent, at (A) the NYFRB Rate in the
casegreater of Advances denominated in Dollars or (B) the cost of funds incurred(i) the rate
determined by the Designated Agent in respectto be the cost to it of funding such amount inand (ii) the case of Advances denominated in Committed
Currenciesapplicable Overnight Rate; provided, however, that (iA) within two Business Days after
any Lender shall fail to make such ratable portion available to the Designated Agent, the Designated Agent shall notify the Borrower of such failure and
(iiB) if such Lender
shall not have paid such corresponding amount to the Designated Agent within two Business Days after such demand is made of such Lender by the Designated Agent, the Borrower agrees to repay to the Designated Agent forthwith upon demand by the
Designated Agent to the Borrower such corresponding amount together with interest thereon, for each day from the date such amount is made available to the Borrower until the date such amount is repaid to the Designated Agent, at the interest rate
applicable at the time to Advances comprising such Borrowing. If and to the extent such corresponding amount shall be paid by such Lender to the Designated Agent in accordance with this Section 2.02(c), such amount shall constitute such
Lender’s Advance as part of such Borrowing for all purposes of this Agreement. 
 (d) The failure of any Lender
to make the Advance to be made by it as part of any Borrowing shall not relieve any other Lender of its obligation, if any, hereunder to make its Advance on the date of such Borrowing, but no Lender shall be responsible for the failure of any other
Lender to make the Advance to be made by such other Lender on the date of any Borrowing. 
 SECTION 2.03. Commitment
Fee. The Borrower agrees to pay to each Lender a commitment fee on the average daily unused amount of such Lender’s Commitment (i) in the case of each Lender on the Effective Date, from the Effective Date or (ii) in the case of
any Lender that becomes a Lender after the Effective Date, the effective date specified in the Assumption Agreement or the Assignment and Acceptance pursuant to which it became a Lender, until, in each case, the Termination Date, payable quarterly
in arrears on the first Business Day of each January, April, July and October during the term of such Lender’s Commitment, commencing April 1, 2020, and on the Termination Date, at the rate per annum equal to the Commitment Fee Percentage
in effect from time to time. 
 SECTION 2.04. Reduction of the Commitments. The Borrower shall have the right, upon
at least three Business Days’ notice to the Designated Agent, to terminate in whole or reduce ratably in part the unused portions of the respective Commitments of the Lenders; provided that each partial reduction shall be in the
aggregate amount of $5,000,000 or an integral multiple of $1,000,000 in excess thereof; provided further that after giving effect to any such partial reduction, the total Commitments shall not be less than the then-outstanding aggregate
amount of Advances. Once terminated, such Commitments may not be reinstated, except pursuant to a Commitment Increase in accordance with Section 2.19. 
 SECTION 2.05. Repayment of
Advances. The Borrower shall repay to each Lender on the Termination Date the aggregate principal amount of the Advances owing to such Lender on such date. 

SECTION 2.06. Interest on Advances. (a) Scheduled Interest. The Borrower shall pay to each Lender interest
on the unpaid principal amount of each Advance owing to such Lender from the date of such Advance until such principal amount shall be paid in full, at the following rates per annum: 

(i) Base Rate Advances. During such periods as such Advance is a Base Rate Advance, a rate per annum
equal at all times to the sum of (A) the Base Rate and (B) the 

  
 30 

 
Applicable Margin in effect from time to time, payable quarterly in arrears on the first Business Day of each January, April, July and October during such periods and on the date such Base Rate
Advance shall be Converted or paid in full. 

(ii) Term SOFR Advances. During such periods as such Advance is a Term SOFR Advance, a rate per annum equal at all times during each Interest
Period for such Advance to the sum of (A) the Adjusted Term SOFR for such Interest Period for such Advance and (B) the Applicable Margin in effect from time to time, payable in arrears on the last day of such Interest Period and on the date such Term SOFR Advance shall be Converted or paid in
full. 
 (iii) EURIBOR Advances. During such periods as such Advance is
a EURIBOR Advance, a rate per annum equal at all times during each Interest Period for such Advance to the sum of (A) the EURIBO Rate for such Interest Period for
such Advance and (B) the Applicable Margin in effect from time to time, payable in arrears on the last day of such Interest Period and, if such Interest Period has a
duration of more than three months, on the date which occurs every three months after the first day of such Interest Period and on the date such EURIBOR Advance shall be Converted or paid in full. 

(iv) (ii) Eurocurrency RateTIBOR Advances. During such periods as such Advance is a Eurocurrency RateTIBOR Advance, a rate per annum equal at all times during each Interest Period for such Advance to the sum of (A) the EurocurrencyTIBO Rate for such
Interest Period for such Advance and (B) the Applicable Margin in effect from time to time, payable in arrears on the last day of such Interest Period and, if such Interest Period has a duration of more than three months, on the date which
occurs every three months and,
if applicable, six months and twelve months after the firstafter the first day of such Interest Period and on the date such TIBOR Advance shall be Converted or paid in
full. 
 (v) RFR Advances. During such periods as such Advance is an RFR Advance, a rate per annum equal at all times to the
sum of (A) if such Advance is denominated in Dollars and if applicable pursuant to Section 2.08, (i) the Adjusted Daily Simple SOFR and (ii) the Applicable Margin in effect from time to
time and (B) if such Advance is denominated in Sterling, (i) the
Daily Simple SONIA and (ii) the Applicable Margin in effect from time to time, in each case, payable on each date that is on the numerically corresponding day
in each calendar month that is one month after the borrowing of, or Conversion to, such RFR Advance (or, if there is no such corresponding day in such month, then the last day of such Interest Periodmonth) and on the
date such Eurocurrency
RateRFR Advance shall be Converted or paid in full. 

(b) Default Interest. The Borrower shall pay interest on the unpaid principal amount of each Advance that is not paid
when due and on the unpaid amount of all interest, fees and other amounts payable hereunder that is not paid when due, payable on demand of the Designated Agent or the Majority Lenders, at a rate per annum equal at all times to (i) in the case
of any amount of principal, 2.00% per annum above the rate per annum required to be paid on such Advance immediately prior to the date on which such amount became due and (ii) to the fullest extent permitted by law, in the case of all other
amounts, 2.00% per annum above the rate of interest applicable to Base Rate Advances in effect from time to time. 
 SECTION 2.07.
[Intentionally Omitted.] 

  
 31 

SECTION 2.08. Interest Rate
Determination. If requested, each Reference Bank
may, but shall not be required to, furnish to the Designated Agent timely information for the purpose of determining each Eurocurrency Rate. Subject to
Section 2.08(c), if any one or more of the
Reference Banks shall not furnish such timely information to the Designated Agent for the purpose of determining such interest rate, the Designated Agent shall determine such interest rate on the basis of timely information furnished by the
remaining Reference Banks. 
 (c) (b) Interest Rate Determination. The Designated Agent shall give prompt notice to the Borrower and the Lenders of (i) the applicable interest rate determined by the Designated
Agent and (ii) subject to Section 2.13(b), the details of such determination (including, without limitation, disclosure of the Credit Default Swap Spread) for purposes of SectionsSection 2.06(a)(i) and/or 2.06(a)(ii). 

(c) If, at any time when the Eurocurrency Rate is being determined by reference to rates furnished by the Reference Banks in
accordance with the definition of “Eurocurrency
Rate”, fewer than two Reference Banks furnish
timely information to the Designated Agent for purposes of determining the Eurocurrency Rate for any Eurocurrency Rate Advances, (i) the Designated Agent shall forthwith notify the Borrower and the Lenders that the interest rate cannot be determined for such Eurocurrency Rate Advances,
(ii) each such Advance denominated in Dollars
will automatically, on the last day of the then-existing Interest Period therefor, Convert into a Base Rate Advance (or, if such Advance is then a Base Rate Advance, will continue as a Base Rate Advance), (iii) each such Advance denominated in a
currency other than Dollars shall be prepaid and
(iv) the obligation of the Lenders to make, or
to Convert Advances into, Eurocurrency Rate Advances shall be suspended until the Designated Agent shall notify the Borrower and the Lenders that the circumstances causing such suspension no longer exist. 
 SECTION
2.07. [Intentionally Omitted.] 

SECTION 2.08. Alternate Rate of Interest. (a) Subject to
Section 2.08(b), if:

 (i) the Designated Agent determines (which determination shall be conclusive absent manifest error) (A) prior to the commencement of any Interest Period for a Term SOFR Advance, a EURIBOR Advance or a TIBOR Advance, that adequate and reasonable means do not exist for ascertaining the
Adjusted Term SOFR, Term SOFR, the EURIBO Rate or the TIBO Rate (including because the Relevant Screen Rate is not available or published on a current basis) for the applicable Agreed Currency and such Interest Period or (B) at any time, that adequate and reasonable means do not exist for ascertaining the Adjusted Daily Simple SOFR, Daily Simple SONIA or RFR for the applicable Agreed Currency;
or 
 (ii) (d) If, with respect to any Eurocurrency Rate Advances in any currency,
(i) the Designated Agent shall be unable to determine the Eurocurrency Rate as contemplated hereby; provided that no Benchmark Transition Event shall have occurred at such time; or
(ii) the Majority Lenders notify the Designated
Agent that (A) they are unable to obtain
matching deposits in such currency in the London interbank market at or about 11:00 A.M. (London time) on the second Business Day before theis advised by the Majority
Lenders in writing (A) prior to the commencement of any Interest Period for a Term SOFR Advance, a EURIBOR Advance or a TIBOR Advance, that the Adjusted Term SOFR,
the EURIBO Rate or the TIBO Rate for the applicable Agreed Currency and such Interest Period will not adequately and fairly reflect the cost to 

  
 32 

 
such Lenders (which cost each such Lender reasonably determines in good faith is material) of making of a Borrowing (or, in the case of a Borrowing denominated in Sterling, on the date of such Borrowing) in sufficient amounts to fund their respective Eurocurrency
Rateor maintaining such Advances
as a part offor
such Borrowing during its Interest Period or (B) the Eurocurrency Rate for any Interest Period for such Advancesat any time, that the Adjusted Daily Simple SOFR or the Daily Simple SONIA for the applicable Agreed Currency will not adequately and fairly reflect the cost to such Majority Lenders (which cost each such Majority Lender reasonably
determines in good faith is material) of making, funding or maintaining their respective Eurocurrency RateRFR
Advances denominated in suchthe applicable currency for such Interest
Period,; 

then the Designated Agent shall forthwith so notify the
Borrower and the Lenders, whereupon, unless and
until the
Designated Agent notifies the Borrower and the Lenders that the
circumstances giving rise to such notice no longer exist with respect to the relevant Benchmark or, in the case
of a development referred to in the preceding clause (ii)(B), the Applicable Margin with respect to Advances of the applicable Type shall be increased to reflect such costs as determined by such Majority Lenders and as agreed by the Borrower, and in any event subject to Section 2.08(e), (A) the obligation of the Lenders to
make, or continueto Continue at the end of the then applicable Interest Period, any Term SOFR Advances, EURIBOR Advances, TIBOR Advances or SONIA Advances, or to Convert Base Rate Advances into, Eurocurrency Rate Term SOFR
Advances in such currency, as the case
may be, shall be suspended until, (B) in the Designated Agent shall notify the Borrower and the Lenders that the circumstances causing such
suspension no longer exist case of Advances denominated in Dollars, any request for a borrowing of, or a Conversion to or Continuation as, Term SOFR Advances shall instead be deemed to be a request for a borrowing of, or a Conversion to, as applicable,
(x) Daily Simple SOFR Advances so long as the Adjusted Daily Simple SOFR is not also the subject of clauses (i) or (ii) above or (y) Base Rate Advances if the Adjusted Daily Simple SOFR is also the subject of
clauses (i) or (ii) above, and (BC) the Borrower willif any affected Advance in any Agreed Currency is outstanding on the day of the Borrower’s receipt of such notice from the Designated Agent with respect to a Relevant Rate applicable to such
Advance, then (1) in the case of Advances denominated in Dollars, such affected Advances shall automatically, on the last day of the
then-existing Interest Period therefor, (1) if such Eurocurrency Rate Advances are denominated in Dollars, either
(x) prepay suchunless prepaid by the Borrower, Convert into, and shall constitute, (x) Daily Simple SOFR Advances so long as the Adjusted Daily Simple SOFR is not also the subject of clause
(i) or (ii) above or (y) Convert such Advances into Base Rate Advances
if the Adjusted Daily Simple SOFR is also the subject of clause (i) or (ii) above
and (2) if such Eurocurrency Ratein the case of Advances are
denominated in anyForeign Currencies, such affected Committed Currency, prepay such AdvancesAdvances shall, on the last day of the then-existing Interest Period therefor (or, in the case of SONIA Advances, on the first Business Day after the
date the Borrower receives such notice from the Designated Agent), be prepaid by the Borrower. The Designated Agent shall use reasonable efforts to determine from time to time whether the circumstances causing such suspensiondescribed in clause
(i) or (ii) above no longer exist and, promptly after the Designated Agent knows that thesuch circumstances causing such suspension no longer exist, the Designated Agent shall notify the Borrower and the Lenders thereof. 
 (b) (e) (i)(i) Notwithstanding anything to
the contrary herein or in any other Loan Document, upon the occurrence
ofif a Benchmark Transition Event
or an Early Opt-in Election, as applicable, the Designated Agent and the Borrower may, and shall endeavor to, amend this Agreement to replace the Screen Rate
with a and its related Benchmark Replacement Date  

  
 33 

 
have occurred prior to the Reference Time in respect of any setting of the then-current Benchmark, then (x) if a Benchmark Replacement is determined in accordance with clause (1) of the definition of “Benchmark
Replacement” with respect to Dollars for such Benchmark Replacement Date, such
Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any other Loan Document in respect of such Benchmark setting and subsequent Benchmark settings without any amendment to, or further action or consent of any other
party to, this Agreement or any other Loan Document and (y) if a Benchmark
Replacement is determined in accordance with clause (2) of the definition of
“Benchmark Replacement. Any such amendment” with respect to aany Agreed Currency for such Benchmark
Transition Event will become
effectiveReplacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any
other Loan Document in respect of any Benchmark setting at or after 5:00 P.M. (New York City time) on the fifth Business Day after the Designated Agent has posted such proposed
amendmentdate notice of such Benchmark Replacement is provided to allthe Lenders and the
Borrower, without any amendment to, or
further action or consent of any other party to, this Agreement or any other Loan Document so long as the Designated Agent has not received, by such time, written notice of objection to such proposed amendmentBenchmark
Replacement from Lenders comprising the Majority Lenders. Any such amendment with respect to an Early Opt-in Election will become effective on
the date that Lenders comprising the Majority Lenders have delivered to the Designated Agent written notice that such Majority Lenders consent to such amendment. No replacement of Eurocurrency Rate with a Benchmark Replacement will occur prior to
the applicable Benchmark Transition Start Date. 

(ii) In connection with the
implementation of a Benchmark ReplacementNotwithstanding anything to the contrary herein or in any other Loan
Document, the Designated Agent will have the right, in consultation with the Borrower, to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan
Document, any amendments implementing such Benchmark Replacement Conforming Changes will become effective without any further action or consent of any other party to this Agreement or
any other Loan Document. 
 (iii) The Designated Agent will promptly notify the
Borrower and the Lenders of (A) any occurrence of a Benchmark Transition Event or an Early Opt-in Election, as applicable, (B) the implementation of any Benchmark Replacement, (C) the effectiveness of any Benchmark Replacement Conforming Changes,
(D) the removal or reinstatement of any tenor of a Benchmark pursuant to clause (b)(iv) below and (DE) the commencement or conclusion
of any Benchmark Unavailability Period. Any determination, decision or election that may be made by the Designated Agent or, if applicable, the Borrower or theany Lender (or group of
Lenders) pursuant to this Section 2.08(eb), including any determination with respect to a tenor, rate or adjustment or of the occurrence or
non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, will
be conclusive and binding absent manifest error and may be made in its or their sole discretion and without consent from any other party heretoto this Agreement or any other Loan Document, except, in each case, as expressly required pursuant to this Section 2.08(eb). 
 (iv) Notwithstanding anything to the contrary herein or in any
other Loan Document, at any time (including in connection with the implementation of a Benchmark Replacement), (A) if the then-current Benchmark is a term rate (including Term SOFR, the EURIBO Rate or the TIBO Rate) and either (x) any tenor  

  
 34 

 
for such Benchmark is not displayed on a screen or other information service that publishes such rate from time to time as selected
by the Designated Agent in its reasonable discretion or (y) the regulatory supervisor for the administrator of such Benchmark has provided a public statement
or publication of information announcing that any tenor for such Benchmark is or will be no longer representative, then the Designated Agent may modify the definition of
“Interest Period” for any Benchmark settings at or after such time to remove such unavailable or non-representative tenor and (B) if a tenor that was removed pursuant to clause (A) above either (x) is subsequently displayed on a screen or information service for a Benchmark
(including a Benchmark Replacement) or (y) is not, or is no longer, subject to an announcement that it is or will no longer be representative for a Benchmark
(including a Benchmark Replacement), then the Designated Agent may modify the definition of “Interest Period” for all
Benchmark settings at or after such time to reinstate such previously removed tenor. 
 (v) (iv) Upon the Borrower’s
receipt of notice of the commencement of a Benchmark Unavailability Period, (A) the obligation of the Lendersthe Borrower may revoke any request for a borrowing of, Conversion to make or continue at the
end of the Interest Period, or to Convert Base Rate Advances into, Eurocurrency Rate Advances shall be suspended and (B) the Borrower will, onContinuation of any Term
SOFR Advance, EURIBOR Advance, TIBOR Advance or RFR Advance, as applicable, to be made, Converted or Continued during any Benchmark Unavailability Period and, failing
that, either (A) in the last daycase of the then-existing Interest Period therefor, (1) in the case of Eurocurrency Rate Advances that are denominated in Dollars,
either (x) prepay suchthe Borrower will be deemed to
have converted any request for a borrowing of, Conversion to or Continuation of any Term SOFR Advances into a request for a borrowing of or Conversion to, as applicable, (x) Daily Simple SOFR Advances so long as the Adjusted Daily Simple SOFR is not the subject of a Benchmark
Transition Event or (y) Convert such Advances into Base Rate Advances if the Adjusted Daily Simple SOFR is the subject of a Benchmark Transition Event or (B) in the case of
Advances denominated in any Foreign Currency, such request shall be ineffective. Furthermore, if any Advance in any Agreed Currency is outstanding on the date of the
Borrower’s receipt of notice of the commencement of a Benchmark Unavailability Period
with respect to the Relevant Rate applicable to such Advance, then until such time as a Benchmark Replacement for such Agreed Currency is
implemented pursuant to this Section 2.08(b), (1) in the case of Advances denominated in Dollars, such Advances shall on the
last day of the Interest Period applicable thereto Convert to, and shall constitute, (x) Daily Simple SOFR Advances so long as the Adjusted Daily Simple SOFR
is not the subject of a Benchmark Transition Event on such day or (y) Base Rate Advances if the Adjusted Daily Simple SOFR is the subject of a Benchmark
Transition Event on such day and (2) if such Eurocurrency Ratein the case of Advances are
denominated in any
CommittedForeign
Currency, prepay such Advancesshall be
prepaid by the Borrower on the first Business Day after the date the Borrower receives such notice. 

(f) If the Borrower shall fail to select the duration of any Interest Period for any Eurocurrency Rate
Advances in accordance with the provisions contained in the definition of “Interest
Period” in Section 1.01, the Designated
Agent will forthwith so notify the Borrower and the Lenders and such Advances will automatically, on the last day of the then-existing Interest Period therefor,
(i) if such Eurocurrency Rate Advances are denominated in Dollars, be Converted into Base Rate Advances and (ii) if such Eurocurrency Rate Advances are denominated in any
 

  
 35 

 
Committed Currency, be continued as Eurocurrency Rate Advances with a one-month Interest Period. 

(g) Upon the occurrence and during the continuance of any Event of Default under Section 6.01(a), (i) each Eurocurrency Rate Advance denominated in Dollars will automatically, on the
last day of the then-existing Interest Period therefor, be Converted into a Base Rate Advance and
(ii) the obligation of the Lenders to make, or
to Convert Advances into, Eurocurrency Rate Advances shall be suspended. 
 SECTION 2.09. Optional Conversion and Continuation
of Advances. (a) The Borrower may on any Business Day, upon notice given to the Designated Agent not later than (i) 11:00 A.M. (New York
City time) on the same Business Day as the date of the proposed Conversion in the case of a Conversion of Eurocurrency RateTerm SOFR Advances or, if applicable pursuant to
Section 2.08, Daily Simple SOFR Advances into Base Rate Advances and (ii) 1:0012:00 P.M. (LondonNew York City time) on the
third Business Day prior to the date of the proposed Conversion in the case of a Conversion of Base Rate Advances into Eurocurrency RateTerm SOFR Advances or of Eurocurrency
Ratea Continuation of Term SOFR Advances, EURIBOR Advances or TIBOR Advances of one Interest Period into Eurocurrency RateTerm SOFR
Advances, EURIBOR Advances or TIBOR Advances, as applicable, of another Interest Period, as the case may be, and subject to the provisions of Sections 2.08 and 2.12, (i) Convert all Advances denominated in Dollars of one Type comprising the same Borrowing into Advances denominated in Dollars of the other Type, except that no Conversion may be made into Daily Simple SOFR Advances except in accordance with
Section 2.08, and (ii) Continue all Term SOFR Advances, EURIBOR
Advances or TIBOR Advances of one Interest Period into Term SOFR Advances, EURIBOR Advances or TIBOR Advances of another Interest Period, as applicable; provided, however, that any Conversion of any Eurocurrency RateTerm SOFR Advances
into Base Rate Advances or into Eurocurrency Rate Advancesany Continuation of any Term SOFR Advances, EURIBOR Advances or TIBOR Advances into Term SOFR Advances, EURIBOR Advances or TIBOR Advances, as applicable, of another Interest
Period shall be made on, and only on, the last day of
anthe
then-existing Interest Period for such Eurocurrency RateTerm SOFR Advances, EURIBOR Advances or TIBOR Advances, as
applicable. Promptly upon receipt from the Borrower of a notice of a proposed Conversion or Continuation hereunder, the Designated Agent shall give notice
of such proposed Conversion or Continuation to each Lender. Each such notice of a Conversion or
Continuation shall, within the restrictions set forth above, specify (x) the date of such Conversion or Continuation (which shall be a Business Day),
(y) the Advances to be Converted or Continued and (z) if such Conversion or Continuation
is into Eurocurrency
RateTerm SOFR Advances, EURIBOR Advances or TIBOR Advances, the duration of the initial Interest Period for each
such Advance. The Borrower may Convert all Eurocurrency RateTerm SOFR Advances of any one Lender into Base Rate Advances of such Lender in accordance with the provisions of Section 2.12 by complying with the procedures set forth
therein and in this Section 2.09 as though each reference in this Section 2.09 to Advances denominated in Dollars of any Type were to such Advances of such Lender. Each such notice of Conversion or Continuation shall, subject to the provisions of Sections 2.08 and 2.12, be irrevocable and binding on the Borrower. 

(b) If the Borrower shall fail to select the duration of any Interest Period for any
Term SOFR Advance, EURIBOR Advance or TIBOR Advance, in each case, in accordance with the provisions contained in the definition of
“Interest Period”, the Designated Agent will forthwith so notify the Borrower and the Lenders and such
Advances will automatically, on the last day of the then-existing Interest Period therefor, be Continued as Advances of such
Type with a one-month Interest Period. 

  
 36 

(c)
Upon the occurrence and during the continuance of any Event of Default under Section 6.01(a), (i) each Term SOFR Advance will automatically, on the last day of the then-existing Interest Period therefor, be Converted into a Base Rate Advance, (ii) the obligation of the Lenders to make, Convert into
or Continue Advances as Term SOFR Advances shall be suspended and (iii) no Continuation of any Advance denominated in any other Agreed Currency for an Interest Period
of more than one month may be made. 
 SECTION 2.10.
Prepayments of Advances. (a) Optional. The Borrower may, upon not less than (i) the same Business Day’s notice to the Designated Agent received not later than 11:00 A.M. (New York City time) in the case of Borrowings
consisting of Base Rate Advances, (ii) three Business Days’ notice to the Designated Agent received not later than 11:00 A.M. (New York City time) in the case of Borrowings consisting of Eurocurrency RateTerm SOFR
Advances denominated in any Committed Currency, EURIBOR Advances and TIBOR Advances, or (iii) threefive RFR Business Days’ notice to the Designated Agent received not later than 1:00 P11:00 A.M. (New York City
time) in the case of Borrowings consisting of Eurocurrency
RateRFR
Advances denominated in Dollars, stating the proposed date and aggregate principal amount of the
prepayment, and if such notice is given the Borrower shall, prepay the outstanding principal amounts of the Advances constituting part of the same Borrowings in whole or ratably in part, together with accrued interest to the date of such prepayment
on the principal amount prepaid; provided, however, that (x) each partial prepayment shall be in an aggregate principal amount of $1,000,000 or an integral multiple of $1,000,000 in excess thereof (or the Equivalent thereof in a CommittedForeign Currency determined
on the date notice of prepayment is given) and (y) in the case of any such prepayment of Eurocurrency RateTerm SOFR Advances, EURIBOR Advances or TIBOR Advances, the Borrower shall be obligated to reimburse the Lenders in respect thereof
pursuant to Section 8.04(b). 
 (b) Mandatory. (i) If the Designated Agent provides a written notice
in conformity with Section 2.10(b)(ii) to the Borrower that, on any date, the sum of (A) the aggregate principal amount of all Advances denominated in Dollars then outstanding and (B) the Equivalent in Dollars (determined on the third
Business Day prior to such date) of the aggregate principal amount of all Advances denominated in
CommittedForeign Currencies
then outstanding exceeds 102% of the aggregate Commitments of the Lenders on such date, the Borrower shall, within two Business Days after receipt of such notice, prepay the outstanding principal amount of any Advances necessary so that, after
giving effect to such prepayment of Advances, the sum of (A) and (B) above does not exceed 100% of the aggregate Commitments of the Lenders on such date as set forth in the written notice from the Designated Agent to the Borrower pursuant to
the terms hereof. 
 (ii) Each prepayment made pursuant to this Section 2.10(b) shall be made together with any
interest accrued to the date of such prepayment on the principal amounts prepaid and, in the case of any prepayment of a Eurocurrency RateTerm SOFR Advance, a EURIBOR Advance or a TIBOR Advance on a date other than the last day of anthe Interest Period applicable thereto, with any additional amounts which the Borrower shall be obligated to reimburse to the Lenders in respect thereof pursuant to Section 8.04(b). The
Designated Agent shall give prompt written notice of any prepayment required under this Section 2.10(b) to the Borrower and the Lenders and such notice shall specify the amount of such prepayment and contain a reasonably detailed calculation
thereof. 
 SECTION 2.11. Increased Costs. (a) If, after the date hereof, due to either (i) the
introduction of or any change (other than any change by way of imposition or increase of reserve requirements included in the Eurocurrency Rate Reserve
Percentage) in or in the interpretation of 

  
 37 

 
any law or regulation or (ii) the compliance with any hereafter promulgated guideline or request from any central bank or other Governmental Authority, including, without limitation, any
agency of the European Union or similar monetary or multinational authority (whether or not having the force of law), which guideline or request (x) imposes, modifies or deems applicable any reserve, special deposit or similar requirement
against assets held by, deposits with or for the account of or credit extended by any Lender or (y) imposes on any Lender any other condition regarding this Agreement (including any assessment or charge on or with respect to the Commitments or
Advances, deposits or liabilities incurred to fund Advances, assets consisting of Advances (but not unrelated assets) or capital attributable thereto), there shall be any increase in the cost (excluding any allocation of corporate overhead) to any
Lender (which cost such Lender reasonably determines in good faith is material) of agreeing to make or making, funding or maintaining Eurocurrency Rateany Advances, then such Lender shall so notify the Borrower promptly after such Lender knows of such increased cost and determines
that such cost is material and the Borrower shall from time to time, upon demand by such Lender (with a copy of such demand to the Designated Agent), pay to the Designated Agent for the account of such Lender additional amounts sufficient to
compensate such Lender for such increased cost. A certificate of such Lender as to the amount of such increased cost in reasonable detail and stating the basis upon which such amount has been calculated and certifying that such Lender’s method
of allocating such costs is fair and reasonable and that such Lender’s demand for payment of such costs hereunder is not inconsistent with its treatment of other borrowers which, as a credit matter, are substantially similar to the Borrower and
which are subject to similar provisions, submitted to the Borrower and the Designated Agent by such Lender, shall be conclusive and binding for all purposes hereof, absent manifest error. Notwithstanding the foregoing, the Borrower shall not be
required to pay any amount under this Section 2.11 relating to (i) costs that are Excluded Taxes or are subject to indemnification under Section 2.14 or (ii) reserve requirements that are included in the Eurocurrency RateStatutory Reserve
PercentageRate.

 (b) If, after the date hereof, either (i) the introduction of or change in or in the interpretation of any
law or regulation or (ii) the compliance by any Lender with any hereafter promulgated guideline or request from any central bank or other Governmental Authority, including, without limitation, any agency of the European Union or similar
monetary or multinational authority (whether or not having the force of law), affects or would affect the amount of capital or liquidity required or expected to be maintained by such Lender or any entity controlling such Lender and the amount of
such capital or liquidity is materially increased by or based upon the existence of such Lender’s commitment to lend hereunder and other commitments of this type, then such Lender shall so notify the Borrower promptly after such Lender makes
such determination and, upon demand by such Lender (with a copy of such demand to the Designated Agent), the Borrower shall pay to such Lender within five days from the date of such demand, from time to time as specified by such Lender, additional
amounts sufficient to compensate such Lender or such controlling entity in the light of such circumstances, to the extent that such Lender reasonably determines in good faith such increase in capital or liquidity to be material and allocable to the
existence of such Lender’s commitment to lend hereunder. A certificate of such Lender as to such amount in reasonable detail and stating the basis upon which such amount has been calculated and certifying that such Lender’s method of
allocating such increase of capital is fair and reasonable and that such Lender’s demand for payment of such increase of capital hereunder is not inconsistent with its treatment of other borrowers which, as a credit matter, are substantially
similar to the Borrower and which are subject to similar provisions, submitted to the Borrower and the Designated Agent by such Lender, shall be conclusive and binding for all purposes hereof, absent manifest error. 

  
 38 

 (c) The Borrower shall not be obligated to pay under this Section 2.11
any amounts which relate to costs or increases of capital incurred prior to the 12 months immediately preceding the date of demand for payment of such amounts by any Lender, unless the applicable law, regulation, guideline or request resulting in
such costs or increases of capital is imposed retroactively. In the case of any law, regulation, guideline or request which is imposed retroactively, the Lender making demand for payment of any amount under this Section 2.11 shall notify the
Borrower not later than 12 months from the date that such Lender should reasonably have known of such law, regulation, guideline or request and the Borrower’s obligation to compensate such Lender for such amount is contingent upon such Lender
so notifying the Borrower; provided, however, that any failure by such Lender to provide such notice shall not affect the Borrower’s obligations under this Section 2.11 with respect to amounts resulting from costs or increases of
capital incurred after the date which occurs 12 months immediately preceding the date on which such Lender notified the Borrower of such law, regulation, guideline or request. 

(d) If any Lender shall subsequently recoup any costs (other than from the Borrower) for which such Lender has theretofore
been compensated by the Borrower under this Section 2.11, such Lender shall remit to the Borrower an amount equal to the amount of such recoupment. Amounts required to be paid by the Borrower pursuant to this Section 2.11 shall be paid in
addition to, and without duplication of, any amounts required to be paid pursuant to Section 2.14. 
 (e) For purposes
hereof, (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 United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be
changes in law or regulation referred to in paragraphs (a) and (b) of this Section, regardless of the date enacted, adopted, promulgated or issued. 

(f) Without prejudice to the survival of any other agreement of the Borrower hereunder, the agreements and obligations of the
Borrower contained in this Section 2.11 shall survive the payment in full (after the Termination Date) of all payment obligations of the Borrower in respect of Advances hereunder. 

SECTION 2.12. Illegality. Notwithstanding any other provision of this Agreement, if any Lender shall notify the
Designated Agent that the introduction of or any change in or in the interpretation of any law or regulation after the date hereof makes it unlawful, or any central bank or other Governmental Authority asserts that it is unlawful, for any Lender or
its EurocurrencyApplicable
Lending Office to perform its obligations hereunder to make Eurocurrency Rate Advances in Dollars or in any
CommittedAgreed
Currency (other than, subject to clause (c) of this paragraph, Base Rate
Advances) or to fund or maintain Eurocurrency Rateany such Advances in Dollars or in any Committed Currency, (a) the obligation of such Lender to make, or to Convert Base Rate Advances into, Eurocurrency Rateas applicable, such Advances shall be suspended until such Lender shall notify the Designated Agent, and the Designated Agent shall
notify the Borrower and the other Lenders, that the circumstances causing such suspension no longer exist (which notice shall be given promptly after the Designated Agent has been advised by such Lender that the circumstances causing such suspension
no longer exist) and,
(b) the Borrower shall forthwith prepay in full all Eurocurrency Ratesuch Advances of such Lender then outstanding, together with interest accrued thereon, unless, in the case of a Eurocurrency RateTerm SOFR
Advance denominated in Dollars, the Borrower, within five Business Days of notice from the Designated
Agent or, if permitted by law, on and as of the last 

  
 39 

 
day of the then- existing Interest Period for such
Eurocurrency RateTerm
SOFR Advance, Converts it into a Base Rate Advance and (c) if such notice
asserts the illegality of such Lender making or maintaining Base Rate Advances due to the interest rate thereon being determined by reference to the Adjusted Term SOFR component of the Base Rate, then the interest rate on such Base Rate Advances
shall, if necessary to avoid such illegality, be determined by the Designated Agent without reference to the Adjusted Term SOFR component of the Base Rate until such Lender shall notify the Designated Agent, and the Designated Agent shall notify the
Borrower and the other Lenders, that the circumstances causing the suspension of the Adjusted Term SOFR component no longer exist (which notice shall be given promptly after
the Designated Agent has been advised by such Lender that the circumstances causing such suspension no longer exist). 

SECTION 2.13. Payments and Computations. (a) The Borrower shall make each payment hereunder (and under the Notes,
if any), irrespective of any right of set-off or counterclaim, except with respect to principal of, interest on, and other amounts relating to, Advances denominated in a CommittedForeign Currency, not later
than 11:00 A.M. (New York City time) on the day when due, in Dollars to the Designated Agent at the Designated Agent’s Account in same day funds. The Borrower shall make each payment hereunder, irrespective of any right of set-off or counterclaim, with respect to principal of, interest on, and other amounts relating to, Advances denominated in a
CommittedForeign
Currency, not later than 11:00 A.M. (at the Payment Office for such CommittedForeign Currency) on the day when due, in such CommittedForeign Currency to the Designated Agent, by deposit of such funds to the Designated Agent’s Account in same day funds. The
Designated Agent will promptly thereafter cause to be distributed like funds relating to the payment of principal or interest or fees ratably (other than amounts payable pursuant to Sections 2.11, 2.14, 8.04 and 8.08) to the Lenders for the account
of their respective Applicable Lending Offices, and like funds relating to the payment of any other amount payable to any Lender to such Lender for the account of its Applicable Lending Office, in each case to be applied in accordance with the terms
of this Agreement. Upon any Assuming Lender becoming a Lender hereunder as a result of a Commitment Increase pursuant to Section 2.19 or an extension of the Termination Date pursuant to Section 2.20, and upon the Designated Agent’s
receipt of such Lender’s Assumption Agreement and recording of the information contained therein in the Register, from and after the applicable Increase Date or Extension Date, the Designated Agent shall make all payments hereunder and under
any Notes issued in connection therewith in respect of the interest assumed thereby to the Assuming Lender. Upon its acceptance of an Assignment and Acceptance and recording of the information contained therein in the Register pursuant to
Section 8.07(d), from and after the effective date specified in such Assignment and Acceptance, the Designated Agent shall make all payments hereunder and under the Notes, if any, issued in connection therewith in respect of the interest
assigned thereby to the Lender assignee thereunder, and the parties to such Assignment and Acceptance shall make all appropriate adjustments in such payments for periods prior to such effective date directly between themselves. 

(b) All computations of interest based on the TIBO Rate, SONIA
or clause (a) of the definition of “Base Rate” or the Eurocurrency Rate with respect to Advances denominated in Sterling shall be made by the Designated Agent on the basis of a year of 365 or 366 days, as the case may be, and all other computations of
interest based on the Eurocurrency Rate with respect to Advances denominated in Dollars or Committed Currencies other than Sterling, the NYFRB Rate, the Federal
Funds Rate or the Overnight Bank Funding Rate and of fees shall be made by the Designated
Agent, on the basis of a year of 360 days (or, in each case of Advances denominated in CommittedForeign Currencies where
market practice differs, in accordance with such market practice after notification of the Borrower), in each case for the actual number of days (including the first day but excluding the last day) occurring in the period for which such interest or
fees are 

  
 40 

 
payable. Each determination by the Designated Agent of an interest rate hereunder shall be conclusive and binding for all purposes hereof, absent manifest error (it being understood and agreed that, with respect to any Reference Bank, nothing in this Agreement shall require the Designated Agent to disclose to any other party hereto
(other than the Borrower) any information regarding such Reference Bank or any rate provided by such Reference Bank in accordance with the definition of
“Eurocurrency Rate”, including, without limitation, whether such Reference Bank has
provided a rate or the rate provided by any such Reference Bank). 

(c) Whenever any payment hereunder or under the Notes, if any, shall be stated to be due on a day other than a Business Day,
such payment shall be made on the next succeeding Business Day, and such extension of time shall in such case be included in the computation of the payment of interest or fees, as the case may be; provided, however, that if such
extension would cause payment of interest on or principal of Eurocurrency RateTerm SOFR Advances, EURIBOR Advances or TIBOR Advances to be made in the next following calendar
month, such payment shall be made on the immediately preceding Business Day. 
 (d) Unless the Designated Agent shall
have received notice from the Borrower prior to the date on which any payment is due to the Lenders hereunder that the Borrower will not make such payment in full, the Designated Agent may assume that the Borrower has made such payment in full to
the Designated Agent on such date and the Designated Agent may, but shall not be required to, in reliance upon such assumption, cause to be distributed to each Lender on such due date an amount equal to the amount then due such Lender. If and to the
extent that the Borrower shall not have so made such payment in full to the Designated Agent, each Lender shall repay to the Designated Agent, forthwith on demand such amount distributed to such Lender together with interest thereon, for each day
from the date such amount is distributed to such Lender until the date such Lender repays such amount to the Designated Agent, at the greater of (i) the NYFRB Rate in the case of Advances denominated in Dollars or
(ii) the cost of funds incurredrate determined by the Designated Agent in
respectto be the cost to it of
funding such amount
inand (ii) the
case of Advances denominated in Committed Currenciesapplicable Overnight Rate. 
 SECTION 2.14.
Taxes. (a) Subject to Section 2.14(f), any and all payments by the Borrower hereunder or under the Notes, if any, shall be made, in accordance with Section 2.13, free and clear of and without deduction for any and all present
or future taxes, levies, imposts, deductions, charges or withholdings, and all liabilities with respect thereto, excluding (i) in the case of each Lender and the Designated Agent, taxes, levies, imposts, deductions, charges or
withholdings, and all liabilities with respect thereto, imposed on its income, and franchise taxes imposed on it, by the jurisdiction under the laws of which such Lender or the Designated Agent, as the case may be, is organized or any political
subdivision thereof, (ii) in the case of
eachany Lender and the
Designated Agent, taxes, levies, imposts, deductions, charges or withholdings, and all liabilities with respect thereto, imposed on its income, and franchise taxes imposed on it by the jurisdiction of such Lender’s Applicable Lending Office or
any political subdivision thereof or by any other jurisdiction in which such Lender or the Designated Agent, as the case may be, is doing business that is unrelated to this Agreement, (iii) in the case of a Lender and the Designated Agent, U.S.
federal withholding taxes imposed on amounts payable to or for the account of such recipient with respect to an applicable interest in this Agreement, an Advance or a Commitment pursuant to a law in effect on the date on which (A) such
recipient acquires such interest in this Agreement, Advance or Commitment, or (B) such recipient changes its lending office, except in each case to the extent that, pursuant to this Section 2.14, amounts with respect to such taxes, levies,
imposts, deductions, charges or withholding, and all liabilities with respect thereto, were payable either to such recipient’s assignor immediately before such Lender or the Designated Agent became a party hereto or to such Lender or the
Designated Agent immediately before it changed its lending office, 

  
 41 

 
and (iv) in the case of each Lender and the Designated Agent or other recipient of payments hereunder, any withholding taxes imposed under FATCA (all such excluded taxes, levies, imposts,
deductions, charges and liabilities being referred to as “Excluded Taxes”, and all taxes levies, imposts, deductions, charges, withholdings and liabilities that are not Excluded Taxes being referred to as
“Taxes”). Subject to Section 2.14(f), if the Borrower shall be required by law to deduct any Taxes from or in respect of any sum payable hereunder to any Lender or the Designated Agent, as the case may be, (i) the
sum payable shall be increased as may be necessary so that after making all required deductions of Taxes (including deductions of Taxes applicable to additional sums payable under this Section 2.14) such Lender or the Designated Agent, as the
case may be, receives an amount equal to the sum it would have received had no such deductions been made, (ii) the Borrower shall make such deductions and (iii) the Borrower shall pay the full amount deducted to the relevant taxation
authority or other authority in accordance with applicable law. 
 (b) In addition, the Borrower agrees to pay any present
or future stamp or documentary taxes or any other excise or property taxes, charges or similar levies which arise from any payment made hereunder or under the Notes, if any, or from the execution, delivery or registration of, or otherwise with
respect to, this Agreement or the Notes, if any (hereinafter referred to as “Other Taxes”). 
 (c)
(i) Subject to Section 2.14(f), the Borrower will indemnify each Lender and the Designated Agent for the full amount of Taxes or Other Taxes (including, without limitation, any Taxes or Other Taxes imposed by any jurisdiction on amounts payable
under this Section 2.14) paid by such Lender or the Designated Agent, as the case may be, and any liability (including penalties (to the extent not imposed as a result of such Lender’s or the Designated Agent’s gross negligence or
willful misconduct), interest and expenses) arising therefrom or with respect thereto, whether or not such Taxes or Other Taxes were correctly or legally asserted. This indemnification shall be made within 30 days from the date such Lender or the
Designated Agent, as the case may be, makes written demand therefor. 
 (ii) Each Lender will severally indemnify the
Designated Agent, within 10 days after demand therefor, for (A) any Taxes attributable to such Lender (but only to the extent that the Borrower has not already indemnified the Designated Agent for such Taxes and without limiting the obligation
of the Borrower to do so), (B) any taxes attributable to such Lender’s failure to comply with the provisions of Section 8.07(e) relating to the maintenance of a Participant Register and (C) any Excluded Taxes that are attributable to
such Lender, in each case, that are payable or paid by the Designated Agent in connection with this Agreement, and any reasonable expenses arising therefrom or with respect thereto, whether or not such taxes were correctly or legally imposed or
asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to any Lender by the Designated Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the Designated
Agent to set off and apply any and all amounts at any time owing to such Lender under this Agreement or otherwise payable by the Designated Agent to the Lender from any other source against any amount due to the Designated Agent under this
Section 2.14(c)(ii). 
 (d) Within 30 days after the date of any payment of Taxes, the Borrower will furnish to the
Designated Agent, at its address referred to in Section 8.02, the original or a certified copy of a receipt evidencing payment thereof, to the extent that such a receipt is issued, or if such receipt is not issued, other evidence of payment
thereof that is reasonably satisfactory to the Designated Agent. 

  
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 (e) (i) Each Lender that is a U.S. Person shall deliver to the Borrower and
the Designated Agent on or prior to the date of its execution and delivery of this Agreement, and each such Lender that is not a party hereto on the date hereof shall deliver to the Borrower and the Designated Agent on or prior to the date on which
such Lender becomes a Lender hereunder pursuant to Section 2.19, 2.20 or 8.07, as the case may be, two true, accurate and complete original signed copies of IRS Form W-9 for purposes of certifying that
such Lender is exempt from United States backup withholding tax on payments pursuant to this Agreement. Each Lender that is not a U.S. Person shall deliver to the Borrower and the Designated Agent on or prior to the date of its execution and
delivery of this Agreement, and each such Lender that is not a party hereto on the date hereof shall deliver to the Borrower and the Designated Agent on or prior to the date on which such Lender becomes a Lender hereunder pursuant to
Section 2.19, 2.20 or 8.07, as the case may be, two true, accurate and complete original signed copies of (A) IRS Form W-8BEN or IRS Form W-8BEN-E (or any successor or substitute form or forms required under the Code or the applicable regulations promulgated thereunder), (B) IRS Form W-8ECI (or any
successor or substitute form or forms required under the Code or the applicable regulations promulgated thereunder) or (C) IRS Form W-8IMY (or any successor or substitute form or forms required under the
Code or the applicable regulations promulgated thereunder) accompanied by IRS Form W-9, IRS Form W-8BEN, IRS Form W-8BEN-E or IRS Form W-8ECI, as appropriate, in each case for purposes of certifying that such Lender is exempt from United States withholding tax on payments pursuant
to this Agreement. As applicable, each Lender further agrees to deliver to the Borrower and the Designated Agent from time to time, as reasonably requested by the Borrower or the Designated Agent, and in any case before or promptly upon the
occurrence of any events requiring a change in the most recent form previously delivered pursuant to this Section 2.14(e), a true, accurate and complete
original signed copy of (A) IRS Form W-9 (or any successor or substitute form or forms required under the Code or the applicable regulations
promulgated thereunder), (B) IRS Form W-8BEN or IRS Form W-8BEN-E (or any successor or substitute form or forms required under the Code or the applicable regulations
promulgated thereunder), (C) within 15 days prior to every third anniversary of the date of delivery of the initial IRS Form W-8ECI by such Lender (or more often if required by law) on which this Agreement is
still in effect, IRS Form W-8ECI (or any successor or substitute form or forms required under the Code or the applicable regulations promulgated thereunder) or (D) IRS Form W-8IMY(or any successor or
substitute form or forms required under the Code or the applicable regulations promulgated thereunder) accompanied by IRS Form W-9, IRS Form W-8BEN, IRS Form W-8BEN-E or IRS Form W-8ECI, as appropriate, in each case for purposes of certifying that such Lender is exempt from
United States withholding tax on payments pursuant to this Agreement. If any form or document referred to in this Section 2.14(e)(i) requires the disclosure of information, other than information necessary to compute the tax payable and
information required on the date hereof by IRS Forms W-9, W-8BEN, W-8BEN-E , W-8ECI or W-8IMY, that any Lender reasonably considers to be confidential, such Lender promptly shall give notice thereof to the Borrower and the Designated Agent and shall not be obligated to include in such form or document
such confidential information; provided that such Lender certifies to the Borrower that the failure to disclose such confidential information does not increase the obligations of the Borrower under this Section 2.14. 

(ii) If a payment made to a Lender under this Agreement would be subject to United States withholding tax imposed by FATCA if
such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Borrower and the Designated Agent at
the time or times prescribed by law and at such time or times reasonably requested by the Borrower or the Designated Agent such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and
such additional documentation reasonably requested by the Borrower or the Designated Agent as may be necessary for the Borrower and the 

  
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Designated Agent to comply with their obligations under FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA or to determine the amount to deduct
and withhold from such payment. Solely for purposes of this Section 2.14(e)(ii) “FATCA” shall include any amendments made to FATCA after the date of this Agreement. 

(f) Notwithstanding any other provision of this Section 2.14 to the contrary, for any period with respect to which a
Lender has failed to provide the Borrower with the appropriate form described in Section 2.14(e) establishing its exemption from United States withholding tax or backup withholding tax on payments hereunder (other than if such failure is due to
a change in law occurring subsequent to the date on which such form originally was required to be provided), such Lender shall not be entitled to any payments under this Section 2.14 with respect to United States withholding taxes;
provided, however, that should a Lender become subject to United States withholding taxes because of its failure to deliver a form required hereunder, the Borrower shall take such steps as such Lender shall reasonably request to assist
such Lender to recover such United States withholding taxes. 
 (g) Without affecting its rights under this
Section 2.14 or any other provision of this Agreement, each Lender agrees that if any Taxes or Other Taxes are imposed and required by law to be paid or to be withheld from any amount payable to any Lender or its Applicable Lending Office with
respect to which the Borrower would be obligated pursuant to this Section 2.14 to increase any amounts payable to such Lender or to pay any such Taxes or Other Taxes, such Lender shall use reasonable efforts to select an alternative Applicable
Lending Office which would not result in the imposition of such Taxes or Other Taxes; provided, however, that no Lender shall be obligated to select an alternative Applicable Lending Office if such Lender determines that (i) as a
result of such selection, such Lender would be in violation of an applicable law, regulation or treaty, or would incur unreasonable additional costs or expenses, or (ii) such selection would be inadvisable for regulatory reasons or inconsistent
with the interests of such Lender. 
 (h) Each Lender agrees with the Borrower that it will take all reasonable actions by
all usual means (i) to secure and maintain the benefit of all benefits available to it under the provisions of any applicable double tax treaty concluded by the United States to which such Lender may be entitled by reason of the location of
such Lender’s Applicable Lending Office or its place of incorporation or its status as an enterprise of any jurisdiction having any such applicable double tax treaty, if such benefit would reduce the amount payable by the Borrower in accordance
with this Section 2.14, and (ii) otherwise to cooperate with the Borrower to minimize the amount payable by the Borrower pursuant to this Section 2.14; provided, however, that no Lender shall be obliged to disclose to
the Borrower any information regarding its tax affairs or tax computations or to reorder its tax affairs or tax planning pursuant hereto. 

(i) If any party determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes as to
which it has been indemnified pursuant to this Section 2.14 (including by the payment of additional amounts pursuant to this Section 2.14), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of
indemnity payments made under this Section with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including taxes) of such indemnified
party and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid
over pursuant to this Section 2.14(i) (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event that such indemnified party is required to repay such refund to such Governmental Authority.
Notwithstanding anything to the contrary in this Section 2.14(i), in no event will the indemnified party be required to pay any amount 

  
 44 

 
to an indemnifying party pursuant to this Section 2.14(i) the payment of which would place the indemnified party in a less favorable net after-tax
position than the indemnified party would have been in if the indemnification payments or additional amounts giving rise to such refund had never been paid. This paragraph shall not be
construed to require any indemnified party to make available its Tax returns to the indemnifying party or any other Person. 

(j) Without prejudice to the survival of any other agreement of the Borrower hereunder, the agreements and obligations of the
Borrower contained in this Section 2.14 shall survive the payment in full of the principal and interest on all Advances and the termination of this Agreement until such date as all applicable statutes of limitations (including any extensions
thereof) have expired with respect to such agreements and obligations of the Borrower contained in this Section 2.14. 

SECTION 2.15. Sharing of Payments, etc. If any Lender shall obtain any payment (whether voluntary, involuntary, through
the exercise of any right of set-off or otherwise) on account of the Advances made by it (other than pursuant to Section 2.11, 2.14, 8.04 or 8.08) in excess of its ratable share of payments on account of
the Advances obtained by all the Lenders, such Lender shall forthwith purchase from the other Lenders such participations in the Advances made by them as shall be necessary to cause such purchasing Lender to share the excess payment ratably with
each of them; provided, however, that if all or any portion of such excess payment is thereafter recovered from such purchasing Lender, such purchase from each Lender shall be rescinded and such Lender shall repay to the purchasing Lender the
purchase price to the extent of such recovery, together with an amount equal to such Lender’s ratable share (according to the proportion of (i) the amount of such Lender’s required repayment to (ii) the total amount so recovered
from the purchasing Lender) of any interest or other amount paid or payable by the purchasing Lender in respect of the total amount so recovered. The Borrower agrees that any Lender so purchasing a participation from another Lender pursuant to this
Section 2.15 may, to the fullest extent permitted by law, exercise all its rights of payment (including the right of set-off) with respect to such participation as fully as if such Lender were the direct
creditor of the Borrower in the amount of such participation. 
 SECTION 2.16. Mandatory Assignment by a Lender;
Mitigation. If any Lender (a) requests from the Borrower either reimbursement for increased costs pursuant to Section 2.11, or payment of or reimbursement for Taxes pursuant to Section 2.14, or if any Lender notifies the
Designated Agent that it is unlawful for such Lender or its EurocurrencyApplicable Lending Office to perform its obligations hereunder pursuant to Section 2.12, (b) has failed to consent to a proposed amendment, waiver or consent that under
Section 8.01 requires the consent of all the Lenders (or all the affected Lenders) and with respect to which the Majority Lenders shall have granted their consent or (c) is a Defaulting Lender, (i) in the case of clause (a), such
Lender will, upon three Business Days’ notice by the Borrower to such Lender and the Designated Agent, to the extent not inconsistent with such Lender’s internal policies and applicable legal and regulatory restrictions, use reasonable
efforts to make, fund or maintain its Eurocurrency Rateapplicable Advances through another office of such Lender if (A) as a result thereof, the additional amounts required to be paid pursuant to Section 2.11 or 2.14, as
applicable, in respect of such Eurocurrency Rate Advances would be materially reduced or the
provisions of Section 2.12 would not apply to such Lender, as applicable, and (B) as determined by such Lender in good faith but in its sole discretion, the making or maintaining of such Eurocurrency Rate Advances through such other office would not otherwise materially and adversely affect such
Eurocurrency Rate Advances or such Lender and (ii) in case of clauses (a), (b) and (c), unless
such Lender has theretofore taken steps to remove or cure, and has removed or cured, the conditions creating such obligation to pay such additional amounts or the circumstances described in Section 2.12 or has consented to the

  
 45 

 
amendment, waiver or consent specified in clause (b), or is no longer a Defaulting Lender (other than if it became a Defaulting Lender due to a Bail-In
Action, in which case such Borrower’s right shall continue notwithstanding), the Borrower may designate an Eligible Assignee to purchase for cash (pursuant to an Assignment and Acceptance) all, but not less than all, of the Advances then owing
to such Lender and to acquire and assume all, but not less than all, of such Lender’s rights and obligations hereunder, without recourse to or warranty by, or expense to, such Lender, for a purchase price equal to the outstanding principal
amount of each such Advance then owing to such Lender plus any accrued but unpaid interest thereon and any accrued but unpaid fees owing thereto and, in addition, (A) all additional cost reimbursements, expense reimbursements and
indemnities, if any, owing in respect of such Lender’s Commitment hereunder, and all other accrued and unpaid amounts owing to such Lender hereunder, at such time shall be paid to such Lender and (B) if such Eligible Assignee is not
otherwise a Lender at such time, any applicable processing and recordation fee under Section 8.07(a) for such assignment shall have been paid; provided that, in the case of any assignment resulting from the circumstances specified in
clause (b), the Eligible Assignee shall have consented to the applicable amendment, waiver or consent and, as a result of such assignment and any contemporaneous assignments, the applicable amendment, waiver or consent can be effected. 

SECTION 2.17. Evidence of Debt. (a) 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 Advance owing to such Lender from time to time, including the amounts of principal and interest payable and paid to such Lender from time to time hereunder. The
Borrower agrees that upon notice by any Lender to the Borrower (with a copy of such notice to the Designated Agent) to the effect that a promissory note or other evidence of indebtedness is required or appropriate in order for such Lender to
evidence (whether for purposes of pledge, enforcement or otherwise) the Advances owing to, or to be made by, such Lender, the Borrower shall promptly execute and deliver to such Lender a promissory note or other evidence of indebtedness, in form and
substance reasonably satisfactory to the Borrower and such Lender (each, a “Note”), payable to such Lender in a principal amount equal to the Commitment of such Lender; provided, however, that the execution and
delivery of such promissory note or other evidence of indebtedness shall not be a condition precedent to the making of any Advance under this Agreement. 

(b) The Register maintained by the Designated Agent pursuant to Section 8.07(c) shall include a control account, and a
subsidiary account for each Lender, in which accounts (taken together) shall be recorded (i) the date and amount of each Borrowing made hereunder, the Type of Advances and currencies comprising such Borrowing and, if appropriate, the Interest
Period applicable thereto, (ii) the terms of each Assumption Agreement and each Assignment and Acceptance delivered to and accepted by the Designated Agent, (iii) the amount of any principal or interest due and payable or to become due and
payable from the Borrower to each Lender hereunder and (iv) the amount of any sum received by the Designated Agent from the Borrower hereunder and each Lender’s share thereof. 

(c) Entries made in good faith by the Designated Agent in the Register pursuant to subsection (b) above, and by each
Lender in its account or accounts pursuant to subsection (a) above, shall be prima facie evidence of the amount of principal and interest due and payable or to become due and payable from the Borrower to, in the case of the Register, each
Lender and, in the case of such account or accounts, such Lender, under this Agreement, absent manifest error; provided, however, that the failure of the Designated Agent or such Lender to make an entry, or any finding that an entry is
incorrect, in the Register or such account or accounts shall not limit or otherwise affect the obligations of the Borrower under this Agreement. 

  
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 SECTION 2.18. Use of Proceeds. The proceeds of the Advances shall be
available (and the Borrower agrees that it shall use such proceeds) for general corporate purposes of the Borrower and its subsidiaries. Notwithstanding the foregoing provisions of this Section 2.18, the Borrower will not use the proceeds of
any Advance to purchase the capital stock of any corporation in a transaction, or as part of a series of transactions, (i) the purpose of which is, at the time of any such purchase, to acquire control of such corporation or (ii) the result
of which is the ownership by the Borrower and its Subsidiaries of 10% or more of the capital stock of such corporation, in either case if the board of directors of such corporation has publicly announced its opposition to such transaction. 

SECTION 2.19. Increase in the Aggregate Commitments. (a) The Borrower may, at any time, by notice to the
Designated Agent, request that the aggregate amount of the Commitments be increased by an amount of $25,000,000 or an integral multiple of $5,000,000 in excess thereof (each, a “Commitment Increase”) to be effective as of a
date that is at least 90 days prior to the scheduled Termination Date then in effect (the “Increase Date”) as specified in the related notice to the Designated Agent; provided, however, that (i) in no event
shall the sum of the aggregate amount of the Commitments hereunder and the aggregate amount of the commitments under the 20182022 Credit Agreement, or any agreement extending or replacing the 20182022 Credit Agreement, at any
time exceed $8,000,000,000, (ii) no Event of Default, or event that with the giving of notice or passage of time or both would constitute an Event of Default, shall have occurred and be continuing as of the date of such request or as of the
applicable Increase Date, or shall occur as a result thereof and (iii) the representations and warranties contained in Section 4.02 shall be true
and correct in all material respects on and as of such Increase Date, before and after giving effect to such increase. 

(b) The Designated Agent shall promptly notify the Lenders of a request by the Borrower for a Commitment Increase, which
notice shall include (i) the proposed amount of such requested Commitment Increase, (ii) the proposed Increase Date and (iii) the date by which Lenders wishing to participate in the Commitment Increase must commit to an increase in
the amount of their respective Commitments (the “Commitment Date”). Each Lender that is willing to participate in such requested Commitment Increase (each, an “Increasing Lender”) shall give written
notice to the Designated Agent on or prior to the Commitment Date of the amount by which it is willing to increase its Commitment. If the Lenders notify the Designated Agent that they are willing to increase the amount of their respective
Commitments by an aggregate amount that exceeds the amount of the requested Commitment Increase, the requested Commitment Increase shall be allocated among the Lenders willing to participate therein in such amounts as are agreed between the Borrower
and the Designated Agent. The failure of any Lender to respond shall be deemed to be a refusal of such Lender to increase its Commitment. 

(c) Promptly following each Commitment Date, the Designated Agent shall notify the Borrower as to the amount, if any, by which
the Lenders are willing to participate in the requested Commitment Increase. If the aggregate amount by which the Lenders are willing to participate in any requested Commitment Increase on any such Commitment Date is less than the requested
Commitment Increase, then the Borrower may extend offers to one or more Eligible Assignees to participate in any portion of the requested Commitment Increase that has not been committed to by the Lenders as of the applicable Commitment Date;
provided, however, that the Commitment of each such Eligible Assignee shall be in an amount of $25,000,000 or an integral multiple of $1,000,000 in excess thereof. 

(d) On each Increase Date, each Eligible Assignee that accepts an offer to participate in a requested Commitment Increase in
accordance with Section 2.19(c) shall become a 

  
 47 

 
Lender party to this Agreement as of such Increase Date and the Commitment of each Increasing Lender for such requested Commitment Increase shall be increased by such amount (or by the amount
allocated to such Lender pursuant to the last sentence of Section 2.19(b)) as of such Increase Date; provided, however, that the Designated Agent shall have received on or before such Increase Date the following, each dated such
date: 
 (i) (A) certified copies of resolutions of the Board of Directors of the Borrower or the Executive
Committee (or other appropriate committee) of such Board approving the Commitment Increase and the corresponding modifications to this Agreement (unless such increase and corresponding modifications shall have been authorized by resolutions
previously delivered to the Designated Agent hereunder) and (B) an opinion of counsel for the Borrower (which may be in-house counsel) in form and substance satisfactory to the Designated Agent; 

(ii) an Assumption Agreement, duly executed by such Assuming Lender, the Designated Agent and the Borrower; and

 (iii) confirmation from each Increasing Lender of the increase in the amount of its Commitment in a
writing satisfactory to the Borrower and the Designated Agent. 
 (e) On each Increase Date, upon fulfillment of the
conditions set forth in Section 2.19(d), the Designated Agent shall notify the Lenders (including, without limitation, each Assuming Lender) and the Borrower, on or before 1:00 P.M. (New York City time), in writing, of the occurrence of the
Commitment Increase to be effected on such Increase Date and shall record in the Register the relevant information with respect to each Increasing Lender and each Assuming Lender on such date. 

SECTION 2.20. Extension of Termination Date. (a) At least 45 days but not more than 75 days prior to any
Anniversary Date, the Borrower may, by written notice to the Designated Agent, request an extension of the Termination Date in effect at such time by one calendar year from its then scheduled date; provided, however, that if the
Borrower does not request an extension of the Termination Date in a timely manner prior to any Anniversary Date it may, but shall not be obligated to, request that the Termination Date be extended for two consecutive calendar years from its then
scheduled date by making a request therefor in a timely manner prior to the next succeeding Anniversary Date. The Designated Agent shall promptly notify each Lender of such request, and each Lender shall in turn, in its sole discretion, not later
than 30 days prior to the applicable Anniversary Date, notify the Borrower and the Designated Agent in writing as to whether such Lender will consent to such extension. If any Lender shall fail to notify the Designated Agent and the Borrower in
writing of its consent to any such request for extension of the Termination Date at least 30 days prior to the applicable Anniversary Date, such Lender shall be deemed to be a Declining Lender with respect to such request. The Designated Agent shall
notify the Borrower not later than 25 days prior to the applicable Anniversary Date of the decision of the Lenders regarding the Borrower’s request for an extension of the Termination Date. 

(b) If all of the Lenders consent in writing to any such request in accordance with subsection (a) of this
Section 2.20, the Termination Date in effect at such time shall, effective as atof the applicable Anniversary Date (or such earlier date as shall be agreed by the Borrower and the Designated
Agent) (the “Extension Date”), be extended for one calendar year or two calendar years, as properly requested; provided that (i) on such Extension Date, no Event of Default, or event that with the
giving of notice or passage of time or both would constitute an Event of Default, shall have occurred and be continuing, or would occur as a consequence thereof, and (ii) 

  
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the representations and warranties contained in Section 4.02 shall be true and correct in all material respects on and as of such Extension Date, before and after giving effect to the extension of the Termination Date. If fewer than all of the Lenders consent in writing to any such request
in accordance with subsection (a) of this Section 2.20, subject to the Borrower’s satisfaction of the conditions set forth in the
provisoclauses (i) and
(ii) above, the Termination Date in effect at such time shall, effective as atof the applicable Extension Date, be extended as to those Lenders that so consented (each, an “Extending Lender”) but shall not be extended as to any other
Lender (each, a “Declining Lender”). To the extent that the Termination Date is not extended as to any Declining Lender pursuant to this
Section 2.20 and the Commitment of suchany Declining Lender is not assumed in accordance with subsection (c) of this Section 2.20 on or prior to the applicable Extension Date, the Commitment of such Declining
Lender shall automatically terminate in whole on such unextended Termination Date without any further notice or other action by the Borrower, such Lender or any other
Person, and any outstanding Advances due to such Declining Lender shall be paid in full on such unextended Termination Date (and on such unextended Termination Date the
Borrower shall also make such other prepayments of Advances as shall be required in order that, after giving effect thereto and to the termination of the Commitments of, and all payments to, the Declining Lenders pursuant to this sentence, the sum
of (A) the aggregate principal amount of all Advances denominated in Dollars then outstanding and (B) the Equivalent in Dollars of the aggregate principal amount of all Advances denominated in CommittedForeign Currencies then
outstanding will not exceed the aggregate Commitments); provided that such Declining Lender’s rights under Sections 2.11, 2.14, 8.04 and 8.08, and its obligations under Section 7.05, shall survive the Termination Date for such
Lender as to matters occurring prior to such date. It is understood and agreed that no Lender shall have any obligation whatsoever to agree to any request made by the Borrower for any requested extension of the Termination Date. 

(c) If there are any Declining Lenders, the Borrower may arrange for one or more Extending Lenders or other Eligible Assignees
that will agree to anthe
applicable extension of the Termination Date to assume, effective as of the applicable Extension Date, any Declining Lender’s Commitment and all of
the obligations of such Declining Lender under this Agreement thereafter arising, without recourse to or warranty by, or expense to, such Declining Lender; provided, however, that the amount of the Commitment of any such Assuming
Lender as a result of such substitution shall in no event be less than $25,000,000 unless the amount of the Commitment of such Declining Lender is less than $25,000,000, in which case such Assuming Lender shall assume all of such lesser amount;
provided further that: 
 (i) any such Extending Lender or Assuming Lender shall have paid to
such Declining Lender (A) the aggregate principal amount of, and any interest accrued and unpaid to the effective date of the assignment on, the outstanding Advances, if any, of such Declining Lender plus (B) any accrued but unpaid
fees owing to such Declining Lender as of the effective date of such assignment; 
 (ii) all additional cost
reimbursements, expense reimbursements and indemnities payable to such Declining Lender, and all other accrued and unpaid amounts owing to such Declining Lender hereunder, as of the effective date of such assignment shall have been paid to such
Declining Lender; and 
 (iii) with respect to any such Assuming Lender, any applicable processing and
recordation fee required under Section 8.07(a) for such assignment shall have been paid; 
 provided further that such Declining
Lender’s rights under Sections 2.11, 2.14, 8.04 and 8.08, and its obligations under Section 7.05, shall survive such substitution as to matters occurring prior to 

  
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the date of substitution. At least three Business Days prior to the applicable Extension Date, (A) each such Assuming Lender, if any, shall have delivered to the Borrower and the Designated
Agent an Assumption Agreement, duly executed by such Assuming Lender, such Declining Lender, the Borrower and the Designated Agent and (B) anyeach such Extending Lender shall have delivered confirmation in writing satisfactory to the Borrower and the Designated Agent as to
the increase in the amount of its Commitment. Each Declining Lender being replaced pursuant to this Section 2.20 shall deliver to the Designated Agent on or before the applicable Extension Date any Note or Notes held by such Declining Lender.
Upon the payment or prepayment of all amounts referred to in clauses (i), (ii) and (iii) above, each such Extending Lender or Assuming Lender, as of the applicable
Extension Date, will be substituted for such Declining Lender under this Agreement and shall be a Lender for all purposes of this Agreement, without any further acknowledgment by or the consent of the other Lenders, and the obligations of each such
Declining Lender hereunder shall, by the provisions hereof, be released and discharged. 
 (d) If all of the
Extending Lenders and Assuming Lenders (after giving effect to any assignments and assumptions pursuant to subsection (c) of this Section 2.20) consent in writing to
athe requested extension
(whether by written consent pursuant to subsection (a) of this Section 2.20, by execution and delivery of an Assumption Agreement or otherwise) not later than one Business Day prior to suchthe applicable Extension Date,
the Designated Agent shall so notify the Borrower, and, so long as (i) no Event of Default, or event that with the giving of notice or passage of time or both would constitute an Event of Default, shall have occurred and be continuing as of
suchthe applicable
Extension Date, or would occur as a consequence thereof and (ii) the representations and warranties contained in Section 4.02 shall be true and
correct in all material respects on and as of suchthe applicable Extension Date, before and after giving effect to the extension of the Termination Date, the Termination Date then in
effect shall be extended for the additional one-year period or two-year period, as the case may be, as described in subsection (a) of this Section 2.20, and
all references in this Agreement, and in the Notes, if any, to the “Termination Date” shall, with respect to each Extending Lender and each Assuming Lender for such Extension Date, refer to the Termination Date as so extended. Promptly
following each Extension Date, the Designated Agent shall notify the Lenders (including, without limitation, each Assuming Lender) of the extension of the scheduled Termination Date in effect immediately prior thereto and shall thereupon record in
the Register the relevant information with respect to each such Extending Lender and each such Assuming Lender. 

SECTION 2.21. Defaulting Lenders. (a) Notwithstanding any provision of this Agreement to the contrary, if one or
more Lenders become Defaulting Lenders, then, upon notice to such effect by the Designated Agent (which notice shall be given promptly after the Designated Agent becomes aware that any Lender shall have become a Defaulting Lender, including as a
result of being advised thereof by the Borrower) (such notice being referred to as a “Defaulting Lender Notice”), the following provisions shall apply for so long as any such Lender is a Defaulting Lender: 

(i) no commitment fee shall accrue or at any time be payable for such period on the unused amount of the
Commitment of any Defaulting Lender pursuant to Section 2.03; and 
 (ii) the Commitment and outstanding
Advances of each Defaulting Lender shall be disregarded in determining whether the requisite Lenders shall have taken any action hereunder (including any consent to any waiver, amendment or other modification pursuant to Section 8.01);
provided that any waiver, amendment or other modification that, disregarding the effect of this clause (ii), requires the consent of all Lenders or
of all 

  
 50 

 
Lenders affected thereby and which affects such Defaulting Lender differently than other Lenders or affected Lenders, as the case may be, shall require the consent of such Defaulting Lender. 

(b) Any amount payable to a Defaulting Lender hereunder (whether on account of principal, interest, fees or otherwise, and
including any amount that would otherwise be payable to such Defaulting Lender pursuant to Section 2.15 but excluding Section 2.16) shall, unless the Borrower otherwise agrees in writing in its sole discretion, in lieu of being distributed
to such Defaulting Lender, be retained by the Designated Agent in a segregated account and, subject to any applicable requirements of law, be applied at such time or times as may be determined by the Designated Agent (i) first, to the payment
of any amounts owing by such Defaulting Lender to the Designated Agent hereunder, (ii) second, to the funding of any Advance in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as
determined by the Designated Agent, (iii) third, if so determined by the Designated Agent and the Borrower, held in such account as cash collateral for future funding obligations of the Defaulting Lender under this Agreement, (iv) fourth,
pro rata, to the payment of any amounts owing to the Borrower or the Lenders as a result of any judgment of a court of competent jurisdiction obtained by the Borrower or any Lender against such Defaulting Lender as a result of such Defaulting
Lender’s breach of its obligations under this Agreement and (v) fifth, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction. 

(c) In the event that the Designated Agent and the Borrower agree that a Defaulting Lender has adequately remedied all matters
that caused such Lender to be a Defaulting Lender, then (i) such Lender shall cease to be a Defaulting Lender for all purposes hereof (but shall not be entitled to receive any commitment fees accrued during the period when it was a Defaulting
Lender, and all waivers, amendments and other modifications effected without its consent in accordance with the provisions of Section 8.01 and this Section 2.21 during such period shall be binding on it) and (ii) such Lender shall
purchase at par such of the Advances of the other Lenders as the Designated Agent shall determine may be necessary in order for the Lenders to hold such Advances ratably in accordance with their Commitments. 

(d) No Commitment of any Lender shall be increased or otherwise affected and, except as otherwise expressly provided in this
Section, performance by the Borrower of its obligations hereunder and under the other Loan Documents shall not be excused or otherwise modified, as a result of the operation of this Section. The rights and remedies against a Defaulting Lender under
this Section are in addition to other rights and remedies that the Borrower, the Designated Agent or any Non-Defaulting Lender may have against such Defaulting Lender. 

ARTICLE III 
 CONDITIONS OF
LENDING 
 SECTION 3.01. Conditions Precedent to Effectiveness of Section 2.01.
Section 2.01 of this Agreement shall become effective on and as of the first date (the “Effective Date”) on which all of the following conditions precedent have been satisfied or waived in accordance with
Section 8.01: 
 (a) the Designated Agent (or its counsel) shall have received from each party hereto either (i) a
counterpart of this Agreement signed on behalf of such party or (ii) written evidence satisfactory to the Designated Agent (which may include facsimile or other electronic 

  
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transmission of a signed counterpart ofto this Agreement) that such party has signed a counterpart of this Agreement; 

(b) the Designated Agent shall have received on or before the Effective Date the following, each dated as of the Effective
Date: (i) a certificate of the Secretary or an Assistant Secretary of each Loan Party attaching and certifying copies of the organizational documents of each Loan Party and the resolutions of the Board of Directors of each Loan Party or the
Executive Committee (or other appropriate committee) of each such Board of Directors, authorizing the execution and delivery of this Agreement and the other documents related hereto; (ii) a certificate of the Secretary or an Assistant Secretary
of each Loan Party, certifying the name and true signature of the officer of such Loan Party executing this Agreement on its behalf; (iii) a certificate of a Responsible Officer of the Borrower, certifying as to the satisfaction of the
conditions set forth in Sections 3.01(d), 3.01(e) and 3.01(f); and (iv) opinions of counsel for each Loan Party (which may be in-house counsel, external counsel or a combination of the two), substantially
to the effect set forth in Exhibit C hereto; 
 (c) any consents or approvals of governmental or regulatory authorities, and
any consents or approvals of third parties required under material agreements of any Loan Party, that in either case are necessary in connection with this Agreement or the consummation of the transactions contemplated hereby shall have been obtained
and shall remain in effect; 
 (d) there shall have occurred no material adverse change in the business, financial condition
or results of operations of the Consolidated Group, taken as a whole, since September 28, 2019, except as disclosed in reports filed by the Consolidated Group, if any, during the period from September 28, 2019 to the date hereof pursuant
to Section 13 of the Securities Exchange Act of 1934, as amended, copies of which have been furnished to the Lenders prior to the date hereof (including by posting on the website of the SEC at http://www.sec.gov); 

(e) all of the representations and warranties contained in Section 4.01 shall be correct in all material respects on and
as of the Effective Date, before and after giving effect to such date (except to the extent that such representations and warranties relate to an earlier date, in which case such representations and warranties shall have been correct in all material
respects on and as of such earlier date); 
 (f) no event shall have occurred and be continuing, or shall result from the
occurrence of the Effective Date, that constitutes an Event of Default or that with the giving of notice or passage of time or both would constitute an Event of Default; and 

(g) all advances, interest, fees and other amounts accrued for the accounts of or owed to the lenders under the Existing
Credit Agreement (whether or not due at the time) shall have been or shall simultaneously be paid in full and the commitments of the lenders under the Existing Credit Agreement shall have been or shall simultaneously be terminated. 

SECTION 3.02. Conditions Precedent to Each Borrowing. The obligation of each Lender to make an Advance on the occasion
of each Borrowing (including the initial Borrowing) shall be subject to the further conditions precedent that the Effective Date shall have occurred and on the date of such Borrowing the following statements shall be true (and each of the giving of
the applicable Notice of Borrowing and the acceptance by the Borrower of the proceeds of such Borrowing shall constitute a representation and warranty by the Borrower that on the date of such Borrowing such statements are true): 

  
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 (a) the representations and warranties contained in Section 4.01 (other
than Section 4.01(d)) are true and correct in all material respects on and as of the date of such
Borrowing, before and after giving effect to such Borrowing and to the application of the proceeds therefrom, as though made on and as of such date (except to the extent that such representations and warranties relate to an earlier date, in which
case such representations and warranties shall have been correct in all material respects on and as of such earlier date); and 

(b) no event has occurred and is continuing, or would result from such Borrowing or from the application of the proceeds
therefrom, which constitutes an Event of Default or would constitute an Event of Default but for the requirement that notice be given or time elapse or both. 

SECTION 3.03. Determinations
Underunder
Section 3.01. For purposes of determining compliance with the conditions specified in Section 3.01, each Lender shall be deemed to have consented to, approved or accepted or to be satisfied with each document or other matter required
thereunder to be consented to or approved by or acceptable or satisfactory to the Lenders unless the Designated Agent shall have received notice from such Lender prior to the date that the Borrower, by notice to the Lenders, designates as the
proposed Effective Date, specifying its objection thereto. The Designated Agent shall promptly notify the Lenders and the Loan Parties of the occurrence of the Effective Date. 

ARTICLE IV 
 REPRESENTATIONS AND
WARRANTIES 
 SECTION 4.01. Representations and Warranties. As of the Effective Date and from time to time
thereafter as required under this Agreement, the Borrower represents and warrants as follows: 

(a) Each Loan Party is a corporation duly organized, validly existing and in good standing under the laws of its jurisdiction
of incorporation. Each Loan Party is duly qualified and in good standing as a foreign corporation authorized to do business in each jurisdiction (other than its jurisdiction of incorporation) in which the nature of its activities or the character of
the properties it owns or leases make such qualification necessary and in which the failure so to qualify would have a material adverse effect on the financial condition or operations of the Consolidated Group, taken as a whole. 

(b) The execution, delivery and performance by each of the Loan Parties of this Agreement and, in the case of the Borrower, of
each of the Notes, if any, delivered hereunder are, in each case, within such Loan Party’s corporate powers, have been duly authorized by all necessary corporate action on the part of such Loan Party and do not contravene (i) such Loan
Party’s certificate of incorporation or by-laws or (ii) any law, rule, regulation, order, writ, judgment, injunction, decree, determination or award or any material contractual restriction binding on
or affecting such Loan Party; no authorization or approval or other action by, and no notice to or filing with, any Governmental Authority or regulatory body is required for the due execution, delivery and performance by each of the Loan Parties of
this Agreement or, in the case of the Borrower, of the Notes, if any, in each case, except such as have been obtained or made and are in full force and effect; and this Agreement is and each of the Notes, when delivered hereunder will be, the legal,
valid and binding obligation of each Loan Party or, in the case of the Notes, of the Borrower, enforceable against such Loan Party in accordance with their respective terms, subject to applicable 

  
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bankruptcy, reorganization, insolvency, moratorium or similar laws affecting creditors’ rights generally and general principles of equity. 

(c) The Borrower’s most recent annual report on Form 10-K, containing the
consolidated balance sheet of the Consolidated Group, and the related consolidated statements of income and of cash flows of the Consolidated Group, copies of which have been furnished to each Lender pursuant to Section 5.01(e)(ii) or as
otherwise furnished to the Lenders (including by posting on the website of the SEC at http://www.sec.gov), fairly present the consolidated financial condition of the Consolidated Group as at the date of such balance sheet and the consolidated
results of operations of the Consolidated Group for the fiscal year ended on such date, all in accordance with GAAP consistently applied. 

(d) There is no pending or, to the Borrower’s knowledge, threatened claim, action or proceeding affecting any member of
the Consolidated Group which could reasonably be expected to have a material adverse effect on the financial condition or operations of the Consolidated Group, taken as a whole, or which could reasonably be expected to affect the legality, validity
or enforceability of this Agreement; and to the Borrower’s knowledge, each member of the Consolidated Group has complied, and is in compliance, with all applicable laws, rules, regulations, permits, orders, consent decrees and judgments, except
for any such matters which have not had, and would not reasonably be expected to have, a material adverse effect on the financial condition or operations of the Consolidated Group, taken as a whole. 

(e) No ERISA Event has occurred or is reasonably expected to occur that could reasonably be expected to have a material
adverse effect on the financial condition or operations of the Consolidated Group, taken as a whole; neither the Borrower nor any ERISA Affiliate has incurred or is reasonably expected to incur any material withdrawal liability (as defined in Part I
of Subtitle E of Title IV of ERISA) to any Multiemployer Plan; and no Multiemployer Plan of the Borrower or any ERISA Affiliate is reasonably expected to be terminated, within the meaning of Title IV of ERISA. 

(f) The Borrower has implemented and will maintain policies and procedures designed to ensure compliance by each member of the
Consolidated Group and their directors, officers and employees with applicable Anti-Corruption Laws and Sanctions Laws, and is in compliance with applicable Anti-Corruption Laws and Sanctions Laws in all material respects. No member of the
Consolidated Group and, to the knowledge of the Borrower, no director, officer or employee of any member of the Consolidated Group acting in connection with or benefitting from the credit facility established hereby, is a Sanctioned Person. No
borrowing of Advances will be made by the Borrower (A) for the purpose of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person, in violation of applicable
Anti-Corruption Laws or (B) for the purpose of financing, funding or facilitating unauthorized transactions with any Sanctioned Person. To the knowledge of the Borrower, no transactions undertaken by any member of the Consolidated Group
hereunder will be undertaken in violation of applicable Anti-Corruption Laws or Sanctions Laws. 
 SECTION 4.02.
Additional Representations and Warranties as of Each Increase Date and Each Extension Date. The Borrower represents and warrants on each Increase Date and each Extension Date (and at no other time) that, as of each such date, the following
statements shall be true: 
 (a) there has been no material adverse change in the business, financial condition or results of
operations of the Consolidated Group, taken as a whole, since the date of the 

  
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audited financial statements of the Borrower most recently delivered to the Lenders pursuant to Section 5.01(e)(ii) prior to the applicable Increase Date or Extension Date, as the case may
be (except as disclosed in periodic or other reports filed by the Borrower pursuant to Section 13 of the Securities Exchange Act of 1934, as amended, during the period from the date of the then most recently delivered audited financial
statements of the Borrower pursuant to Section 5.01(e)(ii) to the date of the notice of the Borrower’s request for an increase in the aggregate Commitments related to such Increase Date or for an extension of the Termination Date then in
effect related to such Extension Date, as the case may be); and 
 (b) the representations and warranties contained in
Section 4.01 are correct in all material respects on and as of such date, as though made on and as of such date (except to the extent that such representations and warranties relate to an earlier date, in which case such representations and
warranties shall have been true and correct in all material respects on and as of such earlier date).

 ARTICLE V 

COVENANTS 

SECTION 5.01. Affirmative Covenants. So long as any Advance shall remain unpaid or any Lender shall have any Commitment
hereunder, the Borrower will, unless the Majority Lenders shall otherwise consent in writing: 
 (a) Compliance with
Laws, etc. Comply, and cause each member of the Consolidated Group to comply, in all material respects with all applicable laws, rules, regulations, permits, orders, consent decrees and judgments binding on any member of the Consolidated Group,
including ERISA and the Patriot Act, the failure with which to comply would have a material adverse effect on the financial condition or operations of the Consolidated Group, taken as a whole. 

(b) Payment of Taxes, etc. Pay and discharge, and cause each member of the Consolidated Group to pay and discharge,
before the same shall become delinquent, if the failure to pay and discharge would have a material adverse effect on the financial condition or operations of the Consolidated Group, taken as a whole, (i) all taxes, assessments and governmental
charges or levies imposed upon it or upon its property and (ii) all lawful claims which, if unpaid, would by law become a Lien upon its property; provided, however, that no member of the Consolidated Group shall be required to pay
or discharge any such tax, assessment, charge, levy or claim which is being contested in good faith and by proper proceedings and as to which appropriate reserves are being maintained in accordance with GAAP. 

(c) Preservation of Corporate Existence, etc. Subject to Section 5.02(a), preserve and maintain (and, prior to the
Guaranty Release Date, cause the Guarantor to preserve and maintain) its corporate existence, rights (charter and statutory) and franchises; provided, however, that no Loan Party shall be required to preserve any right or franchise if
the loss thereof would not have a material adverse effect on the business, financial condition or operations of the Consolidated Group, taken as a whole. 

(d) Maintenance of Interest Coverage Ratio. Maintain as of the last day of each fiscal quarter of the Borrower,
commencing with the first fiscal quarter of the Borrower following the Effective Date, the ratio of (i) Consolidated EBITDA for the Measurement Period ending on such day to (ii) Consolidated Interest Expense for the Measurement Period
ending on such day of not less than 3.00 to 1.00. 

  
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 (e) Reporting Requirements. Furnish to the Designated Agent, on
behalf of the Lenders: 
 (i) as soon as available and in any event within 50 days after the end of each of
the first three quarters of each fiscal year of the Borrower, a copy of the Borrower’s quarterly report on Form 10-Q as filed with the SEC, in each case containing a consolidated balance sheet of the
Borrower as of the end of such fiscal quarter and consolidated statements of income and of cash flows of the Borrower for the period commencing at the end of the previous fiscal year and ending with the end of such fiscal quarter, and a certificate
of any of the Borrower’s Chairman of the Board of Directors, President, Chief Financial Officer, Treasurer, Assistant Treasurer or Controller (A) stating that no Event of Default, or event that with the giving of notice or passage of time
or both would constitute an Event of Default, has occurred and is continuing (or, if an Event of Default or such other event has occurred, setting forth details of such Event of Default or other event continuing on the date of such statement, and
the action that the Borrower has taken and proposes to take with respect thereto) and (B) containing a schedule which shall set forth the computations used by the Borrower in determining compliance with the covenant contained in
Section 5.01(d); provided that the quarterly report on Form 10-Q required to be delivered pursuant to this paragraph shall be deemed to be delivered if such report shall have been posted and shall
be available on the website of the SEC at http://www.sec.gov; 
 (ii) as soon as available and in any event
within 100 days after the end of each fiscal year of the Borrower, a copy of the Borrower’s annual report on Form 10-K as filed with the SEC, containing consolidated financial statements of the Borrower
for such fiscal year and a certificate of any of the Borrower’s Chairman of the Board of Directors, President, Chief Financial Officer, Treasurer, Assistant Treasurer or Controller (A) stating that no Event of Default, or event that with
the giving of notice or passage of time or both would constitute an Event of Default, has occurred and is continuing (or, if an Event of Default or such other event has occurred, setting forth details of such Event of Default or other event
continuing on the date of such statement, and the action that the Borrower has taken and proposes to take with respect thereto) and (B) containing a schedule which sets forth the computations used by the Borrower in determining compliance with
the covenant contained in Section 5.01(d); provided that the annual report on Form 10-K required to be delivered pursuant to this paragraph shall be deemed to be delivered if such report shall have
been posted and shall be available on the website of the SEC at http://www.sec.gov; 
 (iii) promptly after a
Responsible Officer of the Borrower obtains actual knowledge of the occurrence of an Event of Default or an event that with the giving of notice or passage of time or both would constitute an Event of Default, a statement of a Responsible Officer of
the Borrower setting forth details of such Event of Default or event continuing on the date of such statement, and the action which the Borrower has taken and proposes to take with respect thereto; 

(iv) promptly after a Responsible Officer of the Borrower obtains actual knowledge thereof, notice of any
actions, suits and proceedings before any court or governmental department, commission, board, bureau, agency or instrumentality, domestic or foreign, affecting any member of the Consolidated Group of the type described in Section 4.01(d); 

(v) promptly after a Responsible Officer of the Borrower obtains actual knowledge thereof, written notice of
any pending or threatened Environmental Claim 

  
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against any member of the Consolidated Group or any of their respective properties which could reasonably be expected to materially and adversely affect the financial condition or operations of
the Consolidated Group, taken as a whole; 
 (vi) promptly after a Responsible Officer of the Borrower
obtains actual knowledge of the occurrence of any ERISA Event which could reasonably be expected to materially and adversely affect the financial condition or operations of the Consolidated Group, taken as a whole, a statement of any of the
Borrower’s Chairman of the Board of Directors, President, Chief Financial Officer, Treasurer, Assistant Treasurer or Controller describing such ERISA Event and the action, if any, which the Borrower has taken and proposes to take with respect
thereto; 
 (vii) promptly after a Responsible Officer of the Borrower obtains actual knowledge of receipt
thereof by the Borrower or any ERISA Affiliate from the sponsor of a Multiemployer Plan, a copy of each notice received by the Borrower or any ERISA Affiliate concerning (A) the imposition of withdrawal liability (as defined in Part I of
Subtitle E of Title IV of ERISA) by a Multiemployer Plan, which withdrawal liability could reasonably be expected to materially and adversely affect the financial condition or operations of the Consolidated Group, taken as a whole, (B) the
termination, within the meaning of Title IV of ERISA, of any Multiemployer Plan, which termination could reasonably be expected to materially and adversely affect the financial condition or operations of the Consolidated Group, taken as a whole, or
(C) the amount of liability incurred, or which may be incurred, by the Borrower or any ERISA Affiliate in connection with any event described in clause (vii)(A) or (vii)(B) above; and 

(viii) such other material information reasonably related to any Lender’s credit analysis of any member of
the Consolidated Group as any Lender through the Designated Agent may from time to time reasonably request. 
 SECTION 5.02.
Negative Covenants. So long as any Advance shall remain unpaid or any Lender shall have any Commitment hereunder, the Borrower will not (and, prior to the Guaranty Release Date, will not permit the Guarantor to), without the written consent
of the Majority Lenders: 
 (a) Mergers, etc. Merge or consolidate with or into, or convey, transfer, lease or
otherwise dispose of (whether in one transaction or in a series of transactions) all or substantially all of the assets of the Consolidated Group, taken as a whole (whether now owned or hereafter acquired), to, any Person, or permit any member of
the Consolidated Group to do so, unless (i) immediately after giving effect to such proposed transaction, no Event of Default or event which, with the giving of notice or lapse of time, or both, would constitute an Event of Default would exist
and (ii) in the case of any such merger to which any Loan Party is a party, such Loan Party is the surviving corporation; provided that (x) the Guarantor may merge or consolidate with or into the Borrower in a transaction in which
the Borrower is the surviving corporation and (y) this Section 5.02(a) shall not prohibit any merger or consolidation by the Guarantor that, substantially contemporaneously with the consummation thereof, results in the occurrence of the
Guaranty Release Date. 

  
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 ARTICLE VI 

EVENTS OF DEFAULT 

SECTION 6.01. Events of Default. If any of the following events (“Events of Default”) shall
occur and be continuing: 
 (a) The Borrower shall fail to pay any principal of any Advance when the same becomes due and
payable; or the Borrower shall fail to pay any interest on any Advance or any fee or other amount payable under this Agreement, in each case within three Business Days after such interest, fee or other amount becomes due and payable; or 

(b) Any representation or warranty made by any Loan Party herein or by any Loan Party (or any of its officers) in writing that
is identified as delivered in connection with this Agreement shall prove to have been incorrect in any material respect when made; or 

(c) Any Loan Party shall fail to perform or observe any covenant applicable to it contained in Section 5.01(d),
Section 5.01(e)(iii) or Section 5.02; or 
 (d) Any Loan Party shall fail to perform or observe any other term,
covenant or agreement contained in this Agreement applicable to such Loan Party on its part to be performed or observed if the failure to perform or observe such other term, covenant or agreement shall remain unremedied for 30 days after written
notice thereof shall have been given to the Borrower by the Designated Agent or the Majority Lenders; or 
 (e) (i) Any
member of the Consolidated Group shall fail to pay any principal of or premium or interest on any Debt of such member of the Consolidated Group which is outstanding in a principal amount of at least $500,000,000 in the aggregate (but excluding Debt
arising hereunder) when the same becomes due and payable (whether by scheduled maturity, required prepayment, acceleration, demand or otherwise), and such failure (A) shall continue after the applicable grace period, if any, specified in the
agreement or instrument relating to such Debt and (B) shall not have been cured or waived; (ii) any other event shall occur or condition shall exist under any agreement or instrument relating to any such Debt and shall continue after the
applicable grace period, if any, specified in such agreement or instrument, if the effect of such event or condition is to accelerate the maturity of such Debt; or (iii) any such Debt shall be declared to be due and payable, or required to be
prepaid (other than by a regularly scheduled required prepayment), redeemed, purchased or defeased, or an offer to prepay, redeem, purchase or defease such Debt shall be required to be made, in each case prior to the stated maturity thereof;
provided that (1) clause (iii) above shall not apply (and it is understood that clause (ii) above does not apply) to any prepayment, redemption, purchase or defeasance of any such Debt incurred for the purpose of financing, in whole
or in part, any acquisition if such prepayment, redemption, purchase or defeasance is required to be made (A) as a result of such acquisition failing to be consummated or (B) with the proceeds of any sale or other disposition of assets,
any incurrence of any other Debt or any issuance of any equity interests by any member of the Consolidated Group and (2) clause (iii) above shall not apply (and it is understood that clause (ii) above does not apply) to any prepayment,
redemption, purchase or defeasance of any such Debt of any Person acquired by the Borrower or any of its Subsidiaries after the date hereof if such prepayment, redemption, purchase or defeasance is required to be made as a result of the consummation
of such acquisition; or 
 (f) The Borrower or any Material Subsidiary shall generally not pay its Debts as such Debts
become due, or shall admit in writing its inability to pay its Debts generally, or shall 

  
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make a general assignment for the benefit of creditors; or any proceeding shall be instituted by or against the Borrower or any Material Subsidiary seeking to adjudicate it bankrupt or insolvent,
or seeking liquidation, winding up, reorganization, arrangement, adjustment, protection, relief or composition of it or its debts under any law relating to bankruptcy, insolvency or reorganization or relief of debtors, or seeking the entry of an
order for relief or the appointment of a receiver, trustee, custodian or other similar official for it or for substantially all of its property and, in the case of any such proceeding instituted against it (but not instituted by it), either such
proceeding shall remain undismissed or unstayed for a period of 60 days or any of the actions sought in such proceeding (including, without limitation, the entry of an order for relief against, or the appointment of a receiver, trustee, custodian or
other similar official for, it or for any substantial part of its property) shall occur; or the Borrower or any Material Subsidiary shall take any corporate action to authorize any of the actions set forth above in this subsection (f); or 

(g) Any money judgment, writ or warrant of attachment or similar process against the Borrower, any Material Subsidiary or any
of their respective assets in an amount in excess of $500,000,000 (exclusive of any amount covered by a nationally recognized financially sound insurer that has received notice of the claim to which such money judgment, writ or warrant of attachment
or similar process relates and has not denied coverage or otherwise denied liability in respect thereof) is entered and shall remain undischarged, unvacated, unbonded or unstayed for a period of 30 days or, in any case, within five days of any
pending sale or disposition of any asset pursuant to any such process; or or 
 (h) Except as permitted by
Section 9.08, the Guaranty shall for any reason be terminated by the Guarantor or cease to be in full force and effect or to be valid and binding on the Guarantor, or the enforceability thereof shall be contested by the Guarantor; 

then, and in any such event, the Designated Agent shall at the request, or may with the consent, of the Majority Lenders, by
notice to the Borrower, (A) declare the obligation of each Lender to make Advances to be terminated, whereupon the same shall forthwith terminate and/or (B) declare the Advances, all interest thereon and all other amounts payable under
this Agreement to be forthwith due and payable, without presentment, demand, protest or further notice of any kind, all of which are hereby expressly waived by each Loan Party; provided, however, that in the event of an actual or
deemed entry of an order for relief with respect to the Borrower under the Federal Bankruptcy Code, (A) the obligation of each Lender to make Advances shall automatically be terminated and (B) the Advances, all such interest and all such
amounts shall automatically become and be due and payable, without presentment, demand, protest or notice of any kind, all of which are hereby expressly waived by each Loan Party. 

ARTICLE VII 
 THE DESIGNATED
AGENT 
 SECTION 7.01. Authorization and Action. (a) Each Lender hereby appoints and authorizes the
Designated Agent to take such action as agent on its behalf and to exercise such powers under this Agreement as are delegated to the Designated Agent by the terms hereof, together with such powers as are reasonably incidental thereto. As to any
matters not expressly provided for by this Agreement (including, without limitation, enforcement of this Agreement or collection of the Advances), the Designated Agent shall not be required to exercise any discretion or take any action, but shall be
required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the instructions of the Majority Lenders, and such instructions shall be binding upon all Lenders and all holders of Notes;
provided, however, that the Designated Agent 

  
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shall not be required to take any action that, in its opinion, exposes the Designated Agent to personal liability or which is contrary to this Agreement or applicable law. The Designated Agent
agrees to give to each Lender prompt notice of each notice given to it by any Loan Party pursuant to the terms of this Agreement. The Designated Agent shall not be subject to any fiduciary or other implied duties, regardless of whether an Event of
Default, or any event that with the giving of notice or passage of time or both would constitute an Event of Default, has occurred and is continuing (and it is understood and agreed that the use of the term “agent” herein with reference to
the Designated Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable law, and that such term is used as a matter of market custom and is intended to create or reflect
only an administrative relationship between contracting parties).
 (b) The Designated Agent may perform any of its duties
and exercise its rights and powers hereunder through any of its Affiliates. Notwithstanding anything herein to the contrary, the exculpatory provisions of this Article VII and the provisions of Sections 8.04 and 8.08 shall apply to any such
Affiliate of the Designated Agent and the Designated Agent shall remain responsible for the performance of such duties. 

(c) The Co-Administrative Agents, the
Co-Syndication Agents, the Co-Documentation Agents, the Managing Agents and the Joint Lead Arrangers and Joint Book ManagersBookrunners named on the cover of this Agreement shall have no duties under this Agreement other than those afforded to them in their capacities as Lenders, and each Lender hereby
acknowledges that the Co-Administrative Agents, the Co-Syndication Agents, the Co-Documentation Agents, the Managing Agents and
the Joint Lead Arrangers and Joint Book ManagersBookrunners have no liability under this Agreement other than those assumed by them in their capacities as Lenders. 

SECTION 7.02. Exculpatory Provisions; Designated Agent’s Reliance. Neither the Designated Agent nor
any of its directors, officers, agents or employees shall be liable to any Lender for any action taken or omitted to be taken by it or them under or in connection with this Agreement, except for its or their own gross negligence or willful
misconduct. Without limitation of the generality of the foregoing, the Designated Agent: (i) may treat the Lender which made any Advance as the holder of the Debt resulting therefrom until the Designated Agent receives and accepts an Assumption
Agreement entered into by an Assuming Lender as provided in Section 2.19 or 2.20, as the case may be, or an Assignment and Acceptance entered into by such Lender, as assignor, and an Eligible Assignee, as assignee, as provided in
Section 8.07; (ii) may consult with legal counsel (including counsel for any Loan Party), independent public accountants and other experts selected by it and shall not be liable for any action taken or omitted to be taken in good faith by it in
accordance with the advice of such counsel, accountants or experts; (iii) makes no warranty or representation to any Lender and shall not be responsible to any Lender for any statements, warranties or representations (whether written or oral)
made in or in connection with this Agreement; (iv) shall be deemed not to have knowledge of any Event of Default, or any event that with the giving of notice or passage of time or both would constitute an Event of Default, unless and until
written notice thereof (stating that it is a “notice of default”) is given to the Designated Agent by any Loan Party or any Lender and 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 on the part of any Loan Party or to inspect the property (including the books and records) of any member of the Consolidated Group; (v) shall not be responsible to any Lender for the due
execution, legality, validity, enforceability, genuineness, sufficiency or value of this Agreement or any instrument or document furnished pursuant hereto; (vi) shall not have any duty to ascertain or to inquire as to whether any Lender is a
Defaulting Lender; and (vii) shall incur no 

  
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liability under or in respect of this Agreement by acting upon any notice, consent, certificate or other instrument or writing (which may be received by telecopier or e-mail) believed by it to be genuine and signed or sent by
the proper party or parties. 
 SECTION 7.03. The Designated Agent and its Affiliates. With respect to its
Commitment and the Advances made by it and any Note or Notes issued to it, the Designated Agent shall have the same rights and powers under this Agreement as any other Lender and may exercise the same as though it were not the Designated Agent; and
the term “Lender” or “Lenders” shall, unless otherwise expressly indicated, include the Designated Agent in its individual capacity. The Designated Agent and its respective Affiliates may accept deposits from, lend money to, act
as trustee under indentures of, accept investment banking engagements from and generally engage in any kind of business with the Borrower or any of its Affiliates and any Person who may do business with or own securities of the Borrower or any of
its Affiliates, all as if the Designated Agent were not the Designated Agent and without any duty to account therefor to the Lenders. 

SECTION 7.04. Lender Credit Decision.
(a) Each Lender acknowledges that it has, independently and without reliance upon the Designated Agent, any
Co-Administrative Agent, Co-Syndication Agent, Co-Documentation Agent, Managing Agent, Joint Lead Arranger or Joint Book ManagerBookrunner named on the
cover of this Agreement or any other Lender and based on the financial statements referred to in Section 4.01(c) and such other documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this
Agreement. Each Lender also acknowledges that it will, independently and without reliance upon the Designated 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. 
 SECTION 7.05. Indemnification. The
Lenders severally agree to indemnify the Designated Agent (to the extent not reimbursed by the Loan Parties but without affecting any Loan Party’s obligations with respect thereto), ratably according to the respective principal amounts of
Advances then owing to each of them (or, if no Advances are at the time outstanding, or if any Advances are then owing to Persons which are not Lenders, ratably according
to the respective amounts of their Commitments), from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever which may be imposed on,
incurred by or asserted against the Designated Agent in any way relating to or arising out of this Agreement or any action taken or omitted by the Designated Agent under this Agreement in its capacity as such; provided that no Lender shall be
liable for any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements resulting from the Designated Agent’s gross negligence or willful misconduct. Without limitation of
the foregoing, each Lender agrees to reimburse the Designated Agent promptly upon demand for its ratable share of any out-of-pocket expenses (including reasonable
counsel fees) incurred by the Designated Agent in connection with the preparation, execution, delivery, administration, modification, amendment or enforcement (whether through negotiations, legal or bankruptcy proceedings or otherwise) of, or legal
advice in respect of rights or responsibilities under, this Agreement, to the extent that the Designated Agent is not reimbursed for such expenses by the Loan Parties. 

SECTION 7.06. Successor Designated Agent. The Designated Agent may resign at any time by giving written notice thereof
to the Lenders and the Borrower and such resignation shall be effective upon the appointment of a successor Designated Agent as provided herein. Upon any such resignation, the Majority Lenders shall have the right (with the consent of the Borrower
unless an Event of Default has occurred and is continuing) to appoint a successor 

  
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Designated Agent (which shall be a Lender). If no successor Designated Agent shall have been so appointed by the Majority Lenders, and shall have accepted such appointment, within 30 days after
the retiring Designated Agent’s giving of notice of resignation, then the retiring Designated Agent may, on behalf of the Lenders, appoint a successor Designated Agent. Any successor Designated Agent appointed hereunder shall be a commercial
bank organized or licensed under the laws of the United States or of any State thereof, or an Affiliate of any such commercial bank, having a combined capital and surplus of at least $500,000,000. Upon the acceptance of any appointment as Designated
Agent hereunder by a successor Designated Agent, such successor Designated Agent shall thereupon succeed to and become vested with all the rights, powers, discretion, privileges and duties of the retiring Designated Agent, and the retiring
Designated Agent shall be discharged from its duties and obligations under this Agreement. After any retiring Designated Agent’s resignation hereunder as Designated Agent, the provisions of this Article VII shall inure to its benefit as to any
actions taken or omitted to be taken by it while it was Designated Agent under this Agreement. 
 SECTION 7.07.
Enforcement of the Guaranty. Each Guaranty Beneficiary hereby agrees that, notwithstanding anything to the contrary in Article IX hereof, no Guaranty Beneficiary shall have any right individually to enforce the Guaranty, it being understood
and agreed that all powers, rights and remedies under the Guaranty may be exercised solely by the Designated Agent, for the benefit of the Guaranty Beneficiaries, in accordance with the terms thereof, and that each Guaranty Beneficiary hereby
authorizes the Designated Agent to be the agent for and representative of the Guaranty Beneficiaries with respect to the Guaranty and to exercise all such powers, rights and remedies on its behalf. For the avoidance of doubt, neither the Designated
Agent nor any Guaranty Beneficiary shall be entitled to enforce the Guaranty after the Guaranty Release Date. 
 SECTION
7.08. Certain Lender Representations, Etc. 
 (a) Each Lender (x) represents and warrants, as of the date such
Person became a Lender party hereto, to, and (y) covenants from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of the Designated Agent and the institutions named as Co-Administrative Agents, Co-Syndication Agents, Co-Documentation Agents, Managing Agents, Joint Lead Arrangers and Joint Book ManagersBookrunners on the
cover page of this Agreement and their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of any member of the Consolidated Group, that at least one of the following is and will be true: 

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

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

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

(iv) such other representation, warranty and covenant as may be agreed in writing between the Designated Agent,
in its sole discretion, and such Lender. 
 (b) In addition, unless either
(1) sub-clause (i) of the immediately preceding clause (a) is true with respect to a Lender or (2) such Lender has provided another representation, warranty and covenant in accordance with sub-clause (iv) in the immediately preceding clause (a), such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date
such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Designated Agent and the institutions named as Co-Administrative Agents, Co-Syndication Agents, Co-Documentation Agents, Managing Agents, Joint Lead Arrangers and Joint
Book ManagersBookrunners on
the cover page of this Agreement and their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of any member of the Consolidated Group, that the Designated Agent is not a fiduciary with respect to the assets of such
Lender involved in such Lender’s entrance into, participation in administration of and performance of the Advances, the Commitments and this Agreement (including in connection with the reservation or exercise of any rights by the Designated
Agent under this Agreement, any Loan Document or any documents related hereto or thereto). 
 The following terms shall for purposes
of this Section have the meanings set forth below: 
 “Benefit Plan” means (a) an
“employee benefit plan” (as defined in ERISA) that is subject to Title I of ERISA, (b) a “plan” as defined in Section 4975 of the Code or (c) any Person whose assets include (for purposes of ERISA
Section 3(42) or otherwise for purposes of Title I of ERISA or Section 4975 of the Code) the assets of any such “employee benefit plan” or “plan”. 

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

MISCELLANEOUS 

SECTION 8.01. Amendments, etc. (a) Except as provided in Sections 2.08(eb), 8.13 and 9.08, no amendment or
waiver of any provision of this Agreement, or consent to any departure by the Borrower, or prior to the Guaranty Release Date, the Guarantor therefrom, shall in any event be effective unless the same shall be in writing and signed by the Majority
Lenders and the Borrower, and then such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given; provided, however, that no amendment, waiver or consent shall: (a) waive any
of the conditions specified in Section 3.01 or 3.02 without the written consent of each Lender, (b) increase or extend the scheduled date of the expiration of 

  
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the Commitments without the written consent of each affected Lender, (c) reduce the principal of, or interest on, the Advances or the fees payable hereunder without the written consent of
each affected Lender, (d) postpone any date fixed for any payment of principal of, or interest on, the Advances (other than as provided in Section 2.20) or any fee without the written consent of each affected Lender, (e) change the
percentage of the Commitments or of the aggregate unpaid principal amount of Advances, or the number of Lenders which shall be required for the Lenders or any of them to take any action hereunder without the written consent of each Lender,
(f) release (except as expressly provided in Section 9.03 or 9.08) the Guarantor from the Guaranty (including by limiting liability in respect thereof) without the written consent of each Lender or (g) amend this Section 8.01
without the written consent of each Lender (it being understood that, for purposes of this proviso, “Lender” shall not include the Borrower or any of its Affiliates, if a Lender, at the time of any such amendment, waiver or consent);
provided further that no amendment, waiver or consent shall, unless in writing and signed by the Designated Agent, in addition to the Lenders required above to take such action, affect the rights or duties of the Designated Agent under this
Agreement or any Note. 
 SECTION 8.02. Notices, etc. (a) All notices and other communications provided for
hereunder shall, except as otherwise expressly provided for herein, be in writing (including e-mail and telecopier
communication) and mailed by certified or registered mail,
e-mailed, telecopied or delivered by hand or overnight courier service, if to the Borrower, at its address at: 

The Walt Disney Company 

500 South Buena Vista Street 

Burbank, California 91521 

Attention: Treasurer 

Telecopier Number: (818) 563-1682
 
 Email: corp.finance@disney.com; 

with a copy to: 

The Walt Disney Company 

500 South Buena Vista Street 

Burbank, California 91521-0523 

Attention: Treasury Operations

 Telecopier Number: (818)
843-7921  
 Email: corp.cash.management.group@disney.com;

 with a copy to: 

The Walt Disney Company 

500 South Buena Vista Street 

Burbank, California 91521 

Attention: Associate General Counsel, Corporate Legal Department 

Telecopier Number: (818)
562-1813Email: corp.legal.notices@disney.com; 

  
 64 

 if to the Guarantor, at its address at: 

TWDC Enterprises 18 Corp. 

c/o The Walt Disney Company 

500 South Buena Vista Street 

Burbank, California 91521 

Attention: Treasurer  

Telecopier Number: (818) 563-1682
 
 Email: corp.finance@disney.com; 

with a copy to: 

TWDC Enterprises 18 Corp. 

c/o The Walt Disney Company 

500 South Buena Vista Street 

Burbank, California 91521-0523 

Attention: Treasury Operations

 Telecopier Number: (818)
843-7921  
 Email: corp.cash.management.group@disney.com;

 with a copy to: 

TWDC Enterprises 18 Corp. 

c/o The Walt Disney Company 

500 South Buena Vista Street 

Burbank, California 91521 

Attention: Associate General Counsel, Corporate Legal Department 

Telecopier Number: (818)
562-1813Email: corp.legal.notices@disney.com; 

if to any Lender, at its Domestic Lending Office specified on Schedule 1.01 hereto or in the Assumption Agreement or in the Assignment and
Acceptance pursuant to which it became a Lender, as the case may be; and if to the Designated Agent, at its address at: 

JPMorgan Chase Bank, N.A. 

500 Stanton Christiana Road, NCC5, Floor 1 

Newark, DE 19713-2107 

Attention: Derrick HowardLoan & Agency Services Group

 Phone Number: (302) 634-1937 

Telecopier Number: (302)
634-3301634-1072  

Email:
derrick.howard@chase.comchristopher.bickert@chase.com;
 
 Agency Withholding Tax Inquiries: 

Email: agency.tax.reporting@jpmorgan.com 

Agency Compliance/Financials/Intralinks: 

Email: covenant.compliance@jpmchase.com; 

with a copy to: 

JPMorgan Chase Bank, N.A. 

8181 Communications Parkway, Bldg B, 6th Fl,
TXW-3620 

  
 65 

Plano, TX 75024 
 Attention: Ryan Zimmerman 

Phone Number: (972) 324-8688 

Email:
ryan.zimmerman@jpmchase.com; 
 or, as to each party, at such other address
as shall be designated by such party in a written notice to the other parties; provided that materials required to be delivered pursuant to Section 5.01(e)(i) or 5.01(e)(ii) shall be delivered to the Designated Agent as specified in
Section 8.02(b) or as otherwise specified to the Borrower by the Designated Agent; and provided further that such materials shall be deemed delivered to the Designated Agent to the extent posted and available on the website of the SEC at
www.sec.gov. All such notices and other communications shall, when mailed,
telecopiedsent by hand or overnight courier service, or e-mailed by certified or registered
mail, be effective when deposited in the mails, telecopied or confirmed by e-mail, respectively, except that notices and communications to the
Designated Agent pursuant to Article II or VII shall notreceived, and when sent by
e-mail, be effective until received byupon the Designated Agent. Delivery by telecopier, e-mail or other electronic means of an
executed counterpart of any amendment or waiver of any provision of this Agreement or the Notes or of any Exhibit hereto to be executed and delivered hereunder shall be effective as delivery of an original executed counterpart
thereofsender’s receipt of an acknowledgment from the intended recipient (such as by the “return receipt requested”
function, as available, return e-mail or other written acknowledgment). 

(b) Each Loan Party agrees that the Designated Agent may make materials required to be delivered pursuant to
Section 5.01(e)(i) and 5.01(e)(ii), as well as any other written information, documents, instruments (other than the Notes) and other material relating to any member of the Consolidated Group or any other materials or matters relating to this
Agreement or any of the transactions contemplated hereby (collectively, the “Communications”) available to the Lenders by posting such notices on IntraLinks or a substantially similar electronic system (the
“Platform”). Each Loan Party acknowledges that (i) the distribution of material through an electronic medium is not necessarily secure and that there are confidentiality and other risks associated with such distribution,
(ii) the Platform is provided “as is” and “as available” and (iii) neither the Designated Agent nor any of its Affiliates warrants the accuracy, adequacy or completeness of the Communications or the Platform and each
expressly disclaims liability for errors or omissions in the Communications or the Platform. No warranty of any kind, express, implied or statutory, including, without limitation, 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 the Designated Agent or any of its Affiliates in connection with the Platform. 

(c) Each Lender agrees that notice to it (as provided in the next sentence) (a “Notice”) specifying
that any Communications have been posted to the Platform shall constitute effective delivery of such information, documents or other materials to such Lender for purposes of this Agreement; provided that if reasonably requested by any Lender,
the Designated Agent shall deliver a copy of the Communications to such Lender by e-mail or telecopier. Each Lender agrees (i) to notify the Designated Agent in writing of such Lender’s e-mail addresses to which a Notice may be sent by electronic transmission
(including by electronic communication) on or before the date such Lender becomes a party to this Agreement (and from time to time thereafter to ensure that the Designated Agent has on record the effective e-mail addresses for such Lender) and (ii) that any Notice may be sent to such e-mail address. 

  
 66 

 SECTION 8.03. No Waiver; Remedies. No failure on the part of any
Lender or the Designated Agent to exercise, and no delay in exercising, any right hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any such right preclude any other or further exercise thereof or the exercise
of any other right. The remedies herein provided are cumulative and not exclusive of any remedies provided by law. 

SECTION 8.04. Costs and Expenses. (a) The Borrower agrees promptly to pay all actual, reasonable and documented
costs and expenses (including, without limitation, the actual, reasonable and documented fees and expenses of one counsel) of the Designated Agent in connection with the negotiation and execution of this Agreement and all related documentation and
the syndication of the credit facility established hereby. The Borrower further agrees to pay, within five Business Days of demand, all actual, reasonable and documented costs and expenses of the Designated Agent and each Lender, if any, in connection with the enforcement (whether through legal proceedings or otherwise) of this Agreement and
the other instruments and documents to be delivered hereunder, including, without limitation, in connection with the enforcement of rights under this Section 8.04(a); provided, that any such costs and expenses consisting of fees and
expenses of counsel shall be limited to the actual, reasonable and documented fees and expenses of one counsel for the Designated Agent and no more than one additional counsel for the Lenders as a group (together with (i) such local counsel,
limited in each case to one such local counsel for the Designated Agent and one such local counsel for the Lenders as a group per jurisdiction, that may be reasonably required by the Designated Agent or the Lenders and (ii) if any Lender shall
have reasonably concluded (based upon the advice of counsel) that its representation by counsel for the Lenders creates a conflict of interest for such counsel, such separate counsel as such Lender may reasonably require). 

(b) If any payment of principal of, or Conversion of, any Eurocurrency RateTerm SOFR Advance, EURIBOR Advance
or TIBOR Advance is made other than on the last day of the Interest Period for such Advance, as a result of a payment or Conversion pursuant to Section 2.10 or acceleration of the maturity of the Advances pursuant to
Section 6.01 or for any other reason (other than by reason of a payment pursuant to Section 2.12), the Borrower shall, within five Business Days of demand by any Lender (with a copy of such demand to the Designated Agent), pay to such
Lender any amounts required to compensate such Lender for any additional losses, costs or expenses which it may reasonably incur as a result of such payment or Conversion, including, without limitation, any loss, cost or expense incurred by reason
of the liquidation or redeployment of deposits or other funds acquired by such Lender to fund or maintain such Advance. All obligations of the Borrower under this Section 8.04 shall survive the making and repayment of the Advances and the
termination of this Agreement. 
 SECTION 8.05. Right of Set-off. Upon
(i) the occurrence and during the continuance of any Event of Default and (ii) the making of the request or the granting of the consent specified by Section 6.01 to authorize the Designated Agent to declare the Advances due and
payable pursuant to the provisions of Section 6.01, each Lender is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand,
provisional or final, but excluding trust accounts) at any time held and other indebtedness at any time owing by such Lender to or for the credit or the account of the Borrower or, prior to the Guaranty Release Date, the Guarantor against any and
all of the obligations of the Borrower or the Guarantor, as applicable, now or hereafter existing under this Agreement, whether or not such Lender shall have made any demand under this Agreement. Each Lender agrees promptly to notify the Borrower
and the Designated Agent after any such set-off and application made by such Lender; provided that the failure to give such notice shall not affect the validity of such setoff and application. The
rights of each Lender under this Section are in addition 

  
 67 

 
to other rights and remedies (including, without limitation, other rights of setoff) which such Lender may have. 

SECTION 8.06. Binding Effect. This Agreement shall become effective as specified in Section 3.01 and, thereafter,
shall be binding upon and inure to the benefit of the Borrower, the Guarantor (prior to the Guaranty Release Date), the Designated Agent and each Lender and their respective successors and permitted assigns, except that no Loan Party shall have any
right to assign its rights hereunder or any interest herein without the prior written consent of each Lender (and any attempted assignment by any Loan Party without such consent shall be null and void). 

SECTION 8.07. Assignments and Participations. (a) Each Lender may and, if requested by the Borrower upon notice by
the Borrower delivered to such Lender and the Designated Agent pursuant to clause (ii) of Section 2.16 will, assign to one or more Eligible Assignees all or a portion of its rights and obligations under this Agreement (including, without
limitation, all or a portion of its Commitment and the Advances owing to it and any Note or Notes held by it); provided, however, that (i) each such assignment shall be of a constant, and not a varying, percentage of all the
assigning Lender’s rights and obligations under this Agreement, (ii) the amount (without duplication) of the Commitment and the pro-rata share of outstanding Advances of the assigning Lender being assigned pursuant to each such assignment (determined as of the date of the Assignment and Acceptance)
shall not be less than $12,500,000 (unless the assigning Lender shall assign its entire interest hereunder or such lesser amount is previously agreed among such assigning Lender, the Designated Agent and the Borrower) or an integral multiple of
$500,000 in excess thereof, (iii) the sum of (A) the amount (without duplication) of the Commitment and the pro-rata share of outstanding Advances of the assigning Lender being assigned pursuant to each such assignment and (B) the amount of the commitment and the pro-rata share of outstanding advances of the assigning Lender being
contemporaneously assigned under the
20182022 Credit
Agreement, or any agreement extending or replacing the 20182022 Credit Agreement, by the Person that is such assigning Lender (in both cases determined as of the date of the Assignment and Acceptance or similar agreement with respect to
such assignments) shall not be less than $25,000,000 in the aggregate (unless the assigning Lender shall assign its entire interest hereunder and thereunder or such lesser amount is previously agreed among such assigning Lender, the Designated Agent
and the Borrower) or an integral multiple of $1,000,000 in excess thereof; provided, however, that if the aggregate amount of the Commitment of such assigning Lender hereunder and its commitment under the 20182022 Credit Agreement, or any
agreement extending or replacing the
20182022 Credit
Agreement, is less than $25,000,000 on the date of such proposed assignment, such assigning Lender may assign all, but not less than all, of its remaining rights and obligations under this Agreement and the 20182022 Credit Agreement, or any
agreement extending or replacing the
20182022 Credit
Agreement (unless an assignment of a portion of such assigning Lender’s obligations hereunder and thereunder is otherwise previously agreed among such assigning Lender, the Designated Agent and the Borrower), (iv) each such assignment shall be
to an Eligible Assignee and (v) the parties to each such assignment (other than the Borrower) shall execute and deliver to the Designated Agent, for its acceptance and recording in the Register, an Assignment and Acceptance, together with a
processing and recordation fee of $3,500, provided that the Designated Agent may, in its sole discretion, elect to waive such processing and recordation fee in the
case of any assignment. Upon such execution, delivery, acceptance and recording, from and after the effective date specified in each Assignment and Acceptance, (x) the assignee thereunder shall be a party hereto and, to the extent that rights
and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, have the rights and obligations of a Lender hereunder and (y) the Lender assignor thereunder shall, to the extent that rights and obligations
hereunder have been assigned by it pursuant to such Assignment and Acceptance, 

  
 68 

 
relinquish its rights (other than any rights such Lender assignor may have under Sections 2.11, 2.14, 8.04 and 8.08) and be released from its obligations under this Agreement (and, in the case of
an Assignment and Acceptance covering all or the remaining portion of an assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto). 

(b) By executing and delivering an Assignment and Acceptance, the Lender assignor thereunder and the assignee thereunder
confirm to and agree with each other and the other parties hereto as follows: (i) other than as provided in such Assignment and Acceptance, such assigning Lender makes no representation or warranty and assumes no responsibility with respect to
any statements, warranties or representations made in or in connection with this Agreement or the execution, legality, validity, enforceability, genuineness, sufficiency or value of this Agreement or any instrument or document furnished pursuant
hereto; (ii) such assigning Lender makes no representation or warranty and assumes no responsibility with respect to the financial condition of any member of the Consolidated Group or the performance or observance by any Loan Party of any of
its obligations under this Agreement or any instrument or document furnished pursuant hereto; (iii) such assignee confirms that it has received a copy of this Agreement, together with copies of the financial statements referred to in
Section 4.01(c), and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into such Assignment and Acceptance; (iv) such assignee will, independently and without reliance
upon the Designated Agent, such assigning Lender or any other Lender and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under this Agreement;
(v) such assignee confirms that it is an Eligible Assignee; (vi) such assignee appoints and authorizes the Designated Agent to take such action as agent on its behalf and to exercise such powers under this Agreement as are delegated to the
Designated Agent by the terms hereof, together with such powers as are reasonably incidental thereto; and (vii) such assignee agrees that it will perform in accordance with their terms all of the obligations which by the terms of this Agreement
are required to be performed by it as a Lender. 
 (c) The Designated Agent shall maintain a copy of each Assignment and
Acceptance and each Assumption Agreement delivered to and accepted by it and a register for the recordation of the names and addresses of the Lenders and the Commitment of, and principal amount of the Advances owing to, each Lender from time to time
(the “Register”). The entries in the Register shall be conclusive and binding for all purposes, absent manifest error, and the Loan Parties, the Designated Agent and the Lenders may treat each Person whose name is recorded in
the Register as a Lender hereunder for all purposes of this Agreement. The Register shall be available for inspection by any Loan Party or any Lender at any reasonable time and from time to time upon reasonable prior notice to the Designated Agent.

 (d) Upon its receipt of an Assignment and Acceptance executed by an assigning Lender and an assignee representing that it
is an Eligible Assignee and, if applicable, the Borrower, together with any Note subject to such assignment, the Designated Agent shall, if such Assignment and Acceptance has been completed and is in substantially the form of Exhibit B hereto,
(i) accept such Assignment and Acceptance, (ii) record the information contained therein in the Register and (iii) give prompt notice thereof to the Borrower. 

(e) Each Lender may sell participations to one or more banks or other entities in or to all or a portion of its rights and
obligations under this Agreement (including, without limitation, all or a portion of its Commitment and the Advances owing to it and any Note issued to it hereunder); provided, however, that (i) such Lender’s obligations
under this Agreement (including, without limitation, its Commitment hereunder) shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such

  
 69 

 
obligations, (iii) the Loan Parties, the Designated Agent and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and
obligations under this Agreement and (iv) such Lender shall not agree in any participation agreement with any participant or proposed participant to obtain the consent of such participant before agreeing to the amendment, modification or waiver
of any of the terms of this Agreement or any Note, before consenting to any action or failure to act by the Borrower or any other party hereunder or under any Note, or
before exercising any rights it may have in respect thereof, unless such amendment, modification, waiver, consent or exercise would (A) increase or extend the scheduled expiration of the amount of such participant’s portion of such
Lender’s Commitment, (B) reduce the principal amount of or rate of interest on the Advances or any fee or other amounts payable hereunder to which such participant would be entitled to receive a share under such participation agreement, or
(C) postpone any date fixed for any payment of principal of or interest on the Advances or any fee or other amounts payable hereunder to which such participant would be entitled to receive a share under such participation agreement. Each Lender
that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain a register on which it enters the name and address of each participant and the principal
amounts (and stated interest) of each participant’s interest in the Advances 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, Advances, Notes or its other obligations under this Agreement) to any Person
except to the extent that such disclosure is requested by such Person and is necessary to establish that such Commitment, Advance, Note or other obligation is in registered form under Section 5f.103-1(c)
of the U.S. Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for
all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Designated Agent (in its capacity as Designated Agent) shall have no responsibility for maintaining a Participant Register. 

(f) Any Lender may, in connection with any assignment or participation or proposed assignment or participation pursuant to
this Section 8.07, disclose to the assignee or participant or proposed assignee or participant any information relating to any Loan Party furnished to such Lender by or on behalf of any Loan Party in writing and directly related to the
transactions contemplated hereunder; provided that, prior to any such disclosure, the assignee or participant or proposed assignee or participant shall agree to preserve the confidentiality of any confidential information relating to any Loan
Party received by it from such Lender in accordance with the terms of Section 8.09(a). 

(g) No participation or assignment hereunder shall be made in violation of the Securities Act of 1933, as amended from time to
time, or any applicable state securities laws, and each Lender hereby represents that it will make any Advance for its own account in the ordinary course of its business and not with a view to the public distribution or sale thereof. 

(h) Anything in this Agreement to the contrary notwithstanding, any Lender may at any time assign or create a security
interest in all or any portion of its rights under this Agreement (including, without limitation, the Advances owing to it and any Note issued to it hereunder) in favor of any Federal Reserve Bank or any foreign central bank having authority over
such Lender in accordance with Regulation A of the Board of Governors of the Federal Reserve SystemBoard (or any successor
regulation thereto), any applicable operating circular of such Federal Reserve Bank or any other regulation issued by the applicable foreign central bank; provided that no such pledge or assignment of a security interest shall release a
Lender from any 

  
 70 

 
of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto. 

SECTION 8.08. Indemnification. The Borrower agrees to indemnify and hold harmless the Designated Agent, each Lender and
each of their Affiliates and their respective officers, directors, employees, agents and advisors (each, an “Indemnified Party”) from and against any and all claims, damages, losses, liabilities and expenses (including,
without limitation, reasonable fees and expenses of counsel) that may be incurred by or asserted against any Indemnified Party, in each case arising out of or in connection with or by reason of, or in connection with the preparation for a defense
of, any investigation, litigation or proceeding (whether or not an Indemnified Party is a party thereto) arising out of, related to or in connection with the Commitments hereunder or the Advances made hereunder or any transactions in connection
herewith, including, without limitation, any transaction in which any proceeds of the Advances are, or are proposed to be, applied (collectively, the “Indemnified Matters”); provided that the Borrower shall have no
obligation to any Indemnified Party under this Section 8.08 with respect to (i) matters for which such Indemnified Party has been reimbursed by or on behalf of the Borrower pursuant to any other provision of this Agreement, but only to the
extent of such reimbursement, or (ii) Indemnified Matters found by a court of competent jurisdiction to have resulted from the willful misconduct or gross negligence of such Indemnified Party. If any action is brought against any Indemnified
Party, such Indemnified Party shall promptly notify the Borrower in writing of the institution of such action and the Borrower shall thereupon have the right, at its option, to elect to assume the defense of such action; provided,
however, that the Borrower shall not, in assuming the defense of any Indemnified Party in any Indemnified Matter, agree to any dismissal or settlement of such Indemnified Matter without the prior written consent of such Indemnified Party, which
consent shall not be unreasonably withheld, if such dismissal or settlement (A) would require any admission or acknowledgment of culpability or wrongdoing by such Indemnified Party or (B) would provide for any non-monetary relief to any Person to be performed by such Indemnified Party. If the Borrower so elects, it shall promptly assume the defense of such action, including the employment of counsel (reasonably
satisfactory to such Indemnified Party) and payment of expenses. Such Indemnified Party shall have the right to employ its or their own counsel in any such case, but the fees and expenses of such counsel shall be at the expense of such Indemnified
Party unless (1) the employment of such counsel shall have been authorized in writing by the Borrower in connection with the defense of such action or (2) the Borrower shall not have properly employed counsel reasonably satisfactory to
such Indemnified Party to have charge of the defense of such action, in which case such fees and expenses shall be paid by the Borrower. If an Indemnified Party shall have reasonably concluded (based upon the advice of counsel) that the
representation by one counsel of such Indemnified Party and any Loan Party creates a conflict of interest for such counsel, the reasonable fees and expenses of such counsel shall be borne by the Borrower and the Borrower shall not have the right to
direct the defense of such action on behalf of such Indemnified Party (but shall retain the right to direct the defense of such action on behalf of the Borrower). Anything in this Section 8.08 to the contrary notwithstanding, the Borrower shall
not be liable for the fees and expenses of more than one counsel for any Indemnified Party in any jurisdiction as to any Indemnified Matter or for any settlement of any Indemnified Matter effected without its written consent. All obligations of the
Borrower under this Section 8.08 shall survive the making and repayment of the Advances and the termination of this Agreement. This Section 8.08 shall not apply with respect to any Taxes indemnified under Section 2.14 or any Excluded
Taxes. 
 SECTION 8.09. Confidentiality.
(a) 
None of the Designated Agent or the Lenders may disclose to any Person any confidential, proprietary or non-public information of the Borrower or any member of the Consolidated Group furnished to the Designated
Agent or the 

  
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Lenders by or on behalf of any member of the Consolidated Group (such information being referred to collectively herein as the “Borrower Information”), except that each of
the Designated Agent and each of the Lenders may disclose Borrower Information (ia) to its and its Affiliates’ employees, officers, directors, agents, auditors and advisors (it being understood that the Persons to whom such disclosure is made will be
informed of the confidential nature of such Borrower Information and instructed to keep such Borrower Information confidential on substantially the same terms as provided herein), (iib) to the extent requested by any
regulatory authority or self-regulatory body, (iiic) to the extent required by applicable laws or regulations or by any subpoena or similar legal process, (ivd) to any other party to this
Agreement, (ve) in
connection with the exercise of any remedies hereunder or any suit, action or proceeding relating to this Agreement or the enforcement of rights hereunder,
(vif) subject to an
agreement containing provisions substantially the same as those of this Section 8.09(a), to any
assignee of or participant in, or any prospective assignee of or participant in, any of its rights or obligations under this Agreement, (viig) to the extent such Borrower Information
(Ai) is or becomes
generally available to the public on a non-confidential basis, other than as a result of a breach of this
Section 8.09(a) by the Designated Agent or such Lender, or (Bii) is or becomes available to the
Designated Agent or such Lender on a non-confidential basis from a source other than the Borrower, its Affiliates or their respective officers, directors, agents, auditors and advisors, provided such source is
not bound by a confidentiality agreement or other legal or fiduciary obligations of secrecy with the Borrower or its Affiliates with respect to the Borrower Information and (viiih) with the consent of the
Borrower. 
 (b) Each Loan Party agrees to maintain the confidentiality of any rate provided by an individual Reference Bank hereunder for purposes of setting the Eurocurrency Rate (and the
name of such Reference Bank), except (i) to its
and its Affiliates’ employees, officers,
directors, agents, auditors and advisors (it being understood that the persons to whom such disclosure is made will be informed of the confidential nature of such information and instructed to keep such information confidential on substantially the
same terms as provided herein), (ii) as consented to by the applicable Reference Bank, (iii) to the extent requested by any regulatory authority or self-regulatory body, (iv) to the extent required by applicable laws or regulations or by any
subpoena or similar legal process, (v) in
connection with the exercise of any remedies hereunder or any suit, action or proceeding relating to this Agreement or the enforcement of rights hereunder or
(vi) to the extent such rate (A) is or becomes generally available to the public on a non-confidential
basis, other than as a result of a breach of this
Section 8.09(b) by any Loan Party, or
(B) is or becomes available to any Loan Party on
a non-confidential basis from a source other than the applicable Reference Bank, provided, to its knowledge, such source is not bound by a confidentiality agreement or other legal or fiduciary obligations of secrecy with such Reference Bank with
respect to the rate. Notwithstanding the foregoing, it is understood that each Loan Party may disclose to any Lender the average of the rates quoted by the Reference Banks that provide rate quotes in connection with any determination of the
Eurocurrency Rate. 
 SECTION 8.10. Patriot Act.
Each Lender and the Designated Agent hereby notifies each Loan Party that, pursuant to the requirements of the Patriot Act, it is required to obtain, verify and record information that identifies each Loan Party, which information includes the name
and address of each Loan Party and other information that will allow it to identify each Loan Party in accordance with the Patriot Act. Each Loan Party shall promptly provide such information upon request by any Lender or the Designated Agent. 

SECTION 8.11. Judgment. (a) If, for the purposes of obtaining judgment in any court, it is necessary to convert a
sum due hereunder in Dollars into another currency, the parties hereto agree, to the fullest extent that they may effectively do so, that the rate of exchange used shall be that at which in accordance with normal banking procedures the Designated
Agent 

  
 72 

 
could purchase Dollars with such other currency at the Designated Agent’s principal office in London at 11:00 A.M. (London time) on the Business Day preceding that on which a final judgment
is given. 
 (b) If, for the purposes of obtaining judgment in any court, it is necessary to convert a sum due hereunder in
a CommittedForeign Currency
into Dollars, the parties hereto agree, to the fullest extent that they may effectively do so, that the rate of exchange used shall be that at which in accordance with normal banking procedures the Designated Agent could purchase such CommittedForeign Currency with
Dollars at the Designated Agent’s principal office in London at 11:00 A.M. (London time) on the Business Day preceding that on which final judgment is given. 

(c) The obligation of the Borrower in respect of any sum due from it in any currency (the “Primary
Currency”) to any Lender or the Designated Agent hereunder shall, notwithstanding any judgment in any other currency, be discharged only to the extent that on the Business Day following receipt by such Lender or the Designated Agent, (as the case may be), of any sum adjudged to be due in
such other currency, such Lender or the Designated Agent, (as the case may be), may, in accordance with normal banking procedures, purchase the applicable Primary Currency with such other currency; if the amount of the applicable Primary Currency so
purchased is less than such sum due to such Lender or the Designated Agent,
(as the case may
be), in the applicable
Primary Currency, the Borrower agrees, as a separate obligation and notwithstanding any such judgment, to indemnify such Lender or the Designated Agent, (as the case may
be), against such loss,
and if the amount of the applicable Primary Currency so purchased exceeds such sum due to such Lender or the Designated Agent, (as the case may
be), in the applicable
Primary Currency, such Lender or the Designated Agent, (as the case may be), agrees to remit to the Borrower such excess. 

SECTION 8.12. Consent to Jurisdiction and Service of Process. All judicial proceedings brought against any Loan Party
with respect to this Agreement or any instrument or other documents delivered hereunder may be brought in any state or Federal court in the Borough of Manhattan in the State of New York, and by execution and delivery of this Agreement, each Loan
Party accepts, for itself and in connection with its properties, generally and unconditionally, the exclusive jurisdiction of the aforesaid courts, and irrevocably agrees to be bound by any final judgment rendered thereby in connection with this
Agreement or any instrument or other document delivered hereunder from which no appeal has been taken or is available. Each Loan Party agrees to receive service of
process in any such proceeding in any such court at its office at 77 West 66th Street,
15th Floor, New York, New York 10023, Attention: Kenneth E. Newman (or at such other address in the Borough of Manhattan in the State of New York as the Borrower shall notify
the Designated Agent from time to time) and, if any Loan Party ever ceases to maintain such office in the Borough of Manhattan, irrevocably designates and appoints Corporation Service
Company, 1180 Avenue of the Americas, Suite 210, New York, New York 1003680 State Street, Albany, NY 12207-2543, or any other address in the State of New York communicated by Corporation Service Company to the Designated Agent, as its agent to receive
on its behalf service of all process in any such proceeding in any such court, such service being hereby acknowledged by each Loan Party to be effective and binding service in every respect. 

SECTION 8.13. Substitution of Currency. If a change in any CommittedForeign Currency occurs
pursuant to any applicable law, rule or regulation of any governmental, monetary or multi-national authority, this Agreement (including, without limitation, the
definition of Eurocurrency Rate) will be amended to the extent determined by the Designated Agent (acting reasonably, in consultation with the Borrower and in accordance with the terms of

  
 73 

 
Section 8.01) to be necessary to reflect the change in currency and to put the Lenders and the Borrower in the same position, so far as possible, that they would have been in if no change in
such CommittedForeign Currency
had occurred. 
 SECTION 8.14. Governing Law. This Agreement shall be governed by, and construed in accordance
with, the laws of the State of New York. 
 SECTION 8.15. Execution in Counterparts; Electronic Signatures; Interpretation. This Agreement may be executed in any number of counterparts and by different parties hereto 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. Delivery of an executed counterpart of a signature page to this Agreement, any other Loan Document or any document, consent, notice (including, for the avoidance of doubt, any notice delivered pursuant to Section 8.02), certificate, request, statement or authorization related to this Agreement and/or the transactions contemplated hereby (the “Ancillary Documents”) by
telecopiere-mail or other electronic means shall be effective as delivery of an original executed counterpart of this Agreement. The words
“execution”
,
“signed”
,
“signature”
 and words of like import in this Agreement, the other Loan Documents or any Ancillary Document shall be deemed to include Electronic Signatures or electronic records,
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. A full set of executed
counterparts of this Agreement shall be lodged with the Designated Agent and the Borrower. Any Notes issued hereunder shall be delivered in original hard copy to the Lender requesting such Note. This Agreement and the Notes 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, including the commitments of the Lenders and, if applicable,
their Affiliates under any commitment advices with respect to the credit facility established hereby submitted by any Lender (but do not supersede any provisions of any fee letter executed by any Loan Party in connection with this Agreement).

 SECTION 8.16. Severability. Any provision of this Agreement that is prohibited or unenforceable in any
jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not
invalidate or render unenforceable such provision in any other jurisdiction. The parties hereto shall endeavor in good-faith negotiations to replace the prohibited or unenforceable provision with valid provisions the economic effect of which comes
as close as possible to that of the prohibited or unenforceable provision. 
 SECTION 8.17. No Fiduciary
Relationship. Each Loan Party, on behalf of itself and its subsidiaries, agrees that in connection with all aspects of the transactions contemplated hereby and any communications in connection therewith, the Designated Agent, the Lenders and
their Affiliates are acting pursuant to a contractual relationship on an arm’s-length basis, and the parties hereto do not intend that the Designated Agent, the Lenders or their Affiliates act or be
responsible as a fiduciary to any Loan Party, its management, stockholders, creditors or any other Person. Each of the Loan Parties, the Designated Agent, the Lenders and their Affiliates expressly disclaims any fiduciary relationship and agrees
they are each responsible for making their own independent judgments with respect to any transactions entered into between them. 

  
 74 

 SECTION 8.18. Non-Public
Information. Each Lender acknowledges that all information, including requests for waivers and amendments, furnished by any Loan Party or the Designated Agent pursuant to or in connection with, or in the course of administering, this Agreement
will be syndicate-level information, which may contain material non-public information with respect to any Loan Party, its subsidiaries or their securities. Each Lender represents to each Loan Party and the
Designated Agent that (i) it has developed compliance procedures regarding the use of such material non-public information and that it will handle such material
non-public information in accordance with such procedures and applicable law, including Federal, state and foreign securities laws, and (ii) it has identified to the Designated Agent a credit contact who
may receive information that may contain such material non-public information in accordance with its compliance procedures and applicable law, including Federal, state and foreign securities laws. 

SECTION 8.19. Acknowledgement and Consent to Bail-In of EEAAffected Financial
 Institutions. Notwithstanding anything to the contrary in this Agreement or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Affected Financial Institution
arising under any Loan Document, to the extent such liability is unsecured, may be subject to the Write-Down and Conversion Powers of the applicable Resolution Authority (exercised in accordance with the relevant
Bail-In Legislation) and agrees and consents to, and acknowledges and agrees to be bound by: 

(a) the application of any Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities
arising hereunder which may be payable to it by any party hereto that is an Affected Financial Institution; and 
 (b) the
effects of any Bail-In Action on any such liability, including, if applicable: 

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

(ii) a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such
Affected Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect
to any such liability under this Agreement or any other Loan Document, subject to the right of such recipient to decline ownership of such shares or other instruments of ownership, in which case, subject as provided in the relevant Bail-In Legislation, any such liability may be reduced or cancelled, as the case may be, to the same extent as if such shares or other instruments of ownership had been accepted; or 

(iii) the variation of the terms of such liability in connection with the exercise of the Write-Down and
Conversion Powers of the applicable Resolution Authority. 
 The following terms shall for purposes of this Section have the meanings set
forth below: 
 “Affected Financial Institution” means (a) any EEA Financial Institution or
(b) any UK Financial Institution. 
 “Bail-In Action”
means the exercise of any Write-Down and Conversion Powers by the applicable Resolution Authority in respect of any liability of an Affected Financial Institution. 

  
 75 

 “Bail-In
Legislation” means (a) with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law, regulation rule or requirement
for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom, Part I of the United Kingdom Banking Act 2009 (as
amended from time to time) and any other law, regulation or rule applicable in the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (other than through
liquidation, administration or other insolvency proceedings). 
 “EEA Financial Institution” means
(a) any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution
described in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary of an institution described in clause (a) or (b) of this definition and is subject to consolidated
supervision with its parent. 
 “EEA Member Country” means any of the member states of the European
Union, Iceland, Liechtenstein, and Norway. 
 “EEA Resolution Authority” means any public
administrative authority or any Person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution. 

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

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

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

  
 76 

 SECTION 8.20. Waiver of Notice Period in Connection with Termination of
Existing Credit Agreement. Upon the effectiveness of this Agreement, the Existing Credit Agreement (except for the indemnification, yield protection and confidentiality provisions contained therein that by their terms expressly survive
termination of the Existing Credit Agreement), and all Commitments under and as defined in the Existing Credit Agreement, are hereby terminated. Each Lender that is a party to the Existing Credit Agreement hereby waives any notice required for the
termination of the Commitments thereunder. 
 ARTICLE IX 

GUARANTY 

SECTION 9.01. The Guaranty. The Guarantor hereby irrevocably and unconditionally guarantees the full and punctual
payment when due (whether at stated maturity, upon acceleration or otherwise) of all obligations of the Borrower under this Agreement and the other Loan Documents, including, without limitation, (i) the principal of and interest on each Advance
made to the Borrower and (ii) all other amounts payable by the Borrower under this Agreement and the other Loan Documents, including, without limitation, all fees, expenses, reimbursements, indemnities and other monetary obligations, whether
absolute or contingent, matured or unmatured, liquidated or unliquidated, including monetary obligations incurred under this Agreement or any other Loan Document during the pendency of any bankruptcy, insolvency, receivership or other similar
process, regardless of whether allowed or allowable in such proceeding (all of the foregoing being referred to collectively as the “Guaranteed Obligations”). Upon the failure by the Borrower to pay punctually when due any
such amount, subject to any applicable grace or notice and cure period, the Guarantor agrees that it shall forthwith pay such amount at the place and in the manner specified in this Agreement. The Guarantor hereby agrees that the Guaranty is an
absolute, irrevocable (except as provided by Section 9.08) and unconditional guaranty of payment and is not a guaranty of collection. 

SECTION 9.02. Guaranty Unconditional. The obligations of the Guarantor under the Guaranty shall be unconditional and
absolute and, without limiting the generality of the foregoing, shall not be released, discharged or otherwise affected by: 

(a) any extension, renewal, settlement, indulgence, compromise, waiver or release of or with respect to the Guaranteed
Obligations or any part thereof or any agreement relating thereto, or with respect to any obligation of any other guarantor of any of the Guaranteed Obligations, whether,
(in any such
case), by operation of
law or otherwise, or any failure or omission to enforce any right, power or remedy with respect to the Guaranteed Obligations or any part thereof or any agreement relating thereto, or with respect to any obligation of any other guarantor of any of
the Guaranteed Obligations, in each case other than the payment in full in cash of the Guaranteed Obligations (other than contingent obligations that have not yet arisen); 

(b) any modification or amendment of or supplement to this Agreement or any other Loan Document, including, without
limitation, any such amendment which may increase the amount of, or the interest rates applicable to, any of the Guaranteed Obligations guaranteed hereby; provided that the Guarantor has consented to any such modification, amendment or
supplement in writing if its consent thereto is otherwise required under this Agreement or the other Loan Documents; 
 (c)
any change in the corporate, partnership, limited liability company or other existence, structure or ownership of the Borrower or the Guarantor, or any insolvency, bankruptcy, 

  
 77 

 
reorganization or other similar proceeding affecting the Borrower or any of its assets, in each case other than the payment in full in cash of the Guaranteed Obligations (other than contingent
obligations that have not yet arisen); 
 (d) the existence of any claim, setoff or other rights which the Guarantor may
have at any time against the Borrower, any other guarantor of any of the Guaranteed Obligations, any Guaranty Beneficiary or any other Person, whether in connection with the Guaranty or in connection with any unrelated transactions, provided that
nothing in this Article IX shall prevent the assertion of any such claim by separate suit or compulsory counterclaim; 
 (e)
the unenforceability or invalidity of the Guaranteed Obligations or any part thereof or the lack of genuineness, enforceability or validity of any agreement relating thereto, or any other invalidity or unenforceability relating to or against the
Borrower or any other guarantor of any of the Guaranteed Obligations (other than any defense that the Borrower has for payment in full in cash of the Guaranteed Obligations (other than contingent obligations that have not yet arisen)) for any reason
related to this Agreement or any other Loan Document, or any provision of applicable law, decree, order or regulation purporting to prohibit the payment by the Borrower or any other guarantor of the Guaranteed Obligations, of any of the Guaranteed
Obligations or otherwise affecting any term of any of the Guaranteed Obligations; or 
 (f) any other act or omission to act
or delay of any kind by the Borrower, any Guaranty Beneficiary or any other Person or any other circumstance whatsoever which might, but for the provisions of this Section 9.02, constitute a legal or equitable discharge of the Guarantor’s
obligations under this Article IX or otherwise reduce, release, prejudice or extinguish its liability under the Guaranty, in each case other than the payment in full in cash of the Guaranteed Obligations (other than contingent obligations that have
not yet arisen) or performance by the Borrower of its obligations under this Agreement and the other Loan Documents. 

SECTION 9.03. Continuing Guaranty; Discharge and Reinstatement. Subject to Section 9.08, the Guarantor’s
obligations under this Article IX shall constitute a continuing and irrevocable guarantee of all Guaranteed Obligations now or hereafter existing and shall remain in full force and effect until all Guaranteed Obligations shall have been paid in full
in cash (other than contingent obligations that have not yet arisen) and the Commitments shall have terminated or expired, at which time, subject to all the foregoing conditions, the obligations of the Guarantor under the Guaranty shall
automatically terminate. If at any time any payment of the principal of or interest on any Advance or any other Guaranteed Obligation (including a payment effected through exercise of a right of setoff) is rescinded, or is or must be otherwise
restored or returned upon the insolvency, bankruptcy or reorganization of the Borrower (including pursuant to any settlement entered into by any Guaranty Beneficiary in its discretion), the Guarantor’s obligations under the Guaranty with
respect to such payment shall be reinstated as though such payment had been due but not made at such time. 
 SECTION
9.04. Waivers. The Guarantor irrevocably waives acceptance of the Guaranty, presentment, demand or action on delinquency, protest, the benefit of any statute of limitations and, to the fullest extent permitted by law, any notice not provided
for in this Agreement or under any other Loan Document, as well as any requirement that at any time any action be taken by any Person against the Borrower, any other guarantor of the Guaranteed Obligations or any other Person. Notwithstanding
anything to the contrary in this Article IX, the Guarantor hereby absolutely, unconditionally, knowingly, and expressly waives, to the fullest extent permitted by law: 

  
 78 

 (a) any right it may have to revoke the Guaranty as to future indebtedness
or notice of acceptance hereof; 
 (b) (i) notice of acceptance of the Guaranty; (ii) notice of any Advances or other
financial accommodations made or extended under the Loan Documents or the creation or existence of any Guaranteed Obligations; (iii) notice of the amount of the Guaranteed Obligations, subject, however, to the Guarantor’s right to make
inquiry of the Guaranty Beneficiaries to ascertain the amount of the Guaranteed Obligations at any reasonable time; (iv) notice of any adverse change in the financial condition of the Borrower or of any other fact that might increase the
Guarantor’s risk hereunder; (v) notice of presentment for payment, demand, protest, and notice thereof as to any instruments among the Loan Documents, other than demand for payment under the Guaranty; (vi) notice of any Event of
Default or any event or condition that constitutes, or upon notice, lapse of time or both would constitute, an Event of Default; and (vii) all other notices (except if such notice is expressly required to be given to the Guarantor hereunder)
and demands to which the Guarantor might otherwise expressly be entitled; and 
 (c) its right, if any, to require any
Guaranty Beneficiary or any other Person to institute suit against, or to exhaust any rights and remedies which any Guaranty Beneficiary or any other Person have or may have against, any third party. 

SECTION 9.05. Subrogation. The Guarantor shall not exercise any right of subrogation, contribution, indemnity,
reimbursement or similar rights against the Borrower with respect to any payments it makes under the Guaranty until all of the Guaranteed Obligations and any amounts payable under the Guaranty have been paid in full in cash (other than contingent
obligations that have not yet arisen) and all Commitments have terminated. If any amounts are paid to the Guarantor in violation of the foregoing limitation, then such amounts shall be held in trust for the benefit of the Guaranty Beneficiaries and
shall forthwith be paid to such Persons to reduce the amount of the Guaranteed Obligations, whether matured or unmatured. 

SECTION 9.06. Stay of Acceleration. If acceleration of the time for payment of any amount payable by the Borrower under
this Agreement or any other Loan Document is stayed upon the insolvency, bankruptcy or reorganization of the Borrower or any of its Affiliates, all such amounts otherwise subject to acceleration under the terms of this Agreement or any other Loan
Document shall nonetheless be payable by the Guarantor under the Guaranty forthwith on demand by the Designated Agent. 

SECTION 9.07. Taxes. The Guarantor agrees that the provisions of Section 2.14 shall be applicable, mutatis
mutandis, to all payments required to be made by the Guarantor under the Guaranty, as if each reference in such Section to the Borrower were a reference to the Guarantor. 

SECTION 9.08. Release of Guarantor.
(a)(a) The Guarantor shall,
upon the occurrence of any of the following events, be automatically and unconditionally released and discharged from the Guaranty and, subject to Section 9.08(c), all of its other obligations under this Agreement, and shall cease to have any rights hereunder and shall automatically cease to be a party hereto, in each case,
without any action required on the part of the Designated Agent, any Lender or any other Guaranty Beneficiary: 

(i) upon written notice to the Designated Agent, at such time as (A) the Guarantor is not (x) a borrower under the 2018 Credit Agreement or an issuer of any debt securities or (y) a guarantor under the 20182022 Credit Agreement or the
364-Day Credit  

  
 79 

 
Agreement or, in each case, any agreement extending or replacing any of the foregoing, or under debt securities of
the Borrower (or, in each case under this clause (i), the Guarantor is released or discharged from all such indebtedness substantially concurrently with the release and discharge of the Guaranty), or (B) the aggregate principal amount of
indebtedness for borrowed money (without duplication) issued or borrowed by all Subsidiaries of the Borrower (collectively) (other than any indebtedness for borrowed money represented by the Guaranty or guarantees of third party indebtedness)
constitutes (or, as a result of any event or circumstance occurring or arising substantially concurrently therewith, will constitute) no more than 10.0% of the aggregate principal amount of indebtedness for borrowed money of the Borrower and its
Subsidiaries (other than any indebtedness for borrowed money represented by guarantees of third party indebtedness), on a consolidated basis, as of such time; or 

(ii) upon the sale, transfer or disposition (including by way of consolidation or merger) of all or
substantially all of the equity interests or assets of the Guarantor to another Person (other than to the Borrower or any of its subsidiaries). 

(b) From and after the Guaranty Release Date, any reference to “any Loan Party”, “each Loan Party” or
“the Loan Parties”, or references of similar import, shall be deemed to refer solely to the Borrower. 
 (c)
Notwithstanding the occurrence of the Guaranty Release Date or anything else to the contrary set forth in this Section 9.08, the Guarantor shall remain bound by its agreements set forth in Sections 8.09(b) andSection 8.17 as
if no Guaranty Release Date shall have occurred and the Guarantor continued to be a party hereto. 
 [Remainder of Page Intentionally
Left Blank] 

  
 80 

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

			
	THE WALT DISNEY COMPANY, as Borrower 
		
	 by
	 	 
		 	 Name: Jonathan S.
Headley

		 	 Title: Senior Vice President, Treasurer

and Corporate Real
Estate

  
 81 

 
			
	TWDC ENTERPRISES 18 CORP., as Guarantor
	 by
	 	 
		 	 Name:

		 	 Title:

  
 82 

 
			
	 JPMORGAN CHASE BANK, N.A.,

individually and as Designated Agent,

		
	 by
	 	 
		 	 Name:

		 	 Title:

  
 83 

  

			
	 LENDER SIGNATURE PAGE TO

THE FIVE-YEAR CREDIT AGREEMENT

DATED AS OF MARCH 6, 2020, OF

THE WALT DISNEY COMPANY

	
	 Name of Lender: 

	
		
	 by
	 	 
		 	 Name:

		 	Title:

  

			
	For any Lender requiring a second signature line:
		
	 by
	 	 
		 	 Name: 

		 	Title: 

  
 84Document

NEITHER THIS SECURITY NOR THE SECURITIES FOR WHICH THIS SECURITY IS EXERCISABLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. 
SERIES A WARRANT
PURECYCLE TECHNOLOGIES, INC.

												
	Warrant Shares:			Initial Exercise Date: September 17, 2022

THIS SERIES A WARRANT (this “Series A Warrant”) certifies that, for value received, _____________ or its assigns (the “Holder”) is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on or after September 17, 2022 (the “Initial Exercise Date”) and on or prior to the earlier of (i) 5:00 p.m. (New York City time) on March 17, 2026 and (ii) the date fixed for redemption of the Subscription Warrants (defined below) as provided in Section 4 (the “Termination Date”) but not thereafter, to subscribe for and purchase from PureCycle Technologies, Inc., a Delaware corporation (the “Company”), up to ______ shares (as subject to adjustment hereunder, the “Warrant Shares”) of Common Stock. The purchase price of one share of Common Stock under this Series A Warrant shall be equal to the Exercise Price, as defined in Section 2(b).
This Series A Warrant is issued pursuant to that certain Subscription Agreement (the “Subscription Agreement”), effective on March 7, 2022, between the Company and the Holder. On or around the date of the Subscription Agreement, the Company entered into separate subscription agreements with the Company (“Other Subscription Agreements”) with certain other “qualified institutional buyers” (within the meaning of Rule 144A under the Securities Act and “accredited investors” (within the meaning of Rule 501(a) under the Securities Act), pursuant to which the Company issued and sold to such investors additional Series A warrants with terms substantially similar to this Series A Warrant (the “Other Series A Warrants”, and together with this Series A Warrant, the “Subscription Warrants”).
Section 1.Definitions. In addition to the terms defined elsewhere in this Series A Warrant, for all purposes of this Series A Warrant, the following terms have the meanings set forth in this Section 1.
“Bid Price” means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then listed or quoted on a Trading Market, the bid price of the Common Stock for the time in question (or the nearest preceding date) on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading Market, the volume weighted average price of the Common Stock for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Common Stock is not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Stock are then reported on The Pink Open Market (or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per share of the 

        

Common Stock so reported, or (d) in all other cases, the fair market value of a share of Common Stock as determined by an independent appraiser selected in good faith by the holders of a majority in interest of the Subscription Warrants then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.
“Black Scholes Value” means the value of this Series A Warrant based on the Black-Scholes Option Pricing Model obtained from the “OV” function on Bloomberg determined as of the day of consummation of the applicable Fundamental Transaction for pricing purposes and reflecting (A) a risk-free interest rate corresponding to the U.S. Treasury rate for a period equal to the time between the date of the public announcement of the applicable Fundamental Transaction and the Termination Date, (B) an expected volatility equal to the greater of 100% and the 100 day volatility obtained from the HVT function on Bloomberg (determined utilizing a 365 day annualization factor) as of the Trading Day immediately following the public announcement of the applicable Fundamental Transaction, (C) the underlying price per share used in such calculation shall be the greater of (i) the sum of the price per share being offered in cash, if any, plus the value of any non-cash consideration, if any, being offered in such Fundamental Transaction and (ii) the highest VWAP during the period beginning on the Trading Day immediately preceding the announcement of the applicable Fundamental Transaction (or the consummation of the applicable Fundamental Transaction, if earlier) and ending on the Trading Day of the Holder’s request pursuant to this Section 3(d) and (D) a remaining option time equal to the time between the date of the public announcement of the applicable Fundamental Transaction and the Termination Date, and (E) a zero cost of borrow. The payment of the Black Scholes Value will be made by wire transfer of immediately available funds (or such other consideration) within the later of (i) five business days of the Holder’s election and (ii) the date of consummation of the Fundamental Transaction. The Company shall cause any successor entity in a Fundamental Transaction in which the Company is not the survivor (the “Successor Entity”) to assume in writing all of the obligations of the Company under this Series A Warrant in accordance with the provisions of this Section 3(d) pursuant to written agreements in form and substance reasonably satisfactory to the Holder and approved by the Holder (without unreasonable delay) prior to such Fundamental Transaction and shall, at the option of the Holder, deliver to the Holder in exchange for this Series A Warrant a security of the Successor Entity evidenced by a written instrument substantially similar in form and substance to this Series A Warrant which is exercisable for a corresponding number of shares of capital stock of such Successor Entity (or its parent entity) equivalent to the shares of Common Stock acquirable and receivable upon exercise of this Series A Warrant (without regard to any limitations on the exercise of this Series A Warrant) prior to such Fundamental Transaction, and with an exercise price which applies the exercise price hereunder to such shares of capital stock (but taking into account the relative value of the shares of Common Stock pursuant to such Fundamental Transaction and the value of such shares of capital stock, such number of shares of capital stock and such exercise price being for the purpose of protecting the economic value of this Series A Warrant immediately prior to the consummation of such Fundamental Transaction), and which is reasonably satisfactory in form and substance to the Holder. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for (so that from and after the date of such Fundamental Transaction, the provisions of this Series A Warrant referring to the “Company” shall refer instead to the Successor Entity), and may exercise every right and power of the Company and shall assume all of the obligations of the Company under this Series A Warrant with the same effect as if such Successor Entity had been named as the Company herein. 
“Business Day” and “business day” mean a day other than Saturday, Sunday or other day on which commercial banks in New York, New York are authorized or required by law to close.
“Common Stock” means the Company’s common stock, par value $0.001 per share.
    2

        

“Common Stock Equivalents” means any securities of the Company that would entitle the holder thereof to acquire at any time Common Stock, including, without limitation, any debt, preferred stock, right, option, warrant or other instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common Stock. 
“Trading Day” means a day on which the principal Trading Market is open for trading.  
“Trading Market” means any of the following markets or exchanges on which the Common Stock is listed or quoted for trading on the date in question: the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market or the New York Stock Exchange (or any successors to any of the foregoing).
“VWAP” means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then listed or quoted on a Trading Market, the daily volume weighted average price of the Common Stock for such date (or the nearest preceding date) on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading Market, the volume weighted average price of the Common Stock for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Common Stock is not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Stock are then reported in The Pink Open Market (or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per share of the Common Stock so reported, or (d) in all other cases, the fair market value of a share of Common Stock as determined by an independent appraiser selected in good faith by the holders of a majority in interest of the Subscription Warrants then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company. 
“Warrant Agent” shall be any duly appointed agent selected by the Company.  The Warrant Agent shall initially be the Company
Section 2.Exercise.
(a)Exercise of Series A Warrant. 
(i)Exercise by Holder. Exercise of the purchase rights represented by this Series A Warrant may be made, in whole or in part, at any time or times on or after the Initial Exercise Date and on or before the Termination Date by delivery to the Company (with a copy to the Warrant Agent) of a duly executed facsimile copy or PDF copy submitted by e-mail (or e-mail attachment) of the Notice of Exercise in the form annexed hereto (the “Notice of Exercise”). Within the earlier of (i) two (2) Trading Days and (ii) the number of Trading Days comprising the Standard Settlement Period (as defined in Section 2(d)(i) herein) following the date of exercise as aforesaid, the Holder shall deliver the aggregate Exercise Price for the shares specified in the applicable Notice of Exercise by wire transfer or cashier’s check drawn on a United States bank unless the cashless exercise procedure specified in Section 2(c) below is specified in the applicable Notice of Exercise. No ink-original Notice of Exercise shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of Exercise be required. 
(ii)Exercise Procedures. Notwithstanding anything herein to the contrary, subject to Section 2(d)(ii), the Holder shall not be required to physically 
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surrender this Series A Warrant to the Company until the Holder has purchased all of the Warrant Shares available hereunder and this Series A Warrant has been exercised in full, in which case, the Holder shall surrender this Series A Warrant to the Company for cancellation within three (3) Trading Days of the date on which the final Notice of Exercise is delivered to the Company (with a copy to the Warrant Agent). Partial exercises of this Series A Warrant resulting in purchases of a portion of the total number of Warrant Shares available hereunder shall have the effect of lowering the outstanding number of Warrant Shares purchasable hereunder in an amount equal to the applicable number of Warrant Shares purchased. The Holder and the Company shall maintain records showing the number of Warrant Shares purchased and the date of such purchases. The Company shall deliver any objection to any Notice of Exercise  within one (1) business day of receipt of such notice. The Holder and any assignee, by acceptance of this Series A Warrant, acknowledge and agree that, by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant Shares hereunder, the number of Warrant Shares available for purchase hereunder at any given time may be less than the amount stated on the face hereof.
(iii)Maximum Percentage. The Holder may notify the Company in writing in the event it elects to be subject to the provisions contained in this Section 2(a)(iii); provided however, no Holder shall be subject to this Section 2(a)(iii) unless he, she or it makes such election. If the election is made by the Holder, the Warrant Agent shall not effect the exercise of the Holder’s Series A Warrants, and such Holder shall not have the right to exercise such Series A Warrants, to the extent that after giving effect to such exercise, such person (together with such person’s affiliates), to the Warrant Agent’s actual knowledge, would beneficially own in excess of 9.9% (or such other amount as a Holder may specify)(the “Maximum Percentage”) of the shares of Common Stock outstanding immediately after giving effect to such exercise. For purposes of the foregoing sentence, the aggregate number shares of Common Stock beneficially owned by such person and its affiliates shall include the number of shares of Common Stock issuable upon exercise of the Series A Warrants with respect to which the determination of such sentence is being made, but shall exclude Common Stock that would be issuable upon (x) exercise of the remaining, unexercised portion of the Series A Warrants beneficially owned by such person and its affiliates and (y) exercise or conversion of the unexercised or unconverted portion of any other securities of the Company beneficially owned by such person and its affiliates (including, without limitation, any convertible notes or convertible preferred shares or warrants), subject to a limitation on conversion or exercise analogous to the limitation contained herein. Except as set forth in the preceding sentence, for purposes of this paragraph, beneficial ownership shall be calculated in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended. For purposes of the Series A Warrants, in determining the number of outstanding shares of Common Stock, the Holder may rely on the number of outstanding shares of Common Stock as reflected in (1) the Company’s most recent Annual Report on Form 10-K, Quarterly Report on Form 10-Q, Current Report on Form 8-K or other public filing with the U.S. Securities and Exchange Commission (the “Commission”) as the case may be, (2) a more recent public announcement by the Company or (3) any other notice by the Company setting forth the number of shares of Common Stock outstanding. For any reason at any time, upon the written request of the Holder of the Series A Warrants, the Company shall, within five (5) Business Days, confirm orally and in writing to such Holder the number of shares of Common Stock then outstanding. By written notice to the Company, 
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the Holder of the Series A Warrants  may from time to time increase or decrease the Maximum Percentage applicable to such Holder to any other percentage specified in such notice; provided, however, that any such increase shall not be effective until the sixty-first (61st) day after such notice is delivered to the Company.
(b)Exercise Price. The exercise price per share of Common Stock under this Series A Warrant shall be $11.50, subject to adjustment hereunder (the “Exercise Price”). 
(c)Cashless Exercise. If at any time after the Initial Exercise Date, there is no effective registration statement registering, or the prospectus contained therein is not available for the resale of the Warrant Shares by the holder, then this Series A Warrant may also be exercised, in whole or in part, at such time by means of a “cashless exercise” in which the Holder shall be entitled to receive a number of Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:
									
		(A) =	as applicable: (i) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise if such Notice of Exercise is (1) both executed and delivered pursuant to Section 2(a) hereof on a day that is not a Trading Day or (2) both executed and delivered pursuant to Section 2(a) hereof on a Trading Day prior to the opening of “regular trading hours” (as defined in Rule 600(b)(68) of Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) at the option of the Holder, either (y) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise or (z) the Bid Price of the Common Stock on the principal Trading Market as reported by Bloomberg L.P. (“Bloomberg”) as of the time of the Holder’s execution of the applicable Notice of Exercise if such Notice of Exercise is executed during “regular trading hours” on a Trading Day and is delivered within two (2) hours thereafter (including until two (2) hours after the close of “regular trading hours” on a Trading Day) pursuant to Section 2(a) hereof or (iii) the VWAP on the date of the applicable Notice of Exercise if the date of such Notice of Exercise is a Trading Day and such Notice of Exercise is both executed and delivered pursuant to Section 2(a) hereof after the close of “regular trading hours” on such Trading Day;

		(B) =	the Exercise Price of this Series A Warrant, as adjusted hereunder; and
		(X) =	the number of Warrant Shares that would be issuable upon exercise of this Series A Warrant in accordance with the terms of this Series A Warrant if such exercise were by means of a cash exercise rather than a cashless exercise.

If Warrant Shares are issued in such a cashless exercise, the parties acknowledge and agree that in accordance with Section 3(a)(9) of the Securities Act, the Warrant Shares shall take on the characteristics of this Series A Warrant being exercised, and the holding period of the Warrant Shares being issued may be tacked on to the holding period of this Series A Warrant. The Company agrees not to take any position contrary to this Section 2(c).
(d)Mechanics of Exercise.
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(i)Delivery of Warrant Shares Upon Exercise. The Company shall cause the Warrant Shares purchased hereunder to be transmitted by the Company’s transfer agent (the “Transfer Agent”) to the Holder by crediting the account of the Holder’s or its designee’s balance account with The Depository Trust Company through its Deposit or Withdrawal at Custodian system (“DWAC”) if the Company is then a participant in such system and either (A) there is an effective registration statement permitting the issuance of the Warrant Shares to or resale of the Warrant Shares by the Holder or (B) the Warrant Shares are eligible for resale by the Holder without volume or manner-of-sale limitations pursuant to Rule 144 (assuming cashless exercise of this Series A Warrant), and otherwise by physical delivery of a certificate, registered in the Company’s share register in the name of the Holder or its designee, for the number of Warrant Shares to which the Holder is entitled pursuant to such exercise to the address specified by the Holder by the date that is the earliest of (i) two (2) Trading Days after the delivery to the Company of the Notice of Exercise, (ii) one (1) Trading Day after delivery of the aggregate Exercise Price to the Company and (iii) the number of Trading Days comprising the Standard Settlement Period after the delivery to the Company of the Notice of Exercise (such date, the “Warrant Share Delivery Date”). Upon delivery of the Notice of Exercise the Holder shall be deemed for all corporate purposes to have become the holder of record of the Warrant Shares with respect to which this Series A Warrant has been exercised, irrespective of the date of delivery of the Warrant Shares, provided that payment of the aggregate Exercise Price (other than in the case of a cashless exercise) is received within the earlier of (i) two (2) Trading Days and (ii) the number of Trading Days comprising the Standard Settlement Period following delivery of the Notice of Exercise. If the Company fails for any reason to deliver to the Holder the Warrant Shares subject to a Notice of Exercise by the Warrant Share Delivery Date, the Company shall pay to the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant Shares subject to such exercise (based on the VWAP of the Common Stock on the date of the applicable Notice of Exercise), $5.00 per Trading Day (increasing to $10.00 per Trading Day on the fifth Trading Day after such liquidated damages begin to accrue) for each Trading Day after such Warrant Share Delivery Date until such Warrant Shares are delivered or Holder rescinds such exercise. The Company agrees to maintain a transfer agent that is a participant in the FAST program so long as this Series A Warrant remains outstanding and exercisable. As used herein, “Standard Settlement Period” means the standard settlement period, expressed in a number of Trading Days, on the Company’s primary Trading Market with respect to the Common Stock as in effect on the date of delivery of the Notice of Exercise.
(ii)Delivery of New Series A Warrants Upon Exercise. If this Series A Warrant shall have been exercised in part, the Company shall, at the request of the Holder and upon surrender of this Series A Warrant certificate, at the time of delivery of the Warrant Shares, deliver to the Holder a new Series A Warrant evidencing the rights of the Holder to purchase the unpurchased Warrant Shares called for by this Series A Warrant, which new Series A Warrant shall in all other respects be identical with this Series A Warrant.
(iii)Rescission Rights. If the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares pursuant to Section 2(d)(i) by the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise.
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(iv)Compensation for Buy-In on Failure to Timely Deliver Warrant Shares Upon Exercise. In addition to any other rights available to the Holder, if the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares in accordance with the provisions of Section 2(d)(i) above pursuant to an exercise on or before the Warrant Share Delivery Date, and if after such date the Holder is required by its broker to purchase (in an open market transaction or otherwise) or the Holder’s brokerage firm otherwise purchases, shares of Common Stock to deliver in satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated receiving upon such exercise (a “Buy-In”), then the Company shall (A) pay in cash to the Holder the amount, if any, by which (x) the Holder’s total purchase price (including brokerage commissions, if any) for the shares of Common Stock so purchased exceeds (y) the amount obtained by multiplying (1) the number of Warrant Shares that the Company was required to deliver to the Holder in connection with the exercise at issue times (2) the price at which the sell order giving rise to such purchase obligation was executed, and (B) at the option of the Holder, either reinstate the portion of this Series A Warrant and equivalent number of Warrant Shares for which such exercise was not honored (in which case such exercise shall be deemed rescinded) or deliver to the Holder the number of shares of Common Stock that would have been issued had the Company timely complied with its exercise and delivery obligations hereunder. For example, if the Holder purchases Common Stock having a total purchase price of $11,000 to cover a Buy-In with respect to an attempted exercise of shares of Common Stock with an aggregate sale price giving rise to such purchase obligation of $10,000, under clause (A) of the immediately preceding sentence the Company shall be required to pay the Holder $1,000. The Holder shall provide the Company written notice indicating the amounts payable to the Holder in respect of the Buy-In and, upon request of the Company, evidence of the amount of such loss. Nothing herein shall limit a Holder’s right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief with respect to the Company’s failure to timely deliver shares of Common Stock upon exercise of this Series A Warrant as required pursuant to the terms hereof.
(v)No Fractional Series A Warrant, Shares or Scrip. No fractional Series A Warrants, shares or scrip representing fractional shares shall be issued upon the exercise of this Series A Warrant. To the extent the Holder would be entitled to a fractional Series A Warrant, the Company shall round down to the nearest whole number of Series A Warrants to be issued to the Holder. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such exercise, the Company shall, at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction multiplied by the Exercise Price or round up to the next whole share.
(vi)Charges, Taxes and Expenses. Issuance of Warrant Shares shall be made without charge to the Holder for any issue or transfer tax or other incidental expense in respect of the issuance of such Warrant Shares, all of which taxes and expenses shall be paid by the Company, and such Warrant Shares shall be issued in the name of the Holder or in such name or names as may be directed by the Holder; provided, however, that, in the event that Warrant Shares are to be issued in a name other than the name of the Holder, this Series A Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto as Exhibit B duly executed by the Holder and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for any 
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transfer tax incidental thereto. The Company shall pay all Transfer Agent fees required for same-day processing of any Notice of Exercise and all fees to The Depository Trust Company (or another established clearing corporation performing similar functions) required for same-day electronic delivery of the Warrant Shares.
(vii)Closing of Books. The Company will not close its stockholder books or records in any manner which prevents the timely exercise of this Series A Warrant, pursuant to the terms hereof.
Section 3.Certain Adjustments.
(a)Stock Dividends and Splits. If the Company, at any time while this Series A Warrant is outstanding: (i) pays a stock dividend or otherwise makes a distribution or distributions on shares of its Common Stock or any other equity or equity equivalent securities payable in shares of Common Stock (which, for avoidance of doubt, shall not include any shares of Common Stock issued by the Company upon exercise of this Series A Warrant), (ii) subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines (including by way of reverse stock split) outstanding shares of Common Stock into a smaller number of shares, or (iv) issues by reclassification of shares of the Common Stock any shares of capital stock of the Company, then in each case the Exercise Price shall be multiplied by a fraction of which the numerator shall be the number of shares of Common Stock (excluding treasury shares, if any) outstanding immediately before such event and of which the denominator shall be the number of shares of Common Stock outstanding immediately after such event, and the number of shares issuable upon exercise of this Series A Warrant shall be proportionately adjusted such that the aggregate Exercise Price of this Series A Warrant shall remain unchanged. Any adjustment made pursuant to this Section 3(a) shall become effective immediately after the record date for the determination of stockholders entitled to receive such dividend or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination or re-classification.
(b)Subsequent Rights Offerings. In addition to any adjustments pursuant to Section 3(a) above, if at any time the Company grants, issues or sells any Common Stock Equivalents or rights to purchase stock, warrants, securities or other property pro rata to the record holders of any class of shares of Common Stock (the “Purchase Rights”), then the Holder will be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired if the Holder had held the number of shares of Common Stock acquirable upon complete exercise of this Series A Warrant (without regard to any limitations on exercise hereof) immediately before the date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record holders of shares of Common Stock are to be determined for the grant, issue or sale of such Purchase Rights.
(c)Pro Rata Distributions. During such time as this Series A Warrant is outstanding, if the Company shall declare or make any dividend or other distribution of its assets (or rights to acquire its assets) to holders of shares of Common Stock, by way of return of capital or otherwise (including, without limitation, any distribution of cash, stock or other securities, property or options by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction) (a “Distribution”), at any time after the issuance of this Series A Warrant, then, in each such case, the Holder shall be entitled to participate in such Distribution to the same extent that the Holder would have participated therein if the Holder had held the number of shares of Common Stock acquirable upon complete exercise of this Series A 
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Warrant (without regard to any limitations on exercise hereof) immediately before the date of which a record is taken for such Distribution, or, if no such record is taken, the date as of which the record holders of shares of Common Stock are to be determined for the participation in such Distribution.
(d)Fundamental Transaction. If, at any time while this Series A Warrant is outstanding, (i) the Company, directly or indirectly, in one or more related transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company, directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of the consolidated assets of the Company in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether by the Company or another person) is completed pursuant to which holders of Common Stock are permitted to sell, tender or exchange their shares for other securities, cash or property and has been accepted by the holders of 50% or more of the outstanding Common Stock, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization or recapitalization of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in one or more related transactions consummates a stock or share purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off, merger or scheme of arrangement) with another person or group of persons whereby such other person or group acquires more than 50% of the outstanding shares of Common Stock (not including any shares of Common Stock held by the other person or other persons making or party to, or associated or affiliated with the other persons making or party to, such stock or share purchase agreement or other business combination) (each a “Fundamental Transaction”), then, upon any subsequent exercise of this Series A Warrant, the Holder shall have the right to receive, for each Warrant Share that would have been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the Holder (without regard to any limitation in Section 2(e) on the exercise of this Series A Warrant), the number of shares of Common Stock of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional consideration (the “Alternate Consideration”) receivable as a result of such Fundamental Transaction by a holder of the number of shares of Common Stock for which this Series A Warrant is exercisable immediately prior to such Fundamental Transaction (without regard to any limitation in Section 2(e) on the exercise of this Series A Warrant). For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one share of Common Stock in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration. If holders of Common Stock are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Series A Warrant following such Fundamental Transaction. Notwithstanding anything to the contrary, in the event of a Fundamental Transaction, the Company or any Successor Entity (as defined below) shall, at the Holder’s option, exercisable at any time concurrently with, or within 30 days after, the consummation of the Fundamental Transaction (or, if later, the date of the public announcement of the applicable Fundamental Transaction), purchase this Series A Warrant from the Holder by paying to the Holder an amount of cash equal to the Black Scholes Value (as defined below) of the remaining unexercised portion of this Series A Warrant on the date of the consummation of such Fundamental Transaction; provided, however, that, if the Fundamental Transaction is not within the Company’s control, 
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including not approved by the Company’s Board of Directors, Holder shall only be entitled to receive from the Company or any Successor Entity the same type or form of consideration (and in the same proportion), at the Black Scholes Value of the unexercised portion of this Series A Warrant, that is being offered and paid to the holders of Common Stock of the Company in connection with the Fundamental Transaction, whether that consideration be in the form of cash, stock or any combination thereof, or whether the holders of Common Stock are given the choice to receive from among alternative forms of consideration in connection with the Fundamental Transaction; provided, further, that if holders of Common Stock of the Company are not offered or paid any consideration in such Fundamental Transaction, such holders of Common Stock will be deemed to have received common stock of the Successor Entity (which Successor Entity may be the Company following such Fundamental Transaction) in such Fundamental Transaction. 
(e)Calculations. All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a share, as the case may be. For purposes of this Section 3, the number of shares of Common Stock deemed to be issued and outstanding as of a given date shall be the sum of the number of shares of Common Stock (excluding treasury shares, if any) issued and outstanding.
(f)Notice to Holder.
(i)Adjustment to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3, the Company shall promptly deliver to the Holder by facsimile or email a notice setting forth the Exercise Price after such adjustment and any resulting adjustment to the number of Warrant Shares and setting forth a brief statement of the facts requiring such adjustment.
(ii)Notice to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on the Common Stock, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common Stock, (C) the Company shall authorize the granting to all holders of the Common Stock rights or warrants to subscribe for or purchase any shares of capital stock of any class or of any rights, (D) the approval of any stockholders of the Company shall be required in connection with any reclassification of the Common Stock, any consolidation or merger to which the Company is a party, any sale or transfer of all or substantially all of its assets, or any compulsory share exchange whereby the Common Stock is converted into other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Company, then, in each case, the Company shall cause to be delivered by facsimile or email to the Holder at its last facsimile number or email address as it shall appear upon the Warrant Register of the Company, at least 20 calendar days prior to the applicable record or effective date hereinafter specified, a notice stating (x) the date on which a record is to be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of the Common Stock of record to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined or (y) the date on which such reclassification, consolidation, merger, sale, transfer or share exchange is expected to become effective or close, and the date as of which it is expected that holders of the Common Stock of record shall be entitled to exchange their shares of the Common Stock for securities, cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange; provided that the failure to deliver such notice or any defect therein or in the delivery thereof shall not affect the validity of the 
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corporate action required to be specified in such notice. To the extent that any notice provided in this Series A Warrant constitutes, or contains, material, non-public information regarding the Company, the Company shall simultaneously file such notice with the Commission pursuant to a Current Report on Form 8-K. The Holder shall remain entitled to exercise this Series A Warrant during the period commencing on the date of such notice to the effective date of the event triggering such notice except as may otherwise be expressly set forth herein.
(g)Voluntary Adjustment By Company. Subject to the rules and regulations of the Trading Market, the Company may at any time during the term of this Series A Warrant, subject to the prior written consent of the Holder, reduce the then current Exercise Price to any amount and for any period of time deemed appropriate by the board of directors of the Company.
Section 4.Redemption. 
(a)Redemption. Subject to Section 4(d), all (and not less than all) of the outstanding Subscription Warrants may be redeemed, in whole and not in part, at the option of the Company, at any time after the Subscription Warrants become exercisable, and prior to their expiration, at the office of the Warrant Agent, upon the notice referred to in Section 6(b), at the price of $0.01 per Subscription Warrant (“Redemption Price”); provided that the last sales price of the shares of Common Stock has been equal to or greater than $18.00 per share (subject to adjustment for splits, dividends, recapitalizations and other similar events) for any twenty (20) Trading Days within a thirty (30) Trading Day period commencing after the Subscription Warrants become exercisable and ending on the third business day prior to the date on which notice of redemption is given and provided further that there is a current registration statement in effect with respect to the shares of Common Stock underlying the Subscription Warrants for each day in the 30-Trading Day period and continuing each day thereafter until the Redemption Date (defined below).
(b)Date Fixed for, and Notice of, Redemption. In the event the Company shall elect to redeem all of the Subscription Warrants, the Company shall fix a date for the redemption (the “Redemption Date”). Notice of redemption shall be mailed by first class mail, postage prepaid, by the Company not less than 30 days prior to the date fixed for redemption to the holders of the Subscription Warrants to be redeemed at their last addresses as they shall appear on the Warrant Register (defined below). Any notice mailed in the manner herein provided shall be conclusively presumed to have been duly given, whether or not the holder received such notice.
(c)Exercise After Notice of Redemption. This Series A Warrant may be exercised in accordance with Section 2 at any time after notice of redemption shall have been given by the Company pursuant to Section 6(b) hereof and prior to the Redemption Date; provided that the Company may require the Holder to exercise this Series A Warrant to elect “cashless exercise” in accordance with the procedures of Section 2(c), and the Holder must exercise this Series A Warrant on a cashless basis if the Company so requires. On and after the Redemption Date, the Holder of this Series A Warrant shall have no further rights except to receive, upon surrender of this Series A Warrant, the Redemption Price.
(d)No Other Rights to Cash Payment. Except for a redemption in accordance with this Section 4, the Holder shall not be entitled to any cash payment whatsoever from the Company in connection with the ownership, exercise or surrender of this Series A Warrant.
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(e)Exclusion of Certain Series A Warrants. The Company understands that the redemption rights provided for by this Section 4 apply only to outstanding Subscription Warrants. To the extent a person holds rights to purchase Subscription Warrants, such purchase rights shall not be extinguished by redemption. However, once such purchase rights are exercised, the Company may redeem the Subscription Warrants issued upon such exercise provided that the criteria for redemption is met. 
Section 5.Transfer of Series A Warrant.
(a)Transferability. Subject to compliance with any applicable securities laws, this Series A Warrant and all rights hereunder are transferable, in whole or in part, upon surrender of this Series A Warrant at the principal office of the Company or its designated Warrant Agent, which shall initially be the Company, together with a written assignment of this Series A Warrant substantially in the form attached hereto duly executed by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the making of such transfer. Upon such surrender and, if required, such payment, the Company shall execute and deliver a new Series A Warrant or Series A Warrants in the name of the assignee or assignees, as applicable, and in the denomination or denominations specified in such instrument of assignment, and shall issue to the assignor a new Series A Warrant evidencing the portion of this Series A Warrant not so assigned, and this Series A Warrant shall promptly be cancelled. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Series A Warrant to the Company unless the Holder has assigned this Series A Warrant in full, in which case, the Holder shall surrender this Series A Warrant to the Company within three (3) Trading Days of the date on which the Holder delivers an assignment form to the Company assigning this Series A Warrant in full. The Series A Warrant, if properly assigned in accordance herewith, may be exercised by a new holder for the purchase of Warrant Shares without having a new Series A Warrant issued.
(b)New Series A Warrants. This Series A Warrant may be divided or combined with other Series A Warrants upon presentation hereof at the aforesaid office of the Company, together with a written notice specifying the names and denominations in which new Series A Warrants are to be issued, signed by the Holder or its agent or attorney. Subject to compliance with Section 5(a), as to any transfer which may be involved in such division or combination, the Company shall execute and deliver a new Series A Warrant or Series A Warrants in exchange for the Series A Warrant or Series A Warrants to be divided or combined in accordance with such notice. All Series A Warrants issued on transfers or exchanges shall be dated the original issuance date and shall be identical with this Series A Warrant except as to the number of Warrant Shares issuable pursuant thereto.
(c)Series A Warrant Register. The Company shall register this Series A Warrant, upon records to be maintained by the Company for that purpose (the “Series A Warrant Register”), in the name of the record Holder hereof from time to time. The Company and the Warrant Agent may deem and treat the registered Holder of this Series A Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and for all other purposes, absent actual notice to the contrary.  The Company has appointed the Warrant Agent to maintain the Series A Warrant Register, as the Company’s agent. The Company shall remain responsible for the contents of the Series A Warrant Register, notwithstanding the appointment of a Warrant Agent. The Company shall provide thirty (30) days’ prior written notice to the Holder of any appointment of or change in Warrant Agent and the new Warrant Agent’s contact 
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information, including if the Company shall itself directly maintain the Series A Warrant Register after a third-party Warrant Agent has been appointed.
Section 6.Miscellaneous.
(a)No Rights as Stockholder Until Exercise; No Settlement in Cash. This Series A Warrant does not entitle the Holder to any voting rights, dividends or other rights as a stockholder of the Company prior to the exercise hereof, except as expressly set forth in Section 3. Without limiting any rights of a Holder to receive Warrant Shares on a “cashless exercise” pursuant to Section 2(c) or to receive cash payments pursuant to Section 2(d)(i) and Section 2(d)(iv) herein, in no event shall the Company be required to net cash settle an exercise of this Series A Warrant.
(b)Loss, Theft, Destruction or Mutilation of Series A Warrant. The Company covenants that upon receipt by the Company of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Series A Warrant or any stock certificate relating to the Warrant Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case of this Series A Warrant, shall not include the posting of any bond), and upon surrender and cancellation of this Warrant or stock certificate, if mutilated, the Company will make and deliver a new Series A Warrant or stock certificate of like tenor and dated as of such cancellation, in lieu of such Series A Warrant or stock certificate.
(c)Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right required or granted herein shall not be a business day, then such action may be taken or such right may be exercised on the next succeeding business day.
(d)Authorized Shares. The Company covenants that, during the period this Series A Warrant is outstanding, it will reserve from its authorized and unissued Common Stock a sufficient number of shares to provide for the issuance of the Warrant Shares upon the exercise of any purchase rights under this Series A Warrant. The Company further covenants that its issuance of this Series A Warrant shall constitute full authority to its officers who are charged with the duty of issuing the necessary Warrant Shares upon the exercise of the purchase rights under this Series A Warrant. The Company will take all such reasonable action as may be necessary to assure that such Warrant Shares may be issued as provided herein without violation of any applicable law or regulation, or of any requirements of the Trading Market upon which the Common Stock may be listed. The Company covenants that all Warrant Shares which may be issued upon the exercise of the purchase rights represented by this Series A Warrant will, upon exercise of the purchase rights represented by this Series A Warrant and payment for such Warrant Shares in accordance herewith, be duly authorized, validly issued, fully paid and nonassessable and free from all taxes, liens and charges created by the Company in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously with such issue).
Except and to the extent as waived or consented to by the Holder, the Company shall not by any action, including, without limitation, amending its certificate of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Series A Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary or appropriate to protect the rights of Holder as set forth in this Series A Warrant against impairment. Without limiting the generality of 
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the foregoing, the Company will (i) not increase the par value of any Warrant Shares above the amount payable therefor upon such exercise immediately prior to such increase in par value, (ii) take all such action as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise of this Series A Warrant and (iii) use commercially reasonable efforts to obtain all such authorizations, exemptions or consents from any public regulatory body having jurisdiction thereof, as may be, necessary to enable the Company to perform its obligations under this Series A Warrant.
Before taking any action which would result in an adjustment in the number of Warrant Shares for which this Series A Warrant is exercisable or in the Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from any public regulatory body or bodies having jurisdiction thereof.
(e)Governing Law. All questions concerning the construction, validity, enforcement and interpretation of this Series A Warrant shall be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflicts of law thereof. Each party agrees that all legal proceedings concerning the interpretations, enforcement and defense of the transactions contemplated by this Series A Warrant (whether brought against a party hereto or its respective affiliates, directors, officers, shareholders, partners, members, employees or agents) shall be commenced exclusively in the state and federal courts sitting in the City of New York. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the City of New York, Borough of Manhattan for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein (including with respect to the enforcement of this Series A Warrant), and hereby irrevocably waives, and agrees not to assert in any action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such action or proceeding is improper or is an inconvenient venue for such proceeding. Each party hereby irrevocably waives personal service of process and consents to process being served in any such action or proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Series A Warrant and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted by law. If either party shall commence an action or proceeding to enforce any provisions of this Series A Warrant, the prevailing party in such action or proceeding shall be reimbursed by the non-prevailing party for its reasonable attorneys’ fees and other costs and expenses incurred with the investigation, preparation and prosecution of such action or proceeding.
(f)Restrictions. The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Series A Warrant, if not registered, and the Holder does not utilize cashless exercise, will have restrictions upon resale imposed by state and federal securities laws.
(g)Nonwaiver and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part of the Holder shall operate as a waiver of such right or otherwise prejudice the Holder’s rights, powers or remedies. Without limiting any other provision of this Series A Warrant, if the Company willfully and knowingly fails to comply with any provision of this Series A Warrant, which results in any material damages to the Holder, the Company shall pay to the Holder such amounts as shall be sufficient to cover any costs and expenses including, but not limited to, reasonable 
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attorneys’ fees, including those of appellate proceedings, incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies hereunder.
(h)Notices. Any notice or communication required or permitted hereunder shall be in writing and either delivered personally, emailed or sent by overnight mail via a reputable overnight carrier, or sent by certified or registered mail, postage prepaid, and shall be deemed to be given and received (i) when so delivered personally, (ii) when sent, with no mail undeliverable or other rejection notice, if sent by email, or (iii) three (3) business days after the date of mailing to the address below or to such other address or addresses as such person may hereafter designate by notice given hereunder: 
(i)if to a Holder, to its address, email address and/or facsimile number set forth on the register of Holders on file with the Company, with copies to such Holder’s representatives as set forth on such register, or to such other address, email address and/or to the attention of such other person as the recipient party has specified by written notice given to each other party five (5) days prior to the effectiveness of such change; 
(ii)if to the Company, to: 
PureCycle Technologies Inc.
5950 Hazeltine National Drive, Suite 650
Orlando, Florida 32822
Attention:  Brad Kalter
E-mail: bkalter@purecycle.com
    with a required copy to (which copy shall not constitute notice): 
Jones Day
1221 Peachtree Street, NE, Suite 400
Atlanta, Georgia 30361
Attention: Joel T. May and Thomas L. Short 
E-mail:     jtmay@jonesday.com; tshort@jonesday.com
(i)Limitation of Liability. No provision hereof, in the absence of any affirmative action by the Holder to exercise this Series A Warrant to purchase Warrant Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of the Holder for the purchase price of any Common Stock or as a stockholder of the Company, whether such liability is asserted by the Company or by creditors of the Company.
(j)Remedies. The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled to specific performance of its rights under this Series A Warrant. The Company agrees that monetary damages would not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Series A Warrant and hereby agrees to waive and not to assert the defense in any action for specific performance that a remedy at law would be adequate.
(k)Successors and Assigns. Subject to applicable securities laws, this Series A Warrant and the rights and obligations evidenced hereby shall inure to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted assigns of Holder. The provisions of this Series A Warrant are 
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intended to be for the benefit of any Holder from time to time of this Series A Warrant and shall be enforceable by the Holder or holder of Warrant Shares.
(l)Amendment. This Series A Warrant may be amended by the Company without the consent of any of the holders of the Subscription Warrants for the purpose of (i) curing any ambiguity, or curing, correcting or supplementing any defective provision contained herein, or making any other provisions with respect to matters or questions arising under this Series A Warrant that is not inconsistent with the provisions of this Series A Warrant, (ii) evidencing the succession of another corporation to the Company and the assumption by any such successor of the covenants of the Company contained in this Series A Warrant, (iii) evidencing and providing for the acceptance of appointment by a successor Warrant Agent with respect to the Subscription Warrants, and any provisions required in connection therewith, (iv) adding to the covenants of the Company for the benefit of the Holder or surrendering any right or power conferred upon the Company under this Series A Warrant, (v) to comply with the rules of the Depositary Trust Company (“DTC”), including to permit the deposit of Subscription Warrants with the DTC and settlement through the facilities thereof, if applicable; or (vi) amending this Series A Warrant in any manner that the Company may deem to be necessary or desirable and that will not adversely affect the interests of the Holder in any material respect. All other modifications or amendments to this Series A Warrant and the other Subscription Warrants, including any amendment to increase the Exercise Price or move the Termination Date, shall require the written consent of the holders of a majority of the then outstanding Subscription Warrants; provided that any material and adverse modification, waiver or termination of the economic terms of the transactions contemplated under this Series A Warrant shall require the prior written consent of the Holder of this Series A Warrant. 
(m)Severability. Wherever possible, each provision of this Series A Warrant shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Series A Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions of this Series A Warrant.
(n)Headings. The headings used in this Series A Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of this Series A Warrant.
********************
(Signature Page Follows)

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IN WITNESS WHEREOF, the Company has caused this Series A Warrant to be executed by its officer thereunto duly authorized as of the date first above indicated.
PURECYCLE TECHNOLOGIES, INC.

By:    
Name:
Title:

        

NOTICE OF EXERCISE
To: PURECYCLE TECHNOLOGIES, INC.
CC: WARRANT AGENT
(1)     The undersigned hereby elects to purchase ________ Warrant Shares of the Company pursuant to the terms of the attached Series A Warrant (only if exercised in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes, if any.
(2)     Payment shall take the form of (check applicable box):
 in lawful money of the United States; or
 if otherwise permitted, the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set forth in subsection 2(c), to exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise procedure set forth in subsection 2(c).

(3)     Please issue said Warrant Shares in the name of the undersigned or in such other name as is specified below:
_______________________________
The Warrant Shares shall be delivered to the following DWAC Account Number:
_______________________________
_______________________________
_______________________________
(4)     Accredited Investor. The undersigned is an “accredited investor” as defined in Regulation D promulgated under the Securities Act of 1933, as amended.

						
	Name of Investing Entity:	
	Signature of Authorized Signatory of Investing Entity:
	
	Name of Authorized Signatory:	
	Title of Authorized Signatory:	
	Date:	

        EXHIBIT B

ASSIGNMENT FORM
(To assign the foregoing Series A Warrant, execute this form and supply required information. Do not use this form to purchase shares.)
FOR VALUE RECEIVED, the foregoing Series A Warrant and all rights evidenced thereby are hereby assigned to:

												
	Name:		
			
			(Please Print)
			
	Address:		
			(Please Print)
	Phone Number:		
			
	Email Address:		
			
	Dated: _______________ __, ______		
			
	Holder’s Signature:			
			
	Holder’s Address:

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