Document:

$2,750,000,000 Credit Agreement

 Exhibit 10.1 
 EXECUTION VERSION 
  

 
 $2,750,000,000 

CREDIT AGREEMENT 
 Dated as of November 22, 2010 
 among 

MASTERCARD INCORPORATED, 
 as Borrower 
 The Several Lenders 

from Time to Time Parties Hereto 
 CITIBANK, N.A., 
 as Managing Administrative Agent 

and 

JPMORGAN CHASE BANK, N.A., 
 as Administrative Agent 
 BANK OF AMERICA, N.A., 

as Syndication Agent 
 CITIGROUP GLOBAL MARKETS INC., 
 J.P. MORGAN SECURITIES, INC. and

 MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED 

as Lead Arrangers 
 HSBC BANK USA, N.A. and 
 RBS SECURITIES INC. 

as Joint Lead Arrangers and 
 Documentation Agents 
  

 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
			
	 SECTION 1.
	  	DEFINITIONS	  	 	1	  
			
	 1.1
	  	Defined Terms	  	 	1	  
	 1.2
	  	Other Definitional Provisions	  	 	17	  
			
	 SECTION 2.
	  	AMOUNT AND TERMS OF LOANS	  	 	18	  
			
	 2.1
	  	Revolving Credit Commitments	  	 	18	  
	 2.2
	  	Procedure for Revolving Credit Borrowing	  	 	18	  
	 2.3
	  	Facility Fee	  	 	19	  
	 2.4
	  	Termination or Reduction of Commitments	  	 	19	  
	 2.5
	  	Repayment of Revolving Credit Loans; Evidence of Debt	  	 	19	  
	 2.6
	  	Optional Prepayments	  	 	20	  
	 2.7
	  	Conversion and Continuation Options	  	 	20	  
	 2.8
	  	CAF Advances	  	 	21	  
	 2.9
	  	Procedure for CAF Advance Borrowing	  	 	21	  
	 2.10
	  	CAF Advance Payments	  	 	24	  
	 2.11
	  	Evidence of Debt	  	 	25	  
	 2.12
	  	Certain Restrictions	  	 	25	  
	 2.13
	  	Minimum Amounts of Tranches	  	 	25	  
	 2.14
	  	Interest Rates and Payment Dates	  	 	25	  
	 2.15
	  	Computation of Interest and Fees	  	 	26	  
	 2.16
	  	Inability to Determine Interest Rate	  	 	26	  
	 2.17
	  	Pro Rata Treatment and Payments	  	 	27	  
	 2.18
	  	Swing Line Commitment	  	 	28	  
	 2.19
	  	Illegality	  	 	30	  
	 2.20
	  	Requirements of Law	  	 	31	  
	 2.21
	  	Taxes	  	 	32	  
	 2.22
	  	Indemnity	  	 	34	  
	 2.23
	  	Commitment Increases	  	 	35	  
	 2.24
	  	Commitment Extensions	  	 	36	  
	 2.25
	  	Replacement of Lenders	  	 	37	  
	 2.26
	  	Defaulting Lenders	  	 	38	  
	 2.27
	  	Defaulting Lender Cure	  	 	39	  
			
	 SECTION 3.
	  	REPRESENTATIONS AND WARRANTIES	  	 	40	  
			
	 3.1
	  	Financial Condition	  	 	40	  
	 3.2
	  	No Change	  	 	40	  
	 3.3
	  	Existence; Compliance with Law	  	 	41	  
	 3.4
	  	Corporate Power; Authorization; Enforceable Obligations	  	 	41	  
	 3.5
	  	No Legal Bar	  	 	41	  
	 3.6
	  	No Material Litigation	  	 	41	  
	 3.7
	  	No Default	  	 	42	  

  
 i 

							
	 3.8
	  	Ownership of Property; Liens	  	 	42	  
	 3.9
	  	Intellectual Property	  	 	42	  
	 3.10
	  	No Burdensome Restrictions	  	 	42	  
	 3.11
	  	Taxes	  	 	42	  
	 3.12
	  	Federal Margin Regulations	  	 	43	  
	 3.13
	  	ERISA	  	 	43	  
	 3.14
	  	Investment Company Act; Other Regulations	  	 	43	  
	 3.15
	  	Subsidiaries	  	 	44	  
	 3.16
	  	Purpose of Loans	  	 	44	  
	 3.17
	  	Environmental Matters	  	 	44	  
			
	 SECTION 4.
	  	CONDITIONS PRECEDENT	  	 	44	  
			
	 4.1
	  	Conditions to Initial Loan	  	 	44	  
	 4.2
	  	Conditions to Each Loan	  	 	46	  
			
	 SECTION 5.
	  	AFFIRMATIVE COVENANTS	  	 	46	  
			
	 5.1
	  	Financial Statements	  	 	47	  
	 5.2
	  	Certificates; Other Information	  	 	47	  
	 5.3
	  	Payment of Obligations	  	 	48	  
	 5.4
	  	Conduct of Business and Maintenance of Existence	  	 	48	  
	 5.5
	  	Maintenance of Property; Insurance	  	 	48	  
	 5.6
	  	Inspection of Property; Books and Records; Discussions	  	 	48	  
	 5.7
	  	Notices	  	 	49	  
	 5.8
	  	Environmental Laws	  	 	50	  
			
	 SECTION 6.
	  	NEGATIVE COVENANTS	  	 	50	  
			
	 6.1
	  	Consolidated Leverage Ratio	  	 	50	  
	 6.2
	  	Limitation on Liens	  	 	50	  
	 6.3
	  	Limitation on Fundamental Changes	  	 	52	  
	 6.4
	  	Limitation on Transfer or Disposition of Assets	  	 	52	  
	 6.5
	  	Limitation on Transactions with Affiliates	  	 	53	  
	 6.6
	  	Limitation on Lines of Business	  	 	53	  
			
	 SECTION 7.
	  	EVENTS OF DEFAULT	  	 	53	  
			
	 SECTION 8.
	  	THE MANAGING ADMINISTRATIVE AGENT	  	 	55	  
			
	 8.1
	  	Appointment	  	 	55	  
	 8.2
	  	Delegation of Duties	  	 	56	  
	 8.3
	  	Exculpatory Provisions	  	 	56	  
	 8.4
	  	Reliance by Managing Administrative Agent	  	 	56	  
	 8.5
	  	Notice of Default	  	 	57	  
	 8.6
	  	Non-Reliance on Managing Administrative Agent and Other Lenders	  	 	57	  
	 8.7
	  	Indemnification	  	 	58	  
	 8.8
	  	Managing Administrative Agent in Its Individual Capacity	  	 	58	  
	 8.9
	  	Successor Managing Administrative Agent	  	 	58	  
	 8.10
	  	Substitute Managing Administrative Agent	  	 	59	  

  
 ii 

							
	 8.11
	  	Arrangers, Etc.	  	 	59	  
			
	 SECTION 9.
	  	MISCELLANEOUS	  	 	59	  
			
	 9.1
	  	Amendments and Waivers	  	 	59	  
	 9.2
	  	Notices	  	 	60	  
	 9.3
	  	No Waiver; Cumulative Remedies	  	 	63	  
	 9.4
	  	Survival of Representations and Warranties	  	 	63	  
	 9.5
	  	Payment of Expenses and Taxes	  	 	63	  
	 9.6
	  	Successors and Assigns; Participations and Assignments	  	 	64	  
	 9.7
	  	Adjustments; Set-off	  	 	68	  
	 9.8
	  	Counterparts	  	 	68	  
	 9.9
	  	Severability	  	 	69	  
	 9.10
	  	Integration	  	 	69	  
	 9.11
	  	Termination of Commitments and Swing Line Commitments	  	 	69	  
	 9.12
	  	GOVERNING LAW	  	 	69	  
	 9.13
	  	Submission To Jurisdiction; Waivers	  	 	69	  
	 9.14
	  	Acknowledgements	  	 	70	  
	 9.15
	  	WAIVERS OF JURY TRIAL	  	 	70	  
	 9.16
	  	Confidentiality	  	 	70	  
	 9.17
	  	USA PATRIOT Act	  	 	70	  
	 9.18
	  	Termination of Agreement	  	 	71	  

  
 iii

 SCHEDULES 
  

					
	1.2	  	-    	  	Commitments
	3.6	  	-    	  	Material Litigation
	3.15	  	-    	  	Subsidiaries
	6.2(f)	  	-    	  	Liens

 EXHIBITS 

 

			
	A	  	Form of Revolving Credit Note
	B	  	Form of Swing Line Note
	C	  	Form of Closing Certificate
	D-1	  	Form of CAF Advance Request
	D-2	  	Form of CAF Advance Offer
	D-3	  	Form of CAF Advance Confirmation
	D-4	  	Form of CAF Advance Assignment
	E	  	Form of Swing Line Loan Participation Certificate
	F-1	  	Form of Opinion of General Counsel of Borrower
	F-2	  	Form of Opinion of Special New York Counsel to the Managing Administrative Agent
	G	  	Form of Borrowing Notice
	H	  	Form of Assignment and Acceptance
	I	  	Form of Compliance Certificate
	J-1	  	Form of New Lender Supplement
	J-2	  	Form of Commitment Increase Supplement
	K-1	  	Form of US Tax Certificate
	K-2	  	Form of US Tax Certificate
	K-3	  	Form of US Tax Certificate
	K-4	  	Form of US Tax Certificate

  
 iv 

 CREDIT AGREEMENT, dated as of November 22, 2010 among MASTERCARD INCORPORATED, a
Delaware corporation (the “Borrower”), the several banks and other financial institutions from time to time parties to this Agreement (the “Lenders”), CITIBANK, N.A., as managing administrative agent for the Lenders
hereunder (in such capacity, the “Managing Administrative Agent”), and JPMORGAN CHASE BANK, N.A., as administrative agent for the Lenders hereunder (in such capacity, the “Administrative Agent”). 

The parties hereto hereby agree as follows: 
 SECTION 1. DEFINITIONS 
 1.1 Defined Terms. As used in this Agreement,
the following terms shall have the following meanings: 
 “ABR”: a fluctuating interest rate per
annum in effect from time to time, which rate per annum shall at all times be equal to the highest of: 
 (i) the
rate of interest announced publicly by Citibank in New York City from time to time as Citibank’s base rate; and 
 (ii) for any day, 1.00% per annum above the London Interbank Offered Rate that would be in effect for a LIBOR Loan having an Interest Period of one month that commences on the second Business Day
following such day; and 
 (iii) for any day, 0.50% per annum above the Federal Funds Rate in effect on such
day. 
 Each change in any interest rate provided for herein based upon the ABR resulting from a change in the
ABR shall take effect at the time of such change in the ABR. 
 “ABR Loans”: Revolving Credit
Loans hereunder, the rate of interest applicable to which is based upon the ABR. 
 “Administrative
Agent”: as defined in the preamble hereof. 
 “Administrative Questionnaire”: an
Administrative Questionnaire in a form supplied by the Managing Administrative Agent. 

“Affiliate”: as to any Person, any other Person (other than a Subsidiary) which, directly or indirectly,
is in control of, is controlled by, or is under common control with, such Person. For purposes of this definition, “control” of a Person means the power, directly or indirectly, either to (a) vote 25% or more of the securities having
ordinary voting power for the election of directors of such Person or (b) direct or cause the direction of the management and policies of such Person, whether by contract or otherwise. 

 “Agreement”: this Credit Agreement, as amended,
supplemented or otherwise modified from time to time. 
 “Applicable Facility Fee Rate”: for any
Rating Level Period, the rate per annum set forth below opposite the reference to such Rating Level Period: 
  

					
	 Rating Level Period
	  	Applicable Facility
Fee Rate	 
	 Rating Level 1 Period
	  	 	0.15	% 
	 Rating Level 2 Period
	  	 	0.20	% 
	 Rating Level 3 Period
	  	 	0.25	% 
	 Rating Level 4 Period
	  	 	0.30	% 
	 Rating Level 5 Period
	  	 	0.40	% 

 Each change in the
Applicable Facility Fee Rate resulting from a Rating Level Change shall be effective on the effective date of such Rating Level Change. 
 “Applicable Margin”: for any Loan of any Type and while any particular Rating Level Period applies, the rate per annum set forth below opposite the reference to the relevant Rating Level
Period for Loans of such Type: 
  

									
	 Rating Level Period
	  	Applicable Margin	 
	  	LIBOR Loans	 	 	ABR Loans	 
	 Rating Level 1 Period
	  	 	1.10	% 	 	 	0.10	% 
	 Rating Level 2 Period
	  	 	1.30	% 	 	 	0.30	% 
	 Rating Level 3 Period
	  	 	1.50	% 	 	 	0.50	% 
	 Rating Level 4 Period
	  	 	1.70	% 	 	 	0.70	% 
	 Rating Level 5 Period
	  	 	2.10	% 	 	 	1.10	% 

 Each change in the
Applicable Margin resulting from a Rating Level Change shall be effective on the effective date of such Rating Level Change. 
 “Assignee”: as defined in subsection 9.6(c). 

“Available Commitment”: as to any Lender on any day, an amount equal to the excess, if any, of
(a) the amount of such Lender’s Commitment then in effect over (b) the aggregate of (i) the aggregate principal amount of all Revolving Credit Loans made by such Lender then outstanding and (ii) an amount equal to
such Lender’s Commitment 

  
 2 

 
Percentage of the aggregate principal amount of all Swing Line Loans then outstanding (after giving effect to any repayment of Swing Line Loans on such day). 

“Board”: the Board of Governors of the Federal Reserve System of the United States (or any successor).

 “Borrower”: as defined in the preamble hereof. 

“Borrowing Date”: any Business Day specified in a notice pursuant to Sections 2.2, 2.9 or 2.18 as a
date on which the Borrower requests the Lenders or a Swing Line Lender, as the case may be, to make Loans hereunder. 
 “Business”: as defined in subsection 3.17(b). 

“Business Day”: a day other than a Saturday, Sunday or other day on which commercial banks in New York
City are authorized or required by law to close; provided that when such term is used to describe a day on which a borrowing, payment or interest rate determination is to be made in respect of a LIBOR Loan or a LIBOR CAF Advance, such day
shall also be a day on which dealings in dollar deposits and exchange between banks may be carried on in London, England. 
 “CAF Advance”: each CAF Advance made pursuant to Section 2.8. 
 “CAF Advance Availability Period”: the period from and including the Closing Date to and including the date which is 7 days prior to the Revolving Credit Termination Date. 

“CAF Advance Confirmation”: each confirmation by the Borrower of its acceptance of CAF Advance Offers,
which confirmation shall be substantially in the form of Exhibit D-3 and shall be delivered to the Managing Administrative Agent by facsimile transmission. 
 “CAF Advance Interest Payment Date”: as to each CAF Advance, each interest payment date specified by the Borrower for such CAF Advance in the related CAF Advance Request. 

“CAF Advance Maturity Date”: as to any CAF Advance, the date specified by the Borrower pursuant to
subsection 2.9(a) in its acceptance of the related CAF Advance Offer. 
 “CAF Advance
Offer”: each offer by a Lender to make CAF Advances pursuant to a CAF Advance Request, which offer shall contain the information specified in Exhibit D-2 and shall be delivered to the Managing Administrative Agent by telephone, immediately
confirmed by facsimile transmission. 
 “CAF Advance Request”: each request by the Borrower for
Lenders to submit bids to make CAF Advances, which request shall contain the information in respect of such requested CAF Advances specified in Exhibit D-1 and shall be delivered to the 

  
 3 

 
Managing Administrative Agent in writing, by facsimile transmission, or by telephone, immediately confirmed by facsimile transmission. 

“Capital Lease”: as applied to any Person, any lease of any property (whether real, personal or mixed) by
that Person as lessee which, in conformity with GAAP, is, or is required to be, accounted for as a capital lease on the balance sheet of that Person. 
 “Capitalized Lease Obligations”: all obligations under Capital Leases of any Person, in each case taken at the amount thereof accounted for as liabilities in accordance with GAAP.

 “Capital Stock”: any and all shares, interests, participations or other equivalents (however
designated) of capital stock of a corporation, any and all equivalent ownership interests in a Person other than a corporation and any and all warrants or options to purchase any of the foregoing. 

“Citibank”: Citibank, N.A. 

“Closing Date”: the date on which the conditions precedent set forth in Section 4.1 shall be
satisfied. 
 “Code”: the Internal Revenue Code of 1986, as amended from time to time.

 “Commitment”: as to any Lender, the obligation of such Lender to make Revolving Credit Loans
to the Borrower hereunder in an aggregate principal amount at any one time outstanding not to exceed the amount set forth opposite such Lender’s name on Schedule 1.2, as such amount may be reduced or increased from time to time in accordance
with the provisions of this Agreement. The aggregate amount of the Commitments of all Lenders on the date hereof is $2,750,000,000. 
 “Commitment Increase Offer”: as defined in subsection 2.23(a). 
 “Commitment Increase Supplement”: as defined in subsection 2.23(c). 
 “Commitment Percentage”: as to any Lender at any time, the percentage which such Lender’s Commitment then constitutes of the aggregate Commitments (or, at any time after the
Commitments shall have expired or terminated, the percentage which the aggregate principal amount of such Lender’s Revolving Credit Loans then outstanding constitutes of the aggregate principal amount of the Revolving Credit Loans then
outstanding). 
 “Commitment Period”: the period from and including the date hereof to but not
including the Revolving Credit Termination Date or such earlier date on which the Commitments shall terminate as provided herein. 
 “Commonly Controlled Entity”: an entity, whether or not incorporated, which is under common control with the Borrower within the meaning of Section 4001(a)(14) of

  
 4 

 
ERISA or is part of a group which includes the Borrower and which is treated as a single employer under Section 414(b) or (c) of the Code. 

“Confidential Information”: information that the Borrower or any of its Subsidiaries (or any of their
representatives) furnishes to the Managing Administrative Agent or any Lender, but does not include any such information that is or becomes generally available to the public (other than as a result of a breach of this Agreement) or that was
available to the Managing Administrative Agent or such Lender on a non-confidential basis prior to its being furnished by the Borrower or any of its Subsidiaries (other than as a result of a breach of this Agreement or to the extent obtained from a
source known to the Managing Administrative Agent or such Lender to be bound by a confidentiality agreement with the Borrower or any of its Subsidiaries and to be in breach of such confidentiality agreement). 

“Consolidated Adjusted Debt”: at any date of determination thereof, the sum of Indebtedness for the
Borrower and its Subsidiaries determined without duplication to the extent that such Indebtedness would appear on a consolidated balance sheet (including footnotes, with items disclosed only in footnotes having the amounts for purpose of this
definition equal to the amounts, if any, disclosed in such footnotes) of the Borrower and its Subsidiaries as of such date prepared in accordance with GAAP. 
 “Consolidated EBITDA”: for any period, Consolidated Net Income for such period plus, without duplication and (except with respect to clause (j) below) to the extent reflected
as a charge in the statement of such Consolidated Net Income for such period, the sum of the following items: (a) income tax expense, (b) interest expense, amortization or write-off of debt discount and debt issuance costs and commissions,
discounts and other fees and charges associated with indebtedness, (c) depreciation and amortization expense, (d) amortization, write-down or write-off of intangibles (including, but not limited to, goodwill) and organization costs,
(e) any extraordinary expenses or losses, (f) any restructuring charges or expenses, provided that, to the extent any amounts are added pursuant to this clause (f) in determining Consolidated EBITDA in any period, Consolidated
EBITDA will be reduced in the quarter in which such charges or expenses are incurred and in each of the immediately following seven quarters by an amount equal to 1/8 of the amount of such charges or expenses so added back, (g) charges in
connection with litigation, settlements or judgments, and out of pocket expenses incurred during such period in connection with the litigation, settlements or judgments resulting in such charges during such period, (h) other expenses or charges
to the extent that such expenses or charges do not represent a cash item in such period, (i) non-recurring expenses incurred in connection with any acquisition or other investment (including joint ventures), disposition or issuance or
incurrence of equity or debt, and (j) cash receipts in respect of income and gains subtracted from Consolidated EBITDA for any prior period pursuant to clause (iii) below minus, (i) to the extent included in the statement of
such Consolidated Net Income for such period, any extraordinary income or gains, (ii) cash payments made during such period in respect of items added back to Consolidated EBITDA for any prior period pursuant to clause (h) above,
(iii) to the extent included in the statement of such Consolidated Net Income for such period, income and gains to the extent that such income and gains do not represent a cash item with respect to such period

  
 5 

 
and (iv) the reversal of any reserve established for any prior period pursuant to clause (g) above. For the purposes of calculating Consolidated EBITDA for any period of four
consecutive fiscal quarters (each, a “Reference Period”), (x) if at any time during such Reference Period, the Borrower or any of its Subsidiaries shall have made any Material Disposition (as defined below), the Consolidated
EBITDA for such Reference Period shall be reduced by an amount equal to the Consolidated EBITDA (if positive) attributable to the property that is the subject of such Material Disposition for such Reference Period (as determined by the Borrower in
its reasonable good faith business judgment) or increased by an amount equal to the Consolidated EBITDA (if negative) attributable thereto for such Reference Period (as determined by the Borrower in its reasonable good faith business judgment) and
(y) if during such Reference Period, the Borrower or any of its Subsidiaries shall have made a Material Acquisition (as defined below) during such Reference Period, Consolidated EBITDA for such Reference Period shall be calculated after giving
pro forma effect (as determined by the Borrower in its reasonable good faith business judgment) to such Material Acquisition as if such acquisition occurred on the first day of such Reference Period. As used in this definition, “Material
Acquisition” means any acquisition of property or series of related acquisitions of property that (A) constitutes assets comprising all or substantially all of an operating unit of a business or constitutes all or substantially all of
the common equity interests of a business enterprise and (B) involves the payment of consideration by the Borrower and its Subsidiaries in excess of $500,000,000; and “Material Disposition” means any disposition of property or
series of related dispositions of property that yields gross proceeds to the Borrower or any of its Subsidiaries in excess of $500,000,000. 
 “Consolidated Leverage Ratio”: as at the end of any fiscal quarter of the Borrower, the ratio of (a) Consolidated Adjusted Debt on the last day of such fiscal quarter to
(b) Consolidated EBITDA for the period of four consecutive fiscal quarters ended on such day. 

“Consolidated Net Income”: for any period, the consolidated net income (or loss) of the Borrower and its
Subsidiaries, determined on a consolidated basis in accordance with GAAP. 
 “Contractual
Obligation”: as to any Person, any provision of any security issued by such Person or of any agreement, instrument or other undertaking to which such Person is a party or by which it or any of its property is legally bound. 

“Declined Amount”: as defined in subsection 2.23(a). 

“Declining Lender”: as defined in subsection 2.23(a). 

“Default”: any of the events specified in Section 7, whether or not any requirement for the giving
of notice, the lapse of time, or both, or any other condition, has been satisfied. 
 “Defaulting
Lender”: at any time, a Lender as to which the Managing Administrative Agent has notified the Borrower that (i) such Lender has failed to comply 

  
 6 

 
with its obligations under this Agreement to make a Loan, and/or make a payment to any Swing Line Lender and/or make a payment to the Managing Administrative Agent hereunder (each a
“funding obligation”), in each case within three Business Days of the date required under the terms of the Loan Documents (unless such Lender notifies the Managing Administrative Agent in writing that such failure is the result of
such Lender’s good faith determination that a condition precedent to funding (specifically indentified and including the particular default, if any) has not been satisfied (unless waived)), (ii) such Lender has notified the Managing
Administrative Agent in writing, or has stated publicly, that it will not comply with any such funding obligation hereunder, or has defaulted on its funding obligations, or has stated publicly that it does not intend to comply with its funding
obligations, under other loan agreements or credit agreements or other similar agreements generally (unless such writing or public statement relates to such Lender’s obligation to fund a Loan hereunder and indicates that such position is based
on such Lender’s good faith determination that a condition precedent (specifically identified and including the particular default, if any), to funding a Loan cannot be satisfied (unless waived)), (iii) such Lender has, for not less than
three Business Days, failed to confirm in writing to the Managing Administrative Agent, in response to a written request of the Managing Administrative Agent, that it will comply with its funding obligations hereunder, provided that such
Lender shall cease to be a Defaulting Lender upon receipt of such confirmation by the Managing Administrative Agent, or (iv) a Lender Insolvency Event has occurred and is continuing with respect to such Lender (provided that neither the
reallocation of funding obligations provided for in Section 2.26 as a result of a Lender’s being a Defaulting Lender nor the performance by Non-Defaulting Lenders of such reallocated funding obligations will cause the relevant Defaulting
Lender to become a Non-Defaulting Lender). Any determination that a Lender is a Defaulting Lender under clauses (i) through (iv) above will be made by the Managing Administrative Agent in its reasonable discretion acting in good faith. If
the Borrower believes in good faith that a Lender should be determined by the Managing Administrative Agent to be a Defaulting Lender and so notifies the Managing Administrative Agent, citing the reasons therefor, the Managing Administrative Agent
shall determine in its reasonable discretion acting in good faith whether or not such Lender is a Defaulting Lender. The Managing Administrative Agent will promptly send to all parties hereto a copy of any notice to the Borrower provided for in this
definition. 
 “Dollars” and “$”: dollars in lawful currency of the United
States. 
 “Environmental Laws”: any and all foreign, Federal, state, local or municipal laws,
rules, orders, regulations, statutes, ordinances, codes, decrees, requirements of any Governmental Authority or other Requirements of Law (including common law) regulating, relating to or imposing liability or standards of conduct concerning
protection of human health or the environment, as now or may at any time hereafter be in effect. 

“ERISA”: the Employee Retirement Income Security Act of 1974, as amended from time to time. 

“Eurocurrency Reserve Requirements”: for any day as applied to a LIBOR Loan or a LIBOR CAF Advance, the
aggregate (without duplication) of the rates (expressed as 

  
 7 

 
a decimal fraction) of reserve requirements in effect on such day (including, without limitation, basic, supplemental, marginal and emergency reserves under any regulations of the Board or other
Governmental Authority having jurisdiction with respect thereto) dealing with reserve requirements prescribed for eurocurrency funding (currently referred to as “Eurocurrency Liabilities” in Regulation D of the Board) maintained by a
member bank of such system. 
 “Event of Default”: any of the events specified in
Section 7, provided that any requirement for the giving of notice, the lapse of time, or both, or any other condition, has been satisfied. 
 “Existing Credit Agreement”: the Credit Agreement dated as of April 28, 2006, among the Borrower, International, certain Lenders, Citibank, as Administrative Agent, and JPMorgan
Chase Bank, N.A., as Backup Agent. 
 “Extending Lender”: as defined in subsection 2.24(b).

 “FATCA”: Sections 1471 through 1474 of the Code, as of the date of this Agreement and any
regulations or official interpretations thereof. 
 “Federal Funds Rate”: for any day, the rate
per annum (rounded upward, if necessary, to the nearest 1/100 of 1%) equal to the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers on such day, as
published by the Federal Reserve Bank of New York on the Business Day next succeeding such day, provided that (i) if such day is not a Business Day, the Federal Funds Rate for such day shall be such rate on such transactions on the next
preceding Business Day as so published on the next succeeding Business Day, and (ii) if no such rate is so published on such next succeeding Business Day, the Federal Funds Rate for such day shall be the average of the quotations received by
the Managing Administrative Agent from three federal funds brokers of recognized standing selected by the Managing Administrative Agent. 
 “Fixed Rate CAF Advance”: any CAF Advance made pursuant to a Fixed Rate CAF Advance Request. 
 “Fixed Rate CAF Advance Request”: any CAF Advance Request requesting the Lenders to offer to make CAF Advances at a fixed rate of interest (as opposed to a rate composed of the London
Interbank Offered Rate plus (or minus) a margin). 
 “GAAP”: generally accepted accounting
principles in the United States in effect from time to time. 
 “Governmental Authority”: any
nation or government, any state or other political subdivision thereof and any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government. 

“Guarantee”: as to any Person (the “guaranteeing person”), any obligation of
(a) the guaranteeing person or (b) another Person (including, without limitation, any bank 

  
 8 

 
under any letter of credit) to induce the creation of which the guaranteeing person has issued a reimbursement, counterindemnity or similar obligation, in either case guaranteeing or in effect
guaranteeing any Indebtedness, leases, dividends or other obligations (the “primary obligations”) of any other third Person (the “primary obligor”) in any manner, whether directly or indirectly, including, without
limitation, any obligation of the guaranteeing person, whether or not contingent, (i) to purchase any such primary obligation or any property constituting direct or indirect security therefor, (ii) to advance or supply funds (1) for
the purchase or payment of any such primary obligation or (2) to maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency of the primary obligor, (iii) to purchase property,
securities or services primarily for the purpose of assuring the owner of any such primary obligation of the ability of the primary obligor to make payment of such primary obligation or (iv) otherwise to assure or hold harmless the owner of any
such primary obligation against loss in respect thereof; provided, however, that the term Guarantee shall not include endorsements of instruments for deposit or collection in the ordinary course of business or obligations of the
Borrower or its Subsidiaries in respect of settlement failures by one or more of its customers. The amount of any Guarantee of any guaranteeing person shall be deemed to be the lower of (a) an amount equal to the stated or determinable amount
of the primary obligation in respect of which such Guarantee is made and (b) the maximum amount for which such guaranteeing person may be liable pursuant to the terms of the instrument embodying such Guarantee, unless such primary obligation
and the maximum amount for which such guaranteeing person may be liable are not stated or determinable, in which case the amount of such Guarantee shall be such guaranteeing person’s maximum reasonably anticipated liability in respect thereof
as determined by the Borrower in good faith. 
 “Increasing Lender”: as defined in subsection
2.24(d). 
 “Indebtedness”: (a) all obligations for borrowed money (other than overdrafts
incurred in the ordinary course of business), (b) the deferred purchase price of assets or services which in accordance with GAAP would be shown on the liability side of the consolidated balance sheet of the Borrower and its Subsidiaries,
(c) indebtedness of others secured by any lien on any property owned by the Borrower or any of its Subsidiaries, whether or not such indebtedness has been assumed, (d) all Capitalized Lease Obligations, (e) all outstanding
reimbursement obligations resulting from payments made under letters of credit, (f) all Guarantees of Indebtedness of others (excluding Guarantees entered into in the ordinary course of business relating to settlement failures between customers
of the Borrower and Guarantees in respect of obligations that have been fully collateralized by the primary obligor), (g) the aggregate unpaid amounts owed with respect to settlements related to actual litigation or disputes underlying
threatened litigation and final, non appealable judgments and (h) other than for purposes of the definition of “Consolidated Adjusted Debt”, all obligations under Interest Rate Agreements; provided that (x) Indebtedness
shall not include (i) trade payables and accrued expenses arising in the ordinary course of business, (ii) indebtedness for borrowed money incurred in the ordinary course of business with respect to any settlement failure by one or more
customers of the Borrower, including failure by one or more of its customers to meet merchant payment obligations, so long as such 

  
 9 

 
indebtedness is repaid within six Business Days after the date such indebtedness is incurred and is not re-incurred within five Business Days after such repayment, (iii) settlements due to
customers in the ordinary course of business (excluding settlements referred to in clause (g) above), (iv) deferred taxes, (v) restricted security deposits held for customers in the ordinary course of business, (vi) underfunded
pension liabilities and (vii) obligations with respect to settlements and judgments (other than settlements and judgments referred to in clause (g) above) and (y) the amount of Indebtedness pursuant to clause (h) above shall be
the amount that would be payable upon termination of the relevant Interest Rate Agreement (after giving effect to netting). 
 “Insolvency”: with respect to any Multiemployer Plan, the condition that such Multiemployer Plan is insolvent within the meaning of Section 4245 of ERISA. 

“Insolvent”: pertaining to a condition of Insolvency. 

“Interest Payment Date”: (a) as to any Loan, the rate of interest applicable to which is based upon
the ABR, the last day of each March, June, September and December, on the Revolving Credit Termination Date, (b) as to any LIBOR Loan or LIBOR CAF Advance having an Interest Period of three months or less, or any Fixed Rate CAF Advance having
an Interest Period of 90 days or less, the last day of such Interest Period and (c) as to any LIBOR Loan or any Fixed Rate CAF Advance having an Interest Period longer than three months or 90 days, respectively, each day which is three months
or 90 days, respectively, or a whole multiple thereof, after the first day of such Interest Period and the last day of such Interest Period. 
 “Interest Period”: (a) with respect to any LIBOR Loan: 
 (i) initially, the period commencing on the borrowing or conversion date, as the case may be, with respect to such LIBOR Loan and ending one week or one, two, three or six months thereafter, as selected
by the Borrower in its notice of borrowing or notice of conversion, as the case may be, given with respect thereto; and 
 (ii) thereafter, each period commencing on the last day of the next preceding Interest Period applicable to such LIBOR Loan and ending one week or one, two, three or six months thereafter, as selected by
the Borrower by irrevocable notice to the Managing Administrative Agent not less than three Business Days prior to the last day of the then current Interest Period with respect thereto; 

(b) with respect to any CAF Advance, the period specified in the CAF Advance Confirmation with respect to such CAF
Advance; 
 provided that all of the foregoing provisions relating to Interest Periods are subject to the following:

 (A) if any Interest Period would otherwise end on a day that is not a Business Day, such Interest Period shall
be extended to the next succeeding 

  
 10 

 
Business Day unless, in the case of LIBOR Loans or LIBOR CAF Advances, the result of such extension would be to carry such Interest Period into another calendar month in which event such Interest
Period shall end on the immediately preceding Business Day; 
 (B) any Interest Period that would otherwise
extend beyond the Revolving Credit Termination Date shall end on the Revolving Credit Termination Date; and 

(C) any Interest Period pertaining to a LIBOR Loan or a LIBOR CAF Advance that begins on the last Business Day of a
calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day of a calendar month. 

“Interest Rate Agreement”: any interest rate swap agreement, interest rate cap agreement, interest rate
collar agreement, interest rate futures contract, interest rate option contract or other similar agreement or arrangement designed to protect any Person against fluctuations in interest rates. 

“International”: MasterCard International Incorporated. 

“Lender Insolvency Event”: (i) a Lender or its Parent Company has been adjudicated as, or determined
by any Governmental Authority having regulatory authority over such Person or its assets to be, insolvent, or (ii) a Lender or its Parent Company is the subject of a bankruptcy, insolvency, reorganization, liquidation or similar proceeding, or
a receiver, trustee, conservator, intervenor or sequestrator or the like has been appointed for a Lender or its Parent Company, or a Lender or its Parent Company has taken any action in furtherance of or indicating its consent to or acquiescence in
any such proceeding or appointment; provided that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any equity interest in that Lender or any direct or indirect Parent Company thereof by a
Governmental Authority, so long as such ownership interest does not result in or provide such Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or
permits such Lender (or such Governmental Authority or instrumentality) to reject or repudiate, disavow or disaffirm any contracts or agreements made with such Person. 

“LIBOR CAF Advance”: any CAF Advance made pursuant to a LIBOR CAF Advance Request. 

“LIBOR CAF Advance Request”: any CAF Advance Request requesting the Lenders to offer to make CAF Advances
at an interest rate equal to the London Interbank Offered Rate plus (or minus) a margin. 
 “LIBOR
Loans”: Revolving Credit Loans hereunder the rate of interest applicable to which is based upon the London Interbank Offered Rate. 

  
 11 

 “Lien”: any mortgage, pledge, hypothecation, assignment,
deposit arrangement, encumbrance, lien (statutory or other), charge or other security interest or any preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever intended to protect creditors against
loss (including, without limitation, any conditional sale or other title retention agreement and any Capital Lease having substantially the same economic effect as any of the foregoing). 

“Loan”: any Revolving Credit Loan, CAF Advance or Swing Line Loan made by any Lender pursuant to this
Agreement. 
 “Loan Documents”: this Agreement and any Notes issued hereunder. 

“London Interbank Offered Base Rate”: with respect to each day during each Interest Period pertaining to
a LIBOR Loan or a LIBOR CAF Advance, the rate appearing on Reuters Screen LIBOR01 (or on any successor or substitute page of such service, or any successor to or substitute for such service, providing rate quotations comparable to those currently
provided on such page of such Service, as determined by the Managing Administrative Agent from time to time for purposes of providing quotations of interest rates applicable to Dollar deposits in the London interbank market) at approximately 11:00
A.M., London time, two Business Days prior to the commencement of such Interest Period, as the rate for dollar deposits with a maturity comparable to such Interest Period. In the event that such rate is not available at such time for any reason,
then the “London Interbank Offered Base Rate” with respect to such LIBOR Loan or LIBOR CAF Advance for such Interest Period shall be the rate at which Dollar deposits of $5,000,000 and for a maturity comparable to such Interest Period are
offered by the principal London office of Citibank in immediately available funds in the London interbank market at approximately 11:00 A.M., London time, two Business Days prior to the commencement of such Interest Period. 

“London Interbank Offered Rate”: with respect to each day during each Interest Period
pertaining to a LIBOR Loan or a LIBOR CAF Advance, a rate per annum determined for such day in accordance with the following formula (rounded upward to the nearest 1/100th of 1%): 
                 London Interbank Offered Base
Rate             
 1.00 - Eurocurrency Reserve Requirements

 “Managing Administrative Agent”: as defined in the preamble hereof. 

“Margin Stock”: margin stock within the meaning of Regulation U. 

“Material Adverse Effect”: a material adverse effect on (a) the business, assets, operations,
property or condition (financial or otherwise) of the Borrower and its Subsidiaries taken as a whole (excluding those disclosed in any of the audited 2009 financial statements of the Borrower, the most recent Annual Report on Form 10-K of the
Borrower and any Quarterly Report on Form 10-Q of the Borrower and any Current Report on Form 8-K of the Borrower filed with the SEC subsequent to the date of the 

  
 12 

 
Borrower’s most recent Annual Report on Form 10-K prior to the date hereof or in any Schedules to this Agreement as in effect on the date hereof and it being understood that a settlement
failure by one or more customers of the Borrower shall not constitute an event, development or circumstance that has a “Material Adverse Effect”) or (b) the validity or enforceability of any of the Loan Documents or the material
rights or remedies of the Managing Administrative Agent or the Lenders thereunder, taken as a whole. 

“Material Subsidiary”: at any time, any Subsidiary (i) accounting, during the immediately preceding
fiscal quarter of the Borrower, for more than 5% of the total revenues of the Borrower and its Subsidiaries on a consolidated basis or (ii) having, as at the last day of such fiscal quarter, more than 5% of the total assets of the Borrower and
its Subsidiaries on a consolidated basis, all determined in accordance with GAAP. 
 “Materials of
Environmental Concern”: any gasoline or petroleum (including crude oil or any fraction thereof) or petroleum products or any hazardous or toxic substances, materials or wastes, defined or regulated as such in or under any Environmental Law,
including, without limitation, asbestos, polychlorinated biphenyls and urea-formaldehyde insulation. 

“Moody’s”: Moody’s Investors Service, Inc., and its successors. 

“Moody’s Rating”: at any time, the long-term issuer rating (or, if such rating is not available, the
counterparty rating) of the Borrower then most recently announced and effective by Moody’s. 

“Multiemployer Plan”: a Plan which is a multiemployer plan as defined in Section 4001 (a)(3) of
ERISA and which is subject to Title IV of ERISA, to which the Borrower or any Commonly Controlled Entity is making or accruing an obligation to make contributions, or has within any of the preceding six plan years made or accrued an obligation
to make contributions. 
 “New Lender”: as defined in subsection 2.23(b). 

“New Lender Supplement”: as defined in subsection 2.23(b). 

“Non-Defaulting Lender”: at any time, a Lender that is not a Defaulting Lender. 

“Non-Excluded Taxes”: as defined in Section 2.21. 

“Notes”: the collective reference to the Revolving Credit Notes and the Swing Line Note. 

“Parent Company” means, with respect to a Lender, the bank holding company (as defined in Regulation Y),
if any, of such Lender, and/or any Person owning, beneficially or of record, directly or indirectly, a majority of the shares of such Lender. 
 “Participant”: as defined in subsection 9.6(b). 

  
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 “PBGC”: the Pension Benefit Guaranty Corporation
established pursuant to Subtitle A of Title IV of ERISA. 
 “Person”: an individual,
partnership, corporation, business trust, joint stock company, trust, unincorporated association, joint venture, Governmental Authority or other entity of whatever nature. 

“Plan”: at a particular time, any employee benefit plan which is covered by ERISA and in respect of which
the Borrower or a Commonly Controlled Entity is (or, if such plan were terminated at such time, would under Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA. 

“Properties”: as defined in Section 3.17. 

“Rating Level Change”: a change in the S&P Rating or the Moody’s Rating, as applicable (other than as a result
of a change in the rating system of S&P or Moody’s, as applicable) that results in the change from one Rating Level Period to another, which Rating Level Change shall be effective on the date on which the relevant change in the S&P
Rating or the Moody’s Rating, as applicable, is first announced and effective by S&P or Moody’s, as applicable. If the rating system of Moody’s or S&P shall change, the Borrower and the Managing Administrative Agent shall
negotiate in good faith to amend this definition with the consent of the Required Lenders to reflect such changed rating system and, pending the effectiveness of any such amendment, the Rating Level Period shall be determined by reference to the
rating assigned by the other rating agency. If the rating systems of both Moody’s and S&P shall change, the Borrower and the Managing Administrative Agent shall negotiate in good faith to amend this definition with the consent of the
Required Lenders to reflect such changed rating systems and (i) pending the effectiveness of any such amendment, the Rating Level Period shall be determined by reference to the rating most recently in effect prior to such change and
(ii) upon the effectiveness of any such amendment, such amendment shall be deemed to have become effective on the date of such change in the rating systems of Moody’s and S&P (with any additional amount owing by the Borrower hereunder
by reason of any retroactive adjustment in the Applicable Facility Fee Rate or the Applicable Margin to be paid by the Borrower not later than ten Business Days after such effectiveness and any amount to be refunded to the Borrower by any Lender
hereunder by reason of any such retroactive adjustment to be deducted by the Borrower from its next payments hereunder to or for the account of such Lender). 
 “Rating Level Period”: a Rating Level 1 Period, a Rating Level 2 Period, a Rating Level 3 Period, a Rating Level 4 Period or a Rating Level 5 Period; provided
that: 
 (i) “Rating Level 1 Period”: a period during which the S&P Rating is A or better or
the Moody’s Rating is A2 or better; 
 (ii) “Rating Level 2 Period”: a period during which
the S&P Rating is A- or the Moody’s Rating is A3; 
 (iii) “Rating Level 3 Period”: a
period during which the S&P Rating is BBB+ or the Moody’s Rating is Baa1; 

  
 14 

 (iv) “Rating Level 4 Period”: a period during which the
S&P Rating is BBB or the Moody’s Rating is Baa2; 
 (v) “Rating Level 5 Period”: a
period that is neither a Rating Level 1 Period, a Rating Level 2 Period, a Rating Level 3 Period nor a Rating Level 4 Period; 
 (vi) If during any period both an S&P Rating and a Moody’s Rating have been announced and are effective, if such S&P Rating and Moody’s Rating shall not be equivalent to each other, the
higher such rating shall be used to determine the Rating Level Period, provided that, if such S&P Rating and Moody’s Rating shall be separated by more than one level (it being acknowledged and agreed by way of example that the
ratings of “BBB+” and “BBB” are separated by one level), the lower such rating, adjusted up by one level, shall be used to determine the Rating Level Period. 
 If Moody’s or S&P shall cease to issue debt ratings generally, then the Managing Administrative Agent and the Borrower shall negotiate in good faith to agree upon a substitute rating agency (and
to correlate the system of ratings of such substitute agency with that of the rating agency for which it is substituting) with the consent of the Required Lenders and (i) until such substitute rating agency is agreed upon, the foregoing Rating
Level Period (and any Rating Level Change) will be determined on the basis of the rating assigned by the other rating agency and (ii) after such substitute agency is agreed upon, the Rating Level Period will be determined on the basis of the
rating assigned by the other rating agency and such substitute rating agency. 
 “Register”: as
defined in subsection 9.6(e). 
 “Regulation T”: Regulation T of the Board as in effect from
time to time. 
 “Regulation U”: Regulation U of the Board as in effect from time to time.

 “Regulation X”: Regulation X of the Board as in effect from time to time. 

“Regulation Y”: Regulation Y of the Board as in effect from time to time. 

“Reorganization”: with respect to any Multiemployer Plan, the condition that such plan is in
reorganization within the meaning of Section 4241 of ERISA. 
 “Reportable Event”: any of
the events set forth in Section 4043(c) of ERISA, other than those events as to which the thirty day notice period is waived under PBGC Reg. § 4043. 

“Required Lenders”: at any time, Lenders the Commitment Percentages of which aggregate more than 50%.

 “Requirement of Law”: as to any Person, the certificate of incorporation and by-laws or other
organizational or governing documents of such Person, and any law, treaty, rule or regulation or determination of an arbitrator or a court or other Governmental 

  
 15 

 
Authority, in each case applicable to or binding upon such Person or any of its property or to which such Person or any of its property is subject. 

“Responsible Officer”: the president and chief executive officer and the chief operating officer of the
Borrower and, with respect to financial matters, the chief financial officer or the Treasurer or Assistant Treasurer of the Borrower. 
 “Revolving Credit Loans”: as defined in Section 2.1. 
 “Revolving Credit Note”: as defined in subsection 2.5(e). 
 “Revolving Credit Termination Date”: November 22, 2013, as extended from time to time pursuant to Section 2.24, or such earlier date as the Commitments shall terminate pursuant
to the terms hereof; provided that if the Revolving Credit Termination Date would otherwise fall on a day that is not a Business Day, the Revolving Credit Termination Date shall be the immediately preceding Business Day. 

“S&P”: Standard & Poor’s Ratings Services LLC, and its successors. 

“S&P Rating”: at any time, the long-term issuer rating (or, if such rating is not available, the
counterparty rating) of the Borrower then most recently announced and effective by S&P. 
 “Single
Employer Plan”: any Plan which is covered by Title IV of ERISA, but which is not a Multiemployer Plan. 
 “Subsidiary”: as to any Person, a corporation, partnership or other entity of which a majority of the Voting Shares are at the time owned, directly or indirectly through one or more
intermediaries, or both, by such Person. Unless otherwise qualified, all references to a “Subsidiary” or to “Subsidiaries” in this Agreement shall refer to a Subsidiary or Subsidiaries of the Borrower. 

“Swing Line Commitment”: a Swing Line Lender’s obligation to make Swing Line Loans pursuant to
Section 2.18. The amount of each Swing Line Lender’s Swing Line Commitment on the date hereof is $200,000,000. 
 “Swing Line Commitment Shortfall”: as defined in subsection 2.18(a). 
 “Swing Line Lenders”: Citibank, JPMorgan Chase Bank, N.A., Bank of America, N.A., HSBC Bank USA, N.A. and The Royal Bank of Scotland plc, each in its capacity as a provider of Swing Line
Loans, as well as each Lender designated to be a Swing Line Lender in accordance with subsection 2.18(a) and each Lender that is the assignee of a Swing Line Commitment assigned pursuant to Section 9.6(c). 

“Swing Line Loan Participation Certificate”: a certificate in substantially the form of Exhibit E.

 “Swing Line Loans”: as defined in subsection 2.18(a). 

  
 16 

 “Swing Line Note”: as defined in subsection 2.18(b).

 “Swing Line Portion” as defined in subsection 2.26(a). 

“Tranche”: the collective reference to LIBOR Loans the then current Interest Periods with respect to all
of which begin on the same date and end on the same later date (whether or not such loans shall originally have been made on the same day); Tranches may be identified as “LIBOR Tranches”. 

“Transferee”: as defined in subsection 9.6(g). 

“Type”: as to any Revolving Credit Loan, its nature as an ABR Loan or a LIBOR Loan. 

“United States”: the United States of America. 

“Voting Shares”: as to any Person, shares of stock of or other ownership interests in such Person having
ordinary voting power (other than such stock or other ownership interests having such power only by reason of the happening of a contingency) to elect a majority of the board of directors (or similar managers) of such Person. 

1.2 Other Definitional Provisions. (a) Unless otherwise specified therein, all terms defined in this Agreement shall have the
defined meanings when used in any Notes or any certificate or other document made or delivered pursuant hereto. 

(b) As used herein and in any Notes, and any certificate or other document made or delivered pursuant hereto, accounting
terms relating to the Borrower and its Subsidiaries not defined in Section 1.1 and accounting terms partly defined in Section 1.1, to the extent not defined, shall have the respective meanings given to them under GAAP, as in effect from
time to time. If the Borrower notifies the Managing Administrative Agent that the Borrower requests an amendment to any provision hereof to eliminate or modify the effect of (x) any change occurring after the date hereof in GAAP or in the
application or interpretation thereof on the operation of such provision or (y) any change in the last day of the first three fiscal quarters of the Borrower in any fiscal year from March 31, June 30 or September 30 or the
last day of the fiscal year of the Borrower from December 31 (or if the Managing Administrative Agent notifies the Borrower that the Required Lenders request an amendment to any provision hereof for such purpose), regardless of whether any such
notice is given before or after such change in GAAP or in the application thereof or in the last day of any fiscal quarter or fiscal year, then such provision shall be interpreted (i) on the basis of GAAP, as in effect and applied immediately
before such change shall have become effective or (ii) disregarding any such change in the last day of the fiscal quarter or fiscal year of the Borrower, as the case may be, in each case until such notice shall have been withdrawn or such
provision amended in accordance herewith. 
 (c) The words “hereof”, “herein” and
“hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement, and Section, subsection, Schedule and Exhibit references are to this
Agreement unless otherwise specified. 

  
 17 

 (d) The meanings given to terms defined herein shall be equally applicable
to both the singular and plural forms of such terms. 
 (e) The words “asset” and “property”
shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights. 

SECTION 2. AMOUNT AND TERMS OF LOANS 
 2.1 Revolving Credit Commitments. (a) Subject to the terms and conditions hereof, each Lender severally agrees to make revolving credit loans (“Revolving Credit Loans”) to the
Borrower from time to time during the Commitment Period in an aggregate principal amount at any one time outstanding, when added to such Lender’s Commitment Percentage of all outstanding Swing Line Loans, not to exceed the amount of such
Lender’s Commitment, provided that the aggregate principal amount of all Loans outstanding at any time shall not exceed the aggregate amount of the Commitments at such time. During the Commitment Period the Borrower may use the
Commitments by borrowing, prepaying the Revolving Credit Loans in whole or in part, and reborrowing, all in accordance with the terms and conditions hereof. 
 (b) The Revolving Credit Loans may from time to time be LIBOR Loans, ABR Loans, or a combination thereof, as determined by the Borrower and notified to the Managing Administrative Agent in accordance
with Sections 2.2 and 2.7. 
 2.2 Procedure for Revolving Credit Borrowing. The Borrower may borrow under the
Commitments during the Commitment Period on any Business Day, provided that the Borrower shall give the Managing Administrative Agent irrevocable notice (which notice must be received by the Managing Administrative Agent prior to
(a) 4:00 P.M., New York City time, three Business Days prior to the requested Borrowing Date, if all or any part of the requested Revolving Credit Loans are to be initially LIBOR Loans, or (b) 3:00 P.M., New York City time, on the same
Business Day of the requested Borrowing Date, otherwise), specifying (i) the amount to be borrowed, (ii) the requested Borrowing Date, (iii) whether the borrowing is to be of LIBOR Loans, ABR Loans, or a combination thereof and
(iv) if the borrowing is to be entirely or partly of LIBOR Loans, the respective amounts of each such Type of Revolving Credit Loan and the respective lengths of the initial Interest Periods therefor. Each borrowing under the Commitments shall
be in an amount equal to at least $10,000,000 or a whole multiple of $1,000,000 in excess thereof (or, if the then aggregate Available Commitments are less than $10,000,000, such lesser amount). Upon receipt of any such notice from the Borrower, the
Managing Administrative Agent shall promptly notify each Lender thereof. Except as contemplated by subsection 2.18(c), each Lender will make the amount of its pro rata share of each borrowing available to the Managing Administrative Agent for the
account of the Borrower at the office of the Managing Administrative Agent specified in Section 9.2 prior to 2:00 P.M., New York City time, to the extent the requested Revolving Credit Loans are to be initially LIBOR Loans, or 4:00 P.M., New
York City time, otherwise, on the Borrowing Date requested by the Borrower in funds immediately available to the Managing Administrative Agent. Such borrowing will then be made available to the Borrower by the

  
 18 

 
Managing Administrative Agent crediting the account of the Borrower on the books of such office with the aggregate of the amounts made available to the Managing Administrative Agent by the
Lenders and in like funds as received by the Managing Administrative Agent. 
 2.3 Facility Fee. The Borrower agrees to
pay to the Managing Administrative Agent for the account of each Lender a facility fee for the period from and including the first day of the Commitment Period to the Revolving Credit Termination Date, computed at a rate per annum equal to the
Applicable Facility Fee Rate on the average daily Commitment of such Lender, whether or not utilized, from and including the first day of the Commitment Period until the Revolving Credit Termination Date. Such facility fee shall be payable quarterly
in arrears on the last day of each March, June, September and December, on the Revolving Credit Termination Date or such earlier date as the Commitments shall terminate as provided herein, commencing on the first of such dates to occur after the
date hereof. 
 Anything herein to the contrary notwithstanding, during any period as a Lender is a Defaulting
Lender, such Defaulting Lender will not be entitled to any facility fees accruing during such period pursuant to this Section 2.3 on the amount of its Commitment equal to the average daily unutilized portion thereof during such period (without
prejudice to the rights of the Swing Line Lenders in respect of such facility fees). 
 2.4 Termination or Reduction of
Commitments. The Borrower shall have the right, upon not less than one Business Day’s notice to the Managing Administrative Agent, to terminate the Commitments or, from time to time, to reduce the amount of the Commitments, provided
that (a) after giving effect to such termination or reduction, the aggregate outstanding principal amount of the Loans shall not exceed the aggregate Commitments and (b) a notice of termination of the Commitments delivered by the Borrower
may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice (and any required prepayments) may be revoked by the Borrower (by notice to the Managing Administrative Agent on or prior to the
specified effective date) if such condition is not satisfied. Any such reduction shall be in an amount equal to $10,000,000 or a whole multiple of $1,000,000 in excess thereof and shall reduce permanently the Commitments then in effect. 

2.5 Repayment of Revolving Credit Loans; Evidence of Debt. (a) The Borrower hereby unconditionally promises to pay to the
Managing Administrative Agent for the account of each Lender the unpaid principal amount of each Revolving Credit Loan of such Lender on the Revolving Credit Termination Date (or such earlier date on which the Revolving Credit Loans become due and
payable pursuant to Section 7). The Borrower hereby further agrees to pay interest on the unpaid principal amount of the Revolving Credit Loans from time to time outstanding from the date hereof until payment in full thereof at the rates per
annum, and on the dates, set forth in Section 2.14. 
 (b) Each Lender shall maintain in accordance with its
usual practice appropriate records evidencing indebtedness of the Borrower to such Lender resulting from each Revolving Credit Loan of such Lender from time to time, including the amounts of principal and interest payable and paid to such Lender
from time to time under this Agreement. 

  
 19 

 (c) The Managing Administrative Agent shall maintain the Register pursuant
to subsection 9.6(e), and a record therein for each Lender, in which shall be recorded (i) the amount of each Revolving Credit Loan made hereunder, the Type thereof and each Interest Period applicable thereto, (ii) the amount of any
principal or interest due and payable or to become due and payable from the Borrower to each Lender hereunder and (iii) both the amount of any sum received by the Managing Administrative Agent hereunder from the Borrower and each Lender’s
share thereof. 
 (d) The entries made in the Register and the records of each Lender maintained pursuant to
subsection 2.5(b) shall, to the extent permitted by applicable law, be prima facie evidence of the existence and amounts of the obligations of the Borrower therein recorded; provided, however, that the failure of any
Lender or the Managing Administrative Agent to maintain the Register or any such record, or any error therein, shall not in any manner affect the obligation of the Borrower to repay (with applicable interest) the Revolving Credit Loans made to such
Borrower by such Lender in accordance with the terms of this Agreement. 
 (e) The Borrower agrees that, upon the
request to the Managing Administrative Agent by any Lender, the Borrower will execute and deliver to such Lender a promissory note of the Borrower evidencing the Revolving Credit Loans of such Lender, substantially in the form of Exhibit A with
appropriate insertions as to date and principal amount (a “Revolving Credit Note”). 
 2.6 Optional
Prepayments. The Borrower may at any time and from time to time prepay the Revolving Credit Loans, in whole or in part, without premium or penalty (subject to Section 2.22), upon at least two Business Days’ irrevocable notice to the
Managing Administrative Agent, if such prepayment is to be applied in whole or in part to LIBOR Loans, and upon same day notice otherwise (which notices shall be made on the relevant day not later than 11:00 A.M., New York City time), specifying the
date and amount of prepayment and whether the prepayment is of LIBOR Loans, or a combination of LIBOR and ABR Loans, and, if of a combination thereof, the amount allocable to each. Upon receipt of any such notice the Managing Administrative Agent
shall promptly notify each Lender thereof. If any such notice is given, the amount specified in such notice shall be due and payable on the date specified therein, together with any accrued interest to such date on the amount prepaid and any other
amounts payable pursuant to Section 2.22, provided that a notice of termination of the Commitments delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such
notice may be revoked by the Borrower (by notice to the Managing Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Partial prepayments shall be in an aggregate principal amount of $10,000,000 or a
whole multiple of $1,000,000 in excess thereof. The Borrower shall not have the right to prepay any principal amount of any CAF Advance except as provided in subsection 2.10(a). Prepayments of any Swing Line Loan shall be as provided in subsection
2.18(a). 
 2.7 Conversion and Continuation Options. (a) The Borrower may elect from time to time to convert LIBOR
Loans to ABR Loans by giving the Managing Administrative Agent at least three Business Days’ prior irrevocable notice of such election, provided that any such conversion of LIBOR Loans may only be made

  
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on the last day of an Interest Period with respect thereto. The Borrower may elect from time to time to convert ABR Loans to LIBOR Loans by giving the Managing Administrative Agent at least three
Business Days’ prior irrevocable notice of such election. Any such notice of conversion to LIBOR Loans shall specify the length of the initial Interest Period or Interest Periods therefor. Upon receipt of any such notice the Managing
Administrative Agent shall promptly notify each Lender thereof. All or any part of outstanding LIBOR Loans and ABR Loans may be converted as provided herein, provided that (i) no Revolving Credit Loan may be converted into a LIBOR Loan
when any Event of Default has occurred and is continuing and the Managing Administrative Agent has or the Required Lenders have determined that such a conversion is not appropriate, and (ii) no Swing Line Loan may be converted into a loan that
bears interest at any rate other than the ABR. 
 (b) Any LIBOR Loans may be continued as such upon the
expiration of the then current Interest Period with respect thereto by the Borrower giving notice to the Managing Administrative Agent, in accordance with the applicable provisions of the term “Interest Period” set forth in
Section 1.1, of the length of the next Interest Period to be applicable to such Revolving Credit Loans, provided that no LIBOR Loan may be continued as such when any Event of Default has occurred and is continuing and the Managing
Administrative Agent has or the Required Lenders have determined that such a continuation is not appropriate; and provided, further, that if the Borrower shall fail to give such notice or if such continuation is not permitted such
Revolving Credit Loans shall (in the case of failure to give such notice, if the Borrower would have then been entitled to select a one month Interest Period for such LIBOR Loan) be automatically converted to LIBOR Loans with an Interest Period of
one month on the last day of such then expiring Interest Period or (in all other cases) be converted to ABR Loans. 
 2.8 CAF
Advances. Subject to the terms and conditions of this Agreement, the Borrower may borrow CAF Advances from time to time on any Business Day during the CAF Advance Availability Period. CAF Advances may be borrowed in amounts such that the
aggregate principal amount of all Loans outstanding at any time shall not exceed the aggregate amount of the Commitments at such time. Within the limits and on the conditions hereinafter set forth with respect to CAF Advances, the Borrower may from
time to time borrow, repay and reborrow CAF Advances. 
 2.9 Procedure for CAF Advance Borrowing. (a) The Borrower
shall request CAF Advances by delivering a CAF Advance Request to the Managing Administrative Agent not later than 1:00 P.M., New York City time, four Business Days prior to the proposed Borrowing Date (in the case of a LIBOR CAF Advance Request),
and not later than 11:00 A.M., New York City time, one Business Day prior to the proposed Borrowing Date (in the case of a Fixed Rate CAF Advance Request). Each CAF Advance Request in respect of any Borrowing Date may solicit bids for CAF Advances
on such Borrowing Date in an aggregate principal amount of $10,000,000 or an integral multiple of $1,000,000 in excess thereof and having not more than three alternative CAF Advance Maturity Dates. The CAF Advance Maturity Date for each CAF Advance
shall be the date set forth therefor in the relevant CAF Advance Request, which date shall be (i) not less than 7 days nor more than 60 days after the Borrowing Date therefor, in the case of a Fixed Rate CAF Advance, (ii) one or two months
after the Borrowing Date therefor, in the case of a LIBOR CAF Advance and (iii) not later than the Revolving Credit Termination Date, in the case of any CAF Advance. 

  
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The Managing Administrative Agent shall notify each Lender promptly by facsimile transmission of the contents of each CAF Advance Request received by the Managing Administrative Agent.

 (b) In the case of a LIBOR CAF Advance Request, upon receipt of notice from the Managing Administrative Agent
of the contents of such CAF Advance Request, each Lender may elect, in its sole discretion, to offer irrevocably to make one or more CAF Advances at the applicable London Interbank Offered Rate plus (or minus) a margin determined by such Lender in
its sole discretion for each such CAF Advance. Any such irrevocable offer shall be made by delivering a CAF Advance Offer to the Managing Administrative Agent, before 10:30 A.M., New York City time, on the day that is three Business Days before the
proposed Borrowing Date, setting forth: 
 (i) the maximum amount of CAF Advances for each CAF Advance Maturity
Date and the aggregate maximum amount of CAF Advances for all CAF Advance Maturity Dates which such Lender would be willing to make (which amounts may, subject to Section 2.8, exceed such Lender’s Commitment); and 

(ii) the margin above or below the applicable London Interbank Offered Rate at which such Lender is willing to make each
such CAF Advance. 
 The Managing Administrative Agent shall advise the Borrower before 11:00 A.M., New York City time, on the
date which is three Business Days before the proposed Borrowing Date of the contents of each such CAF Advance Offer received by it. If the Managing Administrative Agent, in its capacity as a Lender, shall elect, in its sole discretion, to make any
such CAF Advance Offer, it shall advise the Borrower of the contents of its CAF Advance Offer before 10:15 A.M., New York City time, on the date which is three Business Days before the proposed Borrowing Date. 

(c) In the case of a Fixed Rate CAF Advance Request, upon receipt of notice from the Managing Administrative Agent of the
contents of such CAF Advance Request, each Lender may elect, in its sole discretion, to offer irrevocably to make one or more CAF Advances at a rate of interest determined by such Lender in its sole discretion for each such CAF Advance. Any such
irrevocable offer shall be made by delivering a CAF Advance Offer to the Managing Administrative Agent before 9:30 A.M., New York City time, on the proposed Borrowing Date, setting forth: 

(i) the maximum amount of CAF Advances for each CAF Advance Maturity Date, and the aggregate maximum amount for all CAF
Advance Maturity Dates, which such Lender would be willing to make (which amounts may, subject to Section 2.8, exceed such Lender’s Commitment); and 
 (ii) the rate of interest at which such Leader is willing to make each such CAF Advance. 
 The Managing Administrative Agent shall advise the Borrower before 10:00 A.M., New York City time, on the proposed Borrowing Date of the contents of each such CAF Advance Offer received by it. If the
Managing Administrative Agent, in its capacity as a 

  
 22 

 
Lender, shall elect, in its sole discretion, to make any such CAF Advance Offer, it shall advise the Borrower of the contents of its CAF Advance Offer before 9:15 A.M., New York City time, on the
proposed Borrowing Date. 
 (d) Before 11:30 A.M., New York City time, three Business Days before the proposed
Borrowing Date (in the case of CAF Advances requested by a LIBOR CAF Advance Request) and before 10:30 A.M., New York City time, on the proposed Borrowing Date (in the case of CAF Advances requested by a Fixed Rate CAF Advance Request), the
Borrower, in its absolute discretion, shall: 
 (i) cancel such CAF Advance Request by giving the Managing
Administrative Agent telephone notice to that effect, or 
 (ii) by giving telephone notice to the Managing
Administrative Agent (immediately confirmed by delivery to the Managing Administrative Agent of a CAF Advance Confirmation by facsimile transmission) (A) subject to the provisions of subsection 2.9(e), accept one or more of the offers made by
any Lender or Lenders pursuant to subsection 2.9(b) or subsection 2.9(c), as the case may be, and (B) reject any remaining offers made by Lenders pursuant to subsection 2.9(b) or subsection 2.9(c), as the case may be. 

(e) The Borrower’s acceptance of CAF Advances in response to any CAF Advance Offers shall be subject to the following
limitations: 
 (i) the amount of CAF Advances accepted for each CAF Advance Maturity Date specified by any
Lender in its CAF Advance Offer shall not exceed the maximum amount for such CAF Advance Maturity Date specified in such CAF Advance Offer; 
 (ii) the aggregate amount of CAF Advances accepted for all CAF Advance Maturity Dates specified by any Lender in its CAF Advance Offer shall not exceed the aggregate maximum amount specified in such CAF
Advance Offer for all such CAF Advance Maturity Dates; 
 (iii) the Borrower may not accept offers for CAF
Advances for any CAF Advance Maturity Date in an aggregate principal amount in excess of the maximum principal amount requested in the related CAF Advance Request; and 

(iv) if the Borrower accepts any of such offers, it must accept offers based solely upon pricing for each relevant CAF
Advance Maturity Date and upon no other criteria whatsoever, and if two or more Lenders submit offers for any CAF Advance Maturity Date at identical pricing and the Borrower accepts any of such offers but does not wish to (or, by reason of the
limitations set forth in Section 2.8, cannot) borrow the total amount offered by such Lenders with such identical pricing, the Borrower shall accept offers from all of such Lenders in amounts allocated among them pro rata
according to the amounts offered by such Lenders (with appropriate rounding, in the sole discretion of the Borrower, to assure that each accepted CAF Advance is an integral multiple of $1,000,000); provided that if the number of Lenders that
submit offers for any CAF Advance Maturity Date at identical pricing is such that, after the Borrower accepts such 

  
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offers pro rata in accordance with the foregoing provisions of this paragraph, the CAF Advance to be made by any such Lender would be less than $5,000,000 principal amount, the
number of such Lenders shall be reduced by the Managing Administrative Agent by lot until the CAF Advances to be made by each such remaining Lender would be in a principal amount of $5,000,000 or an integral multiple of $1,000,000 in excess thereof.

 (f) If the Borrower notifies the Managing Administrative Agent that a CAF Advance Request is cancelled
pursuant to subsection 2.9(d)(i), the Managing Administrative Agent shall give prompt telephone notice thereof to the Lenders. 
 (g) If the Borrower accepts pursuant to subsection 2.9(d)(ii) one or more of the offers made by any Lender or Lenders, the Managing Administrative Agent promptly shall notify each Lender which
has made such an offer of (i) the aggregate amount of such CAF Advances to be made on such Borrowing Date for each CAF Advance Maturity Date and (ii) the acceptance or rejection of any offers to make such CAF Advances made by such Lender.
Before 12:00 Noon, New York City time, on the Borrowing Date specified in the applicable CAF Advance Request, each Lender whose CAF Advance Offer has been accepted shall make available to the Managing Administrative Agent at its office set forth in
Section 9.2 the amount of CAF Advances to be made by such Lender, in immediately available funds. The Managing Administrative Agent will make such funds available to the Borrower as soon as practicable on such date at such office of the
Managing Administrative Agent. As soon as practicable after each Borrowing Date, the Managing Administrative Agent shall notify each Lender of the aggregate amount of CAF Advances advanced on such Borrowing Date and the respective CAF Advance
Maturity Dates thereof. 
 2.10 CAF Advance Payments. (a) The Borrower hereby unconditionally promises to pay to the
Managing Administrative Agent, for the account of each Lender which has made a CAF Advance, on the applicable CAF Advance Maturity Date, the then unpaid principal amount of such CAF Advance. The Borrower shall not have the right to prepay any
principal amount of any CAF Advance without the consent of the Lender to which such CAF Advance is owed. 
 (b)
The Borrower hereby further agrees to pay interest on the unpaid principal amount of each CAF Advance from the Borrowing Date of such CAF Advance to the applicable CAF Advance Maturity Date at the rate of interest specified in the CAF Advance Offer
accepted by the Borrower in connection with such CAF Advance (calculated on the basis of a 360-day year for actual days elapsed), payable on each applicable CAF Advance Interest Payment Date. 

(c) If any principal of, or interest on, any CAF Advance shall not be paid when due (whether at the stated maturity, by
acceleration or otherwise), the overdue amount of such CAF Advance shall, without limiting any rights of any Lender under this Agreement, bear interest from the date on which such payment was due at a rate per annum which is 2% per annum above
the rate which would otherwise be applicable to such CAF Advance until the stated CAF Advance Maturity Date of such CAF Advance, and for each day thereafter at a rate per annum which is 2% per annum above the ABR, in each case until paid in
full (as well after as before judgment). Interest accruing pursuant to this paragraph (c) shall be payable from time to time on demand. 

  
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 2.11 Evidence of Debt. Each Lender shall maintain in accordance with its usual
practice appropriate records evidencing indebtedness of the Borrower to such Lender resulting from each CAF Advance of such Lender from time to time, including the amounts of principal and interest payable and paid to such Lender from time to time
in respect of such CAF Advance. The Managing Administrative Agent shall maintain the Register pursuant to subsection 9.6(e), and a record therein for each Lender, in which shall be recorded (i) the amount of each CAF Advance made by such
Lender, the CAF Advance Maturity Date thereof, the interest rate applicable thereto and each CAF Advance Interest Payment Date applicable thereto, and (ii) the amount of any sum received by the Managing Administrative Agent hereunder from the
Borrower on account of such CAF Advance. The entries made in the Register and the records of each Lender maintained pursuant to this Section shall, to the extent permitted by applicable law, be prima facie evidence of the existence and
amounts of the obligations of the Borrower therein recorded; provided, however, that the failure of any Lender or the Managing Administrative Agent to maintain the Register or any such record, or any error therein, shall not in any
manner affect the obligation of the Borrower to repay (with applicable interest) the CAF Advances made by such Lender reflected in the Register as the owner thereof in accordance with the terms of this Agreement. 

2.12 Certain Restrictions. A CAF Advance Request may request offers for CAF Advances to be made on not more than one Borrowing
Date and to mature on not more than three CAF Advance Maturity Dates. No CAF Advance Request may be submitted earlier than five Business Days after submission of any other CAF Advance Request. 

2.13 Minimum Amounts of Tranches. All borrowings, conversions and continuations of Revolving Credit Loans hereunder and all
selections of Interest Periods hereunder shall be in such amounts and be made pursuant to such elections so that, after giving effect thereto, the aggregate principal amount of the Revolving Credit Loans comprising each LIBOR Tranche shall be equal
to $10,000,000 or a whole multiple of $1,000,000 in excess thereof. In no event shall there be more than ten LIBOR Tranches outstanding at any time. 
 2.14 Interest Rates and Payment Dates. (a) Each LIBOR Loan shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the London Interbank
Offered Rate for such Interest Period plus the Applicable Margin. 
 (b) Each ABR Loan and Swing Line Loan shall
bear interest at a rate per annum equal to the ABR plus the Applicable Margin. Each CAF Advance shall bear interest as provided in Section 2.10. 
 (c) If all or a portion of (i) any principal of any Revolving Credit Loan or Swing Line Loan, (ii) any interest payable thereon, (iii) any facility fee or (iv) any other amount payable
hereunder (other than overdue CAF payments provided for in subsection 2.10(c)) shall not be 

  
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paid when due (whether at the stated maturity, by acceleration or otherwise), any such overdue amount shall bear interest at a rate per annum which is (x) in the case of any such overdue
principal, the rate that would otherwise be applicable thereto pursuant to the foregoing provisions of this Section plus 2% per annum or (y) in the case of any such overdue interest, facility fee or other amount, the rate applicable to ABR
Loans pursuant to subsection 2.14(b) plus 2% per annum, in each case from the date of such non-payment until such overdue principal, interest, facility fee or other amount is paid in full (as well after as before judgment).

 (d) Interest on Revolving Credit Loans and Swing Line Loans shall be payable in arrears on each Interest
Payment Date, provided that interest accruing pursuant to paragraph (c) of this Section shall be payable from time to time on demand. 
 2.15 Computation of Interest and Fees. (a) Whenever it is calculated by reference to clause (i) of the defined term “ABR”, interest shall be calculated on the basis of a 365-
(or 366-, as the case may be) day year for the actual days elapsed; and, otherwise, interest and the facility fee shall be calculated on the basis of a 360-day year for the actual days elapsed. The Managing Administrative Agent shall as soon as
practicable notify the Borrower and the Lenders of each determination of a London Interbank Offered Rate. Any change in the interest rate on a Loan resulting from a change in the ABR or the Eurocurrency Reserve Requirements shall become effective as
of the opening of business on the day on which such change becomes effective. The Managing Administrative Agent shall as soon as practicable notify the Borrower and the Lenders of the effective date and the amount of each such change in interest
rate. 
 (b) Each determination of an interest rate by the Managing Administrative Agent pursuant to any
provision of this Agreement shall be conclusive and binding on the Borrower and the Lenders in the absence of manifest error. The Managing Administrative Agent shall, at the request of the Borrower, deliver to the Borrower a statement showing the
quotations used by the Managing Administrative Agent in determining any interest rate pursuant to subsection 2.14(a) or 2.7(b). 
 2.16 Inability to Determine Interest Rate. If prior to the first day of any Interest Period: 
 (a) the Managing Administrative Agent shall have determined (which determination shall be conclusive and binding upon the Borrower) that, by reason of circumstances affecting the relevant market, adequate
and reasonable means do not exist for ascertaining the London Interbank Offered Rate for such Interest Period, or 
 (b) the Managing Administrative Agent shall have received notice from the Required Lenders that the London Interbank Offered Rate determined or to be determined for such Interest Period will not
adequately and fairly reflect the cost to such Lenders (as conclusively certified by such Lenders) of making or maintaining their affected Loans during such Interest Period, 
 the Managing Administrative Agent shall give telecopy or telephonic notice thereof to the Borrower and the Lenders as soon as practicable thereafter. If such notice is given, and during such period until
such circumstances described in paragraph (a) and (b) above cease to exist, 

  
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(x) any LIBOR Loans requested to be made on the first day of such Interest Period shall be made as ABR Loans, (y) any Loans that were to have been converted on the first day of such
Interest Period to LIBOR Loans, shall be converted to or continued as ABR Loans and (z) any outstanding LIBOR Loans shall be converted, on the first day of such Interest Period, to ABR Loans. Until such notice has been withdrawn by the Managing
Administrative Agent (it being understood that the Managing Administrative Agent shall promptly withdraw any such notice if the circumstances described in paragraphs (a) and (b) above cease to exist) no further LIBOR Loans shall be made or
continued as such, nor shall the Borrower have the right to convert Loans to LIBOR Loans, as the case may be. 
 2.17 Pro
Rata Treatment and Payments. (a) Except as provided in Section 2.23(d), each borrowing of Revolving Credit Loans by the Borrower from the Lenders hereunder, each payment by the Borrower on account of any facility fee hereunder and any
reduction of the Commitments of the Lenders shall be made pro rata according to the respective Commitment Percentages of the Lenders. Each payment (including each prepayment) by the Borrower on account of principal of and interest on any Loans
(other than any CAF Advance) shall be made pro rata according to the respective outstanding principal amounts of such Loans then held by the Lenders. All payments (including prepayments) to be made by the Borrower hereunder, whether on account of
principal, interest, fees or otherwise, shall be made without set-off or counterclaim and shall be made prior to 2:00 P.M., New York City time, on the due date thereof to the Managing Administrative Agent, for the account of the Lenders, at the
Managing Administrative Agent’s office specified in Section 9.2, in Dollars and in immediately available funds. The Managing Administrative Agent shall distribute such payments to the relevant Lenders promptly upon receipt in like funds as
received. If any payment hereunder becomes due and payable on a day other than a Business Day, such payment shall be extended to the next succeeding Business Day, and, with respect to payments of principal, interest thereon shall be payable at the
then applicable rate during such extension. 
 (b) Unless the Managing Administrative Agent shall have been
notified in writing by any Lender prior to a borrowing that such Lender will not make the amount that would constitute its allocable share of such borrowing available to the Managing Administrative Agent, the Managing Administrative Agent may assume
that such Lender is making such amount available to the Managing Administrative Agent, and the Managing Administrative Agent may, in reliance upon such assumption, make available to the Borrower a corresponding amount. If such amount is not made
available to the Managing Administrative Agent by the required time on the Borrowing Date therefor, such Lender shall pay to the Managing Administrative Agent, on demand, such amount with interest thereon at a rate equal to the daily average Federal
Funds Rate for the period until such Lender makes such amount immediately available to the Managing Administrative Agent. A certificate of the Managing Administrative Agent submitted to any Lender with respect to any amounts owing under this Section
shall be conclusive in the absence of manifest error. If such Lender’s Commitment Percentage of such borrowing is not made available to the Managing Administrative Agent by such Lender within three Business Days of such Borrowing Date, the
Managing Administrative Agent shall also be entitled to recover such amount with interest thereon at the rate per annum applicable to ABR Loans hereunder, on demand, from the Borrower. If any such Lender shall subsequently pay its Commitment
Percentage of such borrowing with interest thereon to the Managing Administrative Agent, the 

  
 27 

 
Managing Administrative Agent shall promptly remit to the Borrower the amount of such interest paid by the Borrower for such period pursuant to the immediately preceding sentence. 

2.18 Swing Line Commitment. (a) Subject to the terms and conditions hereof, each Swing Line Lender agrees to make swing line
loans (“Swing Line Loans”) to the Borrower from time to time during the Commitment Period in an aggregate principal amount at any one time outstanding not to exceed the amount of each Swing Line Lender’s Swing Line Commitment,
provided that (i) the aggregate principal amount of all Loans outstanding at any one time shall not exceed the aggregate amount of the Commitments at such time and (ii) the aggregate principal amount of all Swing Line Loans
outstanding at any one time shall not exceed $1,250,000,000. If the aggregate amount of all Swing Line Commitments is at any time less than $1,250,000,000 (such shortfall, the “Swing Line Commitment Shortfall”), the Borrower may
designate one or more of the other existing Lenders as Swing Line Lenders (it being understood that the Swing Line Commitments of any such Lender may, at the option of such Lender, exceed its Commitment), having Swing Line Commitments in an
aggregate amount not exceeding the Swing Line Commitment Shortfall; provided that no Lender may be so designated unless it agrees in its sole discretion to act in such capacity. The Swing Line Commitment of each Swing Line Lender (unless
otherwise agreed by such Swing Line Lender) shall be reduced as follows: (x) upon any reduction of the Commitment of any Lender that is also a Swing Line Lender pursuant to Section 2.4, the Swing Line Commitment of such Swing Line Lender
shall be reduced by the same proportion as such Commitment is so reduced and (y) upon any assignment by such Swing Line Lender of all or any portion of its Swing Line Commitment pursuant to subsection 9.6(c) and the assumption by the relevant
assignee of the amount of such Swing Line Commitment so assigned, the Swing Line Commitment of such Swing Line Lender shall be reduced by the amount of its Swing Line Commitment so assigned. During the Commitment Period, the Borrower may use the
Swing Line Commitment by borrowing, prepaying the Swing Line Loans in whole or in part, and reborrowing, all in accordance with the terms and conditions hereof. All Swing Line Loans shall bear interest based upon the ABR and shall not be entitled to
be converted into loans that bear interest at any other rate. The Borrower shall give the relevant Swing Line Lender (with a copy to the Managing Administration Agent) irrevocable notice (which notice must be received by the Swing Line Lender prior
to 4:00 P.M., New York City time, on the requested Borrowing Date specifying the amount of the requested Swing Line Loan which shall be in a minimum amount of $100,000 or a whole multiple of $50,000 in excess thereof). The proceeds of the Swing Line
Loan will be made available by such Swing Line Lender to the Borrower at the office of such Swing Line Lender by 5:00 P.M., New York City time, on the Borrowing Date by crediting the account of the Borrower at such office with such proceeds. The
Borrower may, at any time and from time to time, prepay the Swing Line Loans of such Swing Line Lender, in whole or in part, without premium or penalty, by notifying such Swing Line Lender prior to 4:00 P.M., New York City time, on any Business Day
of the date and amount of prepayment. If any such notice is given, the amount specified in such notice shall be due and payable on the date specified therein. Partial prepayments shall be in an aggregate principal amount of $100,000 or a whole
multiple of $50,000 in excess thereof. 
 (b) The Borrower hereby unconditionally promises to pay to the Managing
Administrative Agent for the account of each Swing Line Lender the unpaid principal amount of each Swing Line Loan of such Swing Line Lender on the Revolving Credit Termination Date (or 

  
 28 

 
such earlier date on which the Swing Line Loans become due and payable pursuant to Section 7). The Swing Line Loans shall, at the request of the relevant Swing Line Lender, be evidenced by
and repayable with interest in accordance with a promissory note of the Borrower substantially in the form of Exhibit B to this Agreement, with appropriate insertions (the “Swing Line Note”), payable to such Swing Line Lender and
representing the obligation of the Borrower to pay the amount of the Swing Line Commitment of such Swing Ling Lender or, if less, the unpaid principal amount of the Swing Line Loans owing to such Swing Line Lender, with interest thereon as
prescribed in Section 2.14. Each Swing Line Lender is hereby authorized to record the Borrowing Date, the amount of each Swing Line Loan made by such Swing Line Lender and the date and amount of each payment or prepayment of principal thereof,
on the schedule annexed to and constituting a part of the Swing Line Note of such Swing Line Lender and any such recordation shall constitute prima facie evidence of the accuracy of the information so recorded, provided that the
failure by such Swing Line Lender to make any such recordation shall not affect any of the obligations of the Borrower under such Swing Line Note or this Agreement. Each Swing Line Note shall (a) be dated the Closing Date, (b) be stated to
mature on the Revolving Credit Termination Date and (c) bear interest for the period from the date thereof until paid in full on the unpaid principal amount thereof from time to time outstanding at the applicable interest rate per annum
determined as provided in, and payable as specified in, Section 2.14. 
 (c) Any Swing Line Lender at any
time in its sole and absolute discretion may, on behalf of the Borrower (which hereby irrevocably directs each Swing Line Lender to act on its behalf) request each Lender, including each Swing Line Lender, to make a Revolving Credit Loan that shall
be initially an ABR Loan in an amount equal to such Lender’s Commitment Percentage of the amount of the Swing Line Loans of such Swing Line Lender outstanding on the date such notice is given (the “Outstanding Swing Line
Loans”). Unless any of the events described in paragraph (f) of Section 7 shall have occurred with respect to the Borrower (in which event the procedures of paragraph (e) of this Section shall apply) each Lender shall make
the proceeds of its Revolving Credit Loan available to the Managing Administrative Agent for the account of such Swing Line Lender at the office of the Managing Administrative Agent specified in Section 9.2 prior to 12:00 Noon, New York City
time, in funds immediately available on the Business Day next succeeding the date such notice is given. The proceeds of such Revolving Credit Loans shall be immediately applied to repay such outstanding Swing Line Loans. Effective on the day such
Revolving Credit Loans are made, the portion of the Swing Line Loans so paid shall no longer be outstanding as Swing Line Loans, shall no longer be due under each Swing Line Note of such Swing Line Lender and shall be evidenced as provided in
subsection 2.5(b). 
 (d) Notwithstanding anything herein to the contrary, no Swing Line Lender shall be
obligated to make any Swing Line Loans if the conditions set forth in Section 4.2 have not been satisfied. 

(e) If prior to the making of a Revolving Credit Loan pursuant to subsection 2.18(c) one of the events described
in paragraph (f) of Section 7 shall have occurred and be continuing with respect to the Borrower, each Lender will, on the date such Revolving Credit Loan was to have been made pursuant to the notice in subsection 2.18(c), purchase an
undivided participating interest in each Outstanding Swing Line Loan in an amount equal to (i) its Commitment 

  
 29 

 
Percentage times (ii) the principal amount of such Swing Line Loan then outstanding. Each Lender will immediately transfer to the relevant Swing Line Lender, in immediately available
funds, the amount of its participation, and upon receipt thereof such Swing Line Lender will deliver to such Lender a Swing Line Loan Participation Certificate dated the date of receipt of such funds and in such amount. 

(f) Whenever, at any time after any Lender has purchased a participating interest in a Swing Line Loan of any Swing Line
Lender, such Swing Line Lender receives any payment on account thereof, such Swing Line Lender will distribute to such Lender its participating interest in such amount (appropriately adjusted, in the case of interest payments, to reflect the period
of time during which such Lender’s participating interest was outstanding and funded); provided, however, that in the event that such payment received by the Swing Line Lender is required to be returned, such Lender will return to
such Swing Line Lender any portion thereof previously distributed by such Swing Line Lender to it. 
 (g) Each
Lender’s obligation to make the Revolving Credit Loans referred to in subsection 2.18(c) and to purchase participating interests pursuant to subsection 2.18(e) shall be absolute and unconditional and shall not be affected by any
circumstance, including, without limitation, (i) any set-off, counterclaim, recoupment, defense or other right which such Lender or the Borrower may have against any Swing Line Lender, the Borrower or any other Person for any reason whatsoever,
(ii) the occurrence or continuance of a Default or an Event of Default or termination of the Commitments; (iii) any adverse change in the condition (financial or otherwise) of the Borrower; (iv) any breach of this Agreement or any
other Loan Document by the Borrower, any Subsidiary or any other Lender; or (v) any other circumstance, happening or event whatsoever, whether or not similar to any of the foregoing. 

(h) If a Lender becomes, and during the period it remains, a Defaulting Lender, any Swing Line Lender may, upon prior
written notice to the Borrower and the Managing Administrative Agent, resign as a Swing Line Lender, effective at the close of business New York time on a date specified in such notice (which date may not be less than three Business Days after the
date of such notice); provided, that (i) no Swing Line Lender may so resign unless both (x) such Defaulting Lender’s Swing Line Portion cannot be fully reallocated under Section 2.26(c)(i) and (y) the Borrower fails
to comply with its obligations under Section 2.26(c)(ii) and (ii) such resignation by the Swing Line Lender will have no effect on its rights in respect of any outstanding Swing Line Loans or on the obligations of the Borrower, any Lender
or any other Swing Line Lender under this Agreement with respect to any such outstanding Swing Line Loans. 
 2.19
Illegality. Notwithstanding any other provision herein, if the adoption of or any change in any Requirement of Law or in the interpretation or application thereof shall make it unlawful for any Lender to make or maintain LIBOR Loans as
contemplated by this Agreement then, on notice by such Lender to the Borrower through the Managing Administrative Agent, (a) the commitment of such Lender hereunder to make LIBOR Loans, continue LIBOR Loans as such and convert ABR Loans to
LIBOR Loans shall forthwith be cancelled and (b) such Lender’s Loans then outstanding as LIBOR Loans, if any, shall be converted automatically to ABR Loans on the respective last days of the then current Interest Periods with respect to
such Loans or within such 

  
 30 

 
earlier period as required by law. If any such conversion of a LIBOR Loan occurs on a day which is not the last day of the then current Interest Period with respect thereto, the Borrower shall
pay to such Lender such amounts, if any, as may be required pursuant to Section 2.20. 
 2.20 Requirements of Law.
(a) If the adoption of or any change in any Requirement of Law or in the interpretation or application thereof or compliance by any Lender with any request or directive (whether or not having the force of law) from any central bank or other
Governmental Authority made subsequent to the date hereof: 
 (i) shall subject any Lender to any tax of any kind
whatsoever with respect to this Agreement, any Note or any LIBOR Loan made by it, or change the basis of taxation of payments to such Lender in respect thereof (except for Non-Excluded Taxes covered by Section 2.21, taxes expressly excluded by
Section 2.21 and changes in the rate of tax on the overall net income of such Lender); 
 (ii) shall impose,
modify or hold applicable any reserve, special deposit, compulsory loan or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit by, or any other acquisition
of funds by, any office of such Lender which is not otherwise included in the determination of the London Interbank Offered Rate hereunder; or 
 (iii) shall impose on such Lender any other condition; 
 and the result of any of
the foregoing is to increase the cost to such Lender, by an amount which such Lender deems to be material, of making, converting into, continuing or maintaining LIBOR Loans or to reduce any amount receivable hereunder in respect thereof, then, in
any such case, the Borrower shall promptly pay such Lender such additional amount or amounts as will compensate such Lender for such increased cost or reduced amount receivable. 

(b) If any Lender shall have determined that the adoption of or any change in any Requirement of Law regarding capital
adequacy or in the interpretation or application thereof or compliance by such Lender or any corporation controlling such Lender with any request or directive regarding capital adequacy (whether or not having the force of law) from any Governmental
Authority made subsequent to the date hereof shall have the effect of reducing the rate of return on such Lender’s or such corporation’s capital as a consequence of its obligations hereunder to a level below that which such Lender or such
corporation could have achieved but for such adoption, change or compliance (taking into consideration such Lender’s or such corporation’s policies with respect to capital adequacy) by an amount deemed by such Lender to be material, then
from time to time, the Borrower shall promptly pay to such Lender such additional amount or amounts as will compensate such Lender for such reduction. 
 (c) If any Lender becomes entitled to claim any additional amounts pursuant to paragraphs (a) or (b) of this Section 2.20, it shall promptly notify the Borrower (with a copy to the Managing
Administrative Agent) of the event by reason of which it has become so entitled and of the basis for the calculation of such additional amounts; provided that the Borrower shall not be required to compensate a Lender pursuant to such
paragraph for any increased costs 

  
 31 

 
incurred more than 180 days prior to the date that such Lender notifies the Borrower of the change giving rise to such increased costs and of such Lender’s intention to claim compensation
therefor; provided, further that, if the change giving rise to such increased costs is retroactive, then the 180-day period referred to above shall be extended to include the period of retroactive effect thereof. A certificate as to
any additional amounts payable pursuant to this Section submitted by such Lender to the Borrower (with a copy to the Managing Administrative Agent), describing the basis for the calculation of such amounts, shall be conclusive in the absence of
manifest error. The agreements in this Section shall survive the termination of this Agreement and the payment of the Loans and all other amounts payable hereunder. 

(d) For purposes of Section 2.19 and this Section 2.20, the Dodd-Frank Wall Street Reform and Consumer
Protection Act and all rules, regulations, orders, requests, guidelines or directives in connection therewith are deemed to have been adopted and gone into effect after the date of this Agreement. 

(e) Each Lender agrees that, upon the occurrence of any event giving rise to the operation of Section 2.19, 2.20(a),
(b) or (c) with respect to such Lender, it will, if requested by the Borrower, use reasonable efforts (subject to overall policy considerations of such Lender) to designate another lending office for any Loans affected by such event with
the object of avoiding the consequences of such event; provided, that such designation is made on terms that, in the sole judgment of such Lender, cause such Lender and its lending office(s) to suffer no economic, legal or regulatory
disadvantage, and provided, further, that nothing in this Section shall affect or postpone any of the obligations of the Borrower or the rights of any Lender pursuant to Section 2.19, 2.20(a), (b) or (c). 

2.21 Taxes. (a) All payments made by the Borrower under this Agreement and any Notes shall be made free and clear of, and
without deduction or withholding for or on account of, any present or future income, stamp or other taxes, levies, imposts, duties, charges, fees, deductions or withholdings, now or hereafter imposed, levied, collected, withheld or assessed by any
Governmental Authority (“Taxes”), unless required by applicable law. If any such Taxes are required to be withheld from any amounts payable to the Managing Administrative Agent or any Lender hereunder or under any Note, the amounts
so payable to the Managing Administrative Agent or such Lender shall be increased to the extent necessary to yield to the Managing Administrative Agent or such Lender (after payment of all Non-Excluded Taxes, as defined herein) interest or any such
other amounts payable hereunder at the rates or in the amounts specified in this Agreement, provided, however, that the Borrower shall not be required to increase any such amounts payable to any Lender with respect to any Taxes
(i) that are net income taxes and franchise taxes (imposed in lieu of net income taxes) imposed on the Managing Administrative Agent or any Lender as a result of a present or former connection between the Managing Administrative Agent or such
Lender and the jurisdiction of the Governmental Authority imposing such tax or any political subdivision or taxing authority thereof or therein (other than any such connection arising solely from the Managing Administrative Agent or such Lender
having executed, delivered or performed its obligations or received a payment under, or enforced, this Agreement or any Note), (ii) that are attributable to such Lender’s failure to comply with the requirements of paragraph (b) of
this Section or (iii) that are United States withholding taxes resulting from any Requirement of Law in effect (including FATCA) on the 

  
 32 

 
date such Lender becomes a party to this Agreement, except to the extent that such Lender’s assignor (if any) was entitled, at the time of assignment, to receive additional amounts from the
Borrower with respect to such United States withholding taxes pursuant to this paragraph (all Taxes other than such taxes excluded in clauses (i) though (iii) above being “Non-Excluded Taxes”). Whenever any Non-Excluded
Taxes are payable by the Borrower, as promptly as possible thereafter the Borrower shall send to the Managing Administrative Agent for its own account or for the account of such Lender, as the case may be, a certified copy of an original official
receipt received by the Borrower showing payment thereof. If the Borrower fails to pay any Non-Excluded Taxes when due to the appropriate taxing authority or fails to remit to the Managing Administrative Agent the required receipts or other required
documentary evidence, the Borrower shall indemnify the Managing Administrative Agent and the Lenders for any incremental taxes, interest or penalties that may become payable by the Managing Administrative Agent or any Lender as a result of any such
failure. The agreements in this Section shall survive the termination of this Agreement and the payment of the Loans and all other amounts payable hereunder. 
 (b) Each Lender that is a “United States person” as defined in Section 7701(a)(30) of the Code shall deliver to the Borrower and the Managing Administrative Agent, on or before the date on
which it becomes a party to this Agreement, two properly completed and duly signed copies of United States Internal Revenue Service Form W-9 (or any subsequent versions or successors thereto) certifying that such Lender is exempt from United States
federal withholding tax. Each Lender that is not a “United States person” as defined in Section 7701(a)(30) of the Code (a “Non-U.S. Lender”) shall: 

(i) on or before the date such Lender becomes a party to this Agreement, deliver to the Borrower and the Managing
Administrative Agent (x) two duly completed copies of United States Internal Revenue Service Form W-8 BEN or W-8 ECI or W-8 IMY (together with any applicable underlying United States Internal Revenue Service forms), (y) in the case of a
Non-U.S. Lender claiming, in each case, exemption from United States federal withholding tax under Section 871(h) or 881(c) of the Code with respect to payments of “portfolio interest”, a statement substantially in the form of
Exhibit K-1, K-2, K-3 or K-4 (as applicable) and the applicable United States Internal Revenue Service Form W-8 or any subsequent versions thereof or successors thereto, properly completed and duly executed by such Non-U.S. Lender claiming
complete exemption from, or a reduced rate of, United States federal withholding tax on all payments by the Borrower under this Agreement and the other Loan Documents, or (z) any other form prescribed by applicable requirements of United States
federal income tax law as a basis for claiming exemption from or a reduction in United States federal withholding tax duly completed together with such documentation as may be prescribed by applicable Requirements of Law to permit the Borrower and
the Managing Administrative Agent to determine the withholding or deduction required to be made; 
 (ii) deliver
to the Borrower and the Managing Administrative Agent two further copies of any such form or certification on or before the date that any such form or certification expires or becomes obsolete and after the occurrence of any event requiring a change
in the most recent form previously delivered by it to the Borrower; and 

  
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 (iii) obtain such extensions of time for filing and complete such forms
or certifications as may reasonably be requested by the Borrower or the Managing Administrative Agent; 
 unless in any such case
an event (including, without limitation, any change in treaty, law or regulation) has occurred prior to the date on which any such delivery would otherwise be required which renders all such forms inapplicable or which would prevent such Lender from
duly completing and delivering any such form with respect to it and such Lender so advises the Borrower and the Managing Administrative Agent. Such Lender shall certify that it is entitled to receive payments under this Agreement without deduction
or withholding of any United States federal income taxes. Each Person that shall become a Lender or a Participant pursuant to Section 9.6 shall, upon the effectiveness of the related transfer, be required to provide all of the forms and
statements required pursuant to this Section, provided that in the case of a Participant such Participant shall furnish all such required forms and statements to the Lender from which the related participation shall have been purchased. 

(c) If the Managing Administrative Agent or any Lender determines, in its sole discretion, exercised in good faith, that
it has received a refund of any Non-Excluded Taxes as to which it has been indemnified by the Borrower or with respect to which the Borrower has paid additional amounts pursuant to this Section 2.21, it shall pay over such refund to the
Borrower (but only to the extent of indemnity payments made, or additional amounts paid, by the Borrower under this Section 2.21 with respect to the Non-Excluded Taxes giving rise to such refund), net of all out-of-pocket expenses of the
Managing Administrative Agent or such Lender and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund); provided that the Borrower, upon the request of the Managing Administrative
Agent or such Lender, agrees to repay the amount paid over to the Borrower (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) to the Managing Administrative Agent or such Lender in the event the Managing
Administrative Agent or such Lender is required to repay such refund to such Governmental Authority. 
 2.22 Indemnity.
The Borrower agrees to indemnify each Lender and to hold each Lender harmless from any loss or expense which such Lender may sustain or incur as a consequence of (a) default by the Borrower in making either (i) a borrowing of LIBOR Loans
or LIBOR CAF Advances or (ii) a conversion into or continuation of LIBOR Loans, in each case after the Borrower has given a notice requesting the same in accordance with the provisions of this Agreement (in the case of a borrowing of LIBOR CAF
Advances, so long as the Borrower shall have accepted a CAF Advance offered in connection with any such notice), (b) default by the Borrower in making any prepayment after the Borrower has given a notice thereof in accordance with the
provisions of this Agreement (regardless of whether such notice is permitted to be revocable under Section 2.4 or 2.6 and is revoked in accordance herewith) or (c) the making of either (i) a prepayment of LIBOR Loans, LIBOR CAF
Advances or Fixed Rate CAF Advances or (ii) a conversion of LIBOR Loans, in each case on a day which is not the last day of an Interest Period with respect thereto. Such indemnification shall constitute an amount equal to the excess, if any, of
(i) the amount of interest which would have accrued on the amount so prepaid, or not so borrowed, converted or continued, for the period from the date of such prepayment or of such failure to

  
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borrow, convert or continue to the last day of such Interest Period (or, in the case of a failure to borrow, convert or continue, the Interest Period that would have commenced on the date of such
failure) in each case at the applicable rate of interest for such Loans provided for herein (excluding, however, the Applicable Margin included therein, if any) over (ii) the amount of interest (as reasonably determined by such Lender) which
would have accrued to such Lender on such amount by placing such amount on deposit for a comparable period with leading banks in the interbank eurodollar market. A certificate as to any amounts payable pursuant to this Section shall be submitted to
the Borrower by such Lender. This covenant shall survive the termination of this Agreement and the payment of the Loans and all other amounts payable hereunder. 
 2.23 Commitment Increases. (a) In the event that Borrower wishes to increase the aggregate Commitments, it shall notify the Lenders (through the Managing Administrative Agent) of the amount of
such proposed increase (such notice, a “Commitment Increase Offer”). Each Commitment Increase Offer shall offer the Lenders the opportunity to participate in the increased Commitments ratably in accordance with their respective
Commitment Percentages. In the event that any Lender (each, a “Declining Lender”) shall fail to accept in writing a Commitment Increase Offer within 10 Business Days after receiving notice thereof, all or any portion of the proposed
increase in the Commitments offered to the Declining Lenders (the aggregate of such offered amounts, the “Declined Amount”) may instead be allocated to any one or more additional banks, financial institutions or other entities
pursuant to paragraph (b) below and/or to any one or more existing Lenders pursuant to paragraph (c)(ii) below. 
 (b) Any additional bank, financial institution or other entity (herein called a “New Lender”) which, with the consent of the Borrower and the Managing Administrative Agent, elects to
become a party to this Agreement and obtain a Commitment in an amount equal to all or any portion of a Declined Amount, shall execute a New Lender Supplement (each, a “New Lender Supplement”) with the Borrower and the Managing
Administrative Agent, substantially in the form of Exhibit J-1, whereupon such New Lender shall become a Lender for all purposes and to the same extent as if originally a party hereto and shall be bound by and entitled to the benefits of this
Agreement, and Schedule 1.2 shall be deemed to be amended to add the name and Commitment of such New Lender. 

(c) Any Lender which (i) accepts a Commitment Increase Offer pursuant to subsection 2.23(a)
or (ii) with the consent of the Borrower elects to increase its Commitment by an amount equal to all or any portion of a Declined Amount shall, in each case, execute a Commitment Increase Supplement (each, a “Commitment Increase
Supplement”) with the Borrower and the Managing Administrative Agent, substantially in the form of Exhibit J-2, whereupon such Lender shall be bound by and entitled to the benefits of this Agreement with respect to the full amount of its
Commitment as so increased, and Schedule 1.2 shall be deemed to be amended to so increase the Commitment of such Lender. 
 (d) If on the date upon which a bank, financial institution or other entity becomes a New Lender pursuant to subsection 2.23(b) or upon which a Lender’s Commitment is increased pursuant to
subsection 2.23(c) there is an unpaid principal amount of Revolving Credit Loans, the Borrower shall borrow Revolving Credit Loans from the Lenders and/or (subject to compliance by the Borrower with Section 2.22) prepay Revolving Credit
Loans of the Lenders (which borrowings and prepayments may be on a non-ratable basis) such that, after giving effect 

  
 35 

 
thereto, the Revolving Credit Loans (including, without limitation, the Types thereof and Interest Periods with respect thereto) shall be held by the Lenders (including for such purposes the New
Lenders) pro rata according to their respective Commitment Percentages. 
 (e) Notwithstanding anything to the
contrary in this Section, (i) in no event shall any transaction effected pursuant to this Section cause (x) the aggregate Commitments to exceed an amount equal to 150% of the aggregate amount of the Commitments in effect on the date hereof
or (y) unless otherwise agreed by the Managing Administrative Agent, an increase in the aggregate Commitments of an amount less than $50,000,000, (ii) the aggregate amount of any increase in Commitments pursuant to subsection 2.23(b)
and (c)(ii) shall be limited to the relevant Declined Amount and (iii) no Lender shall have any obligation to increase its Commitment unless it agrees to do so in its sole discretion. 

2.24 Commitment Extensions. (a) The Borrower may, not earlier than 60 days and not later than 45 days before each of the
first two anniversaries of the Closing Date (each, an “Anniversary Date”), by notice to the Managing Administrative Agent, request that the Revolving Credit Termination Date then in effect (the “Existing Revolving Credit
Termination Date”) be extended to the date 364 days after the Existing Revolving Credit Termination Date. The Managing Administrative Agent shall promptly notify the Lenders of such request. 

(b) Each Lender, in its sole discretion, shall advise the Managing Administrative Agent whether or not such Lender agrees
to such extension. If a Lender agrees to such extension (an “Extending Lender”), it shall notify the Managing Administrative Agent, in writing, of its decision to do so no later than 30 days prior to such Anniversary Date. A
Lender that determines not to so extend its Commitment shall so notify the Managing Administrative Agent promptly after making such determination and is herein called a “Non-Extending Lender”. If a Lender does not give timely notice
to the Managing Administrative Agent of whether or not such Lender agrees to such extension, it shall be deemed to be a Non-Extending Lender; provided that any Non-Extending Lender may, with the consent of the Borrower and the Managing
Administrative Agent (such consent of the Managing Administrative Agent not to be unreasonably withheld), subsequently become an Extending Lender by notice to the Managing Administrative Agent and the Borrower. 

(c) The Managing Administrative Agent shall notify the Borrower of each Lender’s determination not earlier than 30
days and not later than 20 days prior to the relevant Anniversary Date. 
 (d) The Borrower shall have the
right to accept Commitments from New Lenders, each of which shall be acceptable to the Managing Administrative Agent, in an aggregate amount not exceeding the aggregate amount of the Commitments of the Non-Extending Lenders, provided that the
Borrower may in its sole discretion offer to Extending Lenders the option to increase their Commitments (each such Lender being herein called an “Increasing Lender”) up to the aggregate amount of the Non-Extending Lenders’
Commitments before substituting any New Lenders for Non-Extending Lenders. 

  
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 (e) If and only if (i) more than 50% of the total of the Commitments is
extended or otherwise committed to by Extending Lenders and any New Lenders, and (ii) immediately prior to the relevant Anniversary Date no Default has occurred and is continuing and the representations and warranties of the Borrower set forth
in Section 3 shall be true and correct in all material respects on and as of such Anniversary Date as though made on and as of such date, and subject to each New Lender having executed a New Lender Supplement (on the effective date of which
such New Lender shall become a Lender for all purposes and to the same extent as if originally a party hereto and shall be bound by and entitled to the benefits of this Agreement), then effective on such Anniversary Date the Commitment of each
Extending Lender shall be extended to the date 364 days after the Existing Revolving Credit Termination Date (or, if such day is not a Business Day, the immediately preceding Business Day) which date shall thereafter be the Revolving Credit
Termination Date; the increased Commitment of each Increasing Lender and the new Commitment of each New Lender shall take effect on such Anniversary Date; the Commitments of the Non-Extending Lenders shall be reduced pro rata on such
Anniversary Date to the extent of such increased and new commitments and appropriate adjustments shall be made on such Anniversary Date to cause any then-outstanding Loans of the Lenders to be held on a pro rata basis among all
Lenders; the remaining Commitment of each Non-Extending Lender shall terminate on the Existing Revolving Credit Termination Date; and the Borrower shall pay in full on the Existing Revolving Credit Termination Date all amounts payable to each
Non-Extending Lender hereunder. 
 2.25 Replacement of Lenders. If any Lender requests compensation under
Section 2.20, or if the Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.21, or if any Lender is a Defaulting Lender, or if any Lender is a
Non-Extending Lender, or, so long as no Default or Event of Default has occurred and is continuing, a Lender (a “Non-Consenting Lender) does not consent to a proposed change, waiver, discharge or termination with respect to any Loan
Document that has been approved by the Required Lenders as provided in Section 9.1 but requires the consent of all Lenders or all affected Lenders, then the Borrower may, at its sole expense and effort, upon notice to such Lender and the
Managing Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in, and consents required by, Section 9.6), all of its interests, rights and obligations
under this Agreement and the related Loan Documents to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment), provided that: 

(i) the Managing Administrative Agent shall have received the assignment fee specified in Section 9.6(f); 

(ii) such Lender shall have received payment of an amount equal to the outstanding principal of its Loans and accrued
interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents (including any amounts under Section 2.22) from the assignee (to the extent of such outstanding principal and accrued interest and
fees) or the Borrower (in the case of all other amounts); 

  
 37 

 (iii) in the case of any such assignment resulting from a claim for
compensation under Section 2.20 or payments required to be made pursuant to Section 2.21, such assignment will result in a reduction in such compensation or payments thereafter; and 

(iv) such assignment does not conflict with applicable law. 
 A Lender shall not be required to make any such assignment or delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such
assignment and delegation cease to apply. 
 2.26. Defaulting Lenders. If a Lender becomes, and during the period it
remains, a Defaulting Lender, the following provisions shall apply: 
 (a) the facility fees set forth in
Section 2.3 shall cease to accrue on the unutilized Commitment of such Defaulting Lender as provided in said Section 2.3; 
 (b) to the extent permitted by applicable law, any prepayment of Loans shall, if the Borrower so directs at the time of making such prepayment, be applied to the Loans of other Lenders as if such
Defaulting Lender had no Loans outstanding; 
 (c) if any Swing Line Loan is outstanding at the time a Lender
becomes a Defaulting Lender then (such Defaulting Lender’s Commitment Percentage of the outstanding principal amount of the Swing Line Loans being referred to as the “Swing Line Portion”): 

(i) the Swing Line Portion of such Defaulting Lender will, subject to the limitation in the first proviso below,
automatically be reallocated (effective on the day such Lender becomes a Defaulting Lender) among the Non-Defaulting Lenders pro rata in accordance with their respective Commitments; provided that (i) the sum of the total outstanding principal
amounts of each Non-Defaulting Lender’s Revolving Credit Loans and its Commitment Percentage of Swing Line Loans may not in any event exceed the Commitment of such Non-Defaulting Lender as in effect at the time of such reallocation and
(ii) neither such reallocation nor any payment by a Non-Defaulting Lender pursuant thereto will constitute a waiver or release of any claim the Borrower, the Managing Administrative Agent, any Swing Line Lender or any other Lender may have
against such Defaulting Lender or cause such Defaulting Lender to be a Non-Defaulting Lender; and 
 (ii) to the
extent that any portion (the “unreallocated portion”) of the Defaulting Lender’s Swing Line Portion cannot be so reallocated, whether by reason of the proviso in clause (a) above or otherwise, the Borrower will, not later than
five Business Days after demand by the Managing Administrative Agent (at the direction of the Swing Line Lenders) either, at its option, (A) prepay (subject to clause (d) below) in full the unreallocated portion thereof or (B) cash
collateralize such Defaulting Lender’s Swing Line Portion (after giving effect to any partial reallocation pursuant to clause (i) above) in accordance with procedures reasonably acceptable to the Managing Administrative Agent and the Swing
Line Lenders for so long as such Swing Line Portion is outstanding, such 

  
 38 

 
prepayment and cash collateralization to be applied ratably to the outstanding Swing Line Loans of all of the Swing Line Lenders (and, until such prepayment and cash collateralization shall
occur, the facility fees that would otherwise have been payable to such Defaulting Lender but for the last sentence of Section 2.3 and Section 2.26(a) shall instead be paid ratably to the Swing Line Lenders). 

(d) any amount paid by the Borrower for the account of a Defaulting Lender under this Agreement (whether on account of
principal, interest, fees, indemnity payments or other amounts) will not be paid or distributed to such Defaulting Lender, but will instead be retained by the Managing Administrative Agent in a segregated non-interest bearing account until (subject
to Section 2.27) the termination of the Commitments and payment in full of all obligations of the Borrower hereunder and will be applied by the Managing Administrative Agent, to the fullest extent permitted by law, to the making of payments
from time to time in the following order of priority: first to the payment of any amounts owing by such Defaulting Lender to the Managing Administrative Agent under this Agreement, second to the payment of any amounts owing by such
Defaulting Lender to the Swing Line Lenders (pro rata as to the respective amounts owing to each of them) under this Agreement, third if so determined by the Managing Administrative Agent or requested by a Swing Line Lender,
held in such account as cash collateral for future funding obligations of the Defaulting Lender in respect of any existing or future participating interest in any Swing Line Loan, fourth, to the funding of any Loan in respect of which such
Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Managing Administrative Agent, fifth, if so determined by the Managing Administrative Agent and the Borrower, held in such account as
cash collateral for future funding obligations of the Defaulting Lender in respect of any Loans under this Agreement, and sixth after the termination of the Commitments and payment in full of all obligations of the Borrower hereunder, to pay
amounts owing under this Agreement to such Defaulting Lender or as a court of competent jurisdiction may otherwise direct. 
 (e) so long as any Lender is a Defaulting Lender, no Swing Line Lender shall be required to fund any Swing Line Loan unless it is satisfied that the related exposure of the Defaulting Lender will be 100%
covered by the Commitments of the Non-Defaulting Lenders and/or cash collateral will be provided by the Borrower in accordance with paragraph (c)(ii) of this Section, and participating interests in any such newly made Swing Line Loan shall be
allocated among non-Defaulting Lenders in a manner consistent with paragraph (c)(i) and (c)(ii) of this Section. 

(f) the Borrower may (a) terminate the unused amount of the Commitment of a Defaulting Lender upon not less than one
(1) Business Day’s prior notice to the Managing Administrative Agent (which will promptly notify the Lenders hereof), and in such event the provisions of this Section will apply to all amounts thereafter paid by the Borrower for the
account of such Defaulting Lender under this Agreement (whether on account of principal, interest, fees, indemnity or other amounts); provided that such termination will not be deemed to be a waiver or release of any claim the Borrower, the Managing
Administrative Agent, any Swing Line Lender or any Lender may have against such Defaulting Lender. 
 2.27. Defaulting Lender
Cure. 

  
 39 

 
If the Borrower, the Managing Administrative Agent and the Swing Line Lenders agree in writing in their discretion that a Lender that is a Defaulting Lender should no longer be deemed to be a
Defaulting Lender, the Managing Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein (which may include arrangements with respect to any
amounts then held in the segregated account referred to in Section 2.26(c), such Lender will, to the extent applicable, purchase such portion of outstanding Loans of the other Lenders and/or make such other adjustments as the Managing
Administrative Agent may determine to be necessary to cause the total outstanding principal amounts of Revolving Credit Loans and the Swing Line Loans of the Lenders to be on a pro rata basis in accordance with their respective
Commitments, whereupon such Lender will cease to be a Defaulting Lender and will be a Non-Defaulting Lender (and such outstanding principal amount of the Revolving Credit Loans of each Lender and the Swing Line Loans will automatically be adjusted
on a prospective basis to reflect the foregoing); provided that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Borrower while such Lender was a Defaulting Lender; and
provided, further, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Non-Defaulting Lender will constitute a waiver or release of any claim of any party hereunder
arising from such Lender’s having been a Defaulting Lender. 
 SECTION 3. REPRESENTATIONS AND WARRANTIES 

To induce the Managing Administrative Agent and the Lenders to enter into this Agreement and to make the Loans, the Borrower hereby
represents and warrants to the Managing Administrative Agent and each Lender that: 
 3.1 Financial Condition. The
consolidated balance sheet of the Borrower and its consolidated Subsidiaries as at December 31, 2009 and the related consolidated statements of income and of cash flows for the fiscal year ended on such date, reported on by
PricewaterhouseCoopers LLP copies of which have heretofore been furnished to each Lender, are complete and correct in all material respects and present fairly the consolidated financial condition of the Borrower and its consolidated Subsidiaries as
at such date, and the consolidated results of their operations and their consolidated cash flows for the fiscal year then ended. All such financial statements have been prepared in accordance with GAAP applied consistently throughout the periods
involved (except as approved by such accountants or Responsible Officer, as the case may be, and as disclosed therein). Neither the Borrower nor any of its consolidated Subsidiaries had, at the date of the most recent balance sheet referred to
above, any material Guarantee outside the ordinary course of business, contingent liability or liability for taxes, or any long-term lease or unusual forward or long-term commitment which is required to be reflected in the financial statements of
the Borrower and its consolidated Subsidiaries in accordance with GAAP and which is not reflected in the foregoing statements or in the notes thereto. 
 3.2 No Change. Since December 31, 2009 there has been no development or event which has had or could reasonably be expected to have a Material Adverse Effect. 

  
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 3.3 Existence; Compliance with Law. Each of the Borrower and its Subsidiaries
(a) is an entity duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization (provided, that no representation is made under this clause (a) with respect to any Subsidiary that
is not a Material Subsidiary of the Borrower if the failure of such Subsidiary to be duly organized, validly existing or in good standing as aforesaid could not reasonably be expected to have a Material Adverse Effect), (b) has the power and
authority, and the legal right, to own and operate its property, to lease the property it operates as lessee and to conduct the business in which it is currently engaged, (c) is duly qualified as a foreign entity and in good standing under the
laws of each jurisdiction (other than that of its organization) where its ownership, lease or operation of property or the conduct of its business requires such qualification and (d) is in compliance with all Requirements of Law, except in the
case of clause (b), (c) or (d) above, to the extent that the failure to have such power, authority and legal right, to qualify as a foreign entity or to be in good standing or to comply with any Requirement of Law could not,
individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 
 3.4 Corporate Power;
Authorization; Enforceable Obligations. The Borrower has the corporate power and authority, and the legal right, to make, deliver, and perform the Loan Documents and to borrow hereunder and has taken all necessary corporate action to authorize
the borrowings on the terms and conditions of this Agreement and any Notes and to authorize the execution, delivery and performance of the Loan Documents. No consent or authorization of, filing with, notice to or other act by or in respect of, any
Governmental Authority or any other Person is required in connection with the borrowings hereunder or with the execution, delivery, performance, validity or enforceability of the Loan Documents except consents, authorizations, filings or notices
that if not obtained or made, could not reasonably be expected to have a Material Adverse Effect. This Agreement has been, and each other Loan Document will be, duly executed and delivered on behalf of the Borrower. This Agreement constitutes, and
each other Loan Document when executed and delivered will constitute, a legal, valid and binding obligation of the Borrower enforceable against the Borrower in accordance with its terms, subject to the effects of bankruptcy, insolvency, fraudulent
conveyance, reorganization, moratorium and other similar laws relating to or affecting creditors’ rights generally, general equitable principles (whether considered in a proceeding in equity or at law) and an implied covenant of good faith and
fair dealing. 
 3.5 No Legal Bar. The execution, delivery and performance of the Loan Documents to which the Borrower is
a party, the borrowings hereunder and the use of the proceeds thereof will not violate any Requirement of Law or Contractual Obligation of the Borrower and will not result in, or require, the creation or imposition of any Lien on any of its or their
respective properties or revenues pursuant to any such Requirement of Law or Contractual Obligation, except to the extent that such violation or imposition of Liens could not reasonably be expected to have a Material Adverse Effect. 

3.6 No Material Litigation. Except as listed on Schedule 3.6 or as previously disclosed in any public filing made by the Borrower
prior to the date hereof, no litigation, investigation or proceeding of or before any arbitrator or Governmental Authority is pending or, to the knowledge of the Borrower, 

  
 41 

 
threatened by or against the Borrower or any of its Subsidiaries or against any of its or their respective properties or revenues (a) with respect to any of the Loan Documents or any of the
transactions contemplated hereby or thereby, or (b) which could, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 
 3.7 No Default. Neither the Borrower nor any of its Subsidiaries is in default under or with respect to any of its Contractual Obligations in any respect which could, individually or in the
aggregate, reasonably be expected to have a Material Adverse Effect. No Default or Event of Default has occurred and is continuing. 
 3.8 Ownership of Property; Liens. Each of the Borrower and its Subsidiaries has good record and marketable title in fee simple to, or a valid leasehold interest in, all its real property material
to the business of the Borrower and its Subsidiaries, taken as a whole, and good title to, or a valid leasehold interest in, all its other property material to the business of the Borrower and its Subsidiaries, taken as a whole, and none of such
property is subject to any Lien except as permitted by Section 6.2, except in any such case to the extent that it could not reasonably be expected to have a Material Adverse Effect. 

3.9 Intellectual Property. The Borrower and each of its Subsidiaries owns, or is licensed to use, all trademarks, tradenames,
copyrights, technology, know-how and processes necessary for the conduct of its business as currently conducted except for those the failure to own or license which could not reasonably be expected to have a Material Adverse Effect (the
“Intellectual Property”). No claim has been asserted and is pending by any Person challenging or questioning the use of any such Intellectual Property or the validity or effectiveness of any such Intellectual Property, nor does the
Borrower know of any valid basis for any such claim, except for such claims that, in the aggregate, could not reasonably be expected to have a Material Adverse Effect. The use of such Intellectual Property by the Borrower and its Subsidiaries does
not infringe on the rights of any Person, except for such claims and infringements that, in the aggregate, could not reasonably be expected to have a Material Adverse Effect. 
 3.10 No Burdensome Restrictions. No Requirement of Law or Contractual Obligation of the Borrower or any of its Subsidiaries could reasonably be expected to have a Material Adverse Effect.

 3.11 Taxes. Each of the Borrower and its Subsidiaries has filed or caused to be filed all tax returns which, to the
knowledge of the Borrower, are required to be filed and has paid all taxes shown to be due and payable on said returns or on any assessments made against it or any of its property and all other taxes, fees or other charges imposed on it or any of
its property by any Governmental Authority, except (a) any the amount or validity of which are currently being contested in good faith by appropriate proceedings and with respect to which reserves in conformity with GAAP have been provided on
the books of the Borrower or its Subsidiaries, as the case may be or (b) to the extent that the failure to do so could not reasonably be expected to have a Material Adverse Effect; no tax Lien has been filed, and, to the knowledge of the

  
 42 

 
Borrower, no claim is being asserted, with respect to any such tax, fee or other charge other than any Lien permitted under Section 6.2(a). 

3.12 Federal Margin Regulations. Neither the Borrower nor any of its Subsidiaries is engaged principally, or as one of its
important activities, in the business of extending credit for the purpose (whether immediate, incidental or ultimate) of buying or carrying Margin Stock. No part of the proceeds of any Loans will be used directly or indirectly for the purpose
(whether immediate, incidental or ultimate) of buying or carrying Margin Stock in violation of the regulations of the Board. If requested by any Lender or the Managing Administrative Agent, the Borrower will furnish to each Lender and the Managing
Administrative Agent a statement in conformity with the requirements of Federal Reserve Form FR U-1 or FR G-3, as appropriate, referred to in Regulation U, to demonstrate the compliance of any borrowing hereunder with Regulation U. 

3.13 ERISA. Neither a Reportable Event nor an “accumulated funding deficiency” (within the meaning of Section 412
of the Code or Section 302 of ERISA) has occurred during the five-year period prior to the date on which this representation is made or deemed made with respect to any Single Employer Plan that could reasonably be expected to have a Material
Adverse Effect, and each Plan has complied with the applicable provisions of ERISA and the Code to the extent that the failure to comply could not reasonably be expected to have a Material Adverse Effect. No termination of a Single Employer Plan has
occurred (other than via a “standard termination” as defined in Section 4041(b) of ERISA), and no Lien in favor of the PBGC or a Single Employer Plan has arisen, during such five-year period that could reasonably be expected to have a
Material Adverse Effect. The excess, if any, of the present value of all accrued benefits under each Single Employer Plan (based on those assumptions used to fund such Single Employer Plans), as of the last annual valuation date prior to the date on
which this representation is made or deemed made, over the value of the assets of such Single Employer Plan allocable to such accrued benefits could not reasonably be expected to have a Material Adverse Effect. Neither the Borrower nor any Commonly
Controlled Entity has had a complete or partial withdrawal from any Multiemployer Plan that could reasonably be expected to have a Material Adverse Effect, and neither the Borrower nor any Commonly Controlled Entity would become subject to any
liability under ERISA that could reasonably be expected to have a Material Adverse Effect if the Borrower or any such Commonly Controlled Entity were to withdraw completely from all Multiemployer Plans as of the valuation date most closely preceding
the date on which this representation is made or deemed made. To the best knowledge of the Borrower, no such Multiemployer Plan is in Reorganization or Insolvent. The excess, if any, of the present value (determined using actuarial and other
assumptions which are reasonable in respect of the benefits provided and the employees participating) of the liability of the Borrower for post retirement benefits to be provided to their current and former employees under Plans which are welfare
benefit plans (as defined in Section 3(l) of ERISA) over the assets under all such Plans allocable to such benefits could not reasonably be expected to have a Material Adverse Effect. 

3.14 Investment Company Act; Other Regulations. The Borrower is not an “investment company”, or a company
“controlled” by an “investment company”, within the meaning of the Investment Company Act of 1940, as 

  
 43 

 
amended. The Borrower is not subject to regulation under any Federal or State statute or regulation (other than Regulation X of the Board) which limits its ability to incur Indebtedness.

 3.15 Subsidiaries. As of the Closing Date, Schedule 3.15 lists each Subsidiary of the Borrower (and the direct and
indirect ownership interest of the Borrower therein), in each case existing on September 30, 2010. 
 3.16 Purpose
of Loans. The proceeds of the Loans shall be used by the Borrower and its Subsidiaries solely for general corporate purposes of the Borrower and its Subsidiaries. 
 3.17 Environmental Matters. Except to the extent any of the following could not reasonably be expected to have a Material Adverse Effect: 

(a) To the best knowledge of the Borrower, the facilities and properties owned, leased or operated by the Borrower or any
of its Subsidiaries (the “Properties”) do not contain, and have not previously contained, any Materials of Environmental Concern in amounts or concentrations which (i) constitute or constituted a violation of, or
(ii) could reasonably be expected to give rise to liability under, any Environmental Law. 
 (b) The
Properties and all operations at the Properties are in compliance in all material respects with all applicable Environmental Laws, and there is no contamination at, under or about the Properties or violation of any Environmental Law with respect to
the Properties or the business operated by the Borrower or any of its Subsidiaries (the “Business”) which could materially interfere with the continued operation of the Properties or materially impair the fair saleable value
thereof. 
 (c) Neither the Borrower nor any of its Subsidiaries has received any notice of violation, alleged
violation, non-compliance, liability or potential liability regarding environmental matters or compliance with Environmental Laws with regard to any of the Properties or the Business, nor does the Borrower have knowledge or reason to believe that
any such notice will be received or is being threatened. 
 (d) No judicial proceeding or governmental or
administrative action is pending or, to the knowledge of the Borrower, threatened, under any Environmental Law to which the Borrower or any Subsidiary is or will be named as a party with respect to the Properties or the Business, nor are there any
consent decrees or other decrees, consent orders, administrative orders or other orders, or other administrative or judicial requirements outstanding under any Environmental Law with respect to the Properties or the Business. 

SECTION 4. CONDITIONS PRECEDENT 
 4.1 Conditions to Initial Loan. 

  
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The agreement of each Lender to make the initial Loan requested to be made by it is subject to the satisfaction of the following conditions precedent (or until such conditions are waived pursuant
to Section 9.1): 
 (a) Loan Documents. The Managing Administrative Agent shall have received
(i) this Agreement, executed and delivered by a duly authorized officer of the Borrower and (ii) for the account of any Swing Line Lender that requested a Swing Line Note, such Swing Line Note, conforming to the requirements hereof and for
the account of any Lender that requested a Revolving Credit Note, such Revolving Credit Note, conforming to the requirements hereof, each executed by a duly authorized officer of the Borrower. 

(b) Closing Certificate. The Managing Administrative Agent shall have received, with a copy for each Lender, a
closing certificate of the Borrower, dated the Closing Date, substantially in the form of Exhibit C, with appropriate insertions and attachments, satisfactory in form and substance to the Managing Administrative Agent, executed by the President or
his designee or any Vice President or Treasurer or Assistant Treasurer and the Secretary or any Assistant Secretary of the Borrower. 
 (c) Corporate Proceedings. The Managing Administrative Agent shall have received a copy of the resolutions, in form and substance reasonably satisfactory to the Managing Administrative Agent, of
the Board of Directors of the Borrower authorizing (i) the execution, delivery and performance by the Borrower of this Agreement and the other Loan Documents and (ii) the making of the borrowings and the uses of the proceeds contemplated
hereunder certified by its Secretary or an Assistant Secretary as of the Closing Date, which certificate shall be in form and substance satisfactory to the Managing Administrative Agent and shall state that the resolutions thereby certified have not
been amended, modified, revoked or rescinded. 
 (d) Incumbency Certificate. The Managing Administrative
Agent shall have received a certificate of the Borrower, dated the Closing Date, as to the incumbency and signature of its officers executing any Loan Document, satisfactory in form and substance to the Managing Administrative Agent, executed by its
President or any Vice President and its Secretary or any Assistant Secretary. 
 (e) Corporate Documents.
The Managing Administrative Agent shall have received true and complete copies of the certificate of incorporation and by-laws of the Borrower, certified as of the Closing Date as complete and correct copies thereof by the Secretary or an Assistant
Secretary of the Borrower. 
 (f) Fees. The Managing Administrative Agent shall have received the fees to
be received on the Closing Date. 
 (g) Legal Opinions. The Managing Administrative Agent shall have
received (i) the executed legal opinion of Noah J. Hanft, Esq., General Counsel and Secretary of the Borrower, substantially in the form of Exhibit F-1, and (ii) the executed legal opinion of Milbank, Tweed, Hadley & McCloy LLP,
special New York counsel to the Managing Administrative Agent, substantially in the form of Exhibit F-2, each dated the Closing Date and covering such other 

  
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matters incident to the transactions contemplated by this Agreement as the Managing Administrative Agent may reasonably require. 

(h) Existing Credit Agreement. The Managing Administrative Agent shall have received evidence satisfactory to it
that the commitments under the Existing Credit Agreement have been canceled and all amounts outstanding thereunder shall have been repaid as of the Closing Date (and each Lender which is a party to the Existing Credit Agreement hereby waives
compliance with the requirement under Section 2.4 of the Existing Credit Agreement for the giving of one Business Day’s prior written notice for termination of the commitments thereunder, so long as such written notice is given not later
than 11:00 A.M., New York City time, on the date of such termination). 
 (i) Other. The Managing
Administrative Agent shall have received such other documents in connection with this Agreement as the Managing Administrative Agent may reasonably request. 
 4.2 Conditions to Each Loan. The agreement of each Lender to make any Loan requested to be made by it on any date (including, without limitation, its initial Loan, but except as otherwise provided
in Section 2.18(c)) is subject to the satisfaction of the following conditions precedent: 
 (a)
Representations and Warranties. Each of the representations and warranties made by the Borrower pursuant to Section 3 of this Agreement (excluding the representations and warranties made by the Borrower in Sections 3.2 and 3.6)
shall be true and correct in all material respects (except that such representations and warranties that are qualified as to materiality shall be true and correct in all respects) on and as of such date as if made on and as of such date (immediately
before and immediately after giving effect to such Loan and to the application of the proceeds therefrom) except for representations and warranties expressly stated to relate to a specific earlier date, in which case such representations and
warranties were true and correct as of such earlier date. 
 (b) No Default. No Default or Event of
Default shall have occurred and be continuing on such date or after giving effect to the Loans requested to be made on such date. 
 Each borrowing by the Borrower hereunder shall constitute a representation and warranty by the Borrower as of the date thereof that the conditions contained in this Section have been satisfied.

 SECTION 5. AFFIRMATIVE COVENANTS 
 The Borrower hereby agrees that, so long as the Commitments remain in effect or any amount is owing to any Lender or the Managing Administrative Agent hereunder or under any other Loan Document (other
than contingent indemnification and expense reimbursement obligations not due and payable), the Borrower shall and (except in the case of delivery of financial information, reports and notices) shall cause each of its Subsidiaries to: 

  
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 5.1 Financial Statements. Furnish to each Lender: 

(a) as soon as available, but in any event within 120 days after the end of each fiscal year of the Borrower, a copy of
the consolidated balance sheet of the Borrower and its consolidated Subsidiaries as at the end of such year and the related consolidated statements of income and retained earnings and of cash flows for such year, setting forth in each case in
comparative form the figures for the previous year, reported on without a “going concern” or like qualification or exception, or qualification arising out of the scope of the audit, by PricewaterhouseCoopers LLP or other independent
certified public accountants of nationally recognized standing; and 
 (b) as soon as available, but in any event
not later than 60 days after the end of each of the first three quarterly periods of each fiscal year of the Borrower, the unaudited consolidated balance sheet of the Borrower and its consolidated Subsidiaries as at the end of such quarter and the
related unaudited consolidated statements of income and retained earnings of such quarter and of cash flows of the Borrower and its consolidated Subsidiaries for the portion of the fiscal year through the end of such quarter, setting forth in each
case in comparative form the figures for the previous year or, in the case of such consolidated balance sheet, for the last day of the prior fiscal year, certified by a Responsible Officer as being fairly stated in all material respects (subject to
normal year-end audit adjustments); 
 all such financial statements shall be complete and correct in all material respects and
shall be prepared in reasonable detail and in accordance with GAAP applied consistently throughout the periods reflected therein and with prior periods (except as approved by such accountants or officer, as the case may be, and disclosed therein).
Information required to be delivered pursuant to this Section 5.1 shall be deemed to have been delivered to the Lenders on the date on which the Borrower provides written notice to the Managing Administrative Agent that such information has
been posted on the Borrower’s website on the Internet at http://www.mastercardintl.com or in an internet or intranet website to which each Lender has access or is available on the website of the Securities and Exchange Commission or any
successor at http://www.sec.gov (to the extent such information has been posted or is available as described in such notice). 

5.2 Certificates; Other Information. Furnish to the Managing Administrative Agent: 

(a) concurrently with the delivery of the financial statements referred to in subsections 5.1(a) and (b), a
certificate of a Responsible Officer, substantially in the form of Exhibit I, stating that, to the best of such Responsible Officer’s knowledge, during such period the Borrower has observed or performed all of its covenants and other
agreements, and satisfied every condition, contained in this Agreement and the other Loan Documents to be observed, performed or satisfied by it, and that such Responsible Officer has obtained no knowledge of any Default or Event of Default except
as specified in such certificate; 
 (b) within five days after the same are filed, copies of all financial
statements and reports which the Borrower files with the Securities and Exchange Commission or any successor 

  
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Governmental Authority; provided, that any such financial statement or report shall be deemed to have been delivered on the date that the Borrower notifies the Managing Administrative
Agent that such financial statement or report is available on “EDGAR”, the Electronic Data Gathering, Analysis and Retrieval system of the Securities and Exchange Commission, or at http://www.sec.gov/edgar.shtml or at another
relevant website identified to the Lenders and accessible to such Lenders; and 
 (c) promptly, such additional
financial and other information (other than any non-public information or materials pertaining to the Borrower’s proprietary new products, systems or services, proprietary marketing programs, strategies or plans, or any member specific billing,
contractual or other arrangements) as the Managing Administrative Agent or any Lender through the Managing Administrative Agent may from time to time reasonably request. 
 5.3 Payment of Obligations. Pay, discharge or otherwise satisfy at or before maturity or before they become delinquent, as the case may be, all its obligations of whatever nature, except
(i) where the amount or validity thereof is currently being contested in good faith by appropriate proceedings and reserves in conformity with GAAP with respect thereto have been provided on the books of the Borrower or its Subsidiaries, as the
case may be or (ii) to the extent that failure to comply therewith could not, in the aggregate, be reasonably expected to have a Material Adverse Effect. 
 5.4 Conduct of Business and Maintenance of Existence. Continue to engage in business of the same general type as now conducted by it and preserve, renew and keep in full force and effect its
existence and take all reasonable action to maintain all rights, privileges and franchises necessary or desirable in the normal conduct of its business except as otherwise permitted pursuant to Section 6.3 or 6.6 unless the failure to do
so could not reasonably be expected to have a Material Adverse Effect; and comply with all Contractual Obligations and Requirements of Law except to the extent that failure to comply therewith could not, in the aggregate, be reasonably expected to
have a Material Adverse Effect. 
 5.5 Maintenance of Property; Insurance. Keep all property material to the business of
the Borrower and its Subsidiaries taken as a whole in good working order and condition ordinary wear and tear excepted; maintain with financially sound and reputable insurance companies or through a self-insurance program deemed reasonable by the
Borrower insurance on all its property in at least such amounts and against at least such risks as are, to the Borrower’s knowledge, usually insured against in the same general area by companies engaged in the same or a similar business.

 5.6 Inspection of Property; Books and Records; Discussions. Keep proper books of records and account in which full,
true and correct entries in conformity with GAAP (or such other commonly accepted accounting practice which has been previously disclosed to the Managing Administrative Agent) shall be made of all dealings and transactions in relation to its
business and activities; and permit representatives of any Lender (coordinated through the Managing Administrative Agent) to visit and inspect any of its properties and examine and make abstracts from any of its books and records (other than any
non-public information or materials pertaining to (i) its proprietary new products, systems or 

  
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services, (ii) its proprietary marketing programs, strategies or plans, or (iii) any member specific billing, contractual or other arrangements) and to discuss the business, operations,
properties and financial and other condition of the Borrower and its Subsidiaries with officers and employees of the Borrower and its Subsidiaries and with its independent certified public accountants, in each case during regular business hours upon
reasonable advance notice and at any reasonable time but not more than once per fiscal year; provided that if a Default or Event of Default shall have occurred and be continuing, such visits and inspections (coordinated through the Managing
Administrative Agent) may be conducted at any time upon reasonable notice. 
 5.7 Notices. Promptly give notice to the
Managing Administrative Agent for distribution to the Lenders of: 
 (a) the occurrence of any Default or Event
of Default; 
 (b) if the Borrower ceases to be a public reporting company under the Securities Exchange Act of
1934, as amended, any (i) default or event of default under any Contractual Obligation of the Borrower or any of its Subsidiaries or (ii) litigation, investigation or proceeding which may exist at any time between the Borrower or any of
its Subsidiaries and any Governmental Authority, which in either case, could reasonably be expected to have a Material Adverse Effect; 
 (c) if the Borrower ceases to be a public reporting company under the Securities Exchange Act of 1934, as amended, any litigation or proceeding affecting the Borrower or any of its Subsidiaries as to
which the Borrower determines that there is a reasonable probability of an adverse judgment and in which the amount involved is $50,000,000 or more and not covered by insurance or in which injunctive or similar relief is sought; 

(d) the following events, as soon as possible and in any event within 30 days after the Borrower knows or has reason to
know thereof: (i) the occurrence of any Reportable Event with respect to any Single Employer Plan, a failure to make any required contribution to any “pension plan” (as defined in Section 3(2) of ERISA), the creation of any Lien
in favor of the PBGC or a Single Employer Plan, in each case that could reasonably be expected to result in a liability or Lien in excess of $10,000,000 or (ii) the institution of proceedings or the taking of any other action by the PBGC or the
Borrower or any Commonly Controlled Entity or any Multiemployer Plan with respect to the withdrawal from, or the terminating, Reorganization or Insolvency of, any Multiemployer Plan, except where the termination, Reorganization or Insolvency of any
Multiemployer Plan could not reasonably be expected to result in a liability in excess of $10,000,000; 
 (e) any
material adverse change in the business, operations, property or condition (financial or otherwise) of the Borrower and its Subsidiaries taken as a whole and. 
 (f) any change in the current last day of the fiscal quarter or the fiscal year of the Borrower, prior to giving effect to any such change. 

  
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 Each notice pursuant to this Section shall be accompanied by a statement of a Responsible Officer setting
forth details of the occurrence referred to therein (other than under paragraph (f)) and stating what action the Borrower proposes to take with respect thereto. Notices and other communications to the Lenders required pursuant to
paragraphs (b), (c), (d), (e) and (f) of this Section 5.7 may be delivered or furnished by electronic communications (including e-mail and Internet or intranet websites) pursuant to procedures approved by the Managing
Administrative Agent. 
 5.8 Environmental Laws. (a) Comply with, and ensure compliance by all tenants and
subtenants, if any, with, all applicable Environmental Laws and obtain and comply in all material respects with and maintain, and ensure that all tenants and subtenants obtain and comply in all material respects with and maintain, any and all
licenses, approvals, notifications, registrations or permits required by applicable Environmental Laws except to the extent that failure to do so could not be reasonably expected to have a Material Adverse Effect. 

(b) Conduct and complete all investigations, studies, sampling and testing, and all remedial, removal and other actions
required under Environmental Laws and promptly comply in all material respects with all lawful orders and directives of all Governmental Authorities regarding Environmental Laws except to the extent that the failure to do so could not reasonably be
expected to have a Material Adverse Effect. 
 SECTION 6. NEGATIVE COVENANTS 

The Borrower hereby agrees that, so long as the Commitments remain in effect or any amount is owing to any Lender or the Managing
Administrative Agent hereunder or under any other Loan Document (other than contingent indemnification and expense reimbursement obligations not due and payable), the Borrower shall not and shall not permit any of its Subsidiaries to, directly or
indirectly: 
 6.1 Consolidated Leverage Ratio. Permit the Consolidated Leverage Ratio to be greater than 3.50 to 1.00 on
the last day of any fiscal quarter of the Borrower. 
 6.2 Limitation on Liens. Create, incur, assume or suffer to exist
any Lien upon any of its property, assets or revenues, whether now owned or hereafter acquired, except for: 

(a) Liens for taxes and other governmental charges not yet due or which are being contested in good faith by appropriate
proceedings, provided that adequate reserves with respect thereto are maintained on the books of the Borrower or its Subsidiaries, as the case may be, in conformity with GAAP; 

(b) carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s, landlord’s or other
like Liens arising in the ordinary course of business which are not overdue for a period of more than 60 days or which are being contested in good faith by appropriate proceedings; 

  
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 (c) pledges, deposits or similar liens in connection with workers’
compensation, unemployment insurance and other social security legislation or regulation and deposits securing liability to insurance carriers under insurance or self-insurance arrangements; 

(d) deposits to secure the performance of bids, trade contracts (other than for borrowed money), leases or subleases,
statutory obligations, utilities, surety and appeal bonds, performance bonds and other obligations of a like nature incurred in the ordinary course of business; 
 (e) easements, rights-of-way, restrictions and other similar encumbrances which, in the aggregate, do not in any case materially detract from the value of the property subject thereto or materially
interfere with the ordinary conduct of the business of the Borrower and its Subsidiaries taken as a whole; 
 (f)
Liens in existence on the date hereof listed on Schedule 6.2(f), provided that no such Lien is spread to cover any additional property after the Closing Date and that the amount of Indebtedness secured thereby is not increased; 

(g) Liens securing Indebtedness of the Borrower and its Subsidiaries incurred to finance the acquisition of fixed or
capital assets (or any refinancing thereof that does not increase the amount of such Indebtedness outstanding at the time of such refinancing plus fees and expenses incurred in connection with such refinancing), provided that (i) such
Liens shall be created at or not later than 180 days after the acquisition of such fixed or capital assets and (ii) such Liens do not at any time encumber any property other than the property financed by such Indebtedness; 

(h) bankers’ liens or other liens of financial institutions, in each case arising by operation of law in the ordinary
course of business; 
 (i) Liens on the property or assets of a Person which becomes a Subsidiary on or after the
date hereof securing Indebtedness of such Person or liens on any property or assets acquired after the Closing Date, provided that (i) such Liens existed at the time such Person became a Subsidiary or at the time of such acquisition, as
the case may be (the “relevant time”), and were not created in anticipation thereof and (ii) any such Lien is not spread to cover any additional property or assets after the relevant time, other than proceeds of such property or
assets to the extent such proceeds were covered by the grant of security in existence at the relevant time and such grant was not created in anticipation thereof; 

(j) Liens arising out of judgments or awards (x) which are stayed or bonded pending appeal or (y) with respect
to which an appeal or a proceeding for review is being prosecuted in good faith and adequate reserves have been provided for the payment of such judgment or award; 

(k) Liens in favor of the Borrower which secure the obligation of any Subsidiary to the Borrower; 

(l) Liens attaching to deposits in connection with any letter of intent, purchase agreement or similar agreement in
connection with acquisitions; 

  
 51 

 (m) any interest or title of a lessor or lessee under any lease entered in
the ordinary course of business and covering only the assets so leased, to the extent that the same would constitute a Lien; 
 (n) Liens (not otherwise permitted hereunder) which secure obligations not exceeding (as to the Borrower and all Subsidiaries) in aggregate an amount equal to the lesser of: (x) $300,000,000 or
(y) 3.0% of consolidated total assets of the Borrower and its Subsidiaries as of the end of the fiscal quarter for which financial statements have been delivered pursuant to Section 5.1 most recently prior to the time the latest such Lien
is incurred. 
 For purposes of determining compliance with this Section 6.2, the amount of obligations secured by Liens
denominated in any currency other than Dollars shall be calculated based on customary currency exchange rates in effect on the latest date that obligations secured by such Liens were incurred. 

6.3 Limitation on Fundamental Changes. Enter into any merger, consolidation or amalgamation, or liquidate, wind up or dissolve
itself (or suffer any liquidation or dissolution), or convey, sell, lease, assign, transfer or otherwise dispose of, all or substantially all of its property, business or assets, except: 

(a) if no Default or Event of Default shall have occurred and be continuing or would result therefrom, including without
limitation under Section 7.1(i), the Borrower may be merged or consolidated with or into any other Person subject to the satisfaction of the following conditions: (i) the Borrower shall be the continuing or surviving corporation or
(ii) (x) the survivor shall be organized under the laws of a state in the United States and shall assume the Borrower’s obligations under this Agreement and the other Loan Documents under an agreement in form and substance reasonably
satisfactory to the Managing Administrative Agent, (y) the survivor shall furnish to the Lenders all information necessary for them to comply with the Act (as defined in Section 9.17) and (z) if the Managing Administrative Agent so
requests, it shall receive a legal opinion from outside counsel to the survivor reasonably satisfactory to the Managing Administrative Agent; 
 (b) any wholly owned Subsidiary may be merged or consolidated with or into any other wholly owned Subsidiary or (subject to Section 6.3(a)) the Borrower, and any Subsidiary may sell, lease, transfer
or dispose of any or all of its assets (upon voluntary liquidation, winding up, dissolution or otherwise) to a wholly owned Subsidiary or the Borrower; and 
 (c) as permitted by Section 6.4 (including by way of merger, voluntary liquidation, winding up, dissolution or otherwise). 
 6.4 Limitation on Transfer or Disposition of Assets. Convey, sell, lease, assign, transfer or otherwise dispose of any of its property, business or assets (including, without limitation,
receivables and leasehold interests), whether now owned or hereafter acquired, or, in the case of any Subsidiary, issue or sell any shares of such Subsidiary’s Capital Stock to any Person other than the Borrower or any wholly-owned Subsidiary,
except: 
 (a) the sale or other disposition of obsolete or worn out property in the ordinary course of business;

  
 52 

 (b) the sale of cash and cash equivalents and similar investments in the
ordinary course of business in connection with cash management activities or the use of proceeds thereof; 
 (c)
the sale or other disposition of any property (including the issuance of shares of any Subsidiary’s Capital Stock); provided that the aggregate book value of all assets so sold or disposed of pursuant to this clause (c) in any
period of twelve consecutive months shall not exceed an amount equal to 25% of consolidated total assets of the Borrower and its Subsidiaries as at the beginning of such twelve-month period; 

(d) the sale or disposition of (i) the headquarters of the Borrower located at 2000 Purchase Street, Purchase, New
York 10577-2509 or (ii) the property of the Borrower located at 2200 MasterCard Boulevard, O’Fallon, Missouri 63368-7263, provided that in the case of this clause (ii) such sale or disposition is made in connection with the transfer
and relocation of the operations currently located in such property to a different location of the Borrower or its Subsidiaries; 
 (e) the sale of inventory in the ordinary course of business; 
 (f)
the sale or discount without recourse of accounts receivable arising in the ordinary course of business in connection with the compromise or collection thereof; and 

(g) as permitted by subsection 6.3(b); 
 6.5 Limitation on Transactions with Affiliates. Enter into any transaction, including, without limitation, any purchase, sale, lease or exchange of property or the rendering of any service, with
any Affiliate (other than any transaction permitted by the terms of this Agreement and any transaction between the Borrower and its consolidated Subsidiaries) unless such transaction is upon fair and reasonable terms. 

6.6 Limitation on Lines of Business. Enter into any business, either directly or through any Subsidiary, except for businesses
(a) in which the Borrower and its Subsidiaries are engaged on the date of this Agreement or (b) which, after giving effect to such new business, would not result in a change in the primary business of the Borrower and its Subsidiaries,
taken as a whole, on the date hereof. 
 SECTION 7. EVENTS OF DEFAULT 

If any of the following events shall occur and be continuing: 

(a) The Borrower shall fail to pay any principal of any Loan when due in accordance with the terms hereof; or the
Borrower shall fail to pay any interest on any Loan, or any other amount payable hereunder (other than principal), within five days after any such interest or other amount becomes due in accordance with the terms hereof; or 

(b) Any representation or warranty made or deemed made by the Borrower herein or in any other Loan Document or which
is contained in any certificate furnished by it at any time under or in connection with this Agreement shall prove to have been incorrect in any material 

  
 53 

 
respect (or, in the case of any such representation and warranty that is qualified as to materiality, in any respect) on or as of the date made or deemed made; or 

(c) The Borrower shall default in the observance or performance of any agreement contained in Section 5.7(a) or
Section 6; or 
 (d) the Borrower shall default in the observance or performance of any other term,
covenant or agreement contained in this Agreement (other than as provided in paragraphs (a) through (c) of this Section), and such default shall continue unremedied for a period of 30 days after notice to the Borrower by the Managing
Administrative Agent or the Required Lenders; or 
 (e) The Borrower or any of its Subsidiaries shall
(i) default in any payment of principal of or interest on any Indebtedness (other than the Loans) in excess of $100,000,000 in the aggregate, beyond the period of grace (not to exceed 30 days), if any, provided in the instrument or agreement
under which such Indebtedness was created, or (ii) fail to observe or perform any other agreement or condition relating to any such Indebtedness or contained in any instrument or agreement evidencing, securing or relating thereto, or any other
event shall occur or condition exist, the effect of which failure or other event or condition is to cause such Indebtedness to become due prior to its stated maturity, provided, that this paragraph (e) shall not apply to Indebtedness
that becomes due, or under which a default occurs, as a result of the voluntary sale or transfer of property or assets if such sale or transfer is permitted hereunder and such Indebtedness is paid by the relevant obligor; or 

(f) (i) The Borrower or any of its Material Subsidiaries shall commence any case, proceeding or other action
(A) under any existing or future law of any jurisdiction, domestic or foreign, relating to bankruptcy, insolvency, reorganization or relief of debtors, seeking to have an order for relief entered with respect to it, or seeking to adjudicate it
as bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, winding-up, liquidation, dissolution, composition or other relief with respect to it or its debts, or (B) seeking appointment of a receiver, trustee, custodian,
conservator or other similar official for it or for all or any substantial part of its assets, or the Borrower or any of its Material Subsidiaries shall make a general assignment for the benefit of its creditors; or (ii) there shall be
commenced against the Borrower or any of its Material Subsidiaries any case, proceeding or other action of a nature referred to in clause (i) above which (A) results in the entry of an order for relief or any such adjudication or
appointment or (B) remains undismissed, undischarged or unbonded for a period of 90 days; or (iii) there shall be commenced against the Borrower or any of its Material Subsidiaries any case, proceeding or other action seeking issuance of a
warrant of attachment, execution, distraint or similar process against all or any substantial part of its assets which results in the entry of an order for any such relief which shall not have been vacated, discharged, or stayed or bonded pending
appeal within 60 days from the entry thereof; or (iv) the Borrower or any of its Material Subsidiaries shall take any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the acts set forth in
clause (i), (ii), or (iii) above; or (v) the Borrower or any of its Material Subsidiaries shall generally not, or shall be unable to, or shall admit in writing its inability to, pay its debts as they become due; or 

(g) (i) Any Person shall engage in any “prohibited transaction” (as defined in Section 406 of
ERISA or Section 4975 of the Code) involving any Single Employer Plan, (ii) any “accumulated funding deficiency” (as defined in Section 302 of ERISA), whether or not waived,

  
 54 

 
shall exist with respect to any Single Employer Plan or any Lien in favor of the PBGC or a Single Employer Plan shall arise on the assets of the Borrower, (iii) a Reportable Event shall
occur with respect to, or proceedings shall commence to have a trustee appointed, or a trustee shall be appointed, to administer or to terminate, any Single Employer Plan, which Reportable Event or commencement of proceedings or appointment of a
trustee is likely to result in the termination of such Plan for purposes of Title IV of ERISA, (iv) any Single Employer Plan shall terminate for purposes of Title IV of ERISA or (v) the Borrower or any Commonly Controlled Entity
shall incur any liability in connection with a withdrawal from, or the Insolvency or Reorganization of, a Multiemployer Plan; and in each case in clauses (i) through (v) above, such event or condition, together with all other such events
or conditions, if any, could reasonably be expected to have a Material Adverse Effect; or 
 (h) One or more
judgments or decrees shall be entered against the Borrower or any of its Subsidiaries involving a liability (to the extent not paid or fully covered by insurance) of $100,000,000 or more in the aggregate for all such judgments and decrees, and all
such judgments or decrees shall not have been vacated, discharged, satisfied, stayed or bonded pending appeal within 90 days from the entry thereof; or 
 (i) Any Person or “group” (within the meaning of Section 13(d) or 14(d) of the Securities Exchange Act of 1934, as amended) (i) shall have acquired beneficial ownership of
Capital Stock representing 35% or more of the aggregate ordinary voting power in the election of directors of the Borrower or (ii) shall obtain the power (whether or not exercised) to elect a majority of the Borrower’s directors; or the
Borrower shall cease to own, beneficially and of record, the sole Class B membership interest in International or shall cease to have power to elect a majority of International’s directors; 

then, and in any such event, (A) if such event is an Event of Default specified in clause (i) or (ii) of paragraph (f)
of this Section with respect to the Borrower, automatically the Commitments shall immediately terminate and the Loans hereunder (with accrued interest thereon) and all other amounts owing under this Agreement and the Notes shall immediately become
due and payable, and (B) if such event is any other Event of Default, either or both of the following actions may be taken: (i) with the consent of the Required Lenders, the Managing Administrative Agent may, or upon the request of the
Required Lenders, the Managing Administrative Agent shall, by notice to the Borrower declare the Commitments to be terminated forthwith, whereupon the Commitments shall immediately terminate; and (ii) with the consent of the Required Lenders,
the Managing Administrative Agent may, or upon the request of the Required Lenders, the Managing Administrative Agent shall, by notice to the Borrower, declare the Loans hereunder (with accrued interest thereon) and all other amounts owing under
this Agreement and the Notes to be due and payable forthwith, whereupon the same shall immediately become due and payable. Except as expressly provided above in this Section, presentment, demand, protest and all other notices of any kind are hereby
expressly waived. 
 SECTION 8. THE MANAGING ADMINISTRATIVE AGENT 

8.1 Appointment. 

  
 55 

 
Each Lender hereby irrevocably designates and appoints the Managing Administrative Agent as the agent of such Lender under this Agreement and the other Loan Documents, and each such Lender
irrevocably authorizes the Managing Administrative Agent, in such capacity, to take such action on its behalf under the provisions of this Agreement and the other Loan Documents and to exercise such powers and perform such duties as are expressly
delegated to the Managing Administrative Agent by the terms of this Agreement and the other Loan Documents, together with such other powers as are reasonably incidental thereto. Notwithstanding any provision to the contrary elsewhere in this
Agreement, the Managing Administrative Agent shall not have any duties or responsibilities, except those expressly set forth herein, or any fiduciary relationship with any Lender, and no implied covenants, functions, responsibilities, duties,
obligations or liabilities shall be read into this Agreement or any other Loan Document or otherwise exist against the Managing Administrative Agent. 
 8.2 Delegation of Duties. The Managing Administrative Agent may execute any of its duties under this Agreement and the other Loan Documents by or through agents or attorneys-in-fact and shall be
entitled to advice of counsel concerning all matters pertaining to such duties. The Managing Administrative Agent shall not be responsible for the negligence or misconduct of any agents or attorneys-in-fact selected by it with reasonable care.

 8.3 Exculpatory Provisions. Neither the Managing Administrative Agent nor any of its officers, directors, employees,
agents, attorneys-in-fact or Affiliates shall be (i) liable for any action lawfully taken or omitted to be taken by it or such Person under or in connection with this Agreement or any other Loan Document (except for its or such Person’s
own gross negligence or willful misconduct) or (ii) responsible in any manner to any of the Lenders for any recitals, statements, representations or warranties made by the Borrower or any officer thereof contained in this Agreement or any other
Loan Document or in any certificate, report, statement or other document referred to or provided for in, or received by the Managing Administrative Agent under or in connection with, this Agreement or any other Loan Document or for the value,
validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any other Loan Document or for any failure of the Borrower to perform its obligations hereunder or thereunder. The Managing Administrative Agent shall not be
under any obligation to any Lender to ascertain or to inquire as to the observance or performance of any of the agreements contained in, or conditions of, this Agreement or any other Loan Document, or to inspect the properties, books or records of
the Borrower or any of its Subsidiaries. 
 8.4 Reliance by Managing Administrative Agent. The Managing Administrative
Agent shall be entitled to rely, and shall be fully protected in relying, upon any Note, writing, resolution, notice, consent, certificate, affidavit, letter, telecopy, or teletype message, statement, order or other document or conversation believed
by it to be genuine and correct and to have been signed, sent or made by the proper Person or Persons and upon advice and statements of legal counsel (including, without limitation, counsel to the Borrower), independent accountants and other experts
selected by the Managing Administrative Agent. The Managing Administrative Agent may deem and treat the payee of any Note as the owner thereof for all purposes unless a written notice of assignment, negotiation or transfer thereof shall have been
filed with the Managing Administrative Agent. The 

  
 56 

 
Managing Administrative Agent shall be fully justified in failing or refusing to take any action under this Agreement or any other Loan Document unless it shall first receive such advice or
concurrence of the Required Lenders (or such other Lenders as may be required hereunder) as it deems appropriate or it shall first be indemnified to its satisfaction by the Lenders against any and all liability and expense which may be incurred by
it by reason of taking or continuing to take any such action. The Managing Administrative Agent shall in all cases be fully protected in acting, or in refraining from acting, under this Agreement and the other Loan Documents in accordance with a
request of the Required Lenders (or such other Lenders as may be required hereunder), and such request and any action taken or failure to act pursuant thereto shall be binding upon all the Lenders and all future holders of the Loans. 

8.5 Notice of Default. The Managing Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of any
Default or Event of Default (other than an Event of Default consisting of failure of the Borrower to pay when due any principal of or interest on a Loan) hereunder unless the Managing Administrative Agent has received notice from a Lender or the
Borrower referring to this Agreement, describing such Default or Event of Default and stating that such notice is a “notice of default”. In the event that the Managing Administrative Agent receives such a notice, the Managing
Administrative Agent shall give prompt notice thereof to the Lenders. The Managing Administrative Agent shall take such action with respect to such Default or Event of Default as shall be reasonably directed by the Required Lenders; provided
that unless and until the Managing Administrative Agent shall have received such directions, the Managing Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default or
Event of Default as it shall deem advisable in the best interests of the Lenders. 
 8.6 Non-Reliance on Managing
Administrative Agent and Other Lenders. Each Lender expressly acknowledges that neither the Managing Administrative Agent nor any of its officers, directors, employees, agents, attorneys-in-fact or Affiliates has made any representations or
warranties to it and that no act by the Managing Administrative Agent hereinafter taken, including any review of the affairs of the Borrower or any of its Subsidiaries, shall be deemed to constitute any representation or warranty by the Managing
Administrative Agent to any Lender. Each Lender represents to the Managing Administrative Agent that it has, independently and without reliance upon the Managing Administrative Agent or any other Lender, and based on such documents and information
as it has deemed appropriate, made its own appraisal of and investigation into the business, operations, property, financial and other condition and creditworthiness of the Borrower and made its own decision to make its Loans hereunder and enter
into this Agreement. Each Lender also represents that it will, independently and without reliance upon the Managing Administrative Agent or any other Lender, and based on such documents and information as it shall deem appropriate at the time,
continue to make its own credit analysis, appraisals and decisions in taking or not taking action under the Loan Documents, and to make such investigation as it deems necessary to inform itself as to the business, operations, property, financial and
other condition and creditworthiness of the Borrower or any of its Subsidiaries. Except for notices, reports and other documents expressly required to be furnished to the Lenders by the Managing Administrative Agent hereunder, the Managing
Administrative Agent shall not have any duty or responsibility to provide any Lender with any credit or other information concerning the business, operations, property, condition 

  
 57 

 
(financial or otherwise), prospects or creditworthiness of the Borrower or any of their Subsidiaries which may come into the possession of the Managing Administrative Agent or any of its
officers, directors, employees, agents, attorneys-in-fact or Affiliates. 
 8.7 Indemnification. The Lenders agree to
indemnify the Managing Administrative Agent in its capacity as such (to the extent not reimbursed by the Borrower and without limiting the obligation of the Borrower to do so), ratably according to their respective Commitment Percentages in effect
on the date on which indemnification is sought, from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind whatsoever which may at any time (including,
without limitation, at any time following the payment of the Loans) be imposed on, incurred by or asserted against the Managing Administrative Agent in any way relating to or arising out of, the Commitments, this Agreement, (including, without
limitation, enforcement of the Managing Administrative Agent’s rights under this Section) any of the other Loan Documents or any documents contemplated by or referred to herein or therein or the transactions contemplated hereby or thereby or
any action taken or omitted by the Managing Administrative Agent under or in connection with any of the foregoing; provided that no Lender shall be liable for the payment of any portion of such liabilities, obligations, losses, damages,
penalties, actions, judgments, suits, costs, expenses or disbursements resulting from the Managing Administrative Agent’s gross negligence or willful misconduct. The agreements in this Section shall survive the payment of the Loans and all
other amounts payable hereunder. 
 8.8 Managing Administrative Agent in Its Individual Capacity. The Managing
Administrative Agent and its Affiliates may make loans to, accept deposits from and generally engage in any kind of business with the Borrower as though the Managing Administrative Agent were not the Managing Administrative Agent hereunder and under
the other Loan Documents. With respect to the Loans made by it, the Managing Administrative Agent shall have the same rights and powers under this Agreement and the other Loan Documents as any Lender and may exercise the same as though it were not
the Managing Administrative Agent, and the terms “Lender” and “Lenders” shall include the Managing Administrative Agent in its individual capacity. 
 8.9 Successor Managing Administrative Agent. The Managing Administrative Agent may resign as Managing Administrative Agent upon 15 days’ notice to the Lenders, and the Managing Administrative
Agent may be removed at any time with or without cause by the Required Lenders. Upon any such resignation or removal, the Required Lenders shall appoint from among the Lenders a successor agent for the Lenders, which successor agent (provided that
it shall have been approved by the Borrower (such approval not to be unreasonably withheld)), shall succeed to the rights, powers and duties of the Managing Administrative Agent hereunder. Effective upon such appointment and approval, the term
“Managing Administrative Agent” shall mean such successor agent, and the former Managing Administrative Agent’s rights, powers and duties as Managing Administrative Agent shall be terminated, without any other or further act or deed
on the part of such former Managing Administrative Agent or any of the parties to this Agreement or any holders of the Loans. After any retiring Managing Administrative Agent’s resignation or removal as Managing Administrative Agent, the
provisions of this Section 8 shall inure to its benefit as to any actions 

  
 58 

 
taken or omitted to be taken by it while it was Managing Administrative Agent under this Agreement and the other Loan Documents. 

8.10 Substitute Managing Administrative Agent. If at any time Citibank or the Borrower reasonably determines that Citibank is
prevented from carrying out its functions as Managing Administrative Agent hereunder as contemplated hereby, Citibank or the Borrower, as the case may be, shall forthwith so notify the Borrower or Citibank, as the case may be, and the Administrative
Agent (and Citibank shall promptly so notify the Lenders), and the Administrative Agent shall thereupon automatically assume and perform all of the functions of the Managing Administrative Agent and shall be entitled to all of the rights and
benefits of the Managing Administrative Agent hereunder, until and only until such time as Citibank and the Borrower determine, and notify the Administrative Agent (which shall promptly notify the Lenders) that Citibank is no longer prevented from
carrying out its functions as Managing Administrative Agent hereunder as contemplated hereby, whereupon Citibank shall automatically resume and perform all of the functions of the Managing Administrative Agent hereunder. Each Lender agrees to the
foregoing and authorizes the Administrative Agent to assume and perform the functions of the Managing Administrative Agent under the circumstances set forth above. 
 8.11 Arrangers, Etc. The parties designated on the cover page hereof as “Syndication Agent”, “Lead Arrangers”, “Joint Lead Arrangers”, “Documentation Agents”
shall have, in their capacities as such, no responsibilities or liabilities under or in connection with this Agreement. 

SECTION 9. MISCELLANEOUS 
 9.1 Amendments and Waivers. Neither this Agreement nor any other Loan Document, nor any terms hereof or thereof may be amended, supplemented or modified except in accordance with the provisions of
this Section or as provided in Section 2.23 or 2.24. The Required Lenders may, or, with the written consent of the Required Lenders, the Managing Administrative Agent may, from time to time, (a) enter into with the Borrower written
amendments, supplements or modifications hereto and to the other Loan Documents for the purpose of adding any provisions to this Agreement or the other Loan Documents or changing in any manner the rights of the Lenders or of the Borrower hereunder
or thereunder or (b) waive, on such terms and conditions as the Required Lenders or the Managing Administrative Agent, as the case may be, may specify in such instrument, any of the requirements of this Agreement or the other Loan Documents or
any Default or Event of Default and its consequences; provided, however, that no such waiver and no such amendment, supplement or modification shall (i) reduce the amount or extend the scheduled date of maturity of any Loan or
reduce the stated rate of any interest or fee payable hereunder or extend the scheduled date of any payment thereof or increase the amount or extend the expiration date of any Lender’s Commitment, in each case without the written consent of
each Lender affected thereby, or (ii) reduce the voting rights of any Lender under this Section or amend, modify or waive subsection 9.6(a) or reduce the percentage specified in the definition of Required Lenders, or consent to the
assignment or transfer by the Borrower of any of its rights and obligations under this Agreement and the other Loan Documents, in each case without the written consent of 

  
 59 

 
all the Lenders, or (iii) amend, modify or waive any provision of Section 8 without the written consent of the then Managing Administrative Agent and the Administrative Agent or
(iv) amend, modify or waive any provision of any Loan Document that adversely affects any Swing Line Lender in its capacity as such without the written consent of such Swing Line Lender. Any such waiver and any such amendment, supplement or
modification shall apply equally to each of the Lenders and shall be binding upon the Borrower, the Lenders, the Managing Administrative Agent and all future holders of the Loans. In the case of any waiver, the Borrower, the Lenders and the Managing
Administrative Agent shall be restored to their former positions and rights hereunder and under the other Loan Documents, and any Default or Event of Default waived shall be deemed to be cured and not continuing; no such waiver shall extend to any
subsequent or other Default or Event of Default or impair any right consequent thereon. 
 Anything herein to the contrary
notwithstanding, during such period as a Lender is a Defaulting Lender, to the fullest extent permitted by applicable law, such Lender will not be entitled to vote in respect of amendments and waivers hereunder and the Commitment and the outstanding
Loans of such Lender hereunder will not be taken into account in determining whether the Required Lenders or all of the Lenders, as required, have approved any such amendment or waiver (and the definition of “Required Lenders” will
automatically be deemed modified accordingly for the duration of such period); provided, that any such amendment or waiver that would increase or extend the term of the Commitment of such Defaulting Lender, extend the date fixed for the
payment of principal or interest owing to such Defaulting Lender hereunder, reduce the principal amount of any obligation owing to such Defaulting Lender, reduce the amount of or the rate or amount of interest on any amount owing to such Defaulting
Lender or of any fee payable to such Defaulting Lender hereunder, alter the terms of this proviso, or require consent of all the Lenders will require the consent of such Defaulting Lender. 

9.2 Notices. (a) All notices, requests and demands to or upon the respective parties hereto to be effective shall be in
writing (including by facsimile transmission) and, unless otherwise expressly provided herein, shall be deemed to have been duly given or made (i) in the case of delivery by hand, when delivered, (ii) in the case of delivery by mail, three
Business Days after being deposited in the mails, certified or registered postage prepaid, or (iii) in the case of delivery by facsimile transmission, when sent and receipt has been confirmed, addressed as follows in the case of the Borrower
and the Managing Administrative Agent, and as set forth in an Administrative Questionnaire delivered to the Managing Administrative Agent in the case of the Lenders, or to such other address as may be hereafter notified by the respective parties
hereto: 
  

			
	Borrower:	  	 MasterCard Incorporated

2000 Purchase Street
 Purchase, New York
10577-2509
 Attention: Sachin J. Mehra, Corporate Treasurer
 Fax: 914-249-3054
 Telephone:
914-249-4364

  
 60 

			
		
	 The Managing

Administrative
 Agent or the
	  	
	Swing Line Lender:	  	 Citibank, N.A.
 1615 Brett
Road, Building No. 3
 New Castle, Delaware 19720
 Attention: Suzanna Gallagher
 Fax: 302-323-2478

Telephone: 212-816-0852

		
		  	and
		
		  	 Citibank, N.A.
 Attention:
William Mandaro
 388 Greenwich Street

New York, New York 10013
 Fax:
646-688-6821
 Telephone: 212-816-0852

		
	 The Administrative
 Agent or
the
	  	
	Swing Line Lender:	  	 JPMorgan Chase Bank, N.A.

Attention: Nicole Mangiaracina
 500 Stanton
Christiana Road, Ops. 2, Floor 03
 Newark, Delaware 19713-2107
 Fax: 201-244-3885
 Phone: 302-634-2022

		
	 The Swing Line

Lender
	  	 Bank of America, N.A.

Attention: Hussin Baig
 2001 Clayton Road
B-2
 Concord, CA 94520
 Fax:
888-264-0966
 Phone: 925-675-7659

		
	 The Swing Line

Lender
	  	 HSBC Bank USA, N.A.

Attention: Ranjith Jangam
 One HSBC Center,
26th Floor

Fax: 917-229-0974
 Phone:
716-841-1930

		
	 The Swing Line

Lender
	  	 The Royal Bank of Scotland plc
 Attention: Abdul Kadir
 600 Washington Blvd
 Stamford, CT 06901
 Fax: 203-873-5019
 Phone: 203-897-4431

  
 61 

 provided that any notice, request or demand to or upon the Managing Administrative Agent or the
Lenders pursuant to Section 2.2, 2.4, 2.6, 2.7, 2.9, 2.17, 2.18 or 2.26 shall not be effective until received. 
 (b) The Borrower hereby agrees that it will provide to the Managing Administrative Agent all information, documents and other materials that it is obligated to furnish to the Managing Administrative Agent
pursuant to the Loan Documents, including, without limitation, all notices, requests, financial statements, financial and other reports, certificates and other information materials, but excluding any such communication that (i) requests, or
converts or continues under Section 2.7 hereof, a borrowing or relates to the payment of any principal or other amount due under this Agreement prior to the scheduled date therefor, (ii) provides notice of any Default or Event of Default
under this Agreement, (iii) is required to be delivered to satisfy any condition precedent to the occurrence of the Closing Date and/or any borrowing, or (iv) initiates or responds to legal process (all such non-excluded communications
being referred to herein collectively as “Communications”), by transmitting the Communications in an electronic/soft medium (including Internet or intranet websites) in a format acceptable to the Managing Administrative Agent to
oploanswebadmin@citigroup.com. In addition, the Borrower agrees to continue to provide the Communications to the Managing Administrative Agent in the manner specified in the Loan Documents but only to the extent requested by the Managing
Administrative Agent. 
 (c) The Borrower further agrees that the Managing Administrative Agent may make the
Communications available to the Lenders by posting the Communications on Intralinks or a substantially similar electronic transmission system (the “Platform”). THE PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE”.
THE AGENT PARTIES (AS DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE COMMUNICATIONS, OR THE ADEQUACY OF THE PLATFORM AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS OR OMISSIONS IN THE COMMUNICATIONS. 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 AGENT PARTIES IN CONNECTION
WITH THE COMMUNICATIONS OR THE PLATFORM. IN NO EVENT SHALL THE MANAGING ADMINISTRATIVE AGENT OR ANY OF ITS AFFILIATES OR ANY OF THEIR RESPECTIVE OFFICERS, DIRECTORS, EMPLOYEES, AGENTS, ADVISORS OR REPRESENTATIVES (COLLECTIVELY, THE “AGENT
PARTIES”) HAVE ANY LIABILITY TO THE BORROWER, ANY LENDER OR ANY OTHER PERSON OR ENTITY FOR DAMAGES OF ANY KIND, INCLUDING, WITHOUT LIMITATION, DIRECT OR INDIRECT, SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES, LOSSES OR EXPENSES (WHETHER IN
TORT, CONTRACT OR OTHERWISE) ARISING OUT OF THE BORROWER’S OR THE MANAGING ADMINISTRATIVE AGENT’S TRANSMISSION OF COMMUNICATIONS THROUGH THE INTERNET, EXCEPT TO THE EXTENT THE LIABILITY OF ANY AGENT PARTY IS FOUND IN A FINAL NON-APPEALABLE
JUDGMENT BY A COURT OF COMPETENT JURISDICTION TO HAVE RESULTED PRIMARILY FROM SUCH AGENT PARTY’S GROSS NEGLIGENCE OR WILLFUL MISCONDUCT. 

  
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 (d) The Managing Administrative Agent agrees that the receipt of the
Communications by the Managing Administrative Agent at its e-mail address set forth above shall constitute effective delivery of the Communications to the Managing Administrative Agent for purposes of the Loan Documents. Each Lender agrees that
notice to it (as provided in the next sentence) specifying that the Communications have been posted to the Platform shall constitute effective delivery of the Communications to such Lender for purposes of the Loan Documents. Each Lender agrees
(i) to provide to the Managing Administrative Agent in writing (including by electronic communication), promptly after the date of this Agreement, an e-mail address to which the foregoing notice may be sent by electronic transmission and
(ii) that the foregoing notice may be sent to such e-mail address. 
 (e) Nothing herein shall prejudice the
right of the Managing Administrative Agent or any Lender to give any notice or other communication pursuant to any Loan Document in any other manner specified in such Loan Document. 

9.3 No Waiver; Cumulative Remedies. No failure to exercise and no delay in exercising, on the part of the Managing Administrative
Agent or any Lender, any right, remedy, power or privilege hereunder or under the other Loan Documents shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other
or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided are cumulative and not exclusive of any rights, remedies, powers and privileges provided by law.

 9.4 Survival of Representations and Warranties. All representations and warranties made hereunder, in the other Loan
Documents and in any document, certificate or statement delivered pursuant hereto or in connection herewith shall survive the execution and delivery of this Agreement and the making of the Loans hereunder. 

9.5 Payment of Expenses and Taxes. The Borrower agrees (a) to pay or reimburse the Managing Administrative Agent for all
reasonable and documented fees, charges and disbursements of counsel incurred in connection with this Agreement and the other Loan Documents or the amendment, modification or waiver thereof, (b) to pay or reimburse each Lender and the Managing
Administrative Agent for all its costs and expenses incurred in connection with the enforcement or preservation of any rights under this Agreement (including, without limitation, this Section), the other Loan Documents and any such other documents,
including, without limitation, the reasonable fees and disbursements of counsel (including, without limitation, the non-duplicative documented allocated cost of in-house counsel) to each Lender and of counsel to the Managing Administrative Agent,
(c) to pay, indemnify, and hold harmless each Lender, the Managing Administrative Agent, their respective affiliates and their respective officers, directors, employees, agents and advisors (each, an “Indemnitee”) from, any and
all recording and filing fees and any and all liabilities with respect to, or resulting from any delay in paying, stamp, excise and other taxes, if any, which may be payable or determined to be payable in connection with the execution and delivery
of, or consummation or administration of any of the transactions contemplated by, or any amendment, supplement or modification of, or any waiver or consent under or in respect of, this Agreement, the other Loan Documents and any such other
documents, 

  
 63 

 
and (d) to pay, indemnify, and hold harmless each Indemnitee from and against any and all other claims, liabilities, obligations, losses, damages and expenses (including, without limitation,
reasonable fees and disbursements of counsel) with respect to the execution, delivery, enforcement, performance and administration of this Agreement (including, without limitation, this Section), the other Loan Documents and any such other
documents, including, without limitation, any investigative, administrative or judicial proceeding relating to the foregoing or any of the foregoing relating to any actual or proposed use of proceeds of the Loans or the violation of, noncompliance
with or liability under, any Environmental Law applicable to the operations of the Borrower, any of their Subsidiaries or any of the Properties or arising out of the Commitments (all the foregoing in this clause (d), collectively, the
“indemnified liabilities”), provided that the Borrower shall have no obligation hereunder to any Indemnitee with respect to indemnified liabilities arising from the gross negligence or willful misconduct of such Indemnitee or its
officers, directors, employees, agents, advisors or affiliates, or arises primarily out of breach by such Indemnified Party of its material obligations under this Agreement, as determined by a final non-appealable judgment of a court of competent
jurisdiction. The Borrower waives, to the maximum extent not prohibited by law, any right it may have to claim or recover in any legal action or proceeding referred to in this Section any special, indirect, punitive or consequential damages. The
agreements in this Section shall survive repayment of the Loans and all other amounts payable hereunder. 
 9.6 Successors
and Assigns; Participations and Assignments. 
 (a) This Agreement shall be binding upon and inure to
the benefit of the parties hereto and their respective successors and assigns, except that (i) the Borrower may not assign or transfer any of its rights or obligations under this Agreement without the prior written consent of each Lender and
(ii) no Lender may assign or transfer any of its rights or obligations under this Agreement to a Defaulting Lender. 
 (b) Any Lender may, in the ordinary course of its commercial banking business and in accordance with applicable law, at any time sell to one or more banks or other entities
(“Participants”) participating interests in any Loan owing to such Lender, any Commitment or Swing Line Commitment of such Lender or any other interest of such Lender hereunder and under the other Loan Documents. In the event of any
such sale by a Lender of a participating interest to a Participant, such Lender’s obligations under this Agreement to the other parties to this Agreement shall remain unchanged, such Lender shall remain solely responsible for the performance
thereof, such Lender shall remain the holder of any such Loan for all purposes under this Agreement and the other Loan Documents, and the Borrower and the Managing Administrative Agent shall continue to deal solely and directly with such Lender in
connection with such Lender’s rights and obligations under this Agreement and the other Loan Documents. No Lender shall be entitled to create in favor of any Participant, in the participation agreement pursuant to which such Participants
participating interest shall be created or otherwise, any right to vote on, consent to or approve any matter relating to this Agreement or any other Loan Document except for those specified in clauses (i), (ii) and (iii) of the
proviso to Section 9.1. The Borrower agrees that if amounts outstanding under this Agreement are due or unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall,
to the maximum extent permitted by applicable law, be 

  
 64 

 
deemed to have the right of set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing
directly to it as a Lender under this Agreement, provided that, in purchasing such participating interest, such Participant shall be deemed to have agreed to share with the Lenders the proceeds thereof as provided in subsection 9.7(a) as
fully as if it were a Lender hereunder. The Borrower also agrees that each Participant shall be entitled to the benefits of Sections 2.17, 2.18, 2.20 and 2.21 with respect to its participation in the Commitments, Swing Line Commitments and the
Loans outstanding from time to time as if it was a Lender; provided that, in the case of Section 2.21, such Participant shall have complied with the requirements of said Section and provided, further, that no Participant
shall be entitled to receive any greater amount pursuant to any such Section than the transferor Lender would have been entitled to receive in respect of the amount of the participation transferred by such transferor Lender to such Participant had
no such transfer occurred. 
 (c) Subject to the provisions of subsection 9.6(d) relating to the assignment
of CAF Advances, any Lender may, in the ordinary course of its commercial banking business and in accordance with applicable law, at any time and from time to time assign to one or more banks or other financial institutions, including a finance
company or fund (whether a corporation, partnership or other entity) which is engaged in making, purchasing or otherwise investing in commercial loans in the ordinary course of its business, and having total assets in excess of $500,000,000, (such
bank or financial institution, an “Assignee”) all or any part of its rights and obligations under this Agreement and the other Loan Documents; provided, however, that 

(i) except in the case of an assignment (A) to a Lender or, subject to giving prior written notice thereof to the
Borrower and the Managing Administrative Agent, an Affiliate of a Lender which is a bank or financial institution or (B) of CAF Advances, each of the Managing Administrative Agent, each Swing Line Lender and (except when a Default or Event of
Default shall have occurred and be continuing) the Borrower must give its consent to such assignment (which in each case shall not be unreasonably withheld or delayed); provided that the Borrower shall be deemed to have consented to any such
assignment unless it shall object thereto by written notice to the Managing Administrative Agent within five Business Days (or, if the Borrower notifies the Managing Administrative Agent during such period that it is considering such assignment but
needs additional time, ten Business Days) after written notice of such assignment shall have delivered to the Borrower to the attention of its Treasurer and Assistant Treasurer; 

(ii) the rights and obligations of each Swing Line Lender relating to its Swing Line Loans and Swing Line Commitment may
be assigned or retained, at its option, independently of any of its other rights and obligations under the Loan Documents in connection with any assignment otherwise permitted hereunder; 

(iii) in the case of any assignment to any Assignee that is not a Lender or an Affiliate thereof, the sum of the aggregate
principal amount of the Loans and the aggregate amount of the Commitments and Swing Line Commitments being assigned and, if such assignment is of less than all of the rights and obligations of the assigning Lender, the sum of the aggregate principal
amount of the Loans and the aggregate 

  
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amount of the Commitments and Swing Line Commitments remaining with the assigning Lender are each not less than $5,000,000 (or such lesser amount as may be agreed to by the Borrower and the
Managing Administrative Agent); and 
 (iv) such assignment shall be evidenced by an Assignment and Acceptance,
substantially in the form of Exhibit H, executed by such Assignee, such assigning Lender (and, in the case of an Assignee that is not then a Lender or an Affiliate thereof, by the Borrower and the Managing Administrative Agent) and delivered to the
Managing Administrative Agent for its acceptance and recording in the Register. 
 Upon such execution, delivery, acceptance and
recording, from and after the effective date determined pursuant to such Assignment and Acceptance, (x) the Assignee thereunder shall be a party hereto and, to the extent provided in such Assignment and Acceptance, have the rights and
obligations of a Lender hereunder with a Commitment or Swing Line Commitment as set forth therein, and (y) the assigning Lender thereunder shall, to the extent provided in such Assignment and Acceptance, 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 assigning Lender shall cease to be a party hereto). Notwithstanding
any provision of this paragraph (c) and paragraph (f) of this Section, the consent of the Borrower shall not be required, and, unless requested by the Assignee and/or the assigning Lender, new Notes shall not be required to be
executed and delivered by the Borrower, for any assignment which occurs at any time when any of the events described in Section 7(f) shall have occurred and be continuing. 

(d) Any Lender may, in the ordinary course of its commercial banking business and in accordance with applicable law, at
any time and from time to time assign to one or more banks, financial institutions or other entities (“CAF Advance Assignees”) any CAF Advance owing to such Lender, pursuant to a CAF Advance Assignment, substantially in the form of
Exhibit D-4 attached hereto, executed by the assignor Lender and the CAF Advance Assignee. Upon such execution, from and after the date of such CAF Advance Assignment, the CAF Advance Assignee shall, to the extent of the assignment provided for in
such CAF Advance Assignment, be deemed to have the same rights and benefits of payment and enforcement with respect to such CAF Advance and the same rights of set-off and obligation to share pursuant to Section 9.7 as it would have had if it
were a Lender hereunder; provided that unless such CAF Advance Assignment shall otherwise specify and a copy of such CAF Advance Assignment shall have been delivered to the Managing Administrative Agent for its acceptance and recording in the
Register in accordance with subsection 9.6(e), the assignor thereunder shall act as collection agent for the CAF Advance Assignee thereunder, and the Managing Administrative Agent shall pay all amounts received from the Borrower which are allocable
to the assigned CAF Advance directly to such assignor without any further liability to such CAF Advance Assignee. A CAF Advance Assignee under a CAF Advance Assignment shall not, by virtue of such CAF Advance Assignment, become a party to this
Agreement or have any rights to consent to or refrain from consenting to any amendment, waiver or other modification of any provision of this Agreement or any related document; provided that (x) the assignor under such CAF Advance
Assignment and such CAF Advance Assignee may, in their discretion, agree between themselves upon the manner in which such assignor will exercise its rights under this Agreement and any related document except no Lender shall sell any CAF Advance
pursuant to which the CAF Advance 

  
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Assignee shall have rights to approve any amendment or waiver to this Agreement except to the extent such amendment or waiver would (i) reduce the principal amount of any CAF Advance which
has been assigned to such CAF Advance Assignee, (ii) reduce the rate of interest on any such CAF Advance or any fees payable in connection with such CAF Advance or (iii) extend the time of payment of principal or, or interest on, any such
CAF Advance or any other amount owing under this Agreement and in connection with such CAF Advance, and (y) if a copy of such CAF Advance Assignment shall have been delivered to the Managing Administrative Agent for its acceptance and recording
in the Register in accordance with subsection 9.6(e), neither the principal amount of, the interest rate on, nor the maturity date of, any CAF Advance assigned to such CAF Advance Assignee thereunder will be modified without the written consent of
such CAF Advance Assignee. If a CAF Advance Assignee has caused a CAF Advance Assignment to be recorded in the Register in accordance with subsection 9.6(e), such CAF Advance Assignee may thereafter, in the ordinary course of its business and in
accordance with applicable law, assign the CAF Advance assigned to it to any Lender, to any affiliate or subsidiary of such CAF Advance Assignee or to any other financial institution with the consent of the Borrower (which shall not be unreasonably
withheld), and the foregoing provisions of this paragraph (c) shall apply, mutatis mutandis, to any such assignment by a CAF Advance Assignee. Except in accordance with the preceding sentence, CAF Advances may not be further
assigned by a CAF Advance Assignee, subject to any legal or regulatory requirement that the CAF Advance Assignee’s assets must remain under its control. 
 (e) The Managing Administrative Agent, acting solely for this purpose as non-fiduciary agent of the Borrower, shall maintain at the address of the Managing Administrative Agent referred to in
Section 9.2 a copy of each Assignment and Acceptance delivered to it and a register (the “Register”) for the recordation of the names and addresses of the Lenders and the Commitment of, and principal amount (and stated
interest) of the Loans owing to, each Lender from time to time. The entries in the Register shall be conclusive, in the absence of manifest error, and the Borrower, the Managing Administrative Agent and the Lenders shall treat each Person whose name
is recorded in the Register as the owner of a Loan or other obligation hereunder as the owner thereof for all purposes of this Agreement and the other Loan Documents, notwithstanding any notice or any other provisions hereof to the contrary. Any
assignment of any Loan or other obligation hereunder shall be effective only upon appropriate entries with respect thereto being made in the Register. The Register shall be available for inspection by the Borrower or any Lender at any reasonable
time and from time to time upon reasonable prior notice. 
 (f) Upon its receipt of an Assignment and Acceptance
executed by an assigning Lender and an Assignee (and, in the case of an Assignee that is not then a Lender or an affiliate thereof, by the Borrower and the Managing Administrative Agent) together with payment to the Managing Administrative Agent of
a registration and processing fee of $3,500 and (if the Assignee is not a Lender) delivery to the Managing Administrative Agent of such Assignee’s Administrative Questionnaire, the Managing Administrative Agent shall (i) promptly accept
such Assignment and Acceptance and (ii) on the effective date determined pursuant thereto record the information contained therein in the Register and give notice of such acceptance and recordation to the Lenders and the Borrower. 

  
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 (g) The Borrower authorizes each Lender to disclose to any Participant or
Assignee (each, a “Transferee”) and any prospective Transferee any and all financial information in such Lender’s possession concerning the Borrower and its Subsidiaries and Affiliates which has been delivered to such Lender by
or on behalf of the Borrower or any of its Subsidiaries pursuant to this Agreement or which has been delivered to such Lender by or on behalf of the Borrower or any of its Subsidiaries in connection with such Lender’s credit evaluation of the
Borrower and its Subsidiaries and Affiliates prior to becoming a party to this Agreement. 
 (h) For avoidance of
doubt, the parties to this Agreement acknowledge that the provisions of this Section concerning assignments of Loans and Notes relate only to absolute assignments and that such provisions do not prohibit assignments creating security interests,
including, without limitation, any pledge or assignment by a Lender of any Loan or Note to any Federal Reserve Bank in accordance with applicable law. 
 9.7 Adjustments; Set-off. (a) If any Lender (a “benefitted Lender”) shall at any time receive any payment of all or part of its Loans, or interest thereon, or receive any
collateral in respect thereof (whether voluntarily or involuntarily, by set-off, pursuant to events or proceedings of the nature referred to in Section 7(f), or otherwise), in a greater proportion than any such payment to or collateral received
by any other Lender, if any, in respect of such other Lender’s Loans, or interest thereon, such benefitted Lender shall purchase for cash from the other Lenders a participating interest in such portion of each such other Lender’s Loan, or
shall provide such other Lenders with the benefits of any such collateral, or the proceeds thereof, as shall be necessary to cause such benefitted Lender to share the excess payment or benefits of such collateral or proceeds ratably with each of the
Lenders; provided, however, that if all or any portion of such excess payment or benefits is thereafter recovered from such benefitted Lender, such purchase shall be rescinded, and the purchase price and benefits returned, to the
extent of such recovery, but without interest. 
 (b) In addition to any rights and remedies of the Lenders
provided by law, each Lender shall have the right, without prior notice to the Borrower, any such notice being expressly waived by each of them to the extent permitted by applicable law, upon any amount becoming due and payable by the Borrower
hereunder (whether at stated maturity, by acceleration or otherwise) to set off and appropriate and apply against such amount any and all deposits (general or special, time or demand, provisional or final), in any currency, and any other credits,
indebtedness or claims, in any currency, in each case whether direct or indirect, absolute or contingent, matured or unmatured, at any time held or owing by such Lender or any branch or agency thereof to or for the credit or the account of the
Borrower; provided that no such set-off and application may be made against amounts attributable to the clearing and settlement services provided by the Borrower and its Subsidiaries. Each Lender agrees promptly to notify the Borrower and the
Managing Administrative 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 set-off and application. 

9.8 Counterparts. This Agreement may be executed by one or more of the parties to this Agreement on any number of separate
counterparts (including by facsimile transmission), and all of said counterparts taken together shall be deemed to constitute one and the same instrument. A set of 

  
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the copies of this Agreement signed by all the parties shall be lodged with the Borrower and the Managing Administrative Agent. 

9.9 Severability. Any provision of this Agreement which 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. 
 9.10 Integration. This Agreement and the other Loan Documents represent the
entire agreement of the Borrower, the Managing Administrative Agent and the Lenders with respect to the subject matter hereof, and there are no promises, undertakings, representations or warranties by the Managing Administrative Agent or any Lender
relative to subject matter hereof not expressly set forth or referred to herein or in the other Loan Documents. 
 9.11
Termination of Commitments and Swing Line Commitments. The Commitments and Swing Line Commitments shall terminate if the conditions to closing set forth in Section 4.1 shall not be satisfied on or before November 30, 2010.

 9.12 GOVERNING LAW . THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY,
AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 
 9.13 Submission To Jurisdiction;
Waivers. The Borrower hereby irrevocably and unconditionally: 
 (a) submits for itself and its property in
any legal action or proceeding relating to this Agreement and the other Loan Documents, or for recognition and enforcement of any judgment in respect thereof, to the exclusive general jurisdiction of the courts of the State of New York, the courts
of the United States for the Southern District of New York, and appellate courts from any thereof; 

(b) consents that any such action or proceeding may be brought in such courts and waives any objection that it may
now or hereafter have to the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same; 

(c) agrees that service of process in any such action or proceeding may be effected by mailing a copy thereof by
registered or certified mail (or any substantially similar form of mail), postage prepaid, to it at its address set forth in Section 9.2 or at such other address of which the Managing Administrative Agent shall have been notified pursuant
thereto; 
 (d) agrees that nothing herein shall affect the right to effect service of process in any other
manner permitted by law or shall limit the right to sue in any other jurisdiction; and 

  
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 (e) waives, to the maximum extent not prohibited by law, any right it
may have to claim or recover in any legal action or proceeding referred to in this Section any special, indirect, punitive or consequential damages. 
 9.14 Acknowledgements. The Borrower hereby acknowledges that: 
 (a) it has been advised by counsel in the negotiation, execution and delivery of this Agreement and the other Loan Documents; 

(b) neither the Managing Administrative Agent nor any Lender has any fiduciary relationship with or duty to it arising out
of or in connection with this Agreement or any of the other Loan Documents, and the relationship between Managing Administrative Agent and Lenders, on one hand, and the Borrower, on the other hand, in connection herewith or therewith is solely that
of debtor and creditor; and 
 (c) no joint venture is created hereby or by the other Loan Documents or otherwise
exists by virtue of the transactions contemplated hereby among the Lenders or among the Borrower and the Lenders. 
 9.15
WAIVERS OF JURY TRIAL. EACH OBLIGOR, THE MANAGING ADMINISTRATIVE AGENT AND THE LENDERS HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVE TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AND FOR
ANY COUNTERCLAIM THEREIN. 
 9.16 Confidentiality. Neither the Managing Administrative Agent nor any Lender shall
disclose any Confidential Information to any Person without the consent of the Borrower, other than (a) to the Managing Administrative Agent’s or such Lender’s Affiliates and their respective officers, directors, employees, agents and
advisors and, subject to the execution of an agreement for the benefit of the Borrower to comply with the provisions of this Section, (b) to actual or prospective assignees and participants, (c) to any direct or indirect contractual
counterparties (or the professional advisors thereto) to any swap transaction relating to the Borrower and its obligations under this Agreement so long as such counterparties agree to comply with the requirements of this Section for the benefit of
the Borrower (with notice of such compliance given to the Borrower), (d) to the extent required by any applicable law, rule or regulation or judicial process, (e) to any rating agency when required by it, (f) to any other party
hereto, (g) in connection with the exercise of any remedies hereunder and (h) as requested or required by any state, federal or foreign authority or examiner regulating banks or other financial institutions or banking. 

9.17 USA PATRIOT Act. Each Lender and the Managing Administrative Agent (for itself and not on behalf of any Lender) hereby
notifies the Borrower that pursuant to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Act”), it is required to

  
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obtain, verify and record information that identifies the Borrower, which information includes the name and address of the Borrower and other information that will allow such Lender or the
Managing Administrative Agent, as applicable, to identify such Borrower in accordance with the Act. The Borrower shall, promptly following a request by the Managing Administrative Agent or any Lender, provide all documentation and other information
that the Managing Administrative Agent or such Lender requests in order to comply with its ongoing obligations under applicable “know your customer” and anti-money laundering rules and regulations, including the Act. 

9.18 Termination of Agreement. Upon termination of the Commitments, the repayment in full of the principal of all Loans
outstanding hereunder and the payment in full of all accrued interest and fees and any other amounts then due and payable hereunder, this Agreement shall terminate except for the provisions which expressly survive the termination of this Agreement.

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

					
	MASTERCARD INCORPORATED
		
	By:	 	/s/ Sachin J. Mehra
		 	Name:	 	Sachin J. Mehra
		 	Title:	 	Corporate Treasurer

 Signature
Page to the Credit Agreement 

  

					
	 CITIBANK, N.A.
 as
Managing Administrative Agent and as Lender

		
	By:	 	 /s/ Maureen P. Maroney

		 	Name:	 	Maureen P. Maroney
		 	Title:	 	Authorized Signatory

 Signature
Page to the Credit Agreement 

  

					
	 JPMORGAN CHASE BANK, N.A.,
 as Administrative Agent and as Lender

		
	By:	 	 /s/ Melissa Ferro

		 	Name:	 	Melissa Ferro
		 	Title:	 	Executive Director

 Signature Page
to the Credit Agreement 

  

					
	LENDERS
	
	BANK OF AMERICA, N.A.
		
	By:	 	 /s/ Scott W. Reynolds

		 	Name:	 	Scott W. Reynolds
		 	Title:	 	Vice President

 Signature Page to
the Credit Agreement 

  

					
	THE ROYAL BANK OF SCOTLAND plc
		
	By:	 	 /s/ Fergus Smail

		 	Name:	 	Fergus Smail
		 	Title:	 	Director

 Signature Page to the
Credit Agreement 

  

					
	HSBC BANK USA, N.A.
		
	By:	 	 /s/ Paul Silvester

		 	Name:	 	Paul Silvester
		 	Title:	 	Managing Director

 Signature Page
to the Credit Agreement 

  

					
	DEUTSCHE BANK AG NEW YORK BRANCH
		
	By:	 	 /s/ Robert Chesley

		 	Name:	 	Robert Chesley
		 	Title:	 	Director
		
	By:	 	 /s/ John S. McGill

		 	Name:	 	John S. McGill
		 	Title:	 	Director

 Signature Page to the
Credit Agreement 

  

					
	 THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.,
 NEW YORK BRANCH

		
	By:	 	 /s/ Oscar Daniel Cortez

		 	Name:	 	Oscar Daniel Cortez
		 	Title:	 	Authorized Signatory

 Signature
Page to the Credit Agreement 

  

					
	GOLDMAN SACHS BANK USA
		
	By:	 	 /s/ Mark Walton

		 	Name:	 	Mark Walton
		 	Title:	 	Authorized Signatory

 Signature
Page to the Credit Agreement 

  

					
	ING BANK, N.V.
		
	By:	 	 /s/ C. Van den Berge

		 	Name:	 	C. Van den Berge
		 	Title:	 	Directory
		
	By:	 	 /s/ R. Liebesny

		 	Name:	 	R. Liebesny
		 	Title:	 	Manager

 Signature Page to the
Credit Agreement 

  

					
	LLOYDS TSB BANK PLC, NEW YORK BRANCH
		
	By:	 	 /s/ Shane Klein

		 	Name:	 	Shane Klein
		 	Title:	 	Senior Vice President
		
	By:	 	 /s/ Steve Dwyre

		 	Name:	 	Steve Dwyre
		 	Title:	 	Managing Director

 Signature Page
to the Credit Agreement 

  

					
	COMMONWEALTH BANK OF AUSTRALIA
		
	By:	 	 /s/ Greg Calone

		 	Name:	 	Greg Calone
		 	Title:	 	Head of Natural Resources - Americas

Signature Page to the Credit Agreement 

  

					
	MORGAN STANLEY BANK, N.A.
		
	By:	 	 /s/ Ryan Vetsch

		 	Name:	 	Ryan Vetsch
		 	Title:	 	Authorized Signatory

 Signature
Page to the Credit Agreement 

  

					
	U.S. BANK, NATIONAL ASSOCIATION
		
	By:	 	 /s/ Steven L. Sawyer

		 	Name:	 	Steven L. Sawyer
		 	Title:	 	Vice President

 Signature Page to
the Credit Agreement 

  

					
	HARRIS N.A.
		
	By:	 	 /s/ Scott Ferris

		 	Name:	 	Scott Ferris
		 	Title:	 	Managing Director

 Signature Page
to the Credit Agreement 

  

					
	MIZUHO CORPORATE BANK (USA)
		
	By:	 	 /s/ Toru Inoue

		 	Name:	 	Toru Inoue
		 	Title:	 	Deputy General Manager

 Signature
Page to the Credit Agreement 

  

					
	PNC BANK, NATIONAL ASSOCIATION
		
	By:	 	 /s/ Robert M. Martin

		 	Name:	 	Robert M. Martin
		 	Title:	 	Senior Vice President

 Signature
Page to the Credit Agreement 

  

					
	WELLS FARGO BANK, NA
		
	By:	 	 /s/ Tony Sood

		 	Name:	 	Tony Sood
		 	Title:	 	Director

 Signature Page to the
Credit Agreement 

  

			
	WESTPAC BANKING CORPORATION
		
	By:	 	 /s/ Richard Yarnold

		 	Richard Yarnold
		 	Senior Relationship Manager, Financial Institutions

 Signature Page to the Credit Agreement 

  

					
	THE GOVERNOR AND COMPANY OF THE BANK OF IRELAND
		
	By:	 	 /s/ Philip Greene

		 	Name:	 	Philip Greene
		 	Title:	 	Deputy Manager
		
	By:	 	 /s/ Kieran Rockett

		 	Name:	 	Kieran Rockett
		 	Title:	 	Senior Manager

 Signature Page to
the Credit Agreement 

  

					
	FIFTH THIRD BANK
		
	By:	 	 /s/ George B. Davis

		 	Name:	 	George B. Davis
		 	Title:	 	Vice President

 Signature Page to
the Credit Agreement 

  

					
	THE NORTHERN TRUST COMPANY
		
	By:	 	 /s/ Daniel J. Boote

		 	Name:	 	Daniel J. Boote
		 	Title:	 	Senior Vice President

 Signature
Page to the Credit Agreement 

  

					
	SOVEREIGN BANK
		
	By:	 	 /s/ Robert A. Cerminaro

		 	Name:	 	Robert A. Cerminaro
		 	Title:	 	Senior Vice President

 Signature
Page to the Credit Agreement 

							
	SKANDINAVISKA ENSKILDA BANKEN AB (PUBL.)
		
	By:	 	 /s/ Johan
Torgeby                     /s/ Per Engstrōm

		 	Name:	 	Johan Torgeby              Per Engstrōm
		 	Title:	 		 	

 Signature Page to the Credit Agreement 

  

					
	SUNTRUST BANK
		
	By:	 	 /s/ David A. Bennett

		 	Name:	 	David A. Bennett
		 	Title:	 	Vice President

 Signature Page to
the Credit Agreement 

 SCHEDULE 1.2 
 Commitments 
  

					
	 LENDER
	  	COMMITMENT	 
	 Citibank, N.A.
	  	$	200,000,000	  
	 JPMorgan Chase Bank, N.A.
	  	 	200,000,000	  
	 Bank of America, N.A.
	  	 	200,000,000	  
	 HSBC Bank USA, N.A.
	  	 	200,000,000	  
	 The Royal Bank of Scotland plc
	  	 	200,000,000	  
	 Deutsche Bank AG New York Branch
	  	 	175,000,000	  
	 The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch
	  	 	150,000,000	  
	 Goldman Sachs Bank USA
	  	 	150,000,000	  
	 ING Bank N.V.
	  	 	150,000,000	  
	 Lloyds TSB Bank plc
	  	 	150,000,000	  
	 Commonwealth Bank of Australia
	  	 	100,000,000	  
	 Morgan Stanley Bank, N.A.
	  	 	100,000,000	  
	 US Bank National Association
	  	 	100,000,000	  
	 Harris N.A.
	  	 	75,000,000	  
	 Mizuho Corporate Bank (USA)
	  	 	75,000,000	  
	 PNC BANK, N.A.
	  	 	75,000,000	  
	 Wells Fargo Bank, National Association
	  	 	75,000,000	  
	 Westpac Banking Corporation
	  	 	75,000,000	  
	 The Governor & Company of the Bank of Ireland
	  	 	50,000,000	  
	 Fifth Third Bank
	  	 	50,000,000	  
	 The Northern Trust Co.
	  	 	50,000,000	  
	 Sovereign Bank
	  	 	50,000,000	  
	 Skandinaviska Enskilda Banken AB (publ)
	  	 	50,000,000	  
	 SunTrust Bank
	  	 	50,000,000	  
		  	 	 	 
	         TOTAL
	  	$	2,750,000,000	  
		  	 	 	 

 SCHEDULE 3.6 
 Material Litigation 
 None. 

 SCHEDULE 3.15 
 MasterCard Incorporated and Subsidiaries 
  

					
	 NAME
	  	 Incorporated in
	  	 Percent Owned**

	 MasterCard Incorporated
	  	USA	  	N/A
			
	 Bright Skies LLC
	  	Delaware	  	100%
			
	 Cirrus System, LLC
	  	Delaware	  	100%
			
	 Clear Skies LLC
	  	Delaware	  	100%
			
	 euro travellers cheque International SA
	  	Belgium	  	100%
			
	 Eurocard Limited
	  	United Kingdom	  	99%
			
	 Eurocard U.S.A., Inc.
	  	New Jersey	  	100%
			
	 European Payment Systems Services Sprl
	  	Belgium	  	100%
			
	 Maestro Asia/Pacific Ltd.
	  	Delaware	  	100%
			
	 Maestro Canada, Inc.
	  	Delaware	  	100%
			
	 Maestro International Incorporated
	  	Delaware	  	100%
			
	 Maestro Latin America, Inc.
	  	Delaware	  	100%
			
	 Maestro Middle East/Africa, Inc.
	  	Delaware	  	100%
			
	 Maestro U.S.A., Inc.
	  	Delaware	  	100%
			
	 MasterCard Advisors, LLC
	  	Delaware	  	100%
			
	 MasterCard Advisors, LLC APMEA
	  	Delaware	  	100%
			
	 MasterCard Advisors, LLC Canada
	  	Delaware	  	100%
			
	 MasterCard Advisors, LLC Europe
	  	Delaware	  	100%
			
	 MasterCard Advisors, LLC LAC
	  	Delaware	  	100%
			
	 MasterCard Advisors Hong Kong Limited
	  	Hong Kong	  	100%
			
	 MasterCard Africa, Inc.
	  	Delaware	  	100%

					
			
	 MasterCard Asia/Pacific (Australia) Pty. Ltd.
	  	Australia	  	100%
			
	 MasterCard Asia/Pacific (Hong Kong) Limited
	  	Hong Kong	  	100%
			
	 MasterCard Asia/Pacific Pte. Ltd.
	  	Singapore	  	100%
			
	 MasterCard Australia Ltd.
	  	Delaware	  	100%
			
	 MasterCard Brasil S/C Ltda.
	  	Brazil	  	100%
			
	 MasterCard Brasil Soluções de Pagamento Ltda.
	  	Brazil	  	100%
			
	 MasterCard Canada, Inc.
	  	Delaware	  	100%
			
	 MasterCard Cardholder Solutions, Inc.
	  	Delaware	  	100%
			
	 MasterCard China Holdings LLC
	  	Delaware	  	100%
			
	 MasterCard Chip Standards Holdings, Inc.
	  	Delaware	  	100%
			
	 MasterCard Colombia, Inc.
	  	Delaware	  	100%
			
	 MasterCard Cono Sur S.R.L.
	  	Argentina	  	100%
			
	 MasterCard Costa Rica S.R.L.
	  	Costa Rica	  	100%
			
	 MasterCard Ecuador, Inc.
	  	Delaware	  	100%
			
	 MasterCard EMEA, Inc.
	  	Delaware	  	100%
			
	 MasterCard/Europay U.K. Limited
	  	United Kingdom	  	100%
			
	 MasterCard Europe Sprl
	  	Belgium	  	100%
			
	 MasterCard European Holding Inc.
	  	Delaware	  	100%
			
	 MasterCard European Maatschap
	  	Belgium	  	100%
			
	 MasterCard European Share Holding B.V.
	  	Belgium	  	100%
			
	 MasterCard Financing Solutions LLC
	  	Delaware	  	100%
			
	 MasterCard Foreign Sales Corporation
	  	Barbados	  	100%
			
	 MasterCard France SAS
	  	France	  	70%
			
	 MasterCard Global Holding LLC
	  	Delaware	  	100%
			
	 MasterCard Global Key Centre Limited
	  	United Kingdom	  	100%

  
 2 

					
			
	 MasterCard Global Promotions & Sponsorships Annex, Inc.
	  	Delaware	  	100%
			
	 MasterCard GTS Holdings Private Limited
	  	Mauritius	  	100%
			
	 MasterCard International Far East Ltd.
	  	Delaware	  	100%
			
	 MasterCard International Global Maatschap
	  	Belgium	  	100%
			
	 MasterCard International Holding LLC
	  	Delaware	  	100%
			
	 MasterCard International Incorporated
	  	Delaware	  	100%
			
	 MasterCard International Incorporated Chile Limitada
	  	Chile	  	100%
			
	 MasterCard International Korea Ltd.
	  	Korea, Republic of	  	100%
			
	 MasterCard International Philippines, Inc.
	  	Delaware	  	100%
			
	 MasterCard International Services, Inc.
	  	Delaware	  	100%
			
	 MasterCard Japan K.K.
	  	Japan	  	100%
			
	 MasterCard Mercosur, Inc.
	  	Delaware	  	100%
			
	 MasterCard Mexico, S. de R.L. de C. V.
	  	Mexico	  	100%
			
	 MasterCard Middle East, Inc.
	  	Delaware	  	100%
			
	 MasterCard Netherlands B.V.
	  	Netherlands	  	100%
			
	 MasterCard New Zealand Limited
	  	New Zealand	  	100%
			
	 MasterCard Originator SPC, Inc.
	  	Delaware	  	100%
			
	 MasterCard Panama, S.R.L.
	  	Panama	  	100%
			
	 MasterCard Peru, Inc.
	  	Delaware	  	100%
			
	 MasterCard Puerto Rico, LLC
	  	Puerto Rico	  	100%
			
	 MasterCard Services SPC, Inc.
	  	Delaware	  	100%
			
	 MasterCard Shanghai Business Consulting Co. Ltd.
	  	China	  	100%
			
	 MasterCard Technologies, LLC
	  	Delaware	  	100%

  
 3 

					
			
	 MasterCard Travelers Cheque, Inc.
	  	Delaware	  	100%
			
	 MasterCard UK Inc Pension Trustees Limited
	  	England	  	100%
			
	 MasterCard UK Management Services Limited
	  	England	  	100%
			
	 MasterCard UK, Inc.
	  	Delaware	  	100%
			
	 MasterCard Uruguay Limitada
	  	Uruguay	  	100%
			
	 MasterCard Venezuela, Inc.
	  	Delaware	  	100%
			
	 MasterCard/Europay U.K. Limited
	  	United Kingdom	  	100%
			
	 MasterManager LLC
	  	Delaware	  	100%
			
	 MC Beneficiary Trust
	  	New York	  	100%
			
	 MC Indonesia, Inc.
	  	Delaware	  	100%
			
	 Mobile Payment Solutions Pte. Ltd.
	  	Singapore	  	60%
			
	 Mondex Asia Pte. Ltd.
	  	Singapore	  	51%
			
	 Mondex International Americas, Inc.
	  	New Jersey	  	100%
			
	 Mondex International Limited
	  	England	  	100%
			
	 MTS Holdings, Inc.
	  	Delaware	  	100%
			
	 MXI Management Limited
	  	England	  	100%
			
	 Orbiscom Limited
	  	Ireland	  	100%
			
	 Orbiscom Inc.
	  	Delaware	  	100%
			
	 Orbiscom UK Limited
	  	England	  	100%
			
	 Orbis Patents Limited
	  	Ireland	  	100%
			
	 Orbiscom Ireland Limited
	  	Ireland	  	100%
			
	 Purchase Street Research, LLC
	  	Delaware	  	100%
			
	 SET Secure Electronic Transaction LLC
	  	Delaware	  	50%
			
	 Strategic Payments Services Pty Limited
	  	Australia	  	52.5%

  

	**	Percentages reflect direct ownership and indirect ownership through intermediate companies 

  
 4 

 SCHEDULE 6.2(f) 
 Liens 
  

									
	 CCompany
	  	 SState
	  	 UCC#
	  	 HHolder
	  	 Collateral Description

	MasterCard International Incorporated	  	DE	  	File No. 22985814	  	AT&T Capital Services, Inc.	  	Controllers, modems, computers and other data transmission devices, cable and wiring
					
	MasterCard International, LLC	  	DE	  	File No. 40524472	  	UMB Bank, N.A., as trustee	  	Right, title and interest of the city of Kansas City, Missouri under a Lease Agreement
					
	MasterCard International, LLC	  	DE	  	File No. 60290270	  	AT&T Capital Services, Inc.	  	Controllers, modems, computers and other data transmission devices, cable and wiring*
					
	MasterCard International Incorporated	  	DE	  	File No. 60290296	  	AT&T Capital Services, Inc.	  	Controllers, modems, computers and other data transmission devices, cable and wiring*
					
	MasterCard International, LLC	  	DE	  	File No. 60576066	  	IBM Credit LLC	  	Computer equipment and related software*
					
	MasterCard International Incorporated	  	DE	  	File No. 61527787	  	Banc of America Leasing & Capital, LLC	  	Computer equipment
					
	MasterCard International, LLC	  	DE	  	File No. 62007136	  	IBM Credit LLC	  	Computer equipment and related software*
					
	MasterCard International Incorporated	  	DE	  	File No. 62314771	  	First Bank of Highland Park	  	Computer equipment
					
	MasterCard International Incorporated	  	DE	  	File No. 62750503	  	First Bank of Highland Park	  	Computer equipment
					
	MasterCard International, LLC	  	DE	  	File No. 62815538	  	IBM Credit LLC	  	Computer equipment and related software*

  

									
	 CCompany
	  	 SState
	  	 UCC#
	  	 HHolder
	  	 Collateral Description

	MasterCard International Incorporated	  	DE	  	File No. 62887842	  	First Bank of Highland Park	  	Computer equipment
					
	MasterCard International, LLC	  	DE	  	File No. 72073236	  	IBM Credit LLC	  	Computer equipment and related software*
					
	MasterCard International, LLC	  	DE	  	File No. 73700076	  	IBM Credit LLC	  	Computer equipment and related software*
					
	MasterCard International, LLC	  	DE	  	File No. 80676120	  	IBM Credit LLC	  	Computer equipment and related software*
					
	MasterCard International, LLC	  	DE	  	File No. 81877388	  	IBM Credit LLC	  	Computer equipment and related software*
					
	MasterCard International, LLC	  	DE	  	File No. 83246517	  	IBM Credit LLC	  	Computer equipment and related software*
					
	MasterCard International, LLC	  	DE	  	File No. 91039400	  	IBM Credit LLC	  	Computer equipment and related software*
					
	MasterCard International, LLC	  	DE	  	File No. 93195168	  	IBM Credit LLC	  	Computer equipment and related software*
					
	MasterCard International, LLC	  	DE	  	File No. 00394886	  	IBM Credit LLC	  	Computer equipment and related software*
					
	MasterCard Technologies, LLC	  	DE	  	File No. 02415044	  	IBM Credit LLC	  	Computer equipment and related software*

  

	*	Filed for precautionary purposes only. 

  
 2 

 EXHIBIT A 
 [FORM OF REVOLVING CREDIT NOTE] 
 THIS NOTE MAY NOT BE TRANSFERRED EXCEPT IN COMPLIANCE
WITH THE TERMS AND PROVISIONS OF THE CREDIT AGREEMENT REFERRED TO BELOW. TRANSFERS OF THIS NOTE (OTHER THAN PLEDGES OR ASSIGNMENTS HEREOF TO ANY FEDERAL RESERVE BANK) MUST BE RECORDED IN THE REGISTER MAINTAINED BY THE MANAGING ADMINISTRATIVE AGENT
PURSUANT TO THE TERMS OF SUCH CREDIT AGREEMENT. 
 REVOLVING CREDIT NOTE 

 

			
	$____________	 	 New York, New York
                 , 20    

FOR VALUE RECEIVED, the undersigned, MASTERCARD INCORPORATED, a Delaware corporation (the “Borrower”), hereby
unconditionally promises to pay _________ (the “Lender”) at the office of Citibank, N.A., located at 1615 Brett Road, Building No. 3, New Castle, Delaware, 19720, in lawful money of the United States and in immediately
available funds, on the Revolving Credit Termination Date the principal amount of _________ DOLLARS ($__________), or, if less, the aggregate unpaid principal amount of all Revolving Credit Loans made by the Lender to the Borrower pursuant to
Section 2.1 of the Credit Agreement (as defined below). The Borrower further agrees to pay interest in like money at such office on the unpaid principal amount of Revolving Credit Loans made by the Lender from time to time outstanding at the
rates and on the dates specified in the Credit Agreement. 
 The holder of this Note is authorized to record on Schedule A
annexed hereto and made a part hereof or on a continuation thereof which shall be attached hereto and made a part hereof the date, Type and amount of each Revolving Credit Loan made by the Lender and the date and amount of each payment or prepayment
of principal thereof, each conversion of all or a portion thereof to another Type, each continuation of all or a portion thereof as the same Type and, in the case of LIBOR Loans, the length of each Interest Period and the London Interbank Offered
Rate with respect thereto. Each such recordation shall, to the extent permitted by applicable law, constitute prima facie evidence of the accuracy of the information so recorded, provided that the failure to make any such
recordation shall not affect the obligation of the Borrower to repay (with applicable interest) Revolving Credit Loans made by the Lender pursuant to the Credit Agreement. 
 This Note (a) is one of the Revolving Credit Notes referred to in the Credit Agreement, dated as of November 22, 2010 (as amended, supplemented or otherwise modified from time to time, the
“Credit Agreement”), among the Borrower, the Lender, the other banks and financial institutions from time to time parties thereto, Citibank, N. A., as Managing Administrative Agent and JPMorgan Chase Bank, N.A., as Administrative
Agent, (b) is subject to the provisions of the Credit Agreement and (c) is subject to optional and mandatory prepayment in whole or in part as provided in the Credit Agreement. 

 Upon the occurrence of any one or more of the Events of Default, all amounts then remaining
unpaid on this Note shall become, or may be declared to be, immediately due and payable, all as provided in the Credit Agreement. 
 All parties now and hereafter liable with respect to this Note, whether maker, principal, surety, guarantor, endorser or otherwise, hereby waive presentment, demand, protest and all other notices of any
kind. 
 Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to
them in the Credit Agreement. 
 THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF
THE STATE OF NEW YORK. 
  

					
	MASTERCARD INCORPORATED
		
	By:	 	 
			
		 	Name:	 	 
			
		 	Title:	 	 

  
 2 

 Schedule A 

to Revolving Credit Note 
 LOANS, CONTINUATIONS, CONVERSIONS AND REPAYMENTS OF LIBOR LOANS 
  

																													
	 Date
	  	Amount of
LIBOR Loans	 	  	Amount
Converted
to or
Continued
as LIBOR
Loans	 	  	Interest Period
and London
Interbank
Offered Rate
with Respect
Thereto	 	  	Amount of
Principal of
LIBOR Loans
Repaid	 	  	Amount of
LIBOR Loans
Converted to
ABR Loans	 	  	Unpaid
Principal
Balance 
of
LIBOR
Loans	 	  	Notation
Made By	 
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			

 EXHIBIT B 
 [FORM OF SWING LINE NOTE] 
 THIS NOTE MAY NOT BE TRANSFERRED EXCEPT IN COMPLIANCE WITH
THE TERMS AND PROVISIONS OF THE CREDIT AGREEMENT REFERRED TO BELOW. TRANSFERS OF THIS NOTE (OTHER THAN PLEDGES OR ASSIGNMENTS HEREOF TO ANY FEDERAL RESERVE BANK) MUST BE RECORDED IN THE REGISTER MAINTAINED BY THE MANAGING ADMINISTRATIVE AGENT
PURSUANT TO THE TERMS OF SUCH CREDIT AGREEMENT. 
 SWING LINE NOTE 

 

			
	$_____________	 	New York, New York
		 	                , 20    

FOR VALUE RECEIVED, the undersigned, MASTERCARD INCORPORATED, a Delaware corporation (the “Borrower”), hereby
unconditionally promises to pay [CITIBANK, N.A.] / [JPMORGAN CHASE BANK, N.A.] / [BANK OF AMERICA, N.A.] / [HSBC BANK USA, N.A.] / [THE ROYAL BANK OF SCOTLAND PLC] (the “Swing Line Lender”), at its office located at
[            ], in lawful money of the United States and in immediately available funds, on the Revolving Credit Termination Date, the principal amount of _________ DOLLARS ($____)
or, if less, the aggregate unpaid principal amount of the Swing Line Loans made by the Swing Line Lender to the Borrower pursuant to Section 2.18 of the Credit Agreement (as defined below). The Borrower further agrees to pay interest in like
money at said office on the unpaid principal amount of Swing Line Loans from time to time outstanding at the rates and on the dates specified in the Credit Agreement. 
 The Swing Line Lender is authorized to record the date and the amount of each Swing Line Loan made by the Swing Line Lender to the Borrower pursuant to Section 2.18 of the Credit Agreement and the
date and amount of each payment or prepayment of principal thereof on Schedule A annexed hereto and made a part hereof and any such recordation shall, to the extent permitted by applicable law, constitute prima facie evidence of the
accuracy of the information so recorded, provided that any failure by the Swing Line Lender to make such recordation shall not affect the obligation of the Borrower to repay (with applicable interest) the Swing Line Loans made by the Swing
Line Lender pursuant to the Credit Agreement. 
 This Note (a) is the Swing Line Note referred to in the Credit Agreement,
dated as of November 22, 2010 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among the Borrower, the [Swing Line Lender], the other banks and financial institutions from time to time
parties thereto, Citibank, N.A, as Managing Administrative Agent and. JPMorgan Chase Bank, N.A. as Administrative Agent, (b) is subject to the provisions of the Credit Agreement and (c) is subject to optional and mandatory prepayment in
whole or in part as provided in the Credit Agreement. 

 Upon the occurrence of any one or more of the Events of Default, all amounts then remaining
unpaid on this Note shall become, or may be declared to be, immediately due and payable, all as provided in the Credit Agreement. 
 All parties now and hereafter liable with respect to this Note, whether maker, principal, surety, guarantor, endorser or otherwise, hereby waive presentment, demand, protest and all other notices of any
kind. 
 Unless otherwise defined herein terms defined in the Credit Agreement and used herein shall have the meanings given to
them in the Credit Agreement. 
 THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF
THE STATE OF NEW YORK. 
  

					
	MASTERCARD INCORPORATED
		
	By:	 	 
			
		 	Name:	 	 
			
		 	Title:	 	 

 Schedule A to 

Swing Line Note 
 LOANS AND REPAYMENTS 
  

																	
	 Date
	  	Amount of
Swing Line
Loans Made	 	  	Amount of
Swing Line
Loans
Repaid	 	  	Unpaid
Principal
Balance of
Swing Line
Loans	 	  	Notation
Made By	 
		  				  				  				  			
		  				  				  				  			
		  				  				  				  			
		  				  				  				  			
		  				  				  				  			
		  				  				  				  			
		  				  				  				  			
		  				  				  				  			
		  				  				  				  			
		  				  				  				  			

 EXHIBIT C 
 [FORM OF CLOSING CERTIFICATE] 
 CLOSING CERTIFICATE 

AS OF November 22, 2010 
 Pursuant to subsections 4.1 (b), 4.1(c), 4.1(d) and 4.1(e) of the Credit Agreement, dated as of November 22, 2010 (as amended, supplemented or otherwise modified from time to time, the
“Credit Agreement”), among MasterCard Incorporated, a Delaware corporation the “Borrower”), the several banks and other financial institutions from time to time parties thereto (the “Lenders”),
Citibank, N.A., as Managing Administrative Agent for the Lenders, JPMorgan Chase Bank, N.A., as Administrative Agent for the Lenders, the undersigned, the Treasurer of Borrower, hereby certifies as follows: 

1. The representations and warranties of the Borrower set forth in the Credit Agreement and each of the other Loan
Documents are true and correct in all material respects (except that such representations and warranties that are qualified as to materiality are true and correct in all respects) on and as of the date hereof as if made on and as of the date hereof,
except for representations and warranties expressly stated to relate to a specific earlier date, in which case such representations and warranties were true and correct as of such earlier date; 

2. No Default or Event of Default has occurred and is continuing as of the date hereof or will occur after giving effect
to the making of the Loans on the date hereof or the consummation of each of the transactions contemplated by the Loan Documents; and 
 3. Craig R. Brown is and at all times since November 20, 2007, has been the duly elected and qualified Assistant Secretary of the Borrower and the signature set forth on the signature line for such
officer below is such officer’s true and genuine signature; 
 and the undersigned Assistant Secretary of
Borrower hereby certifies as follows: 
 4. There are no liquidation or dissolution proceedings pending or to my
knowledge threatened against the Borrower or any of its Material Subsidiaries, nor has any other event occurred affecting or threatening the corporate existence of the Borrower or any of its Material Subsidiaries; 

5. The Borrower is a corporation duly incorporated, validly existing and in good standing under the laws of Delaware and
attached hereto as Exhibit A is a certificate issued by the Secretary of State of the State of Delaware certifying as to the good standing of the Borrower; 

6. (i) Attached hereto as Exhibit B is a true and complete copy of resolutions duly adopted by the Board of
Directors of the Borrower on September 21, 2010, approving and authorizing the execution, delivery and performance of the Credit Agreement and the other Loan Documents (all in compliance with the description and

 
indicative terms of the Replacement Credit Facility as set forth in the Credit Facility Presentation, as these terms are referred to therein); such resolutions have not in any way been amended,
modified, revoked or rescinded and have been in full force and effect since their adoption to and including the date hereof and are now in full force and effect; such resolutions are the only corporate proceedings of the Borrower now in force
relating to or affecting the matters referred to therein; 
 (ii) attached hereto as Exhibit C is a
true and complete copy of the by-laws of the Borrower as amended or restated on or prior to the date hereof and as in effect at all times since September 21, 2010, to and including the date hereof, and 

(iii) attached hereto as Exhibit D is a true and complete copy of the certificate of incorporation of the
Borrower, as amended or restated on or prior to the date hereof and as in effect at all times since September 21, 2010, to and including the date hereof; and 
 7. The following persons are now duly elected and qualified officers of the Borrower, holding the offices indicated next to their respective names below, and such officers have held such offices with the
Borrower at all times since September 21, 2010, to and including the date hereof, and the signatures appearing opposite their respective names below are the true and genuine signatures of such officers, and each of such officers is duly
authorized to execute and deliver on behalf of the Borrower, the Credit Agreement and the other Loan Documents and any certificate or other document to be delivered by the Borrower pursuant to the Credit Agreement or any such Loan Document:

  

					
	 Name
	  	 Office
	  	 Signature

	 Sachin J. Mehra
	  	Treasurer	  	 
			
	 C. Michael Ellison
	  	Assistant Treasurer	  	 

 Unless otherwise defined
herein, capitalized terms which are defined in the Credit Agreement and used herein are so used as so defined. 
 [remainder
of page intentionally blank] 

  
 2 

 IN WITNESS WHEREOF, the undersigned have hereunto set our names as of the date first set
forth above. 
  

					
	MASTERCARD INCORPORATED
		
	By:	 	 
		 	Name:	 	Sachin J. Mehra
		 	Title:	 	Treasurer
		
	By:	 	 
		 	Name:	 	Craig R. Brown
		 	Title:	 	Assistant Secretary

  
 3 

 EXHIBIT D-1 
 FORM OF 
 CAF ADVANCE REQUEST 

                ,
20     
 Citibank, N.A., as Managing Administrative Agent 
 1615 Brett Road, Building No. 3 
 New Castle, Delaware 19720 

JPMorgan Chase Bank, N.A., as Administrative Agent 
 500 Stanton Christiana Road, Ops. 2, Floor 03 
 Newark, Delaware 19713-2107 

Ladies and Gentlemen: 

Reference is made to the Credit Agreement, dated as of November 22, 2010, among the MasterCard Incorporated, a Delaware corporation,
the Lenders named therein, Citibank, N.A., as Managing Administrative Agent and JPMorgan Chase Bank, N.A., as Administrative Agent (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”). Terms
defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement. 
 This is a
[Fixed Rate] [LIBOR] CAF Advance Request pursuant to Section 2.9 of the Credit Agreement requesting offers for the following CAF Advances: 
 [NOTE: Pursuant to the Credit Agreement, a CAF Advance Request shall be transmitted in writing, by facsimile transmission, or by telephone, immediately confirmed by facsimile transmission. In any case, a
CAF Advance Request shall contain the information set forth in the grid below.] 
  

													
	 	  	Loan 1	 	  	Loan 2	 	  	Loan 3	 
	 Aggregate Principal Amount
	  	$	 	  	  	$	 	  	  	$	 	  
	 Borrowing Date
	  				  				  			
	 CAF Advance Maturity Date
	  				  				  			
	 CAF Advance Interest Payment Dates
	  				  				  			

  

					
	Very truly yours,
	
	MASTERCARD INCORPORATED
		
	By:	 	 
		 	Name:	 	
		 	Title:	 	

  
 2 

 EXHIBIT D-2 
 FORM OF 
 CAF ADVANCE OFFER 

_____, 20__ 
 Citibank, N.A., as
Managing Administrative Agent 
 1615 Brett Road, Building No. 3 
 New Castle, Delaware 19720 
 JPMorgan Chase Bank, N.A., as Administrative Agent 

500 Stanton Christiana Road, Ops. 2, Floor 03 

Newark, Delaware 19713-2107 
 Dear Sirs:

 Reference is made to the Credit Agreement, dated as of November 22, 2010, among MasterCard Incorporated, a Delaware
corporation (the “Borrower”), the Lenders named therein, Citibank, N.A., as Managing Administrative Agent for such Lenders and JPMorgan Chase Bank, N.A., as Administrative Agent for such Lenders (as amended, supplemented or
otherwise modified from time to time, the “Credit Agreement”). Terms defined in the Credit Agreement are used herein as therein defined. 
 In accordance with Sections 2.8 and 2.9 of the Credit Agreement, the undersigned Lender offers to make CAF Advances thereunder to the Borrower in the following amounts with the following maturity
dates: 
  

			
	 Borrowing Date: ________, 20___

 
	 	Aggregate Maximum Amount: $_________
		
	 Maturity Date 1: ____________, 20___
	 	 Maximum Amount: $_______

$_______ offered at ________*
 $_______ offered
at ________*

		
	 Maturity Date 2: ____________, 20___
	 	 Maximum Amount: $_______

$_______ offered at ________*
 $_______ offered
at ________*

		
	 Maturity Date 3: ____________, 20___
	 	 Maximum Amount: $_______

$_______ offered at ________*
 $_______ offered
at ________*

 [NOTE: Insert the interest rate offered for the specified CAF Advance where indicated by an
asterisk (*). In the case of LIBOR CAF Advances, insert a margin bid. In the case of Fixed Rate CAF Advances, insert a fixed rate bid.] 

  

			
	Very truly yours,
	
	[NAME OF LENDER]
		
	By:	 	 
		 	Name:
		 	Title:
		 	Telephone No.:
		 	Telecopy No.:

  
 2 

 EXHIBIT D-3 
 FORM OF 
 CAF ADVANCE CONFIRMATION 

________ __, 20__ 
 Citibank,
N.A., 
 as Managing Administrative Agent 
 1615 Brett Road, Building No. 3 
 New Castle, Delaware 19720] 

JPMorgan Chase Bank, N.A., 
 as Administrative
Agent 
 500 Stanton Christiana Road, Ops. 2, Floor 03 
 Newark, Delaware 19713-2107 
 Ladies and Gentlemen: 

Reference is made to the Credit Agreement, dated as of November 22, 2010, among the undersigned, MasterCard Incorporated, the
Lenders named therein, Citibank, N.A., as Managing Administrative Agent and JPMorgan Chase Bank, N.A., as Administrative Agent (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”). Terms defined
in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement. 
 In accordance with
Section 2.9 of the Credit Agreement, the undersigned accepts and confirms the offers by the CAF Advance Lender(s) to make CAF Advances to the undersigned on __________ __, 20___ under Section 2.9 in the (respective) amount(s) set
forth on the attached list of CAF Advances offered. 
  

			
	Very truly yours,
	
	MASTERCARD INCORPORATED
		
	By:	 	 
		 	Name:
		 	Title:

 [Borrower to attach CAF Advance offer list
prepared by the Managing Administrative Agent with accepted amount entered by the Borrower to the right of each CAF Advance Offer]. 

 EXHIBIT D-4 
 FORM OF 
 CAF ADVANCE ASSIGNMENT 

CAF Advance ASSIGNMENT, dated as of the date set forth in Item 1 of Schedule I hereto, among the Assignor Lender set forth in
Item 2 of Schedule I hereto (the “Assignor Lender”), the CAF Advance Assignee set forth in Item 3 of Schedule I hereto (the “CAF Advance Assignee”), and CITIBANK, N.A., as Managing Administrative
Agent for the Lenders under the Credit Agreement described below (in such capacity, the “Managing Administrative Agent”). 
 W I T N E S S E T H : 
 WHEREAS, this CAF Advance Assignment is being executed and delivered in accordance with subsection 9.6(c) of the Credit Agreement, dated as of November 22, 2010, among MasterCard Incorporated, a
Delaware corporation (the “Borrower”), the Assignor Lender and the other Lenders parties thereto, the Managing Administrative Agent and JPMorgan Chase Bank, N.A., as Administrative Agent for the Lenders (as from time to time
amended, supplemented or otherwise modified in accordance with the terms thereof, the “Credit Agreement”; unless otherwise defined herein, terms defined therein being used herein as therein defined); and 

WHEREAS, the Assignor Lender has advanced to the Borrower the CAF Advance described in Item 5 of Schedule I hereto (the
“CAF Advance”), and the Assignor Lender is assigning the CAF Advance to the CAF Advance Assignee pursuant to this CAF Advance Assignment; 
 NOW, THEREFORE, the parties hereto hereby agree as follows: 
 1. The Assignor
Lender acknowledges receipt from the CAF Advance Assignee of an amount equal to the purchase price, as agreed between the Assignor Lender and the CAF Advance Assignee, of the outstanding principal amount of, and accrued interest on, the CAF Advance.
The Assignor Lender hereby irrevocably sells, assigns and transfers to the CAF Advance Assignee without recourse, representation or warranty, except as set forth in subsection 4(i) hereof and the CAF Advance Assignee hereby irrevocably purchases,
takes and acquires from the Assignor Lender, the CAF Advance, together with all instruments and documents pertaining thereto. 

2. (a) From and after the date set forth in Item 4 of Schedule I hereto (the “Transfer Effective Date”),
principal and interest that would otherwise be payable to or for the account of the Assignor Lender pursuant to the CAF Advance shall, instead, be payable to or for the account of the CAF Advance Assignee, whether such amounts have accrued prior to
the Transfer Effective Date or accrue subsequent to the Transfer Effective Date. 
 (b) If Item 6 of
Schedule I hereto contains payment instructions for the CAF Advance Assignee and if the CAF Advance Assignee delivers a copy of this CAF Advance Assignment to the Managing Administrative Agent in accordance with subsection 9.6(f) of the Credit
Agreement at least 5 Business Days prior to the due date of any payment to the CAF 

 
Advance Assignee, the CAF Advance Assignee hereby instructs the Managing Administrative Agent to pay all such amounts payable to it pursuant to the provision of subparagraph (a) of this
paragraph 2, in accordance with such payment instructions. If Item 6 of Schedule I hereto does not contain payment instructions for the CAF Advance Assignee (or a copy hereof is not delivered to the Managing Administrative Agent as
aforesaid), the Assignor Lender and the CAF Advance Assignee agree that, notwithstanding the provisions of subparagraph (a) of this paragraph 2, the Assignor Lender is hereby appointed by the CAF Advance Assignee as its collection agent to
receive from the Managing Administrative Agent, for and on behalf of and for the account of the CAF Advance Assignee, all amounts payable to or for the account of the CAF Advance Assignee under the CAF Advance; the Assignor Lender will immediately
pay over to the CAF Advance Assignee any such amounts received by it, in like funds as received. 
 3. Each of the parties to
this CAF Advance Assignment agrees that at any time and from time to time upon the written request of any other party, it will execute and deliver such further documents and do such further acts and things as such other party may reasonably request
in order to effect the purposes of this CAF Advance Assignment. 
 4. By executing and delivering this CAF Advance Assignment,
the Assignor Lender and the CAF Advance Assignee confirm to and agree with each other and the Managing Administrative Agent and the Lenders as follows: (i) other than the representation and warranty that it is the legal and beneficial owner of
the interest being assigned hereby free and clear of any adverse claim and has the corporate power and authority, and the legal right to sell, assign and transfer the CAF Advance to the CAF Advance Assignee, the Assignor Lender makes no
representation or warranty and assumes no responsibility with respect to any statements, warranties or representations made in or in connection with the Credit Agreement or any other instrument or document furnished pursuant thereto or with respect
to the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Credit Agreement or such other instrument or document furnished pursuant thereto; (ii) the Assignor Lender makes no representation or warranty and
assumes no responsibility with respect to the financial condition of the Borrower or the performance or observance by the Borrower of any of its obligations under the Credit Agreement or any other instrument or document furnished pursuant thereto;
(iii) the CAF Advance Assignee confirms that it has received a copy of the Credit Agreement, together with copies of the financial statements referred to in Section 3.1, the financial statements delivered pursuant to Section 5.1, if
any, and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this CAF Advance Assignment; (iv) the CAF Advance Assignee will, independently and without reliance upon the
Managing Administrative Agent the Assignor 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 respect of the Credit Agreement; and
(v) the CAF Advance Assignee appoints and authorizes the Managing Administrative Agent to take such action as agent on its behalf and to exercise such powers under the Credit Agreement as are delegated to the Managing Administrative Agent by
the terms thereof, together with such powers as are reasonably incidental thereto, all in accordance with Section 8 of the Credit Agreement. 
 5. Each party hereto represents and warrants to and agrees with the Managing Administrative Agent that it is aware of and will comply with the provisions of Section 9.6 of the Credit Agreement.

  
 2 

 6. THIS CAF ADVANCE ASSIGNMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH,
THE LAW OF THE STATE OF NEW YORK. 
 IN WITNESS WHEREOF, the parties hereto have caused this CAF Advance Assignment to be
executed by their respective duly authorized officers on Schedule I hereto as of the date set forth in Item 1 of Schedule I hereto. 

  
 3 

  

			
	Item 1 (Date of CAF Advance Assignment):	  	[Insert date of CAF Advance Assignment]
		
	Item 2 (Assignor Lender):	  	[Insert name of Assignor Lender]
		
	Item 3 (CAF Advance Assignee):	  	[Insert name, address and telephone numbers and name of contact party of CAF Advance Assignee]
		
	Item 4 (Transfer Effective Date):	  	[Insert Transfer Effective Date] [To be a date not less than five business days after date of CAF Advance Assignment]
		
	Item 5 (Description of CAF Advance):	  	
		
	                      a. Date:	  	
	                      b. Principal Amount:	  	
		
	Item 6 (Payment Instructions):	  	[Complete only if payments are to be made by Managing Administrative Agent to CAF Advance Assignee rather than to Assignor Lender as collection agent for CAF Advance Assignee;
leave blank if Assignor Lender is to act as such collection agent]
		
	Item 7 (Signatures):	  	
		  	________________________________________________________________,
		  	        as Assignor Lender
		  	

									
				
		 		 	By:	 	 
	 		 		 	Name:
	 		 		 	Title:

			
		
		  	________________________________________________________________,
		  	        as Bid Loan Assignee

									
				
		 		 	By:	 	 
	 		 		 	Name:
	 		 		 	Title:

  
 4 

  

			
	ACCEPTED FOR RECORDATION IN REGISTER:
	
	CITIBANK, N.A.,
as Managing Administrative Agent
		
	By:	 	 
		 	Name:
		 	Title:

  
 5 

 EXHIBIT E 
 SWING LINE LOAN PARTICIPATION CERTIFICATE 
 ___________ __, 20__ 

 

			
	[Name of Lender]	  	
	 	  	
		
	 	  	
		
	 	  	

 Ladies and Gentlemen: 
 Pursuant to subsection 2.18(e) of the Credit Agreement, dated as of November 22, 2010 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”;
unless otherwise defined herein, terms defined in the Credit Agreement are used herein as therein defined), among MasterCard Incorporated, a Delaware corporation (the “Borrower”), the several banks and other financial institutions
from time to time parties thereto (the “Lenders”), Citibank, N.A., as Managing Administrative Agent for the Lenders thereunder (in such capacity, the “Managing Administrative Agent”), and JPMorgan Chase Bank, N.A.,
as Administrative Agent for the Lenders thereunder (in such capacity, the “Administrative Agent), the undersigned, as Swing Line Lender under the Credit Agreement, hereby acknowledges receipt from you on the date hereof of ___________
DOLLARS ($____) as payment for a participating interest in the following Swing Line Loan: 
  

			
	 Date of Swing Line Loan:
	  	______________
		
	 Principal Amount of Swing Line Loan Participating Interest:
	  	$_____________

  

			
	 Very truly yours,
  

[SWING LINE LENDER]

		
	By:	 	 
		 	Name:
		 	Title:

 EXHIBIT F-1 
 [FORM OF OPINION OF GENERAL COUNSEL TO THE BORROWER] 
 ________, 2010

 To (a) the several banks and other financial 
 institutions parties on the date hereof to the 
 Agreement referred to below,
(b) Citibank, 
 N.A., as Managing Administrative Agent under 

said Agreement and (c) JPMorgan Chase Bank, 
 N.A., as Administrative Agent under said 
 Agreement 

Dear Sirs: 
 I am General
Counsel of MasterCard Incorporated, a Delaware corporation (the “Borrower”), and am familiar with the Credit Agreement, dated as of November 22, 2010 (the “Agreement”), among the Borrower, the banks and other
financial institutions parties thereto (the “Lenders”), Citibank, N.A., as Managing Administrative Agent for the Lenders (in such capacity, the “Managing Administrative Agent”) and JPMorgan Chase Bank, N.A., as
Administrative Agent for the Lenders (in such capacity, the “Administrative Agent”). This opinion is delivered to you pursuant to subsection 4.1(g)(i) of the Agreement. Terms used herein which are defined in the Agreement shall have
the respective meanings set forth in the Agreement, unless otherwise defined herein. 
 In connection with this opinion, I have
examined an executed copy of the Agreement, and such corporate documents and records of the Borrower and its Subsidiaries and certificates of public officials and officers of the Borrower and its Subsidiaries, and such other documents, as I have
deemed necessary or appropriate for the purposes of this opinion. For the purposes of this opinion, I have assumed (i) the genuineness of all signatures of, and the authority of, Persons signing the Agreement on behalf of parties thereto other
than the Borrower, (ii) the authenticity of all documents submitted to me as originals and (iii) the conformity to authentic original documents of all documents submitted to me as certified, conformed or photostatic copies. 

Based upon the foregoing, I am of the opinion that: 

i. Each of the Borrower and its Subsidiaries (a) is an entity duly organized, validly existing and in good standing
(to the extent applicable) under the laws of the jurisdiction of its incorporation (provided that no opinion is given under this clause (a) with respect to any Subsidiary that is not a Material Subsidiary of the Borrower if the failure of such
Subsidiary to be duly organized, validly existing or in good standing could not reasonably be expected to have a Material Adverse Effect), (b) has the power and authority, and the legal right, to own and operate its property, to lease the
property it operates as lessee and to conduct the business in which it is currently engaged and (c) is duly qualified as a foreign entity and in good standing 

 
under the laws of each jurisdiction (other than that of its organization) where its ownership, lease or operation of property or the conduct of its business requires such qualification, except in
the case of (b) or (c), to the extent that the failure to have such power, authority and legal right or to qualify as a foreign entity or to be in good standing could not, individually or in the aggregate, reasonably be expected to have a
Material Adverse Effect. 
 ii. The execution, delivery and performance by the Borrower of the Agreement are
within the corporate powers of the Borrower, have been duly authorized by all necessary corporate action, require no governmental approval, and do not contravene any law or regulation applicable to, including, without limitation, Regulation T, U or
X of the Board, or any contractual restriction binding on, the Borrower. 
 iii. The Agreement has been duly
executed and delivered by the Borrower and constitutes a legal, valid and binding obligation of the Borrower, enforceable against it in accordance with its terms except as enforceability may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and by general equitable principles (whether enforcement is sought by proceedings in equity or at law). No consent or authorization of, filing
with, notice to or other act by or in respect of any Governmental Authority or any other Person is required in connection with the borrowings hereunder or with the execution, delivery, performance or validity of the Agreement other than those
expressly required by the terms of the Agreement. 
 iv. To the best of my knowledge after due inquiry, except to
the extent set forth in Schedule 3.6 attached to the Agreement or as previously disclosed in any public filings made by the Borrower, there are no pending or threatened actions or proceedings affecting the Borrower or any of its Subsidiaries which,
if determined adversely to the Borrower or such Subsidiary, could individually or in the aggregate reasonably be expected to have a Material Adverse Effect. 
 v. The Borrower is not an “investment company” or a company “controlled” by an “investment company”, within the meaning of the Investment Company Act of 1940, as amended.

 I am a member of the Bar of the State of New York and express no opinion on any laws other than the laws of the State of New
York, the Delaware Corporation Law and the federal laws of the United States. 
  

	
	Very truly yours,
	
	  
	Noah J. Hanft, Esq.
	General Counsel and Secretary

  
 2 

 EXHIBIT F-2 
 [FORM OF OPINION OF SPECIAL NEW YORK COUNSEL TO THE MANAGING ADMINISTRATIVE AGENT] 
 ________, 2010 
 To each of the Lenders, 
 the Managing Administrative Agent, and 
 the Administrative Agent party to the 

Credit Agreement referred to below 
 Ladies and
Gentlemen: 
 We have acted as special New York counsel to Citibank, N.A., as Managing Administrative Agent (in such capacity,
the “Managing Administrative Agent”) in connection with the Credit Agreement dated as of November 22, 2010 (the “Credit Agreement”) among MasterCard Incorporated (the “Borrower”), the several
banks and other financial institutions from time to time parties thereto (the “Lenders”), JPMorgan Chase Bank, N.A., as Administrative Agent (in such capacity, the “Administrative Agent”) and the Managing
Administrative Agent. 
 This opinion is furnished to you pursuant to Section 4.1(g)(ii) of the Credit Agreement. Unless
otherwise defined herein, terms defined in the Credit Agreement are used herein as therein defined. 
 In arriving at the
opinions expressed below, we have examined and relied on an executed counterpart of the Credit Agreement and we have made such investigations of law as we have deemed appropriate for purposes of this opinion. 

In our examination, we have assumed the genuineness of all signatures, the authenticity of all documents submitted to us as originals and
the conformity with authentic original documents of all documents submitted to us as copies. When relevant facts were not independently established, we have relied upon representations made in or pursuant to the Credit Agreement. 

In rendering the opinions expressed below, we have assumed, with respect to the Credit Agreement, that: 

(i) the Credit Agreement has been duly authorized by, has been duly executed and delivered by, and (except to the extent
set forth in the opinions below as to the Borrower) constitutes the legal, valid, binding and enforceable obligation of, all of the parties thereto; 
 (ii) all signatories to the Credit Agreement have been duly authorized; 

 (iii) all of the parties to the Credit Agreement are duly organized and
validly existing under the laws of their respective jurisdictions of incorporation and have the power and authority (corporate or other) to execute, deliver and perform the Credit Agreement. 

Based upon and subject to the foregoing and subject also to the comments and qualifications set forth below, and having considered such
questions of law as we have deemed necessary as a basis for the opinions expressed below, we are of the opinion that the Credit Agreement constitutes the legal, valid and binding obligation of the Borrower, enforceable against the Borrower in
accordance with its terms, except as may be limited by bankruptcy, insolvency, reorganization, fraudulent conveyance or transfer, moratorium or other similar laws relating to or affecting the rights of creditors generally and except as the
enforceability thereof is subject to the application of general principles of equity (regardless of whether considered in a proceeding in equity or at law), including, without limitation, (a) the possible unavailability of specific performance,
injunctive relief or any other equitable remedy and (b) concepts of materiality, reasonableness, good faith and fair dealing. 
 The foregoing opinions are subject to the following comments and qualifications: 
 (A) The enforceability of Section 9.5 of the Credit Agreement may be limited by laws limiting the enforceability of provisions releasing, exculpating or exempting a party from or requiring
indemnification of a party for its own action or inaction, to the extent the action or inaction involves gross negligence, recklessness, willful misconduct or unlawful conduct. 

(B) The enforceability of provisions in the Credit Agreement to the effect that terms may not be waived or modified except
in writing may be limited under certain circumstances. 
 (C) We express no opinion as to (i) the effect of
the laws of any jurisdiction in which any Lender is located (other than the State of New York) that limit the interest, fees or other charges such Lender may impose for the loan or use of money or other credit, (ii) Sections 9.6(b)
and 9.7(b) of the Credit Agreement to the extent they purport to grant a right of set-off, (iii) Section 9.13(a) of the Credit Agreement, insofar as it relates to the subject matter jurisdiction of any court of the United States of
America sitting in the Southern District of New York to adjudicate any controversy related to the Loan Documents, (iv) Section 9.13(b) of the Credit Agreement insofar as it relates to inconvenient forum with respect to any Federal court
and (v) Section 9.9 of the Credit Agreement. 
 The foregoing opinions are limited to matters involving the Federal
laws of the United States of America and the law of the State of New York, and we do not express any opinion as to the laws of any other jurisdiction. 

  
 2 

 This opinion letter is, pursuant to Section 4.1(g)(ii) of the Credit Agreement,
provided to you by us in our capacity as special New York counsel to the Agent and may not be relied upon by any Person for any purpose other than in connection with the transactions contemplated by the Credit Agreement without, in each instance,
our prior written consent. 
  

	
	Very truly yours,
	
	  
	

 RMG/MJB 

  
 3 

 EXHIBIT G 
 FORM OF 
 BORROWING NOTICE 

Citibank, N.A., 
 as Managing Administrative
Agent 
 1615 Brett Road, Building No. 3 
 New Castle, Delaware 19720 
 Attention: Agency Department 

JPMorgan Chase Bank, N.A., 
 as Administrative
Agent 
 500 Stanton Christiana Road, Ops. 2, Floor 03 
 Newark, Delaware 19713-2107 
 Dear Sirs: 

This Borrowing Notice is delivered to you by the undersigned (the “Borrower”) in connection with Section 2.2 of the
Credit Agreement, dated as of November 22, 2010 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among the Borrower, the several banks and other financial institutions from time to
time parties thereto (the “Lenders”), Citibank, N.A., as Managing Administrative Agent for the Lenders and JPMorgan Chase Bank, N.A., as Administrative Agent for the Lenders. Unless otherwise defined herein, capitalized terms used
herein have the meanings provided in the Credit Agreement. 
 The Borrower hereby requests that Loans be
made in the aggregate principal amount of $_________ on __________, 20___ (the “Borrowing Date”). The Borrower requests that such Loans be made as1 [LIBOR Loans in a principal amount of $______ having an initial Interest Period of [one week][_____ months] [ABR Loans
in a principal amount of $____________]. The Borrower requests that the Loans requested be paid into account at [bank]. 
 The
Borrower hereby certifies that the representations and warranties contained in Section 3 of the Credit Agreement (excluding the representations and warranties made in Section 3.2 and 3.6) will be true and correct in all material respects
on and as of the Borrowing Date with the same effect as if made on and as of such date both before and after giving effect to the Loans to be made on the Borrowing Date and that no event has occurred or will be continuing on the Borrowing Date, or
will result from the making of the Loans to be made on the Borrowing Date, which constitutes a Default or an Event of Default. 

 

	1	 Insert appropriate interest rate option, and, if applicable, interest period. If Loans are to be a combination of LIBOR and ABR Loans, specify the
respective amounts of each type. 

 IN WITNESS WHEREOF, the Borrower has caused this request and certificate to be executed and
delivered by its duly authorized officer this ________ day of _________, 20___. 
  

			
	MasterCard Incorporated
		
	By:	 	 
		 	Name:
		 	Title:

  
 2 

 EXHIBIT H 
 ASSIGNMENT AND ACCEPTANCE 
 Reference is made to the Credit Agreement,
dated as of November 22, 2010 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among MasterCard Incorporated, a Delaware corporation (the “Borrower”), the several
banks and other financial institutions from time to time parties thereto (the “Lenders”), Citibank, N.A., as Managing Administrative Agent for the Lenders (in such capacity, the “Managing Administrative Agent”) and
JPMorgan Chase Bank, N.A., as Administrative Agent for the Lenders (in such capacity, the “Administrative Agent”), and Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings
given to them in the Credit Agreement. 
 __________ (the “Assignor”) and _______ (the
“Assignee”) agree as follows: 
 i. The Assignor hereby irrevocably sells and assigns to the
Assignee without recourse to the Assignor, and the Assignee hereby irrevocably purchases and assumes from the Assignor without recourse to the Assignor, as of the Effective Date (as defined below) (but not prior to the registration of the
information contained herein in the Register pursuant to subsection 9.6(e) of the Credit Agreement), an interest (the “Assigned Interest”) in and to the Assignor’s rights and obligations under the Credit Agreement with respect
to those credit facilities contained in the Credit Agreement as are set forth on Schedule 1 (individually, an “Assigned Facility”; collectively, the “Assigned Facilities”), in a principal amount for each
Assigned Facility as set forth on Schedule 1. 
 ii. The Assignor (a) makes no representation or
warranty and assumes no responsibility with respect to any statements, warranties or representations made in or in connection with the Credit Agreement, any other Loan Document or any other instrument or document furnished pursuant thereto, or with
respect to the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Credit Agreement, any other Loan Document or any other instrument or document furnished pursuant thereto, other than that the Assignor has not
created any adverse claim upon the interest being assigned by it hereunder and that such interest is free and clear of any such adverse claim; (b) makes no representation or warranty and assumes no responsibility with respect to the financial
condition of the Borrower, any of its Subsidiaries or any other obligor or the performance or observance by the Borrower, any of its Subsidiaries or any other obligor of any of their respective obligations under the Credit Agreement or any other
Loan Document or any other instrument or document furnished pursuant hereto or thereto; and (c) (i) requests that the Managing Administrative Agent, upon request by the Assignee, (a) exchange any attached Notes for a new Note or Notes
payable to the Assignee or, (b) if the Assignor does not hold any Notes, issue a new Note or Notes payable to the Assignee if so requested and (ii) if (A) the Assignor has retained any interest in the Assigned Facility and
(B) the Assignor holds any Notes, requests that the Managing Administrative Agent exchange the attached Notes for a new Note or Notes payable to the Assignor, in each case in amounts which reflect the assignment being made hereby (and after
giving effect to any other assignments which have become effective on the Effective Date). 

 iii. The Assignee (a) represents and warrants that it is legally
authorized to enter into this Assignment and Acceptance; (b) confirms that, to the extent it has so required, it has received a copy of the Credit Agreement, together with copies of the financial statements referred to in or delivered pursuant
to Sections 3.1 and 5.1 thereof and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Assignment and Acceptance; (c) agrees that it will, independently and
without reliance upon the Assignor, the Managing Administrative Agent or any other Lender and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action
under the Credit Agreement, the other Loan Documents or any other instrument or document furnished pursuant hereto or thereto; (d) appoints and authorizes the Managing Administrative Agent to take such action as Managing Administrative Agent on
its behalf and to exercise such powers and discretion under the Credit Agreement, the other Loan Documents or any other instrument or document furnished pursuant hereto or thereto as are delegated to the Managing Administrative Agent by the terms
thereof, together with such powers as are incidental thereto; and (e) agrees that, with respect to the Assigned Interest, it will be a party to and bound by the provisions of the Credit Agreement and will perform in accordance with its terms
all the obligations which by the terms of the Credit Agreement are required to be performed by it as a Lender including, if it is organized under the laws of a jurisdiction outside the United States, its obligations pursuant to subsection 2.21(b) of
the Credit Agreement. 
 iv. The effective date of this Assignment and Acceptance shall be _________ ___, 20__
(the “Effective Date”). Following the execution of this Assignment and Acceptance and the consent hereto by the Borrower to the extent required under the Credit Agreement, it will be delivered to the Managing Administrative Agent
for acceptance by it and recording by the Managing Administrative Agent pursuant to the Credit Agreement, effective as of the Effective Date (which shall not, unless otherwise agreed to by the Managing Administrative Agent, be earlier than five
Business Days after the date of such acceptance and recording by the Managing Administrative Agent). 
 v. Upon
such acceptance and recording, from and after the Effective Date, the Managing Administrative Agent shall make all payments in respect of the Assigned Interest (including payments of principal, interest, fees and other amounts) to the Assignor and
Assignee. The Assignor and the Assignee shall make all appropriate adjustments in payments by the Managing Administrative Agent for periods prior to the Effective Date or with respect to the making of this assignment directly between themselves.

 vi. From and after the Effective Date, (a) the Assignee shall, with respect to the Assigned Interest, be
a party to the Credit Agreement and, to the extent provided in this Assignment and Acceptance, have the rights and obligations of a Lender thereunder and under the other Loan Documents and shall be bound by the provisions thereof and (b) the
Assignor shall, to the extent provided in this Assignment and Acceptance, relinquish its rights (except pursuant to Sections 2.19, 2.20 and 9.5 of the Credit Agreement) and be released from its obligations under the Credit Agreement.

 vii. This Assignment and Acceptance shall be governed by and construed in accordance with the law of the State
of New York. 

  
 2 

 viii. This Agreement may be executed by one or more of the parties to this
Agreement on any number of separate counterparts (including by facsimile transmission), and all of said counterparts taken together shall be deemed to constitute one and the same instrument. 

IN WITNESS WHEREOF, the parties hereto have caused this Assignment and Acceptance to be executed as of the date first above written by
their respective duly authorized officers on Schedule 1 hereto. 

  
 3 

 Schedule 1 
 to Assignment and Acceptance 
 Re: Assignment and Acceptance relating to the Credit
Agreement, dated as of November 22, 2010 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among MasterCard Incorporated, a Delaware corporation (the “Borrower”), the
several banks and other financial institutions from time to time parties thereto (the “Lenders”), Citibank, N.A., as Managing Administrative Agent for the Lenders (in such capacity, the “Managing Administrative
Agent” ) and JPMorgan Chase Bank, N.A., as Administrative Agent for the Lenders (in such capacity, the “Administrative Agent”). 
  

 
  
 Name of Assignor: 
 Name of Assignee: 
 Effective Date of Assignment: 
  

					
	 Credit Facility Assigned
	  	Principal
Amount Assigned	 
	 Revolving Credit
	  	$	_________	  

 The terms set forth above are hereby
agreed to by: 
  

									
	[NAME OF ASSIGNEE]	 		 	[NAME OF ASSIGNOR]
					
	By	 	 	 		 	By	 	 
	Name:	 		 		 	Name:	 	
	Title:	 		 		 	Title:	 	
			
	Accepted:	 		 	Consented To:
			
	CITIBANK, N.A., as Managing Administrative Agent	 		 	MASTERCARD INCORPORATED
					
	By	 	 	 		 	By	 	 
	Name:	 		 		 	Name:	 	
	Title:	 		 		 	Title:	 	

  
 4 

 EXHIBIT I 
 [FORM OF COMPLIANCE CERTIFICATE] 
 Pursuant to subsection 5.2(a) of the
Credit Agreement, dated as of November 22, 2010 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among MasterCard Incorporated, a Delaware corporation (the
“Borrower”), the several banks and other financial institutions from time to time parties thereto (the “Lenders”), Citibank, N.A., as Managing Administrative Agent for the Lenders and JPMorgan Chase Bank, N.A., as
Administrative Agent for the Lenders, the undersigned, ______________ of the Borrower, hereby certifies that during the period from [            ] to
[            ] (the “Reporting Period”), except as set forth on Schedule I hereto: 

1. The representations and warranties of the Borrower set forth in the Credit Agreement and each of the other Loan
Documents or which are contained in any certificate, document or financial or other statement furnished pursuant to or in connection with the Credit Agreement are true and correct in all material respects (except that such representations and
warranties that are qualified as to materiality are true and correct in all respects) on and as of the date hereof with the same effect as if made on the date hereof, except for representations and warranties expressly stated to relate to a specific
earlier date, in which case such representations and warranties were true and correct as of such earlier date; 

2. To the best of my knowledge, during Reporting Period, the Borrower has observed or performed all of its covenants and
other agreements, and satisfied every condition, contained in the Credit Agreement, including the negative covenant set forth in Section 6.1 of the Credit Agreement, and the other Loan Documents to be observed, performed or satisfied by it.

 3. No Default or Event of Default has occurred and is continuing as of the date hereof. 

4. Attached are true and correct calculations demonstrating compliance with Section 6.1 of the Credit Agreement.

 Unless otherwise defined herein, capitalized terms which are defined in the Credit Agreement and used herein are so used as
so defined. 
 IN WITNESS WHEREOF, the undersigned has hereunto set his or her name and affixed the corporate seal. 

 

			
	MASTERCARD INCORPORATED
		
	By:	 	 
	Name:	 	 
	Title:	 	 

 Date: __________ __, 20___ 

 Schedule I to 

Compliance Certificate 
 [Disclosure] 

 EXHIBIT J-1 
 [FORM OF NEW LENDER SUPPLEMENT] 
 SUPPLEMENT, dated ___________, to the
Credit Agreement dated as of November 22, 2010 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among MASTERCARD INCORPORATED, a Delaware corporation (the “Borrower”),
the several banks and other financial institutions parties thereto (the “Lenders”), CITIBANK, N.A., as Managing Administrative Agent (in such capacity, the “Managing Administrative Agent”) for the Lenders and
JPMORGAN CHASE BANK, N.A., as Administrative Agent (in such capacity, the “Administrative Agent”) for the Lenders. 
 W I T N E S S E T H : 
 WHEREAS, the Credit Agreement provides in
subsection 2.23(b) thereof that any bank, financial institution or other entity, although not originally a party thereto, may become a party to the Credit Agreement with the consent of the Borrower and the Managing Administrative Agent by executing
and delivering to the Borrower and the Managing Administrative Agent a supplement to the Credit Agreement in substantially the form of this Supplement; and 
 WHEREAS, the undersigned was not an original party to the Credit Agreement but now desires to become a party thereto; 
 NOW, THEREFORE, the undersigned hereby agrees as follows: 
 1. The
undersigned agrees to be bound by the provisions of the Credit Agreement, and agrees that it shall, on the date this Supplement is accepted by the Borrower and the Managing Administrative Agent, become a Lender for all purposes of the Credit
Agreement to the same extent as if originally a party thereto, with a Commitment of $            . 

2. The undersigned (a) represents and warrants that it is legally authorized to enter into this Supplement;
(b) confirms that it has received a copy of the Credit Agreement, together with copies of the financial statements delivered pursuant to Section 3.1 thereof and such other documents and information as it has deemed appropriate to make its
own credit analysis and decision to enter into this Supplement; (c) agrees that it has made and will, independently and without reliance upon the Managing Administrative Agent or any other Lender and based on such documents and information as
it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Credit Agreement or any instrument or document furnished pursuant hereto or thereto; (d) appoints and authorizes the
Managing Administrative Agent to take such action as Managing Administrative Agent on its behalf and to exercise such powers and discretion under the Credit Agreement or any instrument or document furnished pursuant hereto or thereto as are
delegated to the Managing Administrative Agent by the terms thereof, together with such powers as are incidental thereto; and (e) agrees that it will be bound by the provisions of the Credit Agreement

 
and will perform in accordance with its terms all the obligations which by the terms of the Credit Agreement are required to be performed by it as a Lender including, without limitation, if it is
organized under the laws of a jurisdiction outside the United States, its obligation pursuant to subsection 2.21(b) of the Credit Agreement. 
 3. The undersigned’s address for notices for the purposes of the Credit Agreement is as follows: 
 4. Terms defined in the Credit Agreement shall have their defined meanings when used herein. 
 IN WITNESS WHEREOF, the undersigned has caused this Supplement to be executed and delivered by a duly authorized officer on the date first above written. 

 

			
	[INSERT NAME OF LENDER]
		
	By	 	 
		 	Name:
		 	Title:

  

			
	Accepted this _____ day of
	____________, _______.
	
	MASTERCARD INCORPORATED
		
	By	 	 
		 	Name:
		 	Title:
	
	Accepted this _____ day of
	____________, _______.
	
	CITIBANK, N.A., as Managing Administrative Agent
		
	By	 	 
		 	Name:
		 	Title:

  
 2 

 EXHIBIT J-2 
 [FORM OF COMMITMENT INCREASE SUPPLEMENT] 
 SUPPLEMENT, dated ____________,
to the Credit Agreement dated as of November 22, 2010 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among MASTERCARD INCORPORATED, a Delaware corporation (the
“Borrower”), the several banks and other financial institutions parties thereto (the “Lenders”), CITIBANK, N.A., as Managing Administrative Agent (in such capacity, the “Managing Administrative
Agent”) for the Lenders and JPMORGAN CHASE BANK, N.A., as Administrative Agent (in such capacity, the “Administrative Agent”) for the Lenders. 
 W I T N E S S E T H : 
 WHEREAS, the Credit Agreement provides in
subsection 2.23(c) thereof that any Lender with (when applicable) the consent of the Borrower may increase the amount of its Commitment by executing and delivering to the Borrower and the Managing Administrative Agent a supplement to the Credit
Agreement in substantially the form of this Supplement; and 
 WHEREAS, the undersigned now desires to increase the amount of
its Commitment under the Credit Agreement; 
 NOW THEREFORE, the undersigned hereby agrees as follows: 

1. The undersigned agrees, subject to the terms and conditions of the Credit Agreement, that on the date this Supplement
is accepted by the Borrower and the Managing Administrative Agent it shall have its Commitment increased by $            , thereby making the amount of its Commitment
$            . 
 2. Terms defined in the
Credit Agreement shall have their defined meanings when used herein. 
 [remainder of page intentionally blank] 

 IN WITNESS WHEREOF, the undersigned has caused this Supplement to be executed and delivered
by a duly authorized officer on the date first above written. 
  

			
	[INSERT NAME OF LENDER]
		
	By	 	 
		 	Name:
		 	Title:

  

			
	Accepted this _____ day of
	____________, _______.
	
	MASTERCARD INCORPORATED
		
	By	 	 
		 	Name:
		 	Title:
	
	Accepted this _____ day of
	____________, _______.
	
	CITIBANK, N.A., as Managing Administrative Agent
		
	By	 	 
		 	Name:
		 	Title:

  
 2 

 EXHIBIT K-1 
 [FORM OF U.S. TAX CERTIFICATE] 
 (For Non-U.S. Lenders That Are
Not Partnerships For U.S. Federal Income Tax Purposes) 
 Reference is hereby made to the Credit Agreement, dated as of
November 22, 2010, (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among MASTERCARD INCORPORATED, a Delaware corporation (the “Borrower”), the several banks and other
financial institutions from time to time parties to the Credit Agreement (the “Lenders”), CITIBANK, N.A., as managing administrative agent for the Lenders under the Credit Agreement (in such capacity, the “Managing
Administrative Agent”), and JPMORGAN CHASE BANK, N.A., as administrative agent for the Lenders under the Credit Agreement (in such capacity, the “Administrative Agent”). 

Pursuant to the provisions of Section 2.21 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole
record and beneficial owner of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it
is not a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code, (iv) it is not a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code and
(v) the interest payments in question are not effectively connected with the undersigned’s conduct of a U.S. trade or business. 
 The undersigned has furnished the Managing Administrative Agent and the Borrower with a certificate of its non-U.S. person status on United States Internal Revenue Service Form W-8BEN. By
executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform the Borrower and the Managing Administrative Agent and (2) the undersigned shall
have at all times furnished the Borrower and the Managing Administrative Agent with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two
calendar years preceding such payments. 
 Unless otherwise defined herein, terms defined in the Credit Agreement and used
herein shall have the meanings given to them in the Credit Agreement. 
  

			
	[NAME OF LENDER]
		
	By:	 	 
		 	Name:
		 	Title:

 Date: ________ __, 20[    ]

 EXHIBIT K-2 
 [FORM OF U.S. TAX CERTIFICATE] 
 (For Non-U.S. Lenders That Are
Partnerships For U.S. Federal Income Tax Purposes) 
 Reference is hereby made to the Credit Agreement, dated as of
November 22, 2010 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among MASTERCARD INCORPORATED, a Delaware corporation (the “Borrower”), the several banks and other
financial institutions from time to time parties to the Credit Agreement (the “Lenders”), CITIBANK, N.A., as managing administrative agent for the Lenders under the Credit Agreement (in such capacity, the “Managing
Administrative Agent”), and JPMORGAN CHASE BANK, N.A., as administrative agent for the Lenders under the Credit Agreement (in such capacity, the “Administrative Agent”). 

Pursuant to the provisions of Section 2.21 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole
record owner of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) its partners/members are the sole beneficial owners of such Loan(s) (as well as any Note(s) evidencing such
Loan(s)), (iii) with respect to the extension of credit pursuant to this Credit Agreement, neither the undersigned nor any of its partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of
its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its partners/members is a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code, (v) none of its
partners/members is a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code, and (vi) the interest payments in question are not effectively connected with the undersigned’s or its
partners/members’ conduct of a U.S. trade or business. 
 The undersigned has furnished the Managing Administrative
Agent and the Borrower with United States Internal Revenue Service Form W-8IMY accompanied by a United States Internal Revenue Service Form W-8BEN from each of its partners/members claiming the portfolio interest exemption. By executing
this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform the Borrower and the Managing Administrative Agent and (2) the undersigned shall have at
all times furnished the Borrower and the Managing Administrative Agent with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar
years preceding such payments. 
 Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall
have the meanings given to them in the Credit Agreement. 

  

			
	[NAME OF LENDER]
		
	By:	 	 
		 	Name:
		 	Title:

 Date: ________ __, 20[    ]

  
 2 

 EXHIBIT K-3 
 [FORM OF U.S. TAX CERTIFICATE] 
 (For Non-U.S. Participants That
Are Not Partnerships For U.S. Federal Income Tax Purposes) 
 Reference is hereby made to the Credit Agreement, dated as of
November 22, 2010 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among MASTERCARD INCORPORATED, a Delaware corporation (the “Borrower”), the several banks and other
financial institutions from time to time parties to the Credit Agreement (the “Lenders”), CITIBANK, N.A., as managing administrative agent for the Lenders under the Credit Agreement (in such capacity, the “Managing
Administrative Agent”), and JPMORGAN CHASE BANK, N.A., as administrative agent for the Lenders under the Credit Agreement (in such capacity, the “Administrative Agent”). 

Pursuant to the provisions of Section 2.21 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole
record and beneficial owner of the participation in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of the
Borrower within the meaning of Section 871(h)(3)(B) of the Code, (iv) it is not a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code, and (v) the interest payments in question
are not effectively connected with the undersigned’s conduct of a U.S. trade or business. 
 The undersigned has
furnished its participating Lender with a certificate of its non-U.S. person status on United States Internal Revenue Service Form W-8BEN. By executing this certificate, the undersigned agrees that (1) if the information provided on
this certificate changes, the undersigned shall promptly so inform such Lender in writing and (2) the undersigned shall have at all times furnished such Lender with a properly completed and currently effective certificate in either the calendar
year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments. 

Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the
Credit Agreement. 
  

			
	[NAME OF PARTICIPANT]
		
	By:	 	 
		 	Name:
		 	Title:

 Date: ________ __, 20[    ]

 EXHIBIT K-4 
 [FORM OF U.S. TAX CERTIFICATE] 
 (For Non-U.S. Participants That
Are Partnerships For U.S. Federal Income Tax Purposes) 
 Reference is hereby made to the Credit Agreement, dated as of
November 22, 2010 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among MASTERCARD INCORPORATED, a Delaware corporation (the “Borrower”), the several banks and other
financial institutions from time to time parties to the Credit Agreement (the “Lenders”), CITIBANK, N.A., as managing administrative agent for the Lenders under the Credit Agreement (in such capacity, the “Managing
Administrative Agent”), and JPMORGAN CHASE BANK, N.A., as administrative agent for the Lenders under the Credit Agreement (in such capacity, the “Administrative Agent”). 

Pursuant to the provisions of Section 2.21 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole
record owner of the participation in respect of which it is providing this certificate, (ii) its partners/members are the sole beneficial owners of such participation, (iii) with respect such participation, neither the undersigned nor any
of its partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its partners/members is a ten
percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code, (v) none of its partners/members is a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code,
and (vi) the interest payments in question are not effectively connected with the undersigned’s or its partners/members’ conduct of a U.S. trade or business. 

The undersigned has furnished its participating Lender with United States Internal Revenue Service Form W-8IMY accompanied by a
United States Internal Revenue Service Form W-8BEN from each of its partners/members claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate
changes, the undersigned shall promptly so inform such Lender and (2) the undersigned shall have at all times furnished such Lender with a properly completed and currently effective certificate in either the calendar year in which each payment
is to be made to the undersigned, or in either of the two calendar years preceding such payments. 
 Unless otherwise defined
herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement. 
  

			
	[NAME OF PARTICIPANT]
		
	By:	 	 
		 	Name:
		 	Title:

 Date: ________ __, 20[    ]Alcoa Retirement Savings Plan for Fastener Systems Employees

 Exhibit 4(c) 
 ALCOA RETIREMENT SAVINGS PLAN 
 FOR 

FASTENER SYSTEMS AND COMMERCIAL WINDOWS EMPLOYEES 
 EFFECTIVE JANUARY 1, 2011 

 ALCOA RETIREMENT SAVINGS PLAN FOR FASTENER SYSTEMS AND 

COMMERCIAL WINDOWS EMPLOYEES 
 TABLE OF CONTENTS 
  

							
	 SECTION
	 	 	  	PAGE	 
		
	 DEFINITIONS
	  	 	1	  
		
	 GENERAL PROVISIONS
	  	 	10	  
			
	 SECTION 1.
	 	PARTICIPATION	  	 	10	  
	 SECTION 2.
	 	EMPLOYEE SAVINGS	  	 	10	  
	 SECTION 3.
	 	PARTICIPATING EMPLOYER CONTRIBUTIONS	  	 	12	  
	 SECTION 4.
	 	DISCRETIONARY CONTRIBUTIONS	  	 	13	  
	 SECTION 5.
	 	EMPLOYER RETIREMENT INCOME CONTRIBUTIONS	  	 	14	  
	 SECTION 6.
	 	NONFORFEITURE OF PARTICIPATING EMPLOYER AND DISCRETIONARY CONTRIBUTIONS	  	 	14	  
	 SECTION 7.
	 	ROLLOVER CONTRIBUTIONS	  	 	14	  
	 SECTION 8.
	 	INVESTMENTS	  	 	15	  
	 SECTION 9.
	 	TRANSFERS BETWEEN INVESTMENTS	  	 	16	  
	 SECTION 10.
	 	WITHDRAWALS DURING EMPLOYMENT	  	 	16	  
	 SECTION 11.
	 	DISTRIBUTIONS UPON TERMINATION OF EMPLOYMENT	  	 	17	  
	 SECTION 12.
	 	PAYMENT OF DISTRIBUTIONS UPON TERMINATION OF EMPLOYMENT	  	 	18	  
	 SECTION 13.
	 	GENERAL PROVISIONS WITH RESPECT TO WITHDRAWALS	  	 	20	  
	 SECTION 14.
	 	NONASSIGNABILITY	  	 	21	  
	 SECTION 15.
	 	EXTENT OF PARTICIPANT’S RIGHTS	  	 	21	  
	 SECTION 16.
	 	MANAGEMENT OF FUNDS	  	 	22	  
		
	 OTHER PROVISIONS OF THE PLAN
	  	 	26	  
			
	 SECTION 17.
	 	LOANS	  	 	26	  
	 SECTION 18.
	 	TRUST	  	 	27	  
	 SECTION 19.
	 	ADMINISTRATION	  	 	27	  
	 SECTION 20.
	 	AMENDMENT, MODIFICATION, SUSPENSION OR TERMINATION	  	 	29	  
	 SECTION 21.
	 	ADMINISTRATIVE EXPENSES	  	 	31	  
	 SECTION 22.
	 	SELECTION OF BENEFICIARIES	  	 	31	  
	 SECTION 23.
	 	PARTICIPANT’S STATEMENT	  	 	32	  
	 SECTION 24.
	 	EFFECTIVE DATE OF PLAN	  	 	32	  
	 SECTION 25.
	 	CONSTRUCTION	  	 	32	  

  
 Alcoa Retirement Savings Plan
for Fastener Systems and 
 Commercial Windows Employees 
 Effective January 1, 2011 
 i 

							
	 APPENDICES & SCHEDULES
	  	 	33	  
			
	 APPENDIX A.
	 	LIMITATIONS & DISCRIMINATION TESTING	  	 	33	  
	 APPENDIX B.
	 	CODE SECTION 415 LIMITATIONS	  	 	45	  
	 APPENDIX C.
	 	TOP HEAVY RULES	  	 	46	  
	 APPENDIX D.
	 	MINIMUM DISTRIBUTION REQUIREMENTS	  	 	48	  
	 SCHEDULE A
	 	MERGERS, TRANSFERS, AND RESTATEMENTS	  	 	52	  
	 SCHEDULE B
	 	PARTICIPATING EMPLOYERS, PARTICIPATING EMPLOYER CONTRIBUTIONS (MATCH), AND EMPLOYER RETIREMENT INCOME CONTRIBUTIONS (ERIC)	  	 	53	  

  
 Alcoa Retirement Savings Plan
for Fastener Systems and 
 Commercial Windows Employees 
 Effective January 1, 2011 
 ii 

 ALCOA RETIREMENT SAVINGS PLAN FOR FASTENER SYSTEMS 

AND COMMERCIAL WINDOWS EMPLOYEES 
 EFFECTIVE JANUARY 1, 2011 
 The Alcoa Retirement Savings Plan for Fastener
Systems and Commercial Windows Employees (the “FS and CW Plan” or “Plan”) is established by Alcoa Global Fasteners, Inc. (herein called “AGF”) for the benefit of its eligible employees and the employees of Participating
Employers. The FS and CW Plan is a defined contribution, individual account 401(k) plan intended to qualify under Section 401(a) of the Internal Revenue Code. The purpose of the FS and CW Plan is to provide retirement benefits, and at the same
time enable Participants to acquire a stock interest in Alcoa Inc. Alcoa Stock Fund is an employee stock ownership plan, within the meaning of Section 4975(e) of the Code. The assets held in the ESOP must be invested primarily in
employer securities as defined in Code Section 409(l). 
 DEFINITIONS 

For the purpose of this Plan, unless a different meaning is plainly required by the context: 

AFFILIATE means any non-corporate business entity or corporate business entity without voting stock, as such, which Alcoa and/or
one or more Subsidiaries control in fact. 
 AFTER-TAX SAVINGS means such portions of the total amounts contributed to
the Plan by a Participant in accordance with Section 2 that are not accorded favorable tax treatment under Section 401(k) of the Code, but not including contributions made by a Participant in excess of the annual limit on 401(k)
contributions under Code Section 402(g) or in excess of the “average deferral percentage limit” of Section 401(k)(3) of the Code. 
 ALCOA means Alcoa Inc., the parent company of AGF. 
 ALCOA STOCK
FUND means the ESOP as described in Section 16(e). 

  
 Alcoa Retirement Savings Plan
for Fastener Systems and 
 Commercial Windows Employees 
 Effective January 1, 2011 
 1 

 AUTOMATIC ENROLLMENT or AUTOMATICALLY ENROLLED means the automatic default enrollment
in the Plan described in Sections 1(b) and 2(c) and applicable to Eligible Employees who do not opt out of the Plan. 

AUTOMATIC PRE-TAX RATE ESCALATION means the feature that is effective with Automatic Enrollment or that may be elected by a
Participant, in which the rate of Payroll Deduction for Pre-Tax Savings is increased until a target Payroll Deduction rate is reached. The Automatic Pre-Tax Rate Escalation will increase effective April 1 of each year. 

AUTOMATIC REBALANCING means the feature described in Section 8(d). 

BENEFICIARY means the recipient or recipients designated by a Participant, in accordance with Section 22 of the Plan, to
receive benefits in the event of the Participant’s death. 
 BENEFITS MANAGEMENT COMMITTEE or COMMITTEE means the
administrative committee of one or more persons appointed by the Board that interprets and administers the Plan in accordance with Section 19. 
 BOARD means the Board of Directors of AGF. 
 BROKERAGE ACCOUNT means
the investment option whereby a Participant may invest and personally manage investments outside the Core Funds as described in Section 16(h). 
 BUSINESS DAY means any day on which the Plan Administrator, Designee and New York Stock Exchange is open for business. 
 CODE means the Internal Revenue Code of 1986, as amended. 
 COMPANY
STOCK means common stock of Alcoa and any substituted security under Section 16. 
 CONTINUOUS SERVICE means,
except as modified by the balance of this definition and as otherwise specifically provided in Schedule C with respect to certain Participant populations, the period of continuous employment with AGF, Alcoa, its Subsidiary or Affiliate, either as a
salaried employee or as an hourly-rated employee, commencing with the Participant’s Employment Commencement Date or Reemployment Commencement Date. Continuous Service terminates on the Participant’s Severance from Service Date. Continuous
Service upon reemployment does not include any Continuous Service accrued prior to a termination of Continuous Service, except as follows: 
 A Participant who incurs a Severance from Service Date and thereafter has a Reemployment Commencement Date, will have his or her Continuous Service on the Severance from Service Date reinstated if
(1) the period between his or her Severance from Service Date and his or her Reemployment Commencement Date is less than the greater of (a) five years or 

  
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(b) the aggregate number of years of Continuous Service earned before the Severance from Service Date, or (2) the Severance from Service Date occurred due to a Nonforfeitable
Circumstance. 
 CORE FUND means any investment vehicle (including the Alcoa Stock Fund and Target Maturity Funds) for
Pre-Tax Savings, After-Tax Savings, Participating Employer Contributions, Discretionary Contributions, Restricted Discretionary Contributions, or Employer Retirement Income Contributions, but excluding the Brokerage Account. The Committee will
determine the Core Funds, and may make changes to the composition of the funds from time to time. 
 CURRENT MARKET VALUE
means with respect to any investment allocated to the accounts of any Participant in the Core Funds, the unitized value of the securities and cash of the investment in the applicable Fund as of a specified date, less any fees provided for
in Section 21, valued in accordance with a procedure adopted by the investment manager for the fund and acceptable to the Benefits Management Committee. 
 DESIGNEE means such entity as may be chosen from time to time by the Plan Administrator and approved by the Benefits Management Committee to handle certain specified administration functions of the
Plan. 
 DISCRETIONARY CONTRIBUTIONS means amounts contributed by a Participating Employer as determined under
Section 4(a). 
 EFFECTIVE DATE with respect to a distribution has the meaning prescribed in Section 13, with
respect to a transfer has the meaning prescribed in Section 9 and with respect to a qualified domestic relations order has the meaning prescribed in Section 14. 
 ELIGIBLE COMPENSATION means: (i) the regular base salary and if applicable, the base salary adjustment (where commission payments constitute all or part of an employee’s remuneration, the
commissions actually paid as remuneration during a regular pay period will be used to determine the Eligible Compensation for such employee); (ii) the regular hourly wages and if applicable: cash cola, regular vacation pay, witness pay, holiday
advance pay (for a holiday not worked), bereavement pay, shift differential, jury pay, job upgrades, schedule premium, income adjustments, and wage adjustments which are payable during such periods as the employee is an Eligible Employee as
determined by the Participating Employers. In no event may the amount of Eligible Compensation for any Participant during any Plan Year, for any purposes under this Plan, exceed $245,000, as adjusted for any Plan Year for cost-of-living increases in
accordance with Section 401(a)(17)(B) of the Code applicable to that calendar year. 
 ELIGIBLE EMPLOYEE means any
person who meets all of the following conditions: 
 (a) (1) Is a resident or citizen of the U.S., employed by a
Participating Employer at a participating Company (Company Code) and specified location (Location Code), as indicated in Schedule B (including individuals temporarily assigned to non-US locations); or 

  
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 (2) Is not a U.S. resident or citizen, but is employed by a Participating Employer at
a participating Company (Company Code) and specified location (Location Code), as indicated in Schedule B on a long term assignment and has been localized to that location’s payroll and benefits; and 

(b) Is a Full-time or Part-time Employee, and receives regular compensation in the form of: (1) a weekly, semimonthly or
monthly salary, (2) periodic commissions, (3) an hourly wage; and 
 (c) Is not in a unit of employees covered
by a collective bargaining agreement, unless such agreement provides for the application of the Plan to the employees in such unit and does not provide for supplemental unemployment benefits or similar benefits; and 

(d) Is not in a group of employees excluded from coverage under the Plan by the Benefits Management Committee, or the appropriate
governing body of a Participating Employer, which is uniform in application to all employees similarly situated; and 
 (e)
Is not a U. S. resident or citizen who is on the Company’s U.S. expatriate payroll and benefit program; and 
 (f)
Is not an agency, leased, or contract employee (as determined by the Company, without regard to any court, or agency decision determining common-law employment status) or is an individual who is not on the payroll of the Company and receiving a
W-2. A “leased employee” is defined in Section 414(n) of the Code and is excluded from participation in the Plan. (For purposes of this Plan only, any former leased employee, upon becoming an Eligible Employee, will receive Continuous
Service credit for all prior service performed with the recipient Participating Employer as a leased employee prior to becoming an Eligible Employee.) 
 (g) Is a Temporary Employee who, in addition to meeting the above described terms and conditions (other than (b)), has at least one year of Continuous Service. 

EMPLOYER RETIREMENT INCOME CONTRIBUTIONS (also “ERIC”) means an amount equal to the percentage of Eligible Compensation
specified in Section 5 that is contributed to Eligible Employees hired or rehired on or after March 1, 2006, or as indicated in Schedule B, to the Eligible Employees of a specified location who i) whether or not citizens of the U.S.,
transfer from a location outside of the U.S. to a participating U. S. location and is localized, or ii) are not U.S. citizens and were participants in the Global Pension Plan as of December 31, 2008, will receive ERIC contributions without
regard to original date of hire or rehire. For purposes of this paragraph, “localized” means to be paid from a U.S. location payroll. 
 Employees employed at a company and location that does not participate in Alcoa Retirement Plan I as of December 31, 2009, who were hired or rehired prior to March 1, 2006, and who transfer on
or after January 1, 2010 to a company and location that receives ERIC under this Plan as indicated in Schedule B, will commence to receive ERIC contributions following the transfer, regardless of their date of hire. 

  
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 EMPLOYMENT COMMENCEMENT DATE means the date on which an Eligible Employee is first
employed by and performs an Hour of Service for AGF, Alcoa, its Subsidiary or an Affiliate as a Full-Time or Part-Time Employee, or with respect to an individual described in subsection (g) of the definition of Eligible Employee, a Temporary
Employee. 
 ERISA means the Employee Retirement Income Security Act of 1974 as amended. 

ESOP or EMPLOYEE STOCK OWNERSHIP PLAN means the Alcoa Stock Fund as described in Section 16(e). 

FINANCIAL HARDSHIP means an immediate and heavy financial need which a Participant is not able to meet from other reasonably
available resources. An immediate and heavy financial need includes: 
 (a) Extraordinary medical expenses incurred by
the Participant, the Participant’s spouse, or dependents of the Participant; 
 (b) Purchase, excluding mortgage
payments, of a principal residence for the Participant; 
 (c) Payment of tuition for the next year of post-secondary
education for the Participant, his or her spouse, children or dependents; 
 (d) Expenses necessary to prevent eviction
of the Participant from his principal residence, or foreclosure on the mortgage of the Participant’s principal residence; 

(e) Funeral expenses of a family member; and 
 (f) All other expenses that the Internal Revenue Service will accept as an immediate and heavy financial need. 

A withdrawal will be deemed to be necessary to satisfy an immediate and heavy financial need of a Participant if all of
the following requirements are satisfied: 
 (i) The withdrawal is not in excess of the amount of the
immediate and heavy financial need (including taxes on such withdrawal) of the Participant, 
 (ii) The
Participant has obtained all distributions, other than hardship withdrawals, and all nontaxable loans currently available under all plans maintained by the Participating Employer (unless such a loan would contribute to the hardship), 

  
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 (iii) The Plan, and all other qualified and non-qualified plans of
deferred compensation maintained by all Participating Employers (other than health and welfare or contributory defined benefit plans), provide that the Participant’s Savings will be suspended for at least 6 months after receipt of the hardship
withdrawal, and 
 (iv) The Participant may not contribute Pre-Tax Savings to the Plan or make similar
contributions to other plans maintained by the Participating Employer for the following taxable year in excess of the applicable limit under Section 402(g) of the Code for the following taxable year minus the Participant’s Pre-Tax Savings
for the taxable year of the hardship withdrawal. 
 Based upon the foregoing provisions, the Designee determines whether or not a Participant
has incurred a Financial Hardship. 
 FULL-TIME EMPLOYEE means an active employee who works 100 percent of a regular work
schedule for the location where he or she is employed. 
 HOUR OF SERVICE means: 

(a) Each hour for which an employee is paid or entitled to payment for the performance of duties for AGF, Alcoa, its Subsidiary or
Affiliate; 
 (b) Each hour for which an Employee is paid or entitled to payment by AGF, Alcoa, its Subsidiary or
Affiliate on account of a period during which no duties are performed, whether or not the employment relationship has terminated, due to vacation, holiday, illness, incapacity (including disability), layoff, jury duty, military duty, or leave of
absence; and 
 (c) Each hour for which back pay, irrespective of mitigation of damages, is either awarded or agreed to
by AGF, Alcoa, its Subsidiary or Affiliate, excluding any hour credited under (a) or (b) above, which is credited to the computation period or periods to which the award, agreement or payment pertains, rather than to the computation period
in which the award, agreement or payment is made. 
 INVESTMENT FUND means any Core Fund and the Brokerage Account.

 KEY EMPLOYEE means any employee or former employee (including any deceased employee) who at any time during the Plan
Year that includes the determination date, as defined in Section 416(g)(4)(C) of the Code, was i) an officer of a Participating Employer having annual compensation greater than $130,000 (as adjusted under Section 416(i)(1) of the Code, ii)
a five percent owner of the Participating Employer, or iii) a one percent owner of a Participating Employer having annual compensation of more than $150,000. For this purpose, annual compensation means compensation as defined in
Section 415(c)(3) of the Code, but includes amounts contributed by the Participating Employer pursuant to a salary reduction agreement which are excludable from the Participant’s gross income under Section 125, 402(a),
Section 401(h), Section 401(b), and Section 132(f)(4). 

  
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 LAYOFF or LAID-OFF means the absence from employment due to a reduction of a
Participating Employer’s work force due to lack of work, where it is intended that the Participant will be subject to recall. A Layoff ends on the earlier of the effective date of a recall or the date the Participant’s service terminates
in the case where such Layoff has continued for at least twenty-four months calculated from the first day of the Lay Off. 

NORMAL RETIREMENT AGE means the time a Participant attains age 65. 

PART-TIME EMPLOYEE means an active employee who works at least 50 percent but less than 100 percent of the regular work schedule
for the location where he or she is employed. 
 PARTICIPANT means: 

(a) an Eligible Employee who has elected to participate in the Plan in accordance with the provisions of Section 1, or who
receives Employer Retirement Income Contributions, Discretionary Contributions or Restricted Discretionary Contributions, or who is Automatically Enrolled in the Plan. Such a person continues as a Participant so long as he or she has an account
balance in the Plan. Notwithstanding the foregoing, a contractor, agency employee, temporary employee or “leased employee” as defined in Section 414(n) of the Code is not a Participant under the Plan, or 

(b) an Eligible Employee who is employed with a Participating Employer on December 31 of any Plan Year where such
Participating Employer has elected to make a Discretionary Contribution or Restricted Discretionary Contribution for that Plan Year. 
 PARTICIPATING EMPLOYER means AGF, except as specified hereafter, and any other entity in which Alcoa or one or more Subsidiaries or Affiliates have an ownership interest, and that is authorized by
AGF to participate in the Plan and which adopts the Plan by proper action of its board of directors or other governing body, provided that each said entity agrees to reimburse AGF from time to time upon demand for its proper portion of the expenses
and contributions required to carry out the provisions hereof and of the agreement under which the assets of the Plan are held or managed. Schedule B lists applicable locations of Participating Employers. 

PARTICIPATING EMPLOYER CONTRIBUTIONS means amounts contributed by a Participating Employer as determined under Section 3.

 PARTICIPATION DATE means the date on which an Eligible Employee commences participation in the Plan. 

  
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 PAYROLL DEDUCTIONS means the Pre-Tax Savings and After-Tax Savings based on a
reduction of the Participants’ Eligible Compensation for the applicable Payroll Period. 
 PAYROLL PERIOD means the
regularly scheduled payroll cycles in which a Participant earns Eligible Compensation. 
 PERMANENT LAYOFF means an
absence from employment due to a reduction of the work force by a Participating Employer due to lack of work, where it is intended that the Participant will not be subject to recall. A Participant’s Continuous Service for purposes of the Plan
will be terminated on the first day of Permanent Layoff. 
 PERMANENT SHUTDOWN means the permanent shutdown, as
determined by a Participating Employer, of a plant, department or substantial portion thereof, of a Participating Employer at which a Participant who is affected thereby is employed. 

PLAN means the Alcoa Retirement Savings Plan for Fastener Systems and Commercial Windows Employees, effective January 1,
2011, and as may be amended from time to time. 
 PLAN ADMINISTRATOR means AGF. 

PLAN YEAR means the calendar year. 
 PRE-TAX CATCH-UP CONTRIBUTIONS means contributions permitted under Section 414(v) of the Code, as described in Section 2(l) of the Plan. 

PRE-TAX SAVINGS means the amount by which a Participant has elected to reduce his or her Eligible Compensation and defer the
receipt thereof in accordance with Section 2 and the contribution of the said amount to the Plan, or an amount by which a Participant’s Eligible Compensation is deferred and contributed to the Plan pursuant to Automatic Enrollment.

 PROPERLY RECEIVED means any request to participate, request to change participation in the Plan, request for
suspension of Payroll Deductions, a request for a transfer between investments in accordance with Sections 8 or 9, or a request for a withdrawal in accordance with either Section 10 or 11, or a Beneficiary designation, consent or revocation in
accordance with Section 22, are Properly Received provided it is received by the Plan Administrator or its Designee in accordance with uniform rules established by the Plan Administrator. 

QUALIFIED DEFAULT INVESTMENT ALTERNATIVE or QDIA means the Targeted Maturity Funds to which the Plan may direct the assets of a
Participant’s account in the absence of Participant investment direction. Each Participant’s account will be invested in the appropriate Targeted Maturity Fund based on the Participant’s year of birth. 

  
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 REEMPLOYMENT COMMENCEMENT DATE means the date on which a Participant is first
reemployed by a Participating Employer following a Severance from Service Date. 
 RESTRICTED DISCRETIONARY CONTRIBUTIONS
means amounts contributed by a Participating Employer as determined under Section 4(b). 
 RETIREMENT means
termination of Continuous Service with rights to a pension other than a deferred vested pension benefit under a retirement plan of Alcoa and/or a Subsidiary and/or an Affiliate, termination of Continuous Service upon or after attainment of age 55
and completion of 10 years of Continuous Service, or Normal Retirement Age. 
 ROLLOVER CONTRIBUTION means an eligible
rollover distribution as described in Section 402(c)(4) of the Code, or a direct transfer of an eligible rollover distribution as described in Section 401(a)(31) of the Code (“Direct Rollover”) which is transferred to the Plan
pursuant to Section 7.  
 SAVINGS means the total amount of Pre-Tax Savings and After-Tax Savings
contributed to the Plan in accordance with Section 2. 
 SEVERANCE FROM SERVICE DATE means the date Continuous
Service terminates and is the earliest of the date the Eligible Employee quits, retires, is discharged (including Permanent Layoffs), or dies, or the first anniversary of the first date he or she is absent from work for any other reason.
Notwithstanding the foregoing, an employee will not be deemed to have terminated from Continuous Service until the second anniversary of the employee’s absence, if the absence is due to the pregnancy of the Eligible Employee, the birth of a
child of the Eligible Employee or the placement of a child with the Eligible Employee in connection with adoption proceedings, or for purposes of caring for that child for a period beginning immediately following such birth or placement. The period
between the first anniversary and second anniversary of the first day of absence will not constitute Continuous Service. Severance from Service Date will also mean the date on which a participant ceases employment with AGF, Alcoa or its Subsidiary
in connection with a sale of assets or interest in a Participating Employer and commences employment with the purchaser of such assets or interest, provided there is no transfer to the purchaser of Plan assets and liabilities relating to such
participant. 
 SUBSIDIARY means a corporation a majority of whose voting stock is owned or controlled by Alcoa and/or
one or more other Subsidiaries. 
 TARGETED MATURITY FUNDS means the investment vehicles that are pre-mixed funds
consisting of varying asset allocations that follow an investment strategy based on a targeted retirement date. Targeted Maturity Funds are Core Funds. 
 TEMPORARY EMPLOYEE means a person who does not work on a regular schedule, or works less than fifty percent of the regular hours for the location where he or she is employed, or works fifty percent
or more of the regular hours for the location but is hired for a specified period of time not to exceed twelve month. 

  
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 TOTAL AND PERMANENT DISABILITY means disability by injury or disease which, on the
basis of medical evidence satisfactory to a medical doctor chosen by the Benefits Management Committee, prevents the employee from engaging in any employment with AGF, Alcoa, a Subsidiary or Affiliate suitable to his or her training and experience
and will be permanent and continuous during the remainder of the employee’s life, and the employee is not otherwise employed by AGF, Alcoa, a Subsidiary or Affiliate. 
 TRUSTEE means the Trustee or Trustees appointed by the Board in accordance with the provisions of Section 18. 
 U.S. means United States of America. 
 GENERAL PROVISIONS 

SECTION 1. PARTICIPATION 

An Eligible Employee participates in the Plan: 
 (a) by submitting application or request for participation that is Properly Received, or by receiving Discretionary Contributions, Restricted Discretionary Contributions, Participating Employer
Contributions, or Employer Retirement Income Contributions; or 
 (b) is Automatically Enrolled sixty days following
Employment Commencement Date or Reemployment Commencement Date, or after an employee employed on a temporary basis becomes an Eligible Employee. 
 (c) is Automatically Enrolled sixty days following the initial participation of a new Company or Location resulting from an acquisition or restructuring of a business unit. 

SECTION 2. EMPLOYEE SAVINGS 
 (a) An Eligible Employee may elect to pay into the Plan through Payroll Deductions properly authorized by such employee, a whole percentage of his or her Eligible Compensation in an amount equal to
one through twenty-five percent, and After-Tax Savings equal to one through ten percent, the aggregate of which cannot be greater than twenty-five percent. 
 (b) An Eligible Employee subject to Automatic Enrollment will be subject to automatic Payroll Deductions equal to three percent of Eligible Compensation for any applicable payroll period, which
will be contributed to the Plan as Pre-Tax Savings. Absent the Participant’s election of investment funds, such Pre-Tax Savings will be deposited into the appropriate QDIA, as described in Section 8(a). 

  
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 (c) Payroll Deductions for Pre-Tax Savings made pursuant to Automatic Enrollment are
subject to Automatic Pre-Tax Rate Escalation whereby, providing the Participant has participated in the Plan at least ninety days, the Participant’s Pre-Tax Savings rate will be increased by one percent on each April 1 after his or her
Participation Date until the Pre-Tax Savings rate attains a target rate of six percent of Eligible Compensation. A Participant may change the percentage rate in whole percentages up to the maximum permitted by the Plan or opt out of Automatic
Pre-Tax Rate Escalation at any time in a manner designated by the Plan Administrator that is Properly Received. 
 Any
Participant may elect to begin or end Automatic Pre-Tax Savings Rate Escalation at any time in a manner designated by the Plan that is Properly Received. An election to begin Automatic Pre-Tax Saving Rate Escalation shall designate a beginning
Pre-Tax Savings rate, a target rate up to the maximum permitted by the Plan, and an annual rate (in whole percentages) by which the Pre-Tax rate increases until the target rate is attained.  

(d) Any employee contributions which have been contributed to a Participant’s account under a qualified defined contribution
plan of a Participating Employer which has been merged with this Plan, are credited to the Participant as Pre-Tax and After-Tax Savings Accounts, as applicable, as determined by the Plan Administrator, and thereafter be treated like Pre-Tax and
After-Tax Savings with respect to withdrawals, loans, and investment options under the Plan. Any protected optional form of benefits provided under said qualified defined contribution plan will be maintained under the Plan. 

(e) All Participating Employer Contributions and Discretionary Contributions, and Restricted Discretionary Contributions and
Employer Retirement Income Contributions are irrevocable, except that any such contribution which was made by a mistake of fact or conditioned upon qualification of the Plan or any amendment thereof under Section 401 of the Code or upon the
deductibility of the contribution under Section 404 of the Code, will be returned to the Participating Employer within one year after the payment of the contribution made by mistake, the denial of the qualification or the disallowance of the
deduction (to the extent disallowed), whichever is applicable. 
 (f) A Participant may change his or her election for
Payroll Deductions, effective for the first full Payroll Period following the date that such request is Properly Received. 

(g) A Participant may direct that Payroll Deductions for Savings be discontinued beginning with the first full Payroll Period
following the date that such direction is Properly Received. A Participant may direct that such deductions be resumed beginning with the first full Payroll Period following the date that such direction is Properly Received, except as provided in the
definition of Financial Hardship. 
 (h) Payroll Deductions are paid to the Trustee as soon as practicable. 

  
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 (i) Additional limitations on Savings, Participating Employer Contributions,
Discretionary Contributions and Restricted Discretionary Contributions are provided in Appendices A, B and C. 
 Notwithstanding
the foregoing, in the event it is determined by the Benefits Management Committee or its designee that for any particular month the maximum percentage of Eligible Compensation which a Participant may elect to pay into the Plan as Pre-Tax Savings
must be reduced so as to prevent the actual percentage of Pre-Tax Savings for Participants who are Highly Compensated Employees from exceeding the elected percentage of Pre-Tax Savings of all other Participants, pursuant to the limitations in the
Appendices, the maximum percentage of Pre-Tax Savings for said Highly Compensated Employees may be reduced, for any particular Month to the extent deemed necessary by the Benefits Management Committee or its designee. The said Participants’
previously elected percentage of After-Tax Savings will not be affected in any manner by a reduction of the maximum percentage of Pre-Tax Savings in accordance with the foregoing. 

(j) An Eligible Employee who meets the requirements listed below may make an election for a Plan Year to defer extra Pre-Tax
Catch-Up Contributions in an amount that equals an annual maximum amount of $5,000, or such other amount adjusted for cost-of-living increases as may be provided by the Secretary of the Treasury pursuant to Section 414(v)(2) (C) of the
Code. Eligible Employees who meet the requirements are individuals who i) have attained 50 or will attain age 50 during the applicable Plan Year; ii) are contributing no less than six percent of Eligible Compensation in Pre-Tax Savings; and iii)
have submitted an election to make Pre-Tax Catch-Up Contributions for applicable Plan Year. 
 (k) A Participant
who’s compensation is suspended due to an absence from employment due to military leave protected by Uniformed Services Employment and Reemployment Rights Act of 1994 (“USERRA”), may upon his or her return to employment contribute
“make up” Pre-Tax Contributions equal to the amount he or she would have contributed except for the absence based upon the Participant’s election on file. Such make up contributions must be paid to the Plan during a period that does
not exceed the lesser of three times the length of time of the military leave or five years, commencing from the date employment is resumed. 

SECTION 3. PARTICIPATING EMPLOYER CONTRIBUTIONS (MATCH) 
 Participating Employer Contributions will be allocated under the Plan to the account of those Participants for whom Pre-Tax Savings are paid into the Plan for such Payroll Period in accordance with
Section 2, where the Participating Employer with whom the Participant is actively employed has elected to make such contributions. All Participating Employer Contributions are invested in the Alcoa Stock Fund. 

(a) A Participating Employer may elect to make Participating Employer Contributions of a specific amount for each dollar of the
Participant’s Eligible Compensation he 

  
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or she contributes to the Plan as Pre-Tax Savings up to six percent of the Participant’s Eligible Compensation. Unless disapproved by the Benefits Management Committee, a Participating
Employer’s election to make or change a Participating Employer Contribution for current and future Plan Years may be made at any time during the Plan Year and continue until changed by the Participating Employer. Schedule B provides a list of
Participating Employers and Participating Employer Contributions. Subject to the provisions of Section 6 relating to the application of forfeitures of Participating Employer Contributions, the amount of all such Contributions are contributed on
a Payroll Period basis by the Participating Employer out of current income or accumulated earnings. 
 Any employer
contributions which have been contributed to a Participant’s account under a qualified defined contribution plan of a Participating Employer which has been merged with this Plan, are credited to the Participant as Participating Employer
Contributions and thereafter be treated like Participating Employer Contributions with respect to withdrawals, loans, and investment options under the Plan. Any protected optional form of benefits provided under said merged qualified defined
contribution plan will be maintained under the Plan. 
 SECTION 4. DISCRETIONARY CONTRIBUTIONS 

(a) A Participating Employer for each Plan Year may contribute under the Plan to the account of those Eligible Employees who are
employed with said Participating Employer on the last day of the Plan Year such amounts of Discretionary Contributions as its board of directors or in the case of an Affiliate, the appropriate governing entity determines, unless disapproved by the
Benefits Management Committee. Discretionary Contributions are allocated to Eligible Employees based on either uniform dollar amounts or whole or partial percentages of Eligible Compensation. A Participating Employer may elect to make one
Discretionary Contribution for any Plan Year on or before December 31 of said Plan Year and may direct the Trustee to promptly invest such amount in the Alcoa Stock Fund. 
 (b) A Participating Employer for each Plan Year may contribute under the plan to the account of those Eligible Employees who are employed with said Participating Employer on the last day of the
Plan Year, Restricted Discretionary Contributions in an amount determined by its board of directors or in the case of an Affiliate, the appropriate governing entity, unless disapproved by the Benefits Management Committee. Restricted Discretionary
Contributions will be allocated to Eligible Employees based on either uniform dollar amounts or whole or partial percentages of Eligible Compensation. A Participating Employer may elect to make one Restricted Discretionary Contribution for any Plan
Year on or before December 31 of the Plan Year. The Restricted Discretionary Contribution will be paid to the Trustee no later than the date fixed by law for the filing of the Participating Employer’s federal income tax return for the year
for which the contribution is made, including any extensions of time granted by the Internal Revenue Service for filing the return. The Participating employer may direct the Trustee to promptly invest such amount in the Alcoa Stock Fund; otherwise,
Restricted Discretionary Contributions will be invested in accordance with the provisions of Section 8(b). 

  
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 (c) An Eligible Employee who incurs an absence due to military leave protected by
USERRA and eligible to receive Discretionary or Restricted Discretionary Contributions will receive those contributions based on the Eligible Compensation that would have been received had the individual remained actively employed during the period
of military leave. 
 SECTION 5. EMPLOYER RETIREMENT INCOME CONTRIBUTIONS (ERIC) 

Employer Retirement Income Contributions of three percent of Eligible Compensation will be made to the accounts of Participants with an
Employment Commencement Date or Reemployment Commencement Date occurring on or after March 1, 2006, on a Payroll Period basis. Notwithstanding the foregoing, Eligible Employees of certain locations designated in Schedule B will receive Employer
Retirement Income Contributions as of the date indicated, regardless of the date of their Employment Commencement Date or Reemployment Commencement Date. 
 An Eligible Employee who incurs an absence due to military leave protected by USERRA and eligible to receive Employer Retirement Income Contributions (“ERIC) will receive those contributions based on
the Eligible Compensation that would have been received had the individual remained actively employed during the period of military leave. Withdrawals of Employer Retirement Income Contributions are permitted by Participants who have attained age 59 1/2. 

Effective January 1, 2009, any person, i) whether or not a citizen of the U.S., who transfers from a location outside of the U.S. to
a participating U.S. location, or ii) who is not a citizen of the U.S. and was a participant in the Global Pension Plan as of December 31, 2008 and transferred from a location outside of the U.S. to a participating U.S. location, will be
eligible for Employer Retirement Income Contributions, regardless of the individuals date of hire. 
 SECTION 6. NONFORFEITURE OF
PARTICIPATING EMPLOYER CONTRIBUTIONS, DISCRETIONARY CONTRIBUTIONS RESTRICTED DISCRETIONARY CONTRIBUTIONS, AND EMLOYER RETIREMENT INCOME CONTRIBUTIONS 
 All Participating Employer Contributions, Discretionary Contributions, Restricted Discretionary Contributions, and Employer Retirement Income Contribution, and any investment earnings attributable thereto
held in a Participant’s account are nonforfeitable and not subject to divestment. 
 SECTION 7. ROLLOVER CONTRIBUTIONS 

An Eligible Employee of a Participating Employer who is or may become a Participant may, unless disapproved under objective procedures established by the
Benefits Management Committee, make a Rollover Contribution to the Plan. An Eligible Employee’s Rollover Contribution is credited to his or her account and thereafter treated like the Participant’s Pre-Tax Savings with respect to
withdrawals, loans and investment options under the Plan. 

  
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 SECTION 8. INVESTMENTS 
 (a) Savings and Employer Retirement Income Contributions. Pre-Tax Savings (including Rollover Contributions), After-Tax Savings, and Employer Retirement Income Contributions will be
invested, at the election of the Participant, in any of the Core Funds in one percent increments. Pre-Tax Savings of any Participant who is Automatically Enrolled and Employer Retirement Income Contributions made to the account of a Participant who
has not made investment election will be contributed to the appropriate QDIA fund, based on the Participant’s date of birth. 
 A Participant may change his or her current investment election or transfer assets deposited by the Plan into a QDIA fund any day of the Plan Year, to be effective for the next following Payroll Period,
within the limitations otherwise provided in this Plan, by directing the Plan Administrator or its Designee to make such change which direction is Properly Received. 
 (b) Participating Employer Contributions, Discretionary Contributions and Restricted Discretionary Contributions. Participating Employer Contributions must be invested in the Alcoa Stock
Fund subject to Section 9. Discretionary Contributions, and Restricted Discretionary Contributions may be invested in the Alcoa Stock Fund if directed by the Participating Employer, subject to Section 9, or otherwise invested in the same
Core Funds elected by the Participant for his or her current Savings (or if none, then in the QDIA). 
 (c) Brokerage
Account. A portion of Pre-Tax or After Tax Savings, and Participating Employer Contributions, Discretionary Contributions, Restricted Discretionary Contributions, or Employer Retirement Income Contributions subject to transfer as provided in
Section 9, or any other amounts invested in the Core Funds may be transferred in amounts of $1000 or more and reallocated to a Brokerage Account, a self-directed brokerage account that allows a Participant to select and personally manage
investment options not otherwise available under the Plan, in accordance with the provisions of Section 16. Any amounts to be withdrawn, loaned or distributed from a Brokerage Account must be first transferred back to the Core Funds, as
described in Section 16(h). 
 (d) Automatic Rebalancing of Investments. A Participant may elect to
have his or her account balance automatically rebalanced, or readjusted, at ninety-day intervals, to equal the percentage(s) directed by the Participant for investing such account balance in any Core Fund(s). The Participant may cancel Automatic
Rebalancing at any time in a manner designated by the Plan Administrator that is Properly Received. 

  
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 SECTION 9. TRANSFERS BETWEEN INVESTMENTS 

(a) Transfers of Savings, Participating Employer, Discretionary, Restricted Discretionary and Employer Retirement Income
Contributions. A Participant may elect to transfer in whole percentage increments or specified dollar amounts all or part of the Current Market Value of the Participants’ Pre-Tax Savings, After Tax Savings, Participating
Employer, Discretionary, Restricted Discretionary and Employer Retirement Income Contributions subject to the following: 
 (1) transfers from any one or more Core Funds to the Brokerage Account must be made in amounts of $1000 or more; 
 (2) transfers may be made on a daily basis; 
 (3) investment Fund
transfers do not constitute a change in the Participant’s current investment election; and 
 (4) transfer
provisions may be subject to restrictions imposed by mutual fund companies underlying the Core Funds. 
 (b) Effective
Date of Transfer. The effective date of any transfer will be the date for which the appropriate direction to the Plan Administrator or its Designee has been Properly Received. 

(c) Value of Transfer. The Current Market Value of Savings, Participating Employer Contributions, Discretionary
Contributions, Restricted Discretionary Contributions, and Employer Retirement Income Contributions to be transferred into or out of an Investment Fund are determined in accordance with the value of the Investment Fund at the close of business of
the Business Day on the Effective Date. 
 SECTION 10. WITHDRAWALS DURING EMPLOYMENT 

Effective with respect to the Current Market Value of Pre-Tax Savings, Discretionary Contributions, Restricted
Discretionary Contributions, and Participating Employer Contributions made to the Plan or a prior plan from which the account of a Participant has been transferred after on or after January 1, 2011, withdrawals during employment are permitted
upon attainment by the Participant of age 59 1/2.
Notwithstanding, withdrawals are permitted during employment prior to attainment of age 59 1/2 with respect to the Current Market Value of any Pre-Tax Savings transferred to this Plan from a prior plan, provided the following conditions are met: 

 

	 	i)	the Pre-Tax Savings were contributed to the prior plan before January 1, 2011; and 

 

	 	ii)	the Plan Administrator or Designee has determined that the Participant has suffered a Financial Hardship. 

  
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 A Participant may withdraw the Current Market Value of After-Tax Savings at any time (subject to a $250.00
minimum). 
 SECTION 11. DISTRIBUTIONS UPON TERMINATION OF EMPLOYMENT 

(a) A Participant whose Continuous Service terminates is eligible to receive as a distribution the Current Market Value of all Savings,
Participating Employer Contributions, Discretionary Contributions, Restricted Discretionary Contributions, and Employer Retirement Income Contributions made to the Participant’s accounts. In the event a Participant who has terminated employment
received a total distribution of the Current Market Value of his or her account under the Plan has a Reemployment Commencement Date, he or she will not be permitted to repay the distributed amount other than as a Rollover Contribution from an
eligible retirement plan described in Sections 402(c)(4) and 401(a)(31) of the Code, as provided in Section 7. 
 (b)
Direct Rollovers. 
 (i) Notwithstanding any provision of the Plan to the contrary that would otherwise limit a
distributee’s election under this subsection, a distributee may elect, at the time and in the manner prescribed by the Plan Administrator, to have any portion of an eligible rollover distribution paid directly to an eligible retirement plan
specified by the distributee in a direct rollover. 
 (ii) Definitions: 

(1) Eligible rollover distribution: An eligible rollover distribution means any distribution to an employee of all or any portion of the
balance to the credit of the employee in the Plan, and as otherwise described in this subsection (1). An eligible rollover distribution does not include any distribution that is one of a series of substantially equal periodic payments (not less
frequently than annually) made for the life (or life expectancy) of the distributee or the joint lives (or joint life expectancies) of the distributee’s designated Beneficiary; or for a specified period of ten years or more; any distribution to
the extent such distribution is required under Section 401(a)(9) of the Code; and any amount distributed on account of hardship. 
 (2) Eligible Retirement Plan: An eligible retirement plan is an individual retirement account or individual retirement annuity described in Sections 408(a) and 408(b) of the Code; a qualified trust
described in Section 401(a) of the Code that accepts the distributee’s eligible rollover distribution; an annuity plan or contract described in Sections 403(a) and 403(b) of the Code; or an eligible plan under Section 457(b) of the
Code which is maintained by a state, political subdivision of a state, or any agency or instrumentality of a state or political subdivision of a state that agrees to separately account for amounts transferred into such plan from this plan. The
definition of eligible retirement plan will also apply in the case of 

  
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a distribution to a surviving spouse of a Participant or the spouse or former spouse who is the alternate payee under a qualified domestic relations order as defined in Section 414(p) of the
Code. With respect to an eligible rollover distribution to a Participant’s nonspouse Beneficiary, an eligible retirement plan is an individual retirement account or annuity described in Sections 408(a) and 408(b) of the Code established for the
purpose of receiving such distribution, and identifying the deceased Participant and Beneficiary. 
 (3) Distributee: A
distributee includes an employee or former employee. In addition, the employee’s or former employee’s surviving spouse and the employee’s or former employee’s spouse or former spouse who is an alternate payee under a qualified
domestic relations order, as defined in Section 414(p) of the Code, are distributees with regard to the interest of the spouse or former spouse. Effective January 1, 2008, a distributee includes the employee’s or former
employee’s nonspouse Beneficiary, provided the transfer of the eligible rollover distribution is made as described in paragraph (4) below. 
 (4) Direct Rollover: A direct rollover is a payment by the Plan to the eligible retirement plan specified by the distributee. 
 SECTION 12. PAYMENT OF DISTRIBUTIONS UPON TERMINATION OF EMPLOYMENT 
 (a)
Subject to the following provisions of this Section, payment to a Participant or Beneficiary of the Current Market Value of all Savings, Participating Employer Contributions, Restricted Discretionary Contributions, and Employer Retirement Income
Contributions in the Participant’s account from any Investment Fund, other than the Alcoa Stock Fund, upon the Participant’s termination of Continuous Service is made in cash. All amounts held in the Alcoa Stock Fund at the time of the
Participant’s termination of Continuous Service are paid in cash or Company Stock. Such payment will be made in accordance with the following rules: 
 (i) If the Current Market Value of all of the Participant’s vested account balances (not including Rollover Contributions) in all qualified defined contribution plans of Alcoa, the Subsidiaries and
Affiliates (i) is greater than $1,000 but less than $5,000, the distribution will be paid in a direct rollover to an individual retirement account designated by the Benefits Management Committee unless the Participant, or Beneficiary if
applicable, elects to have such distribution paid directly to an eligible retirement plan specified by the Participant or Beneficiary in a direct rollover or to receive the distribution directly in cash. 

(ii) If the Current Market Value of all of the Participant’s vested account balances in all defined contribution plans of Alcoa, the
Subsidiaries and Affiliates exceeds $5,000, the distribution is made upon the consent of the Participant, or surviving spouse if applicable, and if no consent is given and no claim for benefits has been made, such distribution is made in total upon
his or her attainment of age 70. Prior to the distribution of the total Current Market Value of the Participant’s total account balance, the Participant, or the Beneficiary in the 

  
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case of a Participant who dies with an account balance in the Plan, may request four partial distributions (subject to a $250.00 minimum) during each Plan Year in which the account balance is
maintained in the Plan. Notwithstanding the foregoing, in the event that a claim for benefits is made, a distribution is made no later than the 60th day after the latest of the last day of the Plan Year in which occurs: (1) the date on which
the Participant attains the earlier of age 65, (2) occurs the tenth anniversary of the year in which the Participant commenced participation in the Plan, or (3) the Participant terminates his or her service with the Participating Employer.

 (iii) If a distribution is one to which Sections 401(a)(11) and 417 of the Code do not apply, such distribution may commence
less than 30 days after the notice required under Section 1.411(a)-11(c) of the Income Tax Regulations is given, provided that: 
 a. the Plan Administrator clearly informs the Participant that the Participant has a right to a period of at least 30 days after receiving the notice to consider the decision of whether or not to elect a
distribution (and, if applicable a particular distribution option), and 
 b. the Participant, after receiving
the notice, affirmatively elects a distribution. 
 (iv) If the Participant dies with an account balance in the Plan, the entire
interest of the Participant will be distributed not later than 5 years after the death of the Participant. 
 (b) Upon
any distribution of Company Stock from the Alcoa Stock Fund, the Trustee delivers to the recipient a certificate representing the number of whole shares of Company Stock being distributed and cash equal to the Current Market Value on the Effective
Date of distribution of any fractional interest in a share being distributed. With respect to any shares of Company Stock which are to be sold for the account of the recipient, the Trustee may, at its option (1) purchase such shares for Plan
purposes at the Current Market Value on the Effective Date of distribution, or (2) sell such shares on the open market for the account of the recipient. 

(c) Notwithstanding the foregoing provisions of this Section, distribution of a Participant’s account
balances commences the April 1 next following the calendar year in which the Participant attains age
70- 1/2 years after January 1, 1988 and in
accordance with Section 13(b). 
 (d) Notwithstanding the foregoing, if a Participant is reemployed by a
Participating Employer, then distribution of his or her account balances other than minimum required distributions under Section 401(a)(9) of the Code, if any, payable to him or her during the period of his or her reemployment is suspended
until his or her subsequent termination from employment. Upon his or her subsequent termination from employment, the Participant’s account balances are paid in accordance with the foregoing provisions of this Section 12. 

  
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 (e) Notwithstanding paragraphs (a) and (b) above, in the event that any
qualified defined contribution plan is merged with this Plan or this Plan is the surviving plan with respect to any assets of Participants of a merging plan which are transferred to this Plan, any distribution options contained in the merging plan
which are not contained in this Plan may be continued to be distribution options available to the said Participant of the merging plan for distribution of his or her account, in accordance with Section 411(d)(6) of the Code. 

SECTION 13. GENERAL PROVISIONS WITH RESPECT TO WITHDRAWALS 
 (a) Effective Date of Withdrawal. The Effective Date of any withdrawal from the Plan is the Business Day such request for withdrawal is Properly Received by the Plan Administrator or its
Designee. 
 (b) Distribution Limitations. Distribution of all amounts payable under the Plan to a Participant
commences: 
 (i) Not later than (1) the required distribution dates or (2) the required distribution date, without
violating Treasury regulations, if any, over the life of the Participant or over the lives of the Participant and a Beneficiary, or over a period not extending beyond the life expectancy of the Participant and a Beneficiary. 

(ii) If distribution of the Participant’s interest in the Plan has begun in accordance with paragraph (i)(2) and the Participant dies
before his or her entire interest is distributed, the Participant’s remaining interest in the Plan will be distributed at least as rapidly as under the method of distribution stated under paragraph (i)(2) above being used on the date of the
Participant’s death. If the Participant dies before the distribution of his or her interest in the Plan has begun in accordance with paragraph (i)(2), the entire interest of the Participant will be distributed not later than five years after
the death of the Participant. 
 For purposes of this paragraph (b), the “required distribution
date” means the date prescribed by Treasury Regulations, as amended from time to time, which effective January 1, 1988, is April 1 of the calendar year following the calendar year in which the Participant attains age
70- 1/2. 

For the purposes of this paragraph (b), any amount paid to a minor child is treated as if it had been paid to the surviving spouse if
such amount will become payable to the surviving spouse upon such child reaching majority or any other designated event as may be permitted by Treasury Regulations, if any. 
 (c) Appendix D, Minimum Distribution Requirements, provides the Plan provisions to comply with Section 401(a)(9) of the Code and Treasury Regulations §1.401(a)(9)-2 through -9, as
applicable, relating to required minimum distributions. 

  
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 SECTION 14. NONASSIGNABILITY 
 Except as required under ERISA, no right or interest, of any Participant or Beneficiary in the Plan or in such Participant’s accounts is (a) assignable or transferable or subject to any lien in
whole or in part, either directly or by operation of law or otherwise, including, but not by way of limitation, alienation, execution, levy, garnishment, attachment, pledge, bankruptcy or in any other manner, other than a transfer as a result of
death or mental incompetence, or (b) liable for, or subject to, any obligation or liability of such Participant or Beneficiary. Such portions of the Savings, Participating Employer Contributions, Discretionary Contributions, Restricted
Discretionary Contributions, and Employer Retirement Income Contributions in the account of a Participant as are payable to another in accordance with the provisions of a “qualified domestic relations order,” as defined in
Section 414(p) of the Code and any applicable regulations thereunder, are distributed to the party designated in and in accordance with said order. The Effective Date of withdrawal for any such distribution is the first Business Day following
the Plan Administrator’s determination that the said order is in compliance with Section 414(p) of the Code and any applicable regulations thereunder and such distribution is made as soon as administratively practical thereafter. The Plan
Administrator or Designee has promulgated procedures to determine whether a domestic relations order is a qualified domestic relations order. The procedures will be provided to a participant or alternate payee upon written request, or upon receipt
of the domestic relations order by the Plan Administrator or Designee. 
 SECTION 15. EXTENT OF PARTICIPANT’S RIGHTS 

(a) General. No person has any interest in or right to any part of the assets held under the Plan or the income thereon,
except as and to the extent expressly provided in the Plan. 
 At the time of withdrawal by a Participant or Beneficiary he or
she will receive shares or cash. There is no guarantee that the Current Market Value of any investment will be equal to or greater than the amount of the Participant’s Savings therein. This Plan is designed to comply with and operate under
Section 404(c) of ERISA. A Participant and his or her Beneficiaries assume all risk in connection with any decrease in the value of any investments allocated to such Participant’s account. For purposes of Section 404(c)(1) of ERISA,
in the absence of Participant or Beneficiary investment direction, a Participant or Beneficiary shall be treated as having exercised control over the assets invested in any investment which qualifies as a QDIA in accordance with
Section 404(c)(5) of ERISA and the regulations promulgated thereunder. 
 The Plan does not and should not be construed as
conferring any rights upon any person for a continuation of employment, nor does it interfere with the rights of Alcoa or any Subsidiary or Affiliate to terminate the employment of any person or to take any personnel action affecting such person
without regard to the effect which such action might have upon such person or his or her Beneficiaries as a prospective recipient of benefits under the Plan. 
 (b) Military Service. Notwithstanding any provision of this Plan to the contrary, contributions, benefits and service credit with respect to qualified military service will be provided in
accordance with Section 414(u) of the Internal Revenue Code. 

  
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 SECTION 16. MANAGEMENT OF FUNDS 

(a) General. Savings, Participating Employer Contributions, Discretionary Contributions, Restricted Discretionary
Contributions, and Employer Retirement Income Contributions paid to the Trustee are invested as provided in the Plan. 
 (b)
Trustees and Investment Managers. The Board or its designee has the responsibility to appoint, review the performance of, and remove where deemed appropriate, one or more Trustees, and one or more investment managers each of which is a
bank, insurance company or other investment adviser qualified under Section 3(38) of ERISA. The duties of each Trustee and manager, to the extent not set forth in the Plan, are set forth in a trust agreement or other written documents approved
by the Board or its designee. Except as otherwise provided in such documents or in the Plan, each such investment manager has sole investment control and management responsibility with respect to those assets of the Plan for which it is designated
the investment manager. The Board may delegate its authority to appoint an investment manager, to remove an investment manager, to approve and direct the execution by the proper officer or officers of AGF of amendments to agreements with any
investment manager and to review the performance of any such managers. Such delegation also includes the authority to approve written documents setting forth the duties of any manager and to direct the execution of investment management agreements
by the proper officer or officers of AGF. No Trustee has any investment responsibility for any assets which are subject to the investment control of another investment manager and as to such assets it only has custodial duties if it is the
custodian. 
 (c) Designation of Investment Strategy. The Board may from time to time designate, as to part or all
of the assets of the Plan, that a separate fund or funds be established. Except as otherwise provided in the Plan, as to each such separate fund the Board or its designee may specify the investment strategy to be employed and the investment manager
is thereupon relieved of responsibility for assuring that the specified investment strategy creates suitable diversification of the overall assets of the Plan, provided that such investment manager has followed such specifications. 

(d) (1) Acquisition of Fixed Income Investments by the Trustee. The Trustee will enter into investment arrangements
with insurance companies, banks or money managers, as directed by an investment manager duly appointed by the Board or its designee for the Fixed Income Fund. The Trustee will invest all Savings and other amounts to be invested in the Fixed Income
Fund in accordance with such directions. 
 (2) Accounting for Participant’s Accounts. Participants’
investments in the Fixed Income Fund are accounted for on a unit basis. The Trustee allocates to the accounts of each Participant such units in the Fixed Income Fund as may be acquired with funds (if any) in such Participant’s accounts to be
invested therein. Such allocations will be made in a uniform manner as determined by the Benefits Management Committee. Transfers and withdrawals are valued based on the Current Market Value per unit on the Effective Date of the transfer or
withdrawal. 

  
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 (e) (1) Acquisition of Company Stock by Trustee. The Savings,
Participating Employer Contributions, Discretionary Contributions, Restricted Discretionary Contributions, and Employer Retirement Income Contributions to be invested in the Alcoa Stock Fund are used by the Trustee to purchase from time to time
shares of Company Stock (i) from Alcoa, at the Current Market Value thereof, or (ii) to the extent Alcoa does make shares available for purchase by the Trustee for such purpose, on the open market, unless Alcoa otherwise directs, or
(iii) by the exercise of warrants or rights as provided in this Section. The Trustee, to the extent reasonable, invests any cash held in the fund in cash equivalents (including commercial paper). The Trustee also holds for the purpose of
allocation to the accounts of individual Participants as hereinafter provided (i) shares of such stock which the Trustee has acquired upon withdrawal by a Participant, (ii) shares of such stock which the Trustee has acquired pursuant to
Participants’ elections to transfer investments under the provisions of Section 9, and (iii) shares of such stock forfeited under the provisions of Section 11. All shares of such stock purchased by the Trustee are carried in the
accounts of the Trustee at the actual cost thereof, including any taxes, commissions, etc. which are not paid by the Participating Employer, incident to the purchase except that shares acquired upon the exercise of warrants or rights are carried at
the Current Market Value of such shares on the date of such exercise. Shares of such stock forfeited under the provisions of Section 11 are deemed to have been purchased by the Trustee on the Effective Date of the withdrawal which resulted in
such forfeiture, at the Current Market Value on such date. 
 (2) Allocation of Stock to Participants’
Accounts. Participants’ investments in the Alcoa Stock Fund are accounted for on a unit basis. The Trustee allocates to the accounts of each Participant such units in the Alcoa Stock Fund as may be acquired with funds (if any) in such
Participants’ accounts to be invested therein. Such allocations are made in a uniform manner as determined by the Benefits Management Committee. Transfers and withdrawals are valued based on the Current Market Value per unit on the Effective
Date of the transfer or withdrawal. 
 (3) Allocation of Dividends to Participants’ Accounts. In valuing the
units, dividends are accounted for on the date the Board declares the dividend. Once received, dividends are invested in the Alcoa Stock Fund. A Participant may elect to receive an annual distribution of the dividends posted to their account during
the Plan Year. Such election must be made prior to the last dividend record date in the Plan Year, and distribution will be made as soon as administratively practical following the date the final dividends are posted to the Participant’s
account. Distribution will be paid in a lump sum from the Alcoa Stock Fund. To the extent the Participant’s account balance in the Alcoa Stock Fund is insufficient to pay the dividends, the balance of the distribution will be paid pro-rata from
the Participant’s other Core Fund investments. 

  
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 (4) Warrants & Purchase Rights. A Participant has no right of
request, direction or demand upon the Trustee to exercise in his or her behalf warrants or rights to purchase shares of common stock or other securities of Alcoa, except as otherwise determined by the Board. The Trustee, in its discretion, may
exercise or sell any warrants or rights to purchase shares of Company Stock appertaining to shares of such stock held by the Trustee and may sell any warrants or rights to purchase other securities of Alcoa appertaining to shares of such stock held
by the Trustee. 
 (5) Stock Splits & Dividends. Shares of Company Stock received by the Trustee by
reason of a stock split or stock dividend become part of the Alcoa Stock Fund. 
 (6) Voting. The Trustee
exercises its voting rights in accordance with written directions of each Participant with respect to at least the number of whole shares of Company Stock held by it in the Participants’ accounts on the record date for voting, other than shares
of Company Stock held by it in the Participants’ accounts which have been forfeited or become forfeitable (without removal of the forfeiture conditions) pursuant to Section 11 prior to such record date for voting. With respect to all other
shares of Company Stock held by the Trustee on the record date for voting (the “Other Shares”), including but not limited to, (i) fractional shares in the Participants’ accounts (if they are not subject to direct voting),
(ii) shares for which it has not received written directions from any Participant, (iii) any shares which have not yet been allocated to Participants’ accounts and (iv) any shares held by it in Participants’ accounts which
have been forfeited or became forfeitable (without removal of the forfeiture condition) pursuant to Section 11 prior to such record date for voting, the Trustee exercises its voting rights in the same proportion (for, against, abstain and so
on) on each matter as it exercises its voting rights with respect to shares of Company Stock for which voting directions were received from all participants in all plans which participate in the Alcoa Stock Fund. 

(f) (1) Acquisition of Other Investments by Trustee. Alcoa has and in the future will enter into investment
arrangements with various investment managers. Any such arrangements must be approved by the Benefits Management Committee. Expenses incurred in connection with the purchase or sale of securities by the investment manager are paid from the
applicable Investment Fund. 
 (2) Accounting for Participant’s Accounts. Participants’ investments in
the Core Funds are accounted for on a unit basis. The Trustee allocates to the accounts of each Participant such units in each of the Core Funds as may be acquired with funds (if any) in such Participant’s accounts to be invested therein. Such
allocations will be made in a uniform manner as determined by the Benefits Management Committee. Transfers and withdrawals are valued based on the Current Market Value per unit on the Effective Date of the transfer or withdrawal. 

(g) Transition Provision. Pending investment under an arrangement established pursuant to this Section and pending
distribution to Participants following withdrawal from such an arrangement, cash is invested by the Trustee in short-term fixed income securities or cash equivalents (including commercial paper) and the value of such securities or cash equivalents
is allocated to the accounts of Participants in an equitable manner determined by the Benefits Management Committee. 

  
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 (h) Brokerage Account. Participant’s have the right to invest and
personally manage investments outside of the Core Funds by investing through the Brokerage Account offered by a broker selected by the Plan (“Broker”). Investment options through the Brokerage Account are mutual funds (other than those
already available as Core Funds), any taxable equity or fixed income security publicly traded in a U.S. security market (including American Depository Receipts), and money market funds. Pre-Tax Savings, After-Tax Savings, Rollover Contributions,
Participating Employer Contributions, Discretionary Contributions Restricted Discretionary Contributions, and Employer Retirement Income Contributions that are subject to transfer as provided in Section 9, may not be directly invested in the
Brokerage Account, nor may withdrawals, distributions or loans be made directly from the Brokerage Account. Such transactions must be processed through the Core Funds. 
 (1) Restrictions of Trading in the Brokerage Account. Certain restrictions apply to investment vehicles that may be available through the Brokerage Account. Specifically, the following
investments are not available through the Brokerage Account: Alcoa company stock (common or preferred) and bonds; funds currently available in the Core Funds; tax-free funds; securities of publicly traded limited partnerships; options contracts;
purchase on short sales, futures, precious metals, and currencies; real estate (other than funds); annuities; life insurance policies; collectibles; commodities; foreign stocks (not American Depository Receipt); and margin trading and trade-away
trades that are placed by another broker and settle with the Broker. 
 (2) Trading within the Brokerage Account.
Investment purchases in the Brokerage Account may be made after such amounts are transferred from the Participant’s Core Fund accounts. Transfers from Core Funds may be made as provided in Section 9. Transferred funds will be held in
the Broker’s money market fund until the Participant’s buy orders are received by the Broker. Trades may be subject to initial and subsequent investment minimums required by a mutual fund. 

Transfers are made out of the Brokerage Account and into the Core Funds from the Schwab Money Market Fund. If there are insufficient
funds to make the requested transfer, the participant must submit a sell order with Schwab. The proceeds of securities sold will be invested automatically in the Broker’s money market fund and will be subsequently transferred out of the
Brokerage Account to the Core Funds as directed by the Participant. 
 (3) Expenses Incurred by Trading and
Voting. The Broker’s standard commission schedule will be deducted from the Brokerage Account of the Participant who initiates the trades, and any other fees and expenses incurred through the Brokerage Account will be paid directly by
the Participant. 

  
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 The Broker will execute proxies for any securities held in the Brokerage Account accounts in
accordance with written directions of any Participant. 
 OTHER PROVISIONS OF THE PLAN 

SECTION 17. LOANS 
 (a) A
Participant may borrow a proportion of the Current Market Value of his or her Savings, and the Current Market Value of his or her Participating Employer and Discretionary Contributions that were contributed to a prior plan before January 1,
2011 and transferred to this Plan, and which are eligible for transfer under Section 9 of this Plan (“Eligible Loan Account Balance”). 
 A Participant may not borrow Participating Employer Contributions, Discretionary Contributions, Restricted Discretionary Contributions or Employer Retirement Income Contributions made to this Plan, on or
after January 1, 2011, or investment gains thereon. 
 A Participant shall pay a $100 processing fee, or such other amount
as may be designated by the Plan Administrator, for each loan request. The fee will be included in the loan amount, subject to the limitations of this Section 17, and deducted prior to distribution of the loan. 

(b) A loan to a Participant, when added to the balance of any other outstanding loans the Participant has under the Plan, cannot
exceed the lesser of: 
 (1) $50,000 reduced to the extent of the highest outstanding loan balance of the
Participant’s loans outstanding during the 365 day period immediately preceding the date on which the loan is made; or 
 (2) 50% of the sum of the Participant’s (A) Eligible Loan Account Balance, plus (B) Restricted Discretionary Contributions and vested portion of Employer Retirement Income Contributions
balances. 
 A Participant may refinance any general purpose loan for any reason at any time, as may be permitted under the Code
or ERISA. 
 (c) Each loan to a Participant is secured by a promissory note under which the Participant pledges and
grants the Trustee an interest in the Participant’s Eligible Loan Account Balance to the extent of the unpaid loan. 

(d) All loans to Participants are treated as investments of plan assets in their respective accounts. All principal and interest
associated with a Participant’s repayment of a loan are credited to his or her Plan account. 

  
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 (e) The Plan Administrator has developed a procedure in accordance with the Code and
ERISA under which such loans from the Plan will be made available to Participants, which procedure has been approved by the Benefits Management Committee. 
 (f) Loan repayments will be suspended under this Plan during a period of military service as permitted under Section 414(u)(4) of the Internal Revenue Code and the regulations promulgated
under Section72(p) of the Code. Upon the Participant’s return to active employment, loan repayments will resume and the period of repayment extended in direct proportion of the Participant’s period of absence for military leave.

 SECTION 18. TRUST 
 All assets of the Plan are held in trust for the Plan, except as otherwise permitted by applicable law. Alcoa has entered into a trust agreement with a national banking association which acts as Trustee
under the Plan. The Alcoa Board of Directors or its designee may, from time to time, amend such trust agreement (subject to its terms), remove such Trustee or any Successor Trustee and upon removal or resignation of a Trustee, appoint a Successor
Trustee. 
 SECTION 19. ADMINISTRATION 
 (a) Duties of Plan Administrator. The Plan Administrator or its Designee are responsible for the preparation and the filing with governmental agencies or the furnishing to Participants and
Beneficiaries, of all summaries, descriptions, annual and other reports, notices and other documents and information which are required to be so prepared and filed or furnished under ERISA or the Code, retain appropriate records and also have all of
the other responsibilities and duties of the administrator of the Plan as set forth in ERISA, except as otherwise provided in the Plan. Each Participating Employer by whom a Participant is employed furnishes to the Plan Administrator or its Designee
any records required for the foregoing. 
 (b) The Benefits Management Committee. Except as provided in
Section 16 and in paragraph (a) of this Section, the complete authority to control and manage the operation and administration of the Plan is placed in the Benefits Management Committee, which consists of one or more persons appointed from
time to time by the Board. 
 (c) Duties of Benefits Management Committee. Subject to the limitations of the Plan,
the Benefits Management Committee has the discretionary authority to: (1) construe and interpret the Plan, (2) interpret administrative forms and other information, (3) make credibility findings, and (4) establish supplemental
regulations for the administration of the Plan and the transaction of its business. All actions, determinations and interpretations of the Benefits Management Committee will be performed in a uniform and nondiscriminatory manner to all Participants
in similar circumstances. All interpretations of the Plan and determinations of disputed questions made by the Benefits Management Committee are conclusive, final and binding upon the Participating Employers, Participants, Beneficiaries, other
employees and any other individuals claiming rights under the Plan, subject to a claimant’s request under paragraph 

  
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(e) of this Section to have the Benefits Management Committee review the denial of a claim. When making an interpretation or determination, the Benefits Management Committee is entitled to rely
upon information furnished by the individual, Participant, Beneficiary or Participating Employer, unless in accordance with an appeals procedure established by the Benefits Management Committee the claimant establishes to the satisfaction of the
Benefits Management Committee that Continuous Service, compensation or other records are erroneous. 
 (d) Application for
Benefits. Each person applying for a benefit under the Plan must furnish all information required under procedures approved by the Benefits Management Committee. 
 (e) Review of Denial of Benefits. If any applicant’s claim for benefits under the Plan is denied, the applicant will be notified in writing of such denial. Such notice will set forth
the specific reasons for such denial and will be written in a manner calculated to be understood by the applicant. The applicant will be afforded a reasonable opportunity for a full and fair review by the Benefits Management Committee or its
Designee of the decision denying his or her claim for benefits, in accordance with a claims procedure which the Benefits Management Committee adopts. 
 (f) Extent of Benefits Management Committee’s Responsibility. The members of the Benefits Management Committee will act in a prudent manner in the performance of their duties. No member
will be personally liable by virtue of any contract, agreement, bond or other instrument made or executed by or on behalf of such member as a member of the Benefits Management Committee. To the extent permitted by ERISA, no member of the Benefits
Management Committee will be liable for any mistake of judgment made by himself or herself or any other member, nor for any loss, unless resulting from his or her own gross negligence or willful misconduct, and no member will be liable for the
neglect, omissions or wrongdoing of any other member thereof, or of the agents or counsel of the Benefits Management Committee. To the extent permitted by law, AGF will indemnify and save harmless each member of the Benefits Management Committee
against all expenses and liabilities arising out of his or her services as such, except for expenses and liabilities arising from such member’s own gross negligence or willful misconduct as determined by the Board. 

(g) Relationship to Other Fiduciaries. Each fiduciary in carrying out its responsibilities under the Plan may rely upon any
direction, information or action of another fiduciary as being proper under this Plan or the documents under which the assets of the Plan are managed, and is not required to inquire into the propriety of any such direction, information or action. It
is intended under this Plan and such documents that each fiduciary is responsible for the proper exercise of its own powers, duties, responsibilities and obligations under this Plan and such documents and is not responsible for any act or failure to
act of another fiduciary, except as otherwise provided by ERISA. 
 (h) Multiple Fiduciaries. Any person or group
of persons may serve in more than one fiduciary capacity with respect to the Plan. 

  
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 (i) Further Allocation of Fiduciary Duties. Any two or more fiduciaries named
herein or appointed by the Board as provided herein may from time to time agree in writing with respect to the allocation of duties and responsibilities under the Plan, including fiduciary responsibilities, among the fiduciaries so agreeing,
provided however that any reallocation of fiduciary responsibilities clearly allocated by the Plan or by the Board requires prior approval of the Board. 
 (j) Delegation of Fiduciary Duties. Any fiduciary named herein or appointed by the Board as provided herein may designate another person or persons to carry out any or all of the duties and
fiduciary responsibilities which it has under the Plan and which are specified in such designation except that no Trustee may delegate fiduciary responsibilities with respect to investment functions without the prior approval of the Board.

 (k) Delegation of Ministerial Duties. Any fiduciary named herein, appointed by the Board as provided herein or
designated under paragraph (j) above may delegate ministerial duties as follows: employ one or more persons to render advice, including legal and accounting services, with regard to any responsibility such fiduciary has under the Plan; may
appoint ministerial agents (including brokers or others who may execute investment transactions); and may delegate to others its clerical and other non-fiduciary functions. 
 (l) No Added Remuneration for Employees. No member of the Benefits Management Committee and no other person who renders services to or for the Plan may receive remuneration for services as
such if he or she also is an employee of AGF, Alcoa, a Subsidiary or Affiliate. 
 SECTION 20. AMENDMENT, MODIFICATION, SUSPENSION OR
TERMINATION 
 (a) Rights Reserved. AGF reserves the right, by action of the Board or the Benefits Management
Committee, taken in accordance with the Board’s or Benefits Management Committee’s operating procedures, (1) to amend, modify, suspend or terminate the Plan or to suspend or completely discontinue contributions to the Plan, and
(2) to terminate the Participation in the Plan of any Participating Employer or any designated group of Eligible Employees employed either within or outside the U.S. Any Participating Employer may terminate its participation in the Plan or
suspend or discontinue its contributions under the Plan at any time upon 30 days prior written notice to the Plan Administrator. Such 30 day notice requirement may be waived by the Benefits Management Committee. No such amendment or other action
relating to the Plan may reduce the amounts then credited to any Participant’s account, or provide or have the effect of providing that the securities and funds held in trust for the Plan or the income thereof may be used for or devoted to
purposes other than the exclusive benefit of Participants and their Beneficiaries and for the payment of expenses of the Plan. 

(b) Sale of Assets, etc. In the event any assets of any business of any Participating Employer are transferred to another
entity by sale, merger, consolidation or otherwise, and the 

  
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entity to which said assets are transferred has in effect, or thereupon establishes, a tax-qualified plan and related trust for the exclusive benefit of employees which qualify under the
applicable provisions of the Code, all assets under the Plan, held in the accounts of Participants who continue in the employment of the transferee entity, may be transferred and paid, for their respective accounts, to the trust for the
tax-qualified plan of said transferee entity, provided that any such transfer of investments will be effected in such manner as to preclude, for federal income tax purposes, a termination of the Plan or the constructive receipt of benefits
thereunder with respect to said Participants. 
 (c) Transfer of Plan Assets. 

(1) Notwithstanding the foregoing, in the event of any merger or consolidation of the Plan with, or a transfer of any of the assets and
liabilities of the Plan to any other plan, each affected Participant must (as if such plan were terminated immediately after such merger, consolidation or transfer) be entitled to a benefit under such other plan which is equal to or greater than the
benefit he or she would have been entitled to receive under the Plan immediately prior to such merger, consolidation or transfer (as if the Plan had then terminated). In the event that assets are transferred to this Plan from any other plan
sponsored by Alcoa or any Subsidiary or Affiliate, each Participant who has assets transferred from such plan or plans will be entitled to a benefit under this Plan which is equal to or greater than the benefit he or she had under such other plan.
Any protected optional form of benefits provided under said plan may be maintained under this Plan. These provisions do not constitute a guaranty against investment losses. 
 (2) In the event a participant in a plan named below (“Alcoa Retirement Savings Plans”), becomes an Eligible Employee under this Plan, all of the participant’s accounts in the applicable
Alcoa Retirement Savings Plan will be transferred to analogous accounts in this Plan as soon as reasonably practical after the Plan Administrator or Designee receives notice. 
 Alcoa Retirement Savings Plan for Bargaining Employees; 
 Alcoa Savings Plan for
Non-Bargaining Employees, effective January 1, 2011 renamed the Alcoa Retirement Savings Plan for Salaried Employees; 

Alcoa Savings Plan for Subsidiary and Affiliate Employees, effective January 1, 2011 renamed the Alcoa Retirement Savings Plan for
Hourly Non-Bargaining Employees; and 
 Alcoa Retirement Savings Plan for Mill Products Employees (“Mill Products
Plan”), initially effective January 1, 2011. 
 (3) In the event a Participant ceases to be an Eligible Employee under
this Plan and the Participant becomes an eligible employee under one of the Alcoa Savings Plans listed in (3) above, all of the Participant’s accounts will be transferred to analogous accounts in the applicable Plan, as soon as reasonably
practical after the Plan Administrator or Designee receives notice and the Participant ceases to be a Participant, and will be entitled to no further benefits under this Plan. 

  
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 SECTION 21. ADMINISTRATIVE EXPENSES 

Except as otherwise provided in the Plan, all costs and expenses incurred in administering the Plan, including the expenses of the
Benefits Management Committee, the fees and expenses of the Trustee, the fees and charges payable under the investment arrangements, and other legal and administrative expenses, are paid by the Plan. 

Investments in the Core Funds will be subject to an administrative expense fee, which will be used to pay the expenses of the Plan.
Initially the fee will be set at five basis points per year, and will be charged on a daily basis. The fee will be periodically adjusted by the Plan Administrator based on the actual expenses of the Plan. 

SECTION 22. SELECTION OF BENEFICIARIES 
 (a) Designation of Beneficiary. Subject to such administrative regulations as may be adopted from time to time, the Beneficiary with respect to all of the assets in the accounts of a
Participant will be Participant’s spouse if then living, or if not, the Participant’s estate. With the written notarized consent of a Participant’s spouse, a Participant may file with the Plan Administrator or its Designee a written
designation of a Beneficiary or Beneficiaries other than his or her spouse. In the event the designation of such other Beneficiary is revoked in writing by the Participant, his or her spouse will become the Beneficiary of said assets until such time
as the Participant, with his or her spouse’s written notarized consent, designates in writing another Beneficiary or Beneficiaries. 
 In the event a Participant certifies that he or she does not have a spouse, a Beneficiary or Beneficiaries with respect to all or part of the assets in the accounts of the Participant may be designated or
revoked by the sole action of the Participant. 
 If there is no designated Beneficiary, or if no Beneficiary is living at the
time of the Participant’s death, the Beneficiary is the Participant’s spouse if then living, or if not, the Participant’s estate. 
 Written designations, spousal consents and revocations are made on a form or forms approved by the Plan Administrator. Any such written designation, consent or revocation become effective on the calendar
day on which such designation, consent or revocation is Properly Received. 
 (b) Other Payments. In case of
incapacity of a Participant or Beneficiary entitled to a benefit under the Plan, benefit payment are made to such person’s legal representative who makes claim therefore, or if no such claim has been received, to such other person or persons as
the Benefits Management Committee, utilizing objective criteria, selects from among dependents, next of kin or friends. Any payment of a benefit under the Plan in accordance with the provisions of this Section is a complete discharge of any
liability for the payment of such benefit under the Plan. 

  
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 SECTION 23. PARTICIPANT’S STATEMENT 

A statement showing each Participant’s interest in each of the Plan’s Investment Funds will be made available at least
quarterly. 
 SECTION 24. EFFECTIVE DATE OF PLAN 
 This Plan is effective January 1, 2011. 
 SECTION 25. CONSTRUCTION 

It is intended that the Plan conform to the applicable requirements of ERISA and the Code, and that the Plan and related trust agreement
are considered one if and to the extent necessary for compliance therewith. Except to the extent otherwise provided in ERISA and the Code, the Plan is construed, regulated and administered under the laws of the Commonwealth of Pennsylvania,
including its applicable statute of limitations. 

  
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 APPENDIX A 
 LIMITATIONS AND DISCRIMINATION TESTING 
 1. Pre-Tax Savings for any Plan Year of a
Participant is subject to the following limitations: 
 (a) The applicable limit as defined in Treasury Regulation
section 1.402(g)-1(d) with respect to the Pre-Tax Savings of this Plan and elective deferrals of all other plans, contracts, or arrangements of the employer; 
 (b) if the Participant is a Highly Compensated Employee with respect to any Participating Employer for that year, the amount that may be made on his or her behalf in compliance with the special
discrimination tests of Sections 401(k) and 401(m) of the Code for that year, as applied separately to each Plan; 
 (c)
the amount deductible by the Participating Employer for that year under Section 404 of the Code; and 
 (d) the
maximum permitted amount under Appendix B of the Plan. 
 2. To conform the operation of the Plan to the requirements of Sections 401(k)
and 401(m) of the Code and the limitations of Paragraphs (1)(a) and (1)(b) above with respect to any Participant, the Plan Administrator may, without that Participant’s consent: 

(a) prospectively modify or revoke his or her election to have Savings, Participating Employer Contributions, Discretionary
Contributions, and Restricted Discretionary Contributions made on his or her behalf, 
 (b) distribute to him or her the
amount by which the Pre-Tax Savings made on his or her behalf for any Year exceeds the limitation of Paragraph (1)(a) above for that year plus the amount of any income allocable to such excess (but not more than his Pre-Tax Savings account
balance) by the April 15 next following the end of that Plan Year; 
 (c) distribute to him or her the amount by
which the Pre-Tax Savings made on his or her behalf for any Plan Year exceeds the limitations of Paragraph (1)(b) above for that year (as determined in accordance with Section 401(k)(8)(B) of the Code) plus the amount of any income
allocable to such excess (but not more than his Pre-Tax Savings account balance) by the end of the Plan Year following the Plan Year for which the amounts were contributed; and 

(d) make appropriate adjustments to his or her Pre-Tax Savings account to reflect such distributions. 

  
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 3. Such modification or revocation described in 2. above is made only if necessary under one of the
following circumstances: 
 (a) to ensure that the discrimination tests of Section 401(k) of the Code governing
permissible levels of Pre-Tax Savings contributions for both the ESOP and non-ESOP portions of the Plan are met for such Plan Year, or to ensure that one of the following Average Actual Deferral Percentage tests are met for both the ESOP and
non-ESOP portions of the Plan for such Plan Year; 
 (b) to ensure that a Participant’s annual additions for any
calendar year will not exceed the limitations of Appendix B; or 
 (c) to ensure deductibility of the Employer’s
entire contribution to the Plan for federal income tax purposes. 
 4. Definitions. For purposes of this Appendix A, the following terms
are defined as follows: 
 (a) “Actual Deferral Percentage” means the ratio, expressed as a percentage
calculated to the nearest one-hundredth of one percent, of the amount of Pre-Tax Savings on behalf of an Eligible Employee for a Plan Year to the Eligible Employee’s Compensation for the Plan Year, whether or not the employee was a Participant
for the entire Plan Year. A Highly Compensated Employee’s Savings include such savings for the Plan Year which is in excess of the limitations set forth in Section 415(c)(1) of the Code (“Excess Pre-Tax Savings”), but exclude
Excess Pre-Tax Savings for Non Highly Compensated Employees. Any Eligible Employee who does not elect to make Pre-Tax Savings and who does not receive Qualified Matching Contributions for a Plan Year will have zero Actual Deferral Percentage for the
Plan Year. 
 (b) “Average Actual Deferral Percentage” means, for the group of Eligible Employees who are
Highly Compensated Employees for a Plan Year or the group of Eligible Employees who are Non-Highly Compensated Employees for the Plan Year, the average of the Actual Deferral Percentages of all Eligible Employees in such group for the Plan Year.

 (c) “Average Contribution Percentage” means, for the group of Eligible Employees who are Highly Compensated
Employees for a Plan Year or the group of Eligible Employees who are Non-Highly Compensated Employees for the Plan Year, the average of the Contribution Percentages of all Eligible Employees in such group for the Plan Year. 

(d) “Contribution Percentage” means the ratio, expressed as a percentage calculated to the nearest one-hundredth of one
percent, of the sum of Participating Employer Contributions (other than Qualified Matching Contributions treated as Elective Deferrals under paragraph 7 of this Appendix) and any After-Tax Savings on behalf of an Eligible Employee for a Plan Year to
the Employee’s Compensation for the Plan Year, whether or not the employee was 

  
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a Participant for the entire Plan Year. For these purposes, an Eligible Employee’s Contribution Percentage for any Plan Year is calculated by excluding any forfeitures of Excess Aggregate
Contributions allocated to the Eligible Employee’s account for the Plan Year. 
 (e) “Compensation” means
the total amount of compensation (within the meaning of Section 415(c)(3) of the Code, and subject to the limitation of Section 401(a)(17) of the Code) received by an employee from the Employer while an Eligible Employee under the Plan
during the Plan Year. An Eligible Employee’s Compensation for a Plan Year includes all Pre-Tax Savings made to the plan for the Plan Year, and all other such employee savings made by the Employer for the Plan Year to any other plan on behalf of
the employee that are not currently includible in the gross income of the employee under Sections 125, 132(f)(4), 402(a)(8), 402(h) or 403(b) of the Code, provided that AGF has elected to treat all such elective contributions as compensation with
respect to all employees under all plans of the Participating Employer. 
 In applying the limitation of Section 401(a)(17)
of the Code, effective January 1, 1997, the family aggregation rules under this Appendix no longer apply. 
 (f)
“Eligible Employee” means, with respect to any Plan Year, any employee who is eligible to commence participation in the Plan under Section 1 of the Plan and to have Savings made to the Plan under Section 2 of the Plan for the
Plan Year, regardless of whether any contributions are made to the Plan on behalf of the employee for the Plan Year. 
 (g)
“Excess Contributions” means, with respect to any Plan Year, the excess of the aggregate amount of Pre-Tax Savings, including Qualified Matching Contributions treated as Elective Deferrals under paragraph 7 of this Appendix, actually
made to the Plan on behalf of Highly Compensated Employees for the Plan Year over the maximum amount of such contributions permitted under paragraph 5 of this Appendix. 
 (h) “Excess Aggregate Contributions” means, with respect to any Plan Year, the excess of the aggregate amount of Participating Employer Contributions and any After-Tax Savings actually
made to the Plan on behalf of Highly Compensated Employees for the Plan Year over the maximum amount of such contributions permitted under paragraph 9 of this Appendix. 
 (i) “Employer” means AGF and all other entities as required to be covered under Section 414(c) of the Code. 
 (j) “Family Member” means, with respect to any Eligible Employee, an individual described in Section 414(q)(6)(B) of the Code. 

(k) “Highly Compensated Employee” includes, for any Plan Year, the following Employees: 

(i) A Highly Compensated Active Employee includes any employee (other than employees who are non-resident aliens and
receive no earned income from sources within the U.S.) who performs service for the Employer during the Determination Year and who during the Look-Back Year: 
 (1) was a 5 % owner (within the meaning pursuant to Section 416(i)(1) of the Code) at any time during the year or the preceding year, or 

  
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 (2) for the preceding year received Compensation from the Employer in excess
of $80,000 (as adjusted pursuant to Section 415(d) of the Code) for such year. 
 (ii) A Highly Compensated
Former Employee means: 
 (1) any employee who was a Highly Compensated Employee when the employee separated from
service, or 
 (2) any employee who was a Highly Compensated Employee at any time after attaining the age 55.

 (l) “Non-Highly Compensated Employee” means, for any Plan Year, an employee who is not a Highly Compensated
Employee. 
 (m) “Qualified Matching Contributions” means any Participating Employer Contributions to this Plan
on behalf of Eligible Employees, provided that amounts attributable to such contributions are not distributable merely on account of the Employee’s hardship and are immediately vested. 
 5. Average Actual Deferral Percentage Test. For each Plan Year, the Plan must satisfy one of the following Average Actual Deferral Percentage tests with respect to Pre-Tax Savings, and Qualified
Matching Contributions treated as Pre-Tax Savings under paragraph 7 of this Appendix, made to both the ESOP and non-ESOP portions of the Plan for the Plan Year: 
 (a) the Average Actual Deferral Percentage for the group of Eligible Employees who are Highly Compensated Employees for the Plan Year will not exceed the Average Actual Deferral Percentage for the
group of Eligible Employees who are Non-Highly Compensated Employees for the Plan Year multiplied by 1.25; or 
 (b) the
Average Actual Deferral Percentage for the group of Eligible Employees who are Highly Compensated Employees for the Plan Year will not exceed the Average Actual Deferral Percentage for the group of Eligible Employees who are Non-Highly Compensated
Employees for the Plan Year multiplied by two, provided that the Average Actual Deferral Percentage for the group of Eligible Employees who are Highly Compensated Employees for the Plan Year does not exceed the Average Actual Deferral Percentage for
the group of Eligible Employees who are Non-Highly Compensated Employees by more than two percentage points. 

  
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 (c) The Average Actual Deferral Percentage Test for all contributions to the ESOP
portion of the Plan will be computed separately under this Section. 
 Effective on or after January 1, 2011, for
Plan Years in which the Plan is operated in accordance with the safe harbor requirements of Section 401(k)(12) of the Code, Section 5 of this Appendix A does not apply. 
 6. Special Rules. 
 (a) Aggregation of Family Members. Effective
January 1, 1997, aggregation of Family Members for purposes of determining the Actual Deferral Percentage will no longer apply. 
 (b) Aggregation of Plans. In the event that this Plan satisfies the requirements of Section 401(a)(4), 401(k) or 410(b) of the Code only if aggregated with one or more other plans, or if one
or more other plans satisfy the requirements of such sections of the Code only if aggregated with this Plan, then the provisions stated herein will be applied by determining the Actual Deferral Percentages of Employees as if all such plans
(excluding other ESOPs) were a single plan. For plan years beginning after December 31, 1989, plans may be aggregated in order to satisfy Section 401(k) of the Code only if they have the same plan year. Notwithstanding the foregoing,
certain plans will be treated as separate if mandatorily disaggregated under regulations under Section 401(k) of the Code. 

(c) Effective as of January 1, 2002, in the event the Plan does not pass the ADP test, the test will be disaggregated by
removing from the test all participants who have not attained age 21 and completed one eligibility year within 6 months of the last day of the plan year. 
 (d) Effective with plan years after January 1, 2006, all ESOP portions of the Savings Plan shall be aggregated for ADP with the Non-ESOP portions of the Savings Plan. 

7. Treatment of Qualified Matching Contributions. If any Qualified Matching Contributions are made on behalf of Eligible Employees for a Plan
Year, AGF may elect, in accordance with the regulations of the Secretary of Treasury under Section 401(k) of the Code, to treat all or a portion of such Qualified Matching Contributions as Pre-Tax Savings for purposes of calculating the Actual
Deferral Percentages of Eligible Employees for the Plan Year. Any such Qualified Matching Contributions for a Plan Year must be made no later than the end of the 12 month period immediately following the close of the Plan Year. 

8. Correction of Excess Contributions. 
 (a) General Rule. If the Plan does not satisfy one of the Average Actual Deferral Percentage tests of paragraph 5 of this Appendix as of the end of a Plan Year, the Excess Contributions for the
Plan Year will be corrected if the Excess Contributions for the Plan Year are timely recharacterized as employee After-Tax Savings contributions in accordance with subsection (c) below or timely distributed to Highly Compensated Employees in
accordance with subsection (d) below. 

  
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 (b) Allocation of Excess Contributions. Effective for Plan Years beginning after
December 31, 1996, in the event the nondiscrimination requirements of paragraph 5 of this Appendix are not satisfied for a Plan Year, the “deferral percentage leveling method” described in the preceding paragraph is performed as a
first step in order to determine the total dollar amount of Excess Contribution to be distributed: a calculation is made to determine the dollar amount of Elective Deferrals necessary to reduce the deferral percentage of the Highly Compensated
Employee with the highest deferral percentage to be equal to the deferral percentage of the Highly Compensated Employee with the next highest deferral percentage, and where necessary, calculations are made to determine the dollar amounts of
reductions of the deferral percentage of subsequent Highly Compensated Employees that may be required in order to satisfy the nondiscrimination requirements in paragraph 5 of this Appendix. The total dollar amount of Excess Contribution that must be
distributed for the Plan Year is the sum of the dollar amounts so calculated for each Highly Compensated Employee whose deferral percentage is so reduced. 
 Distribution of the total amount of Excess Contribution determined in the paragraph above is made using the “dollar leveling method.” Excess Contributions of the Highly Compensated Employee with
the largest dollar amount of contributions for the Plan Year shall be distributed to the extent necessary to cause that Highly Compensated Employee’s dollar amount of Excess Contributions to equal the dollar amount of Excess Contributions of
the Highest Compensated Employee with the next highest dollar amount of Excess Contributions for the Plan Year. If the total amount distributed is less than the amount of total Excess Contribution, then both Highly Compensated Employees’
amounts are reduced to the same dollar level of the Highly Compensated Employee electing the third highest dollar amount and the dollar leveling process is repeated until the total dollar amount that should be reduced as calculated in the above
paragraph is distributed. However, if reduction of a lesser amount of contributions would equal the total dollar amount of Excess Contributions that must be distributed for the Plan Year, the lesser amount is distributed. 

A participant who has had his contributions reduced in accordance with this subparagraph shall have the amount of such reduction paid to
him in cash as soon as practicable, subject to applicable payroll taxes. The amount of the Excess Contributions to be distributed shall be reduced by excess deferrals under 402(g) previously distributed for the Plan Year. The distributions of Excess
Contributions shall include the income allocable thereto, including both the income allocable for the Plan Year for which the Contributions were made and the income for the period between the end of that Plan Year and the date as of which the
distribution is made. Effective January 1, 2008, the distribution of Excess Contributions shall include the income or loss allocable only for the Plan Year of the Excess Contributions, and will not include the income or loss for the period
between the end of the Plan Year and the date distribution is made. In addition, any Company Matching Contributions associated with the Excess Contribution shall be treated as forfeiture and used to reduce the Employer’s contribution under
Section 3 of the Plan. 

  
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 (c) Recharacterization of Excess Contributions. Any
recharacterization of Excess Contributions as employee After-Tax Savings will be accomplished by the Plan Administrator in the manner provided in subsection (b) above within 2 1/2 months after the close of the Plan Year, providing such notices and
following such procedures as required by regulations of the Secretary of Treasury, and will be deemed to occur no earlier than the date on which the last Highly Compensated Employee is informed in writing of the amount of his or her recharacterized
Excess Contributions and the consequences thereof. Any Excess Contributions that are recharacterized as employee after-tax contributions for a Plan Year will, in combination with other Participating Employer Contributions to the Plan for the Plan
Year, satisfy the Average Contribution Percentage tests of paragraph 9 of this Appendix for the Plan Year. Any recharacterized Excess Contributions remain nonforfeitable under the Plan and are subject to the same distribution requirements as Pre-Tax
Savings. Recharacterized Excess Contributions are taxable to the Highly Compensated Employee for the year in which the Highly Compensated Employee could have originally elected to receive the Excess Contributions amount in cash. 

(d) Distribution of Excess Contributions. If any Excess Contributions allocated to Highly Compensated Employees for a Plan Year
are not corrected by recharacterization under (c) above, then such Excess Contributions, plus any income and minus any loss allocable thereto, will be distributed to Highly Compensated Employees no later than 12 months following the close of
the Plan Year. 
 (e) Income or Loss Allocable to Excess Contributions. The income or loss allocable to the Excess
Contributions referred to in subsection (d) above include the allocable income or loss for the Plan Year of the Excess Contributions and the allocable income or loss for the period between the end of the Plan Year and the distribution of the
Excess Contributions, calculated as follows: 
 The income or loss allocable for the Plan Year of the Excess Contributions is
determined by multiplying the total investment income or loss (including dividends, interest, realized gains or losses, and unrealized appreciation or depreciation) allocable to the Participant’s Pre-Tax Savings and amounts treated as Pre-Tax
Savings under paragraph 7 of this Appendix for the Plan Year by a fraction, the numerator of which is the Excess Contributions allocated to the Participant for the Plan Year, and the denominator of which is the total account balance attributable to
the Participant’s Pre-Tax Savings and amounts treated as Pre-Tax Savings under paragraph 7 of this Appendix as of the end of the Plan Year, reduced by the investment gain (or increased by the investment loss) allocated to such total amount for
the Plan Year. 
 The income or loss allocable to the Excess Contributions referred to in subsection (d) above will include
only the income or loss allocable for the Plan Year of the Excess Contributions, and not the income or loss for the period between the end of the Plan Year and the distribution of Excess Contributions. 

  
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 (f) Coordination with Excess Pre-Tax Savings. The amount of any Excess Contributions
to be recharacterized under subsection (c) above or distributed under subsection (d) above with respect to any Highly Compensated Employee for a Plan Year is reduced by any excess Pre-Tax Savings previously distributed to the Highly
Compensated Employee for the employee’s taxable year ending with or within the Plan Year. 
 (g) Accounting for Excess
Contributions. The amount of Excess Contributions allocated to a Highly Compensated Employee for a Plan Year that is recharacterized under subsection (c) above or distributed under subsection (d) above is attributed first to the
Participant’s Pre-Tax Savings for the Plan Year and then, to the extent such Excess Contributions exceed the Participant’s Pre-Tax Savings for the Plan Year, attributed to amounts treated as Pre-Tax Savings under paragraph 4 of this
Appendix in proportion to the amounts of such contributions on behalf of the Participant for the Plan Year. 
 9. Average Contribution
Percentage Tests. For each Plan Year for which Participating Employer Contributions are made to the Plan (other than Qualified Matching Contributions treated as Pre-Tax Savings for the Plan Year under paragraph 7 of this Appendix) or any
After-Tax Savings are made to the Plan (including any Excess Contributions recharacterized as After-Tax Savings for the Plan Year under paragraph 8(c) of this Appendix), both the ESOP and non-ESOP portions of the Plan will satisfy one of the
following Average Contribution Percentage tests for the Plan Year: 
 (a) the Average Contribution Percentage for the
group of Eligible Employees who are Highly Compensated Employees for the Plan Year will not exceed the Average Contribution Percentage for the group of Eligible Employees who are Non-Highly Compensated Employees for the Plan Year multiplied by 1.25;
or 
 (b) the Average Contribution Percentage for the group of Eligible Employees who are Highly Compensated Employees
for the Plan Year will not exceed the Average Contribution Percentage for the group of Eligible Employees who are Non-Highly Compensated Employees for the Plan Year multiplied by two, provided that the Average Contribution Percentage for the group
of Eligible Employees who are Highly Compensated Employees for the Plan Year does not exceed the Average Contribution Percentage for the group of Eligible Employees who are Non-Highly Compensated Employees by more than two percentage points.

 (c) the Average Contribution Percentage Test applies separately to the ESOP portion of the Plan. 

10. Special Rules. 

(a) Aggregation of Family Members. Effective January 1, 1997, aggregation of Family Members for purposes of determining the
Contribution Percentage will no longer apply. 

  
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 (b) Aggregation of Plans. In the event that this Plan satisfies the requirements of
Section 401(a)(4), 401(m) or 410(b) of the Code only if aggregated with one or more other plans, or if one or more other plans satisfy the requirements of such sections of the Code only if aggregated with this Plan, then the provisions stated
herein will be applied by determining the Contribution Percentages of Employees as if all such plans were a single plan. For plan years beginning after December 31, 1989, plans may be aggregated to satisfy Section 401(m) of the Code only
if they have the same plan year. Notwithstanding the foregoing, certain plans will be treated as separate if mandatorily disaggregated under regulations under Section 401(k) of the Code. 

(c) Effective as of January 1, 2002, in the event the Plan does not pass the ACP test, the test will be disaggregated by
removing from the test all participants who have not attained age 21 and completed one eligibility year within 6 months of the last day of the plan year. 
 (d) Effective with plan years after January 1, 2006, all ESOP portions of the Savings Plan shall be aggregated for ACP with the Non-ESOP portions of the Savings Plan. 

11. Treatment of Pre-Tax Savings as Participating Employer Contributions. 

AGF may elect, in accordance with the regulations of the Secretary of Treasury under Section 401(m) of the Code, to treat all or a
portion of the Pre-Tax Savings made on behalf of Eligible Employees for a Plan Year as Participating Employer Contributions for purposes of calculating the Contribution Percentages of Eligible Employees for the Plan Year. Any such Pre-Tax Savings
for a Plan Year must be made no later than the end of the 12 month period immediately following the close of the Plan Year. Notwithstanding the preceding, AGF may elect to treat Pre-Tax Savings as Participating Employer Contributions for purposes of
calculating Contribution Percentages only if one of the Average Actual Deferral Percentage Tests of paragraph 5 of this Appendix is satisfied before the Pre-Tax Savings are treated as Participating Employer Contribution for the Plan Year, and one of
the Average Actual Deferral Percentage Tests of paragraph 5 of this Appendix continues to be satisfied for the Plan Year excluding the Pre-Tax Savings treated as Participating Employer Contributions for the Plan Year. 

12. Correction of Excess Aggregate Contributions. 
 (a) General Rule. If the Plan does not satisfy one of the Average Contribution Percentages tests of paragraph 9 of this Appendix as of the end of a Plan Year, the Excess Aggregate Contributions for
the Plan Year will be corrected by the Employer if the Excess Aggregate Contributions for the Plan Year are forfeited or timely distributed to Highly Compensated Employees in accordance with subsection (c) below. 

(b) Allocation of Excess Aggregate Contributions. Effective as of January 1, 1997, in the event Excess Aggregate
Contributions are made to the Plan for a Plan Year, the Contribution Percentage for the Highly Compensated Employee with the largest dollar amount of deferrals for the Plan Year will be reduced to minimum extent necessary either: 

(i) to enable the Plan to satisfy one of the Average Contribution Percentage tests of paragraph 9 of this Appendix for the
Plan Year; or 

  
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 (ii) to cause the Highly Compensated employee’s Contribution Percentage
to equal the next highest Contribution Percentage of any Highly Compensated Employee for the Plan Year. 
 This process is repeated until the
Average Contribution Percentage for the group of Eligible Employees who are Highly Compensated Employees for the Plan Year is sufficiently reduced to enable the Plan to satisfy one of the Average Contribution Percentage tests of paragraph 9 of this
Appendix for the Plan Year. The amount of Excess Aggregate Contributions to be allocated to each Highly Compensated Employee for the Plan Year is equal the total After-Tax Savings and Participating Employer Contributions, including Pre-Tax Savings
on behalf of the Highly Compensated Employee for the Plan Year minus the amount determined by multiplying the Highly Compensated Employee’s reduced Contribution Percentage (as determined above) by the employee’s Compensation for the Plan
Year. Excess Aggregate Contributions of employees who are subject to the family aggregation rules of Section 414(q)(6) of the Code are allocated among the family members in proportion to the Pre-Tax Savings and Matching Contributions (or
amounts treated as Matching Contributions) of each family member that is combined to determine the combined Average Contribution Percentage. 
 (c) Forfeiture or Distribution of Excess Aggregate Contributions. Excess Aggregate Contributions, plus any income or minus any loss allocable thereto, must be forfeited to the extent attributable
under subsection (f) below to Participating Employer Contributions that are not vested, and otherwise distributed to Highly Compensated Employees no later than 12 months following the close of the Plan Year. 

(d) Income or Loss Allocable to Excess Aggregate Contributions. The income or loss allocable to the Excess Aggregate Contributions
referred to in subsection (c) above include the allocable income or loss for the Plan Year of the Excess Aggregate Contributions and the allocable income or loss for the period between the end of the Plan Year and the distribution of the Excess
Aggregate Contributions, calculated as follows: 
 (i) the income or loss allocable for the Plan Year of the
Excess Aggregate Contributions is determined by multiplying the total investment income or loss (including dividends, interest, realized gains or losses, and unrealized appreciation or depreciation) allocable to the Participant’s Participating
Employer Contributions, and amounts treated as Participating Employer Contributions under paragraph 11 of this Appendix for the Plan Year by a fraction, the numerator of which is the Excess Aggregate Contributions allocated to the Participant for
the Plan Year, and the denominator of which is the total account balance attributable to the Participant’s Participating Employer Contributions and amounts treated as Participating Employer Contributions under paragraph 11 of this Appendix as
of the end of the Plan Year, reduced by the investment gain (or increased by the investment loss) allocated to such total amount for the Plan Year; 

  
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 (ii) the income or loss allocable to the period (if any) between the end of
the Plan Year of the Excess Aggregate Contributions and the distribution of the Excess Aggregate Contributions by the Plan is determined by multiplying the total investment income or loss allocated to the Participant’s Participating Employer
Contributions and amounts treated as Participating Employer Contributions under paragraph 11 of this Appendix for such period by a fraction determined under the method described in (i) above. In the alternative, the income or loss allocable to
the period between the end of the Plan Year of the Excess Aggregate Contributions and the distribution of the Excess Aggregate Contributions equals 10% of the income or loss allocable to the Participant’s Excess Aggregate Contributions for the
Plan Year (as determined under (i) above multiplied by the number of calendar months that elapse between the end of the Plan Year and the date of distribution. For these purposes, a distribution occurring on or before the fifteenth day of a
calendar month is treated as having been made on the last day of the preceding calendar month, and a distribution occurring after the fifteenth date of a calendar month is treated as having been made on the first day of the following calendar month.

 The income or loss will include only the income or loss allocable for the Plan Year of the Excess Aggregate Contributions, and not the income
or loss for the period between the end of the Plan Year and the distribution of Excess Aggregate Contributions. 
 (e)
Coordination with Excess Contributions. The determination of the amount of Excess Aggregate Contributions for a Plan Year is made after the determination of the amount of any Excess Contributions for the Plan Year. 

(f) Accounting for Excess Aggregate Contributions. The amount of Excess Aggregate Contributions allocated to a Highly Compensated
Employee for a Plan Year is attributed to Participating Employer Contributions and any amounts treated as Participating Employer Contributions in proportion to the amounts of such contributions on behalf of the Participant for the Plan Year.

 13. Recordkeeping Requirements. 
 (a) Average Actual Deferral Percentage Tests. The Employer maintains records sufficient to demonstrate satisfaction of the Average Actual Deferral Percentage tests of paragraph 5 of this Appendix
for each Plan Year, and the extent to which any Qualified Matching Contributions are treated as Pre-Tax Savings under paragraph 7 of this Appendix for purposes of such tests. The determination of Eligible Employees’ Actual Deferral Percentages,
and the disposition of all Pre-Tax Savings (and any Qualified Matching Contributions treated as Pre-Tax Savings under paragraph 7 of this Appendix) on behalf of Participants, must satisfy such other requirements as may be prescribed by the Secretary
of Treasury. 

  
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 (b) Average Contribution Percentage Tests. The Employer maintains records sufficient
to demonstrate satisfaction of the Average Contribution Percentage tests of paragraph 9 of this Appendix for each Plan Year, and the extent to which any Pre-Tax Savings are treated as Participating Employer Contributions under paragraph 11 of this
Appendix for purposes of such tests. The determination of Eligible Employees’ Average Contribution Percentages, and the disposition of all Participating Employer Contributions (and any Pre-Tax Savings) on behalf of Participants, must satisfy
such other requirements as may be prescribed by the Secretary of Treasury. 
 14. Distribution of Excess Elective Deferrals. Excess
Elective Deferrals means Pre-Tax Savings that is includible in a Participant’s gross income under Section 402(g) of the Code to the extent it exceeds the dollar limitation. Excess Elective Deferrals are treated as annual additions under
the Plan unless such amounts are distributed no later than the first April 15th following the close of the Participant’s taxable year. Excess Elective Deferrals are adjusted for any income or loss up to the date of distribution as
calculated under paragraph 8(e) and 12(d) of this Appendix. A Participant is deemed to notify the Plan Administrator of Excess Elective Deferrals that arise by taking into account only those Elective Deferrals made to this Plan and any other plans
of the Employer. A Participant may assign any Excess Elective Deferrals made by the Participant to any other plans other than those of the Employer by notifying the Plan Administrator on or before January 15th of the following year. 

  
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 APPENDIX B 
 CODE SECTION 415 LIMITATIONS 
 The limitations imposed by Section 415 of the Code are
hereby incorporated by reference. If there is any discrepancy between the provisions of this Plan and the provisions of Code Section 415 and the regulations thereunder, the discrepancy will be resolved in such a way to give full effect to the
provisions of Code Section 415. 
 The maximum annual additions provided by the Plan will be exactly equal to the maximum amounts permitted
under Code Section 415 and the regulations thereunder. In the event a Participant’s annual additions for any Plan Year would exceed the maximum amount of annual additions permitted under Code Section 415, such Participant’s
Savings are automatically reduced, in whole or in part, by the amount required to eliminate such excess. 
 For purposes of applying the
limitations described in this Appendix B, compensation will include any differential pay received by a Participant absent for military leave and any payment earned prior to a Participant’s separation from employment that is paid within a period
ending on the later of i) two and one-half months following the date the Participant separated from employment, or ii) the end of the Plan Year in which the date the Participant separated from employment (“Post-Separation Compensation”).
Post-Separation Compensation will include any payments for vacation, sickness, or leave of absence that otherwise would have been included as compensation had the Participant remained employed. 

  
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 APPENDIX C 
 TOP HEAVY RULES 
 (a) This Plan constitutes a “Top Heavy
Plan” for a Plan Year if as of the last day of the preceding Plan Year the present value of the cumulative account balances under the Plan for Participants who are Key Employees exceed 60 percent of the present value of the aggregate of all
account balances for all Participants in the Plan. A non-Key Employee means any Participant or former Participant who is not a Key Employee. 
 (b) This Plan constitutes a Top Heavy Plan for a Plan Year if the employee benefit plans which make up the group of plans of which this Plan is considered a part are such that, when aggregated, the
sum of (1) the present value of the account balances of Key Employees under all defined contribution plans in the group, and (2) the present value of the cumulative accrued benefits of Key Employees under all defined benefit plans in the
group exceed 60 percent of the sum of such amounts for all employees who participate in the plans in the said group. 
 (1) The
group of plans in which this Plan is considered a part includes (A) all plans of Alcoa, the Subsidiaries and Affiliates which enable the particular plans in which a Key Employee participates to meet the qualification requirement of
Section 401(a)(4) of the Code or Section 410 of the Code; and, (B) all plans which Alcoa, in its discretion, decides to include, provided that the inclusion of such plan or plans would not prevent the group of plans from meeting the
qualification requirements of Sections 401(a)(4) and 410 of the Code. The date upon which the account balances are valued for purposes of calculating the top heavy ratio to determine whether or not the Plan is Top Heavy for a particular Plan Year is
the determination date, which is the last day of the preceding Plan Year, or in the case of the first plan year of any plan, the last day of such plan year. 
 (2) The amounts of account balances of an employee as of the determination date are increased by the distributions made with respect to the employee under the plan and any plan aggregated with the plan
under Section 416(g)(2) of the Code during the one-year period ending on the determination date. The preceding sentence also applies to distributions under a terminated plan which, had it not been terminated, would have been aggregated with the
plan under Section 416(g)(2)(A)(i) of the Code. In the case of a distribution made for a reason other than separation from service, death, or disability, this provision is applied by substituting “five-year period” for “one-year
period.” 
 (3) The accounts of any individual who has not performed services for the employer during the one-year period
ending on the determination date are not taken into account. 

  
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 (c) The following provisions are applicable to Participants for any Plan Year with
respect to which the Plan is Top Heavy: 
 (1) The minimum Participating Employer Contribution for a Participant who is a
non-Key Employee and has not separated from service at the end of the Plan Year, must not be less than three percent of his or her Eligible Compensation for the Top Heavy Plan Year. If said allocation is less than three percent of his or her
Eligible Compensation, then said allocation is the largest percentage allocated to a Key Employee for the Top Heavy Plan Year. In the event the highest rate allocated to a Key Employee for the Top Heavy Plan Year is less than three percent, Pre-Tax
amounts contributed to the Plan are included in determining contributions made on behalf of Key Employees. Compensation for determining a minimum benefit, a minimum contribution and for all other Top Heavy purposes is the Participant’s W-2
earnings for the calendar year that ends with the Plan Year. 
 Participating Employer Contributions used to satisfy the minimum
contribution requirements are treated as Participating Employer Contributions for purposes of the actual contribution percentage test and other requirements of Section 401(m) of the Code. 

(2) With respect to benefits accruing during any Plan Year in which the Plan is Top Heavy, average compensation is limited to amounts not
in excess of the amount permitted under Section 401(a)(17) of the Code. If the accrued benefit as of the end of the last Plan Year before the Plan became Top Heavy is greater than the accrued benefit determined by limiting compensation, that
higher accrued benefit cannot be reduced. 
 (3) In the event the Plan is Top Heavy with respect to a Plan Year and ceases to be
Top Heavy for a subsequent Plan Year, the Participant’s account balance in any such subsequent Plan Year is not less than the Participant’s Pre-Tax Savings (subject to adjustment for earnings) computed as of the end of the most recent Plan
Year for which the Plan was Top Heavy. 
 (d) Notwithstanding any of the above, if a non-Key Employee participates in
this Plan and a defined benefit pension plan included in a required aggregation group which is top heavy, a minimum allocation of five percent of Section 415 compensation is provided under this Plan. The Plan will not be deemed Top Heavy if
ninety percent is substituted for sixty percent in (b)(1) of this Appendix and Participating Employer provides additional contributions to the Plan on behalf of non-Key Employees who participate in both defined benefit and defined contribution plans
maintained by a Participating Employer, in amounts at least equal to the amount set forth in Paragraph (c)(1) of this Appendix as modified by substituting “seven and one-half percent” for “three percent.” If the non-Key Employee
does not participate in a defined benefit plan maintained by Alcoa, a Subsidiary or Affiliate, such employee will receive an additional contribution of four percent. 
 (e) For Plan Years in which the Plan meets the safe harbor alternative method of discrimination testing described in Paragraph 16 of Appendix A, the term “Top Heavy Plan” described in
this Appendix C does not apply. 

  
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 APPENDIX D 
 MINIMUM DISTRIBUTION REQUIREMENTS 
 Section 1. General Rules

 1.1. Effective Date. The provisions of this Appendix D will apply for purposes of determining required minimum distributions.

 1.2. Precedence. The requirements of this Appendix D will take precedence over any inconsistent provisions of the Plan.

 1.3. Requirements of Treasury Regulations Incorporated. All distributions required under this Appendix D will be determined
and made in accordance with section 401(a)(9) of the Internal Revenue Code and Treasury regulations §§1.401)(a)(9)-2 through -9, which will override any inconsistent distribution provisions of the Plan. Distribution of any incidental death
benefit requirements provided under the Plan will be a distribution for purposes of this Appendix D. 
 1.4. TEFRA
Section 242(b)(2) Elections. Notwithstanding the other provisions of this Appendix D, distributions may be made under a designation made before January 1, 1984, in accordance with section 242(b)(2) of the Tax Equity and Fiscal
Responsibility Act (TEFRA) and the provisions of the Plan that relate to section 242(b)(2) of TEFRA. 
 Section 2. Time and
Manner of Distribution. 
 2.1. Required Beginning Date. The Participant’s entire interest will be distributed, or begin to
be distributed, to the Participant no later than the Participant’s required beginning date. 
 2.2. Death of Participant
Before Distributions Begin. If the Participant dies before distributions begin and there is a designated Beneficiary, the Participant’s entire interest will be distributed to the designated Beneficiary by December 31 of the calendar year
containing the fifth anniversary of the Participant’s death. If the Participant’s surviving spouse is the Participant’s sole designated Beneficiary and the surviving spouse dies after the Participant but before distributions to either
the Participant or the surviving spouse begin, this election will apply as if the surviving spouse were the Participant. This election will apply to all distributions. 
 If there is no designated Beneficiary as of September 30 of the year following the year of the Participant’s death, the Participant’s entire interest will be distributed by December 31
of the calendar year containing the fifth anniversary of the Participant’s death. 

  
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 2.3. Forms of Distribution. Unless the Participant’s interest is distributed in the
form of an annuity purchased from an insurance company or in a single sum on or before the required beginning date, as of the first distribution calendar year distributions will be made in accordance with sections 3 and 4 of this Appendix D. If the
Participant’s interest is distributed in the form of an annuity purchased from an insurance company, distributions thereunder will be made in accordance with the requirements of section 40l(a)(9) of the Code and the Treasury regulations.

 Section 3. Required Minimum Distributions During Participant’s Lifetime. 

3.1. Amount of Required Minimum Distribution For Each Distribution Calendar Year. During the Participant’s lifetime, the minimum
amount that will be distributed for each distribution calendar year is the lesser of: 
 (a) the quotient
obtained by dividing the Participant’s account balance by the distribution period in the Uniform Lifetime Table set forth in section 1.401(a)(9)-9 of the Treasury regulations, using the Participant’s age as of the Participant’s
birthday in the distribution calendar year; or 
 (b) if the Participant’s sole designated Beneficiary for
the distribution calendar year is the Participant’s spouse, the quotient obtained by dividing the Participant’s account balance by the number in the Joint and Last Survivor Table set forth in section 1.401(a)(9)-9 of the Treasury
regulations, using the Participant’s and spouse’s attained ages as of the Participant’s and spouse’s birthdays in the distribution calendar year. 
 3.2. Lifetime Required Minimum Distributions Continue Through Year of Participant’s Death. Required minimum distributions will be determined under this section 3 beginning with the first distribution
calendar year and up to and including the distribution calendar year that includes the Participant’s date of death 

Section 4. Required Minimum Distributions After Participant’s Death. 

4.1. Death On or After Date Distributions Begin. 
 (a) Participant Survived by Designated Beneficiary. If the Participant dies on or after the date distributions begin and there is a designated Beneficiary, the minimum amount that will be distributed for
each distribution calendar year after the year of the Participant’s death is the quotient obtained by dividing the Participant’s account balance by the longer of the remaining life expectancy of the Participant or the remaining life
expectancy of the Participant’s designated Beneficiary, determined as follows: 
 (1) The Participant’s
remaining life expectancy is calculated using the age of the Participant in the year of death, reduced by one for each subsequent year. 

  
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 (2) If the Participant’s surviving spouse is the Participant’s
sole designated Beneficiary, the remaining life expectancy of the surviving spouse is calculated for each distribution calendar year after the year of the Participant’s death using the surviving spouse’s age as of the spouse’s
birthday in that year. For distribution calendar years after the year of the surviving spouse’s death, the remaining life expectancy of the surviving spouse is calculated using the age of the surviving spouse as of the spouse’s birthday in
the calendar year of the spouse’s death, reduced by one for each subsequent calendar year. 
 (3) If the
Participant’s surviving spouse is not the Participant’s sole designated Beneficiary, the designated Beneficiary’s remaining life expectancy is calculated using the age of the Beneficiary in the year following the year of the
Participant’s death, reduced by one for each subsequent year. 
 (b) No Designated Beneficiary. If the
Participant dies on or after the date distributions begin and there is no designated Beneficiary as of September 30 of the year after the year of the Participant’s death, the minimum amount that will be distributed for each distribution
calendar year after the year of the Participant’s death is the quotient obtained by dividing the Participant’s account balance by the Participant’s remaining life expectancy calculated using the age of the Participant in the year of
death, reduced by one for each subsequent year. 
 4.2. Death Before Date Distributions Begin. 

(a) Participant Survived by Designated Beneficiary. If the Participant dies before the date distributions begin and there
is a designated Beneficiary, the minimum amount that will be distributed for each distribution calendar year after the year of the Participant’s death is the quotient obtained by dividing the Participant’s account balance by the remaining
life expectancy of the Participant’s designated Beneficiary, determined as provided in section 4.1. 
 (b)
No Designated Beneficiary. If the Participant dies before the date distributions begin and there is no designated Beneficiary as of September 30 of the year following the year of the Participant’s death, distribution of the
Participant’s entire interest will be completed by December 31 of the calendar year containing the fifth anniversary of the Participant’s death. 
 (c) Death of Surviving Spouse Before Distributions to Surviving Spouse Are Required to Begin. If the Participant dies before the date distributions begin, the Participant’s surviving spouse is the
Participant’s sole designated Beneficiary, and the surviving spouse dies before distributions are required to begin to the surviving spouse under section 2.2, this section 4.2 will apply as if the surviving spouse were the Participant.

  
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 Section 5. Definitions. 

5.1. Designated Beneficiary. The individual who is designated as the Beneficiary under Section 22 of the Plan and is the designated
Beneficiary under section 40l(a)(9) of the Internal Revenue Code and section 1.401(a)(9)-1, Q&A-4, of the Treasury regulations. 
 5.2. Distribution calendar year. A calendar year for which a minimum distribution is required. For distributions beginning before the Participant’s death, the first distribution calendar year
is the calendar year immediately preceding the calendar year which contains the Participant’s required beginning date. For distributions beginning after the Participant’s death, the first distribution calendar year is the calendar year in
which distributions are required to begin under section 2.2. The required minimum distribution for the Participant’s first distribution calendar year will be made on or before the Participant’s required beginning date. The required minimum
distribution for other distribution calendar years, including the required minimum distribution for the distribution calendar year in which the Participant’s required beginning date occurs, will be made on or before December 31 of that
distribution calendar year. 
 5.3. Life expectancy. Life expectancy as computed by use of the Single Life Table in
section 1.401(a)(9)-9 of the Treasury regulations. 
 5.4. Participant’s account balance. The account balance as of the
last valuation date in the calendar year immediately preceding the distribution calendar year (valuation calendar year) increased by the amount of any contributions made and allocated or forfeitures allocated to the account balance as of dates in
the valuation calendar year after the valuation date and decreased by distributions made in the valuation calendar year after the valuation date. The account balance for the valuation calendar year includes any amounts rolled over or transferred to
the Plan either in the valuation calendar year or in the distribution calendar year if distributed or transferred in the valuation calendar year. 
 5.5 Required beginning date. The date specified in section 13(b) of the Plan. 

  
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 SCHEDULE A 
 MERGERS, TRANSFERS, AND RESTATEMENTS 
 Alcoa Savings Plans Restructuring and Redesign

 Effective January 1, 2011, the savings plans sponsored by Alcoa Inc. were restructured and redesigned and the Participants
covered under the Alcoa Savings Plan for Subsidiaries and Affiliate Employees were spun off and transferred from that plan to this Plan. 

Merger of Alcoa Commercial Windows LLC 401(K) Retirement Savings Plan 
 Effective January 1, 2011, the Alcoa Commercial Windows LLC 401(k) Plan was merged into this Plan. 

  
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 SCHEDULE B 
 ALCOA RETIREMENT SAVINGS PLAN FOR FASTENER SYSTEMS 
 AND COMMERCIAL
WINDOWS EMPLOYEES 
 PARTICIPATING EMPLOYERS, PARTICIPATING EMPLOYER CONTRIBUTIONS 

(MATCH), AND EMPLOYER RETIREMENT INCOME CONTRIBUTIONS (ERIC) 

 

													
	 Company
Code
	 	 Company Description
	 	 *EE
Type
	 	 LOC
	 	 Location Description
	 	Match	 	ERIC
	828	 	Alcoa Commercial Windows LLC	 	H	 	TRA	 	Traco, Alcoa Commercial Windows LLC	 	0.2500	 	y ‡
	828	 	Alcoa Commercial Windows LLC	 		 	TRA	 	Traco, Alcoa Commercial Windows LLC	 	0.5000	 	y ‡
	86	 	Alcoa Global Fasteners, Inc.	 	S	 	CAC	 	Carmel, Indiana (Recoil)	 	0.5000	 	y
	86	 	Alcoa Global Fasteners, Inc.	 	H	 	COA	 	City of Industry, CA (Fairchild)	 	0.5000	 	y
	86	 	Alcoa Global Fasteners, Inc.	 	S	 	COA	 	City of Industry, CA (Fairchild)	 	0.5000	 	y
	86	 	Alcoa Global Fasteners, Inc.	 	H	 	FUL	 	Fullerton, CA (Fairchild 1)	 	0.5000	 	y
	86	 	Alcoa Global Fasteners, Inc.	 	S	 	FUL	 	Fullerton, CA (Fairchild 1)	 	0.5000	 	y
	86	 	Alcoa Global Fasteners, Inc.	 	H	 	FUN	 	Fullerton, CA (Fairchild 2)	 	0.5000	 	y
	86	 	Alcoa Global Fasteners, Inc.	 	S	 	FUN	 	Fullerton, CA (Fairchild 2)	 	0.5000	 	y
	86	 	Alcoa Global Fasteners, Inc.	 	H	 	SBD	 	South Bay, CA (Fairchild)	 	0.5000	 	y
	86	 	Alcoa Global Fasteners, Inc.	 	S	 	SBD	 	South Bay, CA (Fairchild)	 	0.5000	 	y
	86	 	Alcoa Global Fasteners, Inc.	 	H	 	SIV	 	Simi Valley, CA (Fairchild)	 	0.5000	 	y
	86	 	Alcoa Global Fasteners, Inc.	 	S	 	SIV	 	Simi Valley, CA (Fairchild)	 	0.5000	 	y
	86	 	Alcoa Global Fasteners, Inc.	 	H	 	STG	 	Stoughton, MA (Marson)	 	0.5000	 	y
	86	 	Alcoa Global Fasteners, Inc.	 	S	 	STG	 	Stoughton, MA (Marson)	 	0.5000	 	y
	86	 	Alcoa Global Fasteners, Inc.	 	H	 	TRC	 	Torrance, California (Fairchild)	 	0.5000	 	y
	86	 	Alcoa Global Fasteners, Inc.	 	S	 	TRC	 	Torrance, California (Fairchild)	 	0.5000	 	y
	86	 	Alcoa Global Fasteners, Inc.	 	S	 	TCA	 	Tracy, California	 	0.5000	 	y
	673	 	Republic Fastener Mfg. Corp.	 	H	 	NPP	 	Newbury Park, CA (Republic)	 	0.5000	 	Y‡
	673	 	Republic Fastener Mfg Corp.	 	S	 	NPP	 	Newbury Park, California (Republic)	 	0.5000	 	y‡
	674	 	J.W. Manufacturing, Inc.	 	H	 	NPJ	 	Newbury Park, CA (JW MFG)	 	0.5000	 	y‡
	674	 	J.W. Manufacturing, Inc.	 	S	 	NPJ	 	Newbury Park, California (JW MFG)	 	0.5000	 	y‡
	T31	 	Huck Patents, Inc.	 	S	 	CCK	 	Carson, California (Huck)	 	0.5000	 	y
	T31	 	Huck Patents, Inc.	 	S	 	TAK	 	Tucson, Arizona (Huck)	 	0.5000	 	y
	T41	 	Huck International, Inc.	 	H	 	CCK	 	Carson, California (Huck)	 	0.5000	 	y
	T41	 	Huck International, Inc.	 	S	 	CCK	 	Carson, California (Huck)	 	0.5000	 	y
	T41	 	Huck International, Inc.	 	S	 	KNK	 	Kingston, New York (Huck)	 	0.5000	 	y
	T41	 	T41 - Huck International, Inc.	 	S	 	TAK	 	Tucson, Arizona (Huck)	 	0.5000	 	y
	T41	 	Huck International, Inc.	 	S	 	WTK	 	Waco, Texas (Huck)	 	0.5000	 	y
	828	 	Alcoa Commercial Windows LLC	 	S	 	TRA	 	Traco, Alcoa Commercial Windows LLC	 	0.5000	 	Y‡
	828	 	Alcoa Commercial Windows LLC	 	H	 	TRA	 	Traco, Alcoa Commercial Windows LLC	 	0.2500	 	Y‡

 * S = Salaried, H = Hourly 

‡ Irrespective of date of hire 

  
 Alcoa Retirement Savings Plan
for Fastener Systems and 
 Commercial Windows Employees 
 Effective January 1, 2011 
 53 

 DISCRETIONARY CONTRIBUTIONS 
 There are no employees currently accruing Discretionary Contributions. 

RESTRICTED DISCRETIONARY CONTRIBUTIONS 
 There are no employee groups currently accruing Restricted Discretionary Contributions. 

  
 Alcoa Retirement Savings Plan
for Fastener Systems and 
 Commercial Windows Employees 
 Effective January 1, 2011 
 54

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